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    Sunday, January 31, 2021

    Accounting I wonder what they think of us

    Accounting I wonder what they think of us


    I wonder what they think of us

    Posted: 31 Jan 2021 06:46 AM PST

    My First Time Seeing IFRS

    Posted: 30 Jan 2021 11:35 PM PST

    Idk who XXX-XX-XXXX is but they sure do get a lot of 1099s

    Posted: 31 Jan 2021 09:08 AM PST

    Leave Big 4 as Senior

    Posted: 31 Jan 2021 06:43 PM PST

    Has anyone left B4 as senior and got hire back as a manager? I left B4 1.5 years ago as an experience senior into industry and my partner called me randomly and wants me back as a manager but said the HR side of this is the deciding factor and out of my partner's hands after he submitted his business case to HR. Has anyone else successfully made this "promotion" after leaving public?

    submitted by /u/H8rsH8N8
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    if this key isn’t faded, you must be management or above

    Posted: 31 Jan 2021 01:03 PM PST

    Best accounting fundamentals course

    Posted: 31 Jan 2021 08:32 AM PST

    Just finished two great courses about accounting and reading financial statements. They are completely free, taught in a very interactive way, and have a bunch of excel examples for the student to work on. Really recommend to any beginner. I think this is better and faster than any other book that I have tried, wish I had found it earlier.

    Accounting fundaments: https://courses.corporatefinanceinstitute.com/courses/learn-accounting-fundamentals-corporate-finance

    Reading financial statements: https://courses.corporatefinanceinstitute.com/courses/learn-to-read-financial-statements-free-course

    submitted by /u/-clifford
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    DFV’s spreadsheets game

    Posted: 31 Jan 2021 06:52 AM PST

    Recruiting

    Posted: 31 Jan 2021 08:03 PM PST

    Is it just me or is hiring for internships early this year? I thought it's usually in the fall.

    submitted by /u/Acctg11011
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    Homework Help - Government Grant Entry

    Posted: 31 Jan 2021 10:06 PM PST

    Homework Help - Government Grant Entry

    On Jan 1, 2022, Company A bought new equipment at a cost of $400,000 with useful life of 10 years. Company A applied for a government grant to fund a portion of the spending on new equipment. On Feb 10, 2022, a grant of $50,000 was awarded to Company A. The grant funding was recorded as an increase to cash an increase to revenue. What accounting entries and/or adjustments are needed? Show all work.

    Hello r/Accounting, I'm a little stuck on this question... I believe IAS 20 is the guidelines needed to follow as this is a grant relating to funding for an asset. Have I made the correct entries below (see image attached)? Also I'm unsure how to reverse the original entry where Company A recorded the grant as increases to cash and revenue. How would I do this?

    What I've done so far

    submitted by /u/throwitallawayyyj
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    If you had no experience and knew you wanted a 9 to 5? Would you even bother with accounting?

    Posted: 31 Jan 2021 05:04 PM PST

    I have less than a year of experience in public and recently had twins. I want a 9 to 5 regardless of where I work. (45 hrs max) But i keep going back and forth if I should even "waste" time studying for the CPA. Maybe I should just cut my losses and look into a different career path.

    submitted by /u/makersmark1
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    Looking for CPA Day 1 DHC practice cases

    Posted: 31 Jan 2021 09:40 PM PST

    Hi there,

    I'm looking for CPA Day 1 DHC practice cases (and solutions) so I can re-write Day one in May. If you purchased a Day 1 package through Densmore or something similar and would be willing to share them, please get in touch!

    I would happily send some cash your way as long as it's reasonable.

    Thanks!!

    submitted by /u/menginator
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    Future Accountant seeking advice

    Posted: 31 Jan 2021 05:14 PM PST

    What career opportunities are there for a recent graduate without any relevant experience? I graduate in May, with a 3.0+, but I haven't been able to work any internships because I've had to work full time in order to pay for school. My current job is fine, but I really want to put my degree to use. I'm more than willing to do entry level work and possibly get a Masters Degree if my employer pays for it.

    submitted by /u/Toddric29
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    Do you think outsourcing/tech/"centres of excellence" are making general staff auditors worse?

    Posted: 31 Jan 2021 03:58 AM PST

    IME, grunt work is often farmed out offshore (India etc), and there is a reliance on technology to analyse, select samples etc, and the junior auditors aren't applying their brains to what they are seeing/looking at/asking about, because they are no longer as involved in the processes as they were even say 5 years ago.

    It feels like the abilities of junior staff are being made worse and worse in terms of what they think about for an audit because they don't get a grounding in the basics (even though they are somewhat menial sampling/looking at things/working things out).

    Has anyone else felt like the work done by juniors in recent years is less appropriate at setting them up to learn and know what they need to because they aren't doing the basics?

    And then even on the more complex things they farm things out to specialist teams so that the core team get no real understanding of things. The whole system seems designed to take on graduates with no scope for them to learn things because it's all outsourced, which will make them glorified project managers who can't manage the projects because they don't know what they are talking about and haven't been involved in most of the work.

    submitted by /u/Lonyo
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    Career shift from Tax to IT accounting?

    Posted: 31 Jan 2021 09:06 AM PST

    My husband graduated with his Masters in Public Accounting (tax track) in late 2017. Since then, he worked for a Big Four firm in Tax before making a move to industry in June. He's been talking about getting his CPA license since graduating but never took any serious moves towards it (he took one exam maybe a year or two ago, made just below the cut off to pass, and hasn't made any attempts since).

    I recently asked him about his intentions to get the license and he let me know that, after careful consideration, he no longer wants to become a CPA, nor does he want to continue to work in tax. He doesn't enjoy it and doesn't think he could continue down that path for the rest of his life. He wants to shift into a career on the IT side of accounting. He was thinking maybe ERP implementations, but he's open to other fields.

    Has anyone made a career move like this? What would be his best path forward in making himself competitive in this field. Would an Oracle certification be helpful? Should he pursue a Masters in IT? Should he get his CPA license anyways or is his job history adequate? Outside of ERP implementations, what other fields are open to him?

    submitted by /u/JNFIL
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    Well, at least they weren't like EY.

    Posted: 31 Jan 2021 04:44 AM PST

    Advice [CAN] Is this accounting firm normal?

    Posted: 31 Jan 2021 10:45 PM PST

    Hi there,

    Not sure if this is the right place to post this, if not, I apologize

    I recently passed all CPA exams and I just need experience, and I took a job at this accounting firm. I have been working there for a little over 1yr now. I noticed plenty of red flags the first month that I started, but I have debt and I needed a job.

    Some of the red flags are staff without proper education - no diplomas/degrees. It is difficult to ask any questions. Most of them say I don't know how or they provide wrong advice. I knew it was wrong advice because of my accounting knowledge but I did not have experience to know the proper way to address the issues without causing any issues.

    Every file that I pick up has an issue that goes back multiple fiscal years. I found that I would be spending a long time on the files, and no one had any knowledge on how to do the accounting because the person who used to manage those files have quit. This caused me to eat a lot of my hours. I started putting time for files I have not worked on yet because I wanted to look profitable.

    I was not given any training, and everyone at the firm was always too busy to provide any help. Whenever I would ask for help from the official trainer. They would always complain that they had something to work on for that day to make their timesheet look good.

    While I was working there I signed a tuition reimbursement contract that I regret, but I have debt. Now that is the only thing keeping me there. I want to leave this place - I do not think my experience will count here as they have no formal working papers.

    How can I break this contract? I would like to pay it back, but I cannot do so in one go. It would have to be over time.

    I have noone to talk to about this, my family is oblivious to what I do at work. I am constantly stressed. This is absolutely not worth what I am being paid.

    Can anyone advice me? I feel so stupid - Sorry for the wall of text and for this rant

    Are there any firms that would pay out my tuition reimbursement? Even if they have to dock it from my pay for a few months

    submitted by /u/Necessary_Position48
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    Career path guidance

    Posted: 31 Jan 2021 10:41 PM PST

    Hi. I am an ACCA and ACA and have over 6 years of audit experience in 2 big 4s. Recently relocated to another country. Current designation is Senior Audit Associate in an income tax free country. Primary goal is to make as much money in as little time as possible. Was thinking of relocating to Cayman Islands, where the pay is tax free but also better than the current country. But with my experience, I don't get interview calls because for FS audits, they need prior FS audit experience and/or CFA qualification.
    I am wondering if I get through the CFA qualification in a couple of years and am a Manager by then, will that make the transition to FS audit or advisory or investment banking impossible for me given I have no relevant experience of them? Are there any other fields that I should be looking at given my qualification, experience and plans for CFA?
    Would really appreciate any guidance from people who have been down this road.

    submitted by /u/kahorabey
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    East Coast Big 4 Requiring Masters?

    Posted: 31 Jan 2021 10:39 PM PST

    Hi!

    I'm a senior about to graduate with my bachelors in accounting and have 3/4 CPA exams completed already (enough credits). I have an internship lined up with a West Coast Big 4 firm this summer of 2021 for tax with the original intention of me getting my MST from 2021-2022 and starting full-time in 2022. However, I'm moving across the country this summer to the Northeast and I now do not intend on getting my masters due to financial reasons. Do Northeast Big 4 firms hire first year tax staff without masters degrees? I know my West Coast Big 4 firm "requires" a masters in tax, but not sure about the east coast since it seems like there are less MST programs in the East after looking. Also, what is the likelihood I could ask my current West Coast Big 4 firm to transfer me to an East Coast office for my summer 2021 internship? It definitely would be convenient if they'd let me, but it is almost February so it might be a little too late. I'm willing to stay on the West Coast for the internship this year though, but definitely not preferable.

    Thanks for the help!

    submitted by /u/JennyWrenBird
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    Cover letter review

    Posted: 31 Jan 2021 10:07 PM PST

    Dear all,

    I may have fucked up. I got a job in tax at a top 50 firm and quit 9 months later because I was miserable out of my mind. My first busy season was the 2020 season, and having to work from home really made me super depressed. So when my friend told me he was starting his own law firm and wanted me to be his paralegal (which I did before tax for five years), I jumped at the chance. Now I'm like "man, I wasted that $2,200 on the Wiley prep course." Just kidding, but really I don't know what I want to do with my life, but I know I want options. So I want to get the experience and get my CPA. But I can't leave my friend hanging, and anyway I have so much flexibility with him that it would be crazy to leave before I figure out my life. So I'm thinking I'll stay a paralegal at like 30-35 hours per week and try to get an accounting position at 20-25 hours per week for 2.5 years until I meet the experience requirement. How does this cold cover email sound (since there are no jobs advertised like the one I want):

    Dear [whoever],

    I am writing to inquire about any potential long-term, part-time staff accountant positions you may have available for an aspiring CPA.

    I have attached my resume which describes my educational and professional experiences with particularity, but here is a quick summary: I am a 2019 graduate of [local university]'s accounting program. The vast majority of my professional experience is in the legal field, but I do have the equivalent of about 1.5 years of accounting experience which includes 9 months of business and personal tax return preparation at [top 50 firm].

    I left [top 50 firm] to return to the comfort of the legal field, but I find myself feeling regretful—not that I joined my law firm, but rather that I left [top 50 firm], if that makes sense. I've decided that I'd like to retain my current position at perhaps 75-80% capacity in order to pursue a part-time public accounting position up to 25 hours per week.

    I have a thirst to learn, particularly to explore attestation, the goal being to deepen my understanding of accounting overall. My experience is limited to tax, so I appreciate that my placement in a tax position would be the least painful for everyone. However, I would love to compromise with a position consisting of a mix of tax and attest engagements.

    If this is something that would interest your firm, please contact me. I am available to interview and start working immediately.

    Regards,

    full name phone number email address linkedin url

    submitted by /u/smcamero
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    Best WFH chair style?

    Posted: 31 Jan 2021 11:24 AM PST

    Please my back is begging you

    submitted by /u/car0lw123
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    Trading stocks as an incoming intern

    Posted: 31 Jan 2021 09:56 PM PST

    Hi I'm an incoming intern at a B4 doing TAS.

    I did some trades recently and was wondering if this was going to be a problem. I checked the B4's compliance page and it said the company was previously audited. They are not a current audit client.

    Do you think I should bring this up? Is there a chance I get in trouble/ have my offer rescinded?😬

    submitted by /u/Big4_Intern
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    [CAN] CPA Assurance Elective

    Posted: 31 Jan 2021 06:01 PM PST

    This has probably been asked on this sub before but I'm taking the assurance elective that just started this week. Anyone have any tips for it? (Topics to focus on, anything is helpful!) Also, how were the weekly assignments time wise for completion?

    Thanks in advance!

    submitted by /u/adam19944
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