Posted by jmungar on 03/16/2010 - 18:18
I'm working through a disclosure checklist on a small audit client (my previously mentioned franchisor that led me to great aggravation with auditing standards). Of course I'm now seeing FASB Codification references throughout, and I started to think about all the ways my life has improved as a result of it:
- All of my clients, especially those that are publicly traded, have had to update the notes to their financial statements, removing references to familiar statements like FASB 5, 13, 109, FIN 48, etc. with the new Codification references. Now that I think about it, not one has been grateful for this opportunity.
- I graduated from The University of Michigan in 1984. That means I've been at this for more than 25 years. I suppose it is a good thing that FASB took away all of this familiarity I had with statement references and is making me start over from scratch.
- Searching through what seems like endless levels of the codification in CCH's Accounting Research Manager (sorry not slamming CCH - I'm sure it is a similar experience in others) to get to what I'm looking for. Why spend time at home with my wife and kids when I can do that.
- Why say FASB 13, paragraph 29 when you can say ASC 840-10-50-1?
Look, I'm just a simple auditor trying to do outstanding work for our valued clients. How this helps me or them is beyond me. To paraphrase Simon Cowell "I don't get it. Sorry."
- 1287 reads
Remember the movie, Network?
Even the mildest mannered dog will defend himself when backed into a corner and beat with a stick. Many of us older accountants and auditors feel like that dog! The only way I know to fight back is for all of us to stick our heads out the window and shout, "We're mad as ____ and aren't going to take it any more! We have to make our voices heard!
Larry Perry, CPA
www.cpafirmsupport.com
Re-Creating the Elite Priesthoods
Remember the Dark Ages?
Some people call them the Middle Ages, a euphemism for the time when all learning, and education was exclusive to the clergy - and some insistent and persistent royalty who actually demanded an education for themselves or their offspring.
Information was made even easier to access by using the languages commonly used by every day folks in Europe, Africa and Asia, like Latin, Greek, Hebrew, Aramaic, ensuring the general populace could easily read and absorb the rare manuscripts or scrolls.
Is that what's going on again?
Information so annoying that even accountants must struggle to re-learn it all?
Sounds like a fun way to run up more billable hours.
Though, I'd prefer to run up hours by providing useful and profitable advice.