Getting to work at home – On the right is my work laptop with second screen. I would like to use the home PC (larger screen on left), but couldn’t get it to connect to the server remotely. My ultrabook can connect. So I set that up and was ready to go. Helps to have two machines so that I can pull up multiple instances of engagement without having to switch between binders and have three screens.
When I first started my blog. I would google my name to see if my site would appear on the first page – it did not. Search rankings can be tricky. Call it an exercise in vanity, but every professional needs to monitor their online presence. The other day I googled my last name and got a hit for a veteran in Missouri with the same last name, so I decided to follow the link. This state sponsored site has many stories from vets – William Brookshier was one I watched. I then randomly selected a few others to view. I picked one near the bottom of the list. A touching experience. These men (and women) endured so much, yet many will never consider themselves entitled victims, just Americans. A lesson for all of us.
http://www.missouriveteranstories.org/video.cfm?ArchiveID=24140
Nicholas walked up to me as I was sitting in the family room.
Dad, he said, I figured something out. What’s that son?
Time is the most important thing. When you think about it, time is all we have.
You know what else? What, I asked?
All this matter, everything around us, you know the things you hear about like dimensions and stuff, none of them could exist without time. Without time, nothing exists. Without time, we don’t exist.
Time is the most important thing.
And then he walked off.
We can be frustrated by the lack of accountability in others or the seeming unwillingness of others to be held to account. Long ago I learned to stop looking for accountability in the world outside and look within myself. If others see you as one who accepts the consequences of being called to account, then they will be encouraged to accept being held accountable. Those who demand accountability in others but who are unwilling to be held accountable, drive people away. Do as I say but not as I do, does not work with professionals.
As my wife was putting Nicholas to bed last night:
Mom, I know why I am here. I was sent here to teach Amanda through influence. Like a fire burning the trees influences the forest and teaches it to be healthy.
Now my wife and I have often spoke in private, or so we thought, about why Nicholas was sent to us. This the first time he has talked about it. My wife emerged from his room a little unnerved. “Like fire burning the trees influences the forest” she repeated.
A popular recent post is the one I wrote on the AICPA’s effort to develop a new SME reporting framework. Had I known it was going to generate so many hits, I would have made it shorter and more to point. Hint if you have not read it yet, you might skip about half-way down. Recently I became aware that the IASB had earlier notified us they intend to develop a subset of IFRS for SMEs for the micro entity – basically the very small business. Using their definition, that would cover quite a few of my firm’s clients. Perhaps the AICPA’s effort was intended to mirror the IASB’s effort and they intended their new framework to be the U.S. answer to SME IFRS for micro-entities. Again, the AICPA is not an official standard setting body; however, maybe the FASB can pick up the guidance and meld it into their private company reporting effort and get us big GAAP, little GAAP, and tiny GAAP. I don’t think it will replace tax or cash basis reporting…but interesting.
In the small business side of our market, we just don’t have much ongoing demand from users for GAAP or IFRS statements. Here is a link to the recent JofA article. http://www.journalofaccountancy.com/News/20126128.htm
Link to my earlier post: https://insidecpa.com/2012/06/aicpa-sme-effort-too-many-cooks/
Two proposed new standards, a nonattest standard related to association with financial statements, and a new compilation engagement standard that attempts to narrowly define compilations to a non-existent form have placed the profession at the crossroads. One path has us departing from reality and entering a narrow corridor that will choke our most basic service to a level of abstract foolishness, a path driven by the idea that independence is somehow impaired if we help our clients. A good day for those who sit on high horses. You can read my response to the Committee(s) by clicking on the link below.
Nicholas emerged from his room, and fighting with his sister, with a slightly bloodied nose. Now he likely did something, but nothing to merit a punch in the face. His only comment, “She really needs to work on her people skills.”
At the A&A conference last week a speaker suggested that we use the ‘six degrees’ model for a guide to independence. She suggested at least 3 degrees were required.
I agree. Under current independence guidelines we can audit the company where our brother-in-law is the CEO. Under the ethics guidance, we cannot audit any company were an immediate family member is a part of management. Our sister would be immediate family, but our brother-in-law would not.
Now, if our brother-in-law also owned shares and they lived in a community property state, then we would be out…….
I think most of us agree that we should not consider ourselves independent of a company controlled by our in-law. Remember we must be independent in appearance as well as fact.
Sister would be one degree, brother-in-law two….I agree with three idea.
The Financial Accounting Foundation (FAF) is the parent organization for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). In recent years FASB has occupied itself with the modification of U.S. generally accepted accounting principles (GAAP), more closely aligning them with International Financial Reporting Standards (IFRS). IFRS rules are set by an “international” standards setting body based in Brussels, the aptly named International Accounting Standards Board (IASB). To be fair, the IASB has been working to harmonize their standards with U.S. GAAP as well.
The convergence of U.S. GAAP and IFRS is believed by many as a worthy pursuit leading to the development of a single set of global standards. I won’t spend a lot of time on this, but the idea is more a lofty ideal than a practical goal. IFRS proponents often use as support for their system claims that the rest of world has adopted these “international” standards, without mentioning that most countries make modifications to assuage local special interests as they adopt. Continue reading