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    Accounting You know you're an accountant when....

    August 23, 2020

    Accounting You know you're an accountant when....

    You know you're an accountant when....

    Posted: 23 Aug 2020 06:54 AM PDT

    Can’t wait For Next Busy Season

    Posted: 23 Aug 2020 01:31 PM PDT

    I was debating this or Gross vs Net.

    Posted: 23 Aug 2020 06:43 PM PDT

    Do you think this is a weird question for a Partner to ask?

    Posted: 23 Aug 2020 02:49 PM PDT

    I had a zoom weekly check-in last Friday with a Partner. He asked me how things were going. I told him it was going well and I was kept busy by one of the managers on one of his engagements.

    The Partner asked me out of the blue, "Do you like him?".

    I said, "He can be demanding but he is someone I can learn a lot from. He knows his stuff."

    The Partner responded, "But do you like him?"

    His tone was quite serious and he seemed annoyed.

    I said, Yes, I respect his knowledge and professionalism.

    I thought that was a weird exchange and a weird question to ask and made me uncomfortable.

    I keep replaying it in my mind thinking he meant if I liked him romantically? Which I do not. It's making me feel crazy. Am I making a big deal out of nothing?

    submitted by /u/Pigglewiggy
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    Do firms actually know about the stress and mental health issues caused by the long hours they make you work or do they think it's normal to be that stressed all the time?

    Posted: 23 Aug 2020 07:18 AM PDT

    Fitting?

    Posted: 23 Aug 2020 07:33 PM PDT

    Deloitte Compensation Thread 2020

    Posted: 23 Aug 2020 10:22 AM PDT

    Comp comes out over the next week or so, figured I'd start a thread:

    1. Service Line
    2. Office/Region/Approx COL
    3. Former Level ——> Current Level
    4. Former Salary ——> Current Salary
    5. Scatterplot Position
    6. AIP/Other Comp
    submitted by /u/taxicab20
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    PwC and other Big 4 firms return to office?

    Posted: 23 Aug 2020 06:05 PM PDT

    I was talking to a school colleague today who is starting at Deloitte next month and was surprised to hear that their office is opening September 8th. I am starting at PwC September 10th and understand I will be WFH until further notice. I was just wondering, those of you who work at PwC and other Big 4 firms, when do you think offices will reopen, and further, when will employees be expected to return to the office? Based on the emails I have received over the last six months, I could not imagine until at least the Spring of 2021. Just wondering what y'all think?

    submitted by /u/OyVeyHolyCowOof
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    When you give two weeks notice to your current employer and your friend who got fired by them tells you to sabotage their files on your last day

    Posted: 23 Aug 2020 12:51 AM PDT

    [CAN] CFE 2020 Discussions Megathread

    Posted: 23 Aug 2020 12:01 PM PDT

    During this last month of preparation, I have noticed many people sharing their thoughts, experiences and guesses as to what will be on this years CFE. So I wanted to begin a discussion thread where we can all share!

    How are you spending these last few weeks preparing? What areas are you most concerned about? What topics do you think might be tested?

    Personally, I am writing in assurance and I am most concerned about IFRS 9, IAS 41, and Employee Benefits

    submitted by /u/blueeyesred
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    Stay and study or leave and then continue studying

    Posted: 23 Aug 2020 06:48 PM PDT

    So this is awkward but I am currently studying for the CPA but also have been looking to move out of my current firm (Small regional) to either a bigger firm and continue in audit or (preferably) go into industry. I'm not happy with the situation I'm in for numerous reasons including no pay raise since starting/promotion to senior as well as the partner calling me out for "my work being total crap" during a team conf call to which my supervisor and manager argued in my defense. Since then I've received an apology but its still awkward.

    To say the least its hard to not be checked out and i'm frustrated with how we are moving forward in the firm as a whole. I've talked to friends and family about it and all my friends and others who are CPAs have said I should at least look to a bigger firm if not just leave but my parents, neither have been in accounting, are saying "you havent been let go so you should stay and study for the time being and once you pass the CPA you can go." Its a weird situation and Im curious how some of you would handle this in my shoes.

    submitted by /u/GTank22
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    Big 4, just finished GMAT — PhD admission advice?

    Posted: 23 Aug 2020 02:28 PM PDT

    Hi all,

    I've been perusing the subreddit for a while, and would like some community advice on the PhD application process. Saw some great insights and advice on here regarding accounting PhD, so I'd like to give it a shot.

    I have an Accounting BS/MS dual degree, a BS in Computing and Data Science, and have been working at a big 4 in Advisory for the past 2 years. I just finished taking the GMAT (700), and am looking to work on statements of purpose/personal essays. I have reliable supervisors at work that I can request recs from. I'd like to do experimental/archival research specially for healthcare industry/accounting as that's the field I'm interested in at work, but definitely flexible to just do research in general. I'm also in the process of getting my CPA.

    Any advice from current Accounting PhD students on how to round out my application, or any insights of the current Accounting PhD landscape, would be greatly appreciated. Additionally, would going through a graduate school admission counseling help, considering that Accounting PhD is so niche?

    Thank you kindly, all!

    submitted by /u/karnerlogical
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    Can the firms really honor all the offers they just gave/will give out?

    Posted: 23 Aug 2020 06:59 PM PDT

    KPMG, Deloitte, and PwC automatically issued interns full-time offers. It seems that EY also did, but at the end of their longer internships this summer.

    I accepted my offer in Advisory at one of the big 4, but I'm honestly nervous about the firms honoring all these offers. They were quick to defer start dates for this year's class, who's to say they won't just do the same or even rescind for next year? The pandemic doesn't seem to be ending for another while, and it seems like the economy hasn't actually caught up to the effects. It's surprising to me they're still recruiting this semester too.

    tldr: Is it possible for the firms to simply rescind offers in the future and just say "sorry we didn't think things would get this bad when we issued your offer"?

    submitted by /u/flysc
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    Are your managers ok with front loading hours in a week to take days off later in the week?

    Posted: 23 Aug 2020 05:46 PM PDT

    I've brought this up to two managers and have received two different opinions on it. One was ok with me working Monday-Thursday for 12 hours a day but having my timesheet show 4 10s and 1 8 hour day, in order to have Friday off. The other manager (known as a micromanager already) did not approve and basically likened it to time fraud (??). What are your opinions on this? In a billable hour profession, should it not matter when I essentially finish my work as long as it's finished?

    submitted by /u/ex-taxman
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    Any exam tips for the FAR (IFRS) exam for the ACA?

    Posted: 23 Aug 2020 07:35 PM PDT

    I got my exam for AA and FAR on the 7th September.

    Just wondering anyone got any overall useful tips/knowledge/formulas to remember?

    I feel ready-ish for FAR but finding it trick to remember all the PURP rules and where to adjust for them on the consoldiated SoFP/SoFS as it depends on who the seller is.

    Also find it a little difficult to understand the adjustments to be made for leases/(ir)redeemable preference shares for question 1.

    Any useful tips in particular for those areas?

    submitted by /u/-Pio-
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    Advisory at Big 4 vs Large vs Boutique - 2020

    Posted: 23 Aug 2020 10:19 PM PDT

    Hey everyone, I've been flying solo for several years in technical accounting and IT consulting and recently picked up a part time audit director role and rediscovered how much I miss the pace and team environment. Public company audit has been part of my life in some form for the past 7 years, but I most enjoyed sitting on the client's side of the table for the handful of advisory engagements (versus being stuck on the other side of the wall of independence). Although I've very much enjoyed the flexibility, I'm tempted to quit running in 3 different directions and pursue full-time advisory and be part of a team again.

    During my time as an auditor at PwC, I always loved talking with the CMAAS people, and they always seemed to be traveling to some exciting engagement (yes, I know, not everyone finds this to be the case, haha), so I've thought hard about Big 4. I also ran across financial accounting advisory manager roles with Grant Thornton and Wipfli and have also worked with some audit clients who have consultants from a larger boutique advisory firm.

    TL;DR:

    I would love to hear your thoughts and experiences (i.e., clients/engagements, teams, travel, etc.) with:

    • Big 4, especially PwC CMAAS
    • Grant Thornton Accounting Advisory
    • WipFli Financial Accounting Services Team
    • Boutique advisory firms
    • Staying solo and finding high-quality advisory clients

    Also, what do these practices look in light of COVID and the 2020 IPO boom? Which of the above would you reach out to first?

    submitted by /u/cpaitguy
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    What made you switch service lines in PA (tax to audit, or audit to tax, etc)?

    Posted: 23 Aug 2020 09:41 PM PDT

    For those of you who changed service lines before, what were the reasons that made you switch? How did the firm help you with the transition? Did you end up liking the new service line more?

    submitted by /u/dbigerc
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    What states have the most intensive education requirements for CPA licensing?

    Posted: 23 Aug 2020 09:34 PM PDT

    Basically I'm going to school to become a CPA, my husband is looking for a job in his field but may require a move on our part. I've compared what I need to the states that we would most likely love to (including California - I'll just take a couple extra ethics classes if we end up there tbh I don't know how to fold those into my degree plan lol) and wondering if I missed some extreme outlier. Main states I've looked at are PA, NY, CT and CA

    submitted by /u/-poogle-
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    Anyone here move from B4 to industry technical accounting?

    Posted: 23 Aug 2020 01:56 PM PDT

    I've been thinking that focusing on technical accounting is the way I want to move my career, but it's not something people speak that much to on here/fishbowl and other apps.

    If anyone has a more technical accounting type role in industry, I'd be interested in hearing your career path: how long you stayed in public, what interested you about it, etc.

    submitted by /u/SubsistanceMortgage
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    Relocation as a new grad at Big4

    Posted: 23 Aug 2020 09:09 PM PDT

    I'm looking for some advice!

    I recently accepted a summer 2021 offer at a Big4 in Calgary where I attend university/have lived forever, but I want to position myself to get a full time offer in a different city (Toronto).

    What is the best way to position myself for success and get a FT offer for Toronto as a new grad?

    submitted by /u/boostme8
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    Political experience on resume, leave or keep it?

    Posted: 23 Aug 2020 09:08 PM PDT

    I'm currently a student and I did an internship a while back in the finance division of a congressional campaign (the candidate isn't in any national spotlight and doesn't have any scandals, if that matters). The work involved a lot of data entry, researching, and occasional phone calls to voters/volunteers.

    I understand that people usually want to avoid politics at work, so do you guys think I would be better off leaving it off my resume? If I take this off I would still have other "relevant" experience on my resume, so filling up space isn't exactly a big concern.

    submitted by /u/bayofshit
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    08/24 Weekly Thread: Covid-19

    Posted: 23 Aug 2020 09:00 PM PDT

    This is a weekly mega-thread for items related to Covid-19. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Monday.

    US PUBLIC ACCOUNTING UPDATES

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Firm Layoffs Bonuses Salary Partner distribution reductions PTO Honoring internship/FT offers
    PwC No Covid-19 layoffs planned Bonuses to be paid out based on firm performance No raises for non-promotes NA Yes Yes
    EY No Covid-19 layoffs planned No fiscal 200 performance based bonuses No raises for non-promotes Yes NA Yes
    Deloitte 3% - 5% NA Tax - No raises for non-promotes Yes NA Yes
    KPMG No Covid-19 layoffs planned No fiscal 2020 variable compensation, encore awards frozen No raises for non-promotes Yes NA Yes
    GT No Covid-19 layoffs planned No Bonuses No raises Partner draws reduced by 25% through July, leadership taking 20% salary reduction through fiscal year, partners to answer capital call NA NA
    RSM Layoffs, furloughs for underutilized LoS Possibly deferred, but to be paid out. Firm metrics based bonus paid at 70% No NA NA No PTO accrual for second half of 2020
    BDO NA NA 5% - 10% reduction from 5/1 to 8/1 Yes NA NA
    Clifton Larson Allen NA Bonuses to be paid 10% reduction from 5/1 through 7/31 NA NA NA
    Moss Adams 300 Furloughed, 200+ reduced schedules as well as layoffs NA 5% - 20% reduction UPDATE: Paying out back pay for May-June reductions, wage increases planned for October 20% partner reductions NA NA
    Crowe Yes NA NA NA NA NA

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Got something to add about your firm? Leave it in the comments and we'll update the following week.

    Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/its-an-accrual-world
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    Internship

    Posted: 23 Aug 2020 05:06 PM PDT

    College student at CSUF here :) Orange County area was wondering if any firms will be recruiting interns this fall with the whole Covid thing. Stay safe y'all!

    submitted by /u/Kevinu125
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