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/biz/ - Business & Finance

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17198710 No.17198710 [Reply] [Original]

General discussion about accounting practices, procedures and problems faced in the industry. IFRS, ASPE and US GAAP is all welcomed.

>> No.17198780
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17198780

>>17198710
Fuck IFRS 16 and it's bullshit. So many hours wasted on a stupid rule change.

>> No.17198809

>>17198780
Can’t blame standard setters for making the change. It was industry practice to structure the lease as operating so they wouldn’t have disclose it on the balance sheets.

>> No.17198854

>>17198780
IFRS 15 on the other hand is pure bullshit. Asking for the total revenue creation and recognition process for all companies goes completely against cost-benefit relationship between CPAs and customers.

>> No.17198900
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17198900

>>17198809
Why can they just optimize the operating leases rule to be more stringent like only building leases or some shit. On top of everything my VP keeps asking why depreciation is so much higher. If I have to explain it again I'm going to explode. Plus the conversion team put building leases to indirect instead of G&A and now we need to fix them one by one. So much time needed that I don't have because I'm trying getting financials ready to report.

>> No.17198955

>>17198854
Don't even get me started on reporting for IFRS 15. The amount of time wasted going through contracts every quarter to break our forecast down is ludicrous. Plus we end up having ops do it since they are more familiar, and we are always late because they have more important things to do, like generating revenue. Apparently the body isn't concerned with that business function. As long as we make reports.

>> No.17199082

>>17198955
>>17198900
I work in public and can’t tell the amount of problems I need to correct. We’re talking about basic things like intercompany accounts client somehow manage to fuck up. Our firm churns people out because no one wants to put up the stress associated with others problems.

>> No.17199138

I'm about to graduate with a bachelors in accounting and it scares the fuck outta me that i have no clue what you guys are talking about

>> No.17199150

>>17199138
You hardly use any of the shit they teach you in school. You'll learn all the stuff you are suppose to after 2 busy seasons.

>> No.17199156

>>17198710
I'm avoiding public accounting. I think I'm just going to join IRS and become a metaphorical headhunter for a while, then eventually make the transition to private sector investigative work. Maybe one day I'll be the one that destroys Disney.

R8 my plan.

>> No.17199194

>>17199138
Man hope you ready to sacrifice everything. Get your CPA, work in industry. Public accounting forces you to better yourself because managers and engagement will throw the file back at you if fuck up but it definitely makes you feel like the smallest fish in the pond. Also pay is shit, long hours and little to no guidance. If stress isn’t your thing, stay the hell away from PA.

>> No.17199210

>>17199150
Depends. For PA most of what they teach is spot on but there additional procedures you are expected to know. Bookkeeping on the other hand is a joke.