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October 23, 2011 @ 01:30 AM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

Haha no I respect CPAs accounting isnt easy. It's just it is a back/middle office role and they dont make decisions. Great money in accounting, better money in the front office
October 23, 2011 @ 06:53 PM
Alejo

Post: 172

Join Date: Jul 2008

<P></P>
<BLOCKQUOTE>
<DIV class=quote-info>
<DIV class=quote-from>Originally posted by
<DIV class=quote-name>Alejo</DIV></DIV></DIV>
<DIV class=quote-content>
<P></P>
<BLOCKQUOTE>
<P></P>
<DIV class=quote-info>
<P></P>
<DIV class=quote-from>Originally posted by
<P></P>
<DIV class=quote-name>donuts</DIV>
<P></P></DIV>
<P></P></DIV>
<P></P>
<DIV class=quote-content>
<P></P>
<P>Enron used certain loopholes in GAAP which obviously were dangerous. not sure but i think they were basically recognizing future, but uncertain, revenue on the current p&amp;l’s to boost the stock price. obviously the accounting firm that audited them is no longer in business, despite being one of the “big 5″. BZB is right in that nothing done relating to accounting was illegal – it was the shredding of documents that was. </P>
<P></P>
<P>sidenote – US like a retard is the only country to use GAAP but is changing to IFRS accounting which the rest of the world ......


IFRS isn't wanted over here by the majority of businesses over here because it disallows LIFO and would cause some major tax liabilities if implemented.
October 23, 2011 @ 08:45 PM
backson

Post: 375

Join Date: Aug 2010

^ You're harping on minutiae. You seem to be defending the institutions or avoiding the fact that they have or had underhanded or fraudulent practices that resulted in some of this mess . Consumers also contributed to the problem by overextending themselves, but the banks took advantage of them too. Are you one of those back office accounting folks or in school with the pie in the sky view?
October 23, 2011 @ 08:53 PM
Alejo

Post: 172

Join Date: Jul 2008

Harping on minutiae or having an idea of how things actually work?

LOL I have my CPA and CFE. And have a hard time believing you are anything more than maaaaybe an intern doing M&A work anywhere. Sure institutions helped, but consumers were lying on the applications and as you said overextending themselves. There are fingers to be pointed across multiple sectors. I think the biggest part is a complete lack of self responsibility in regards to finances and life in general right now.

My bad you aren't the M&A one, you probably are a full time occupier. Good luck with that.
October 23, 2011 @ 09:08 PM
Spankbank

Post: 3914

Join Date: Sep 2008

Location: Crooklyn

October 23, 2011 @ 10:31 PM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

<p>Harping on minutiae or having an idea of how things actually work?</p>
<p>LOL I have my CPA and CFE. And have a hard time believing you are anything more than maaaaybe an intern doing M&amp;A work anywhere. Sure institutions helped, but consumers were lying on the applications and as you said overextending themselves. There are fingers to be pointed across multiple sectors. I think the biggest part is a complete lack of self responsibility in regards to finances and life in general right now.</p>
<p>My bad you aren’t the M&amp;A one, you probably are a full time occupier. Good luck with that.</p>


confused...this is directed towards bzb right? anyways i agree with you whole heartedly on what u said. ie, complete lack of self responsibility in regards to finances and life in general, consumers' role in the bubble,etc.

I may be wrong, but dont the majority of businesses use FIFO?
anyways im not an accountant, i am a financial statement user which i why i would advocate a uniformity of financial statements. when comparing companies it is just a pain in the ass when they have different inventory methods.

and regards to that shot, you can try to knock me all you want im not posting to gain e-cred, just expressing my views.
October 23, 2011 @ 10:42 PM
Alejo

Post: 172

Join Date: Jul 2008

Most use LIFO to reduce tax liability by offsetting the effects of inflation. And one of the biggest problems with IFRS is the freedom in reporting style that makes conformity an issue.
October 23, 2011 @ 11:43 PM
backson

Post: 375

Join Date: Aug 2010

<p>Harping on minutiae or having an idea of how things actually work?</p>
<p>LOL I have my CPA and CFE. And have a hard time believing you are anything more than maaaaybe an intern doing M&A work anywhere. Sure institutions helped, but consumers were lying on the applications and as you said overextending themselves. There are fingers to be pointed across multiple sectors. I think the biggest part is a complete lack of self responsibility in regards to finances and life in general right now.</p>
<p>My bad you aren’t the M&A one, you probably are a full time occupier. Good luck with that.</p>


I'm not in finance at all. I hate that shit and leave it to the number crunchers, just make sure the month end is closed properly, the forecasts are accurate, and tell me daily cash and I'm good.

But it's just like a finance person to pass blame. These banks and loan officers knew damn well many of the people weren't qualified for the loans they were approving. The finance people in these non banking corporations also were complicit in a lot of the slicing and dicing of the books and helping the management to pull the wool over investors, public, and employees eyes.

I've already distributed blame to the consumer too, but you're acting like finance people had nothing to do with it when in fact they were a large part of why we got where we are. I get the sense that you're on big business side in this whole thing. Not saying they're all the devil, but they are just as much at fault.
October 23, 2011 @ 11:44 PM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

ok yes that is the reason for using LIFO but it isnt used as much as FIFO, correct? can you explain the "freedom in reporting" style in IFRS that makes conformity an issue? the SEC is obviously making the effort to eventually erase gaap. regardless if you like it or not GAAP seems to be on its way out in the future. obviously businesses will using LIFO will not want immediate change, and there shouldnt be, but eventually it seems inevitable
October 24, 2011 @ 02:27 AM
Alejo

Post: 172

Join Date: Jul 2008

When I was in public accounting the clients I directly worked with were a pretty even split (among those that had inventory). Not sure why LIFO is getting the bad wrap on here as it was always a more accurate measure of the actual cost of goods going out, instead of overvaluing earnings with FIFO.
October 24, 2011 @ 02:48 AM
Ape

Post: 3130

Join Date: Sep 2010


http://WORLDWIDEwavy.tumblr.com/

October 24, 2011 @ 05:09 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

<p><img src="http://a8.sphotos.ak.fbcdn.net/hphotos-ak-ash4/301517_238071412917624_100001443005004_688097_1086396399_n.jpg"></p>

qft
*dead*
October 24, 2011 @ 05:20 PM
YeaImTy

Post: 93

Join Date: Nov 2007

Location: Maryland


FS-DS: Supreme Kate Moss Tee – Grey Medium (yeaimty.tumblr.com)

October 24, 2011 @ 07:50 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

Some one with a sense of direction and understanding of the country needs to pick this movement up and give it some guidance/meaning.

I'm surprised Obama didn't jump on it ASAP, if spun correctly he coulda ofcoasted into another term against such a weak GoP field.... SMH
October 24, 2011 @ 08:35 PM
damnwitless1

Post: 3011

Join Date: Dec 2006

Location: Freeport LI

^missing the point

All I do is smoke weed and listen to MF DOOM innercitykidsmusic.com

October 24, 2011 @ 09:33 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

<p>^missing the point</p>


comments like this urk me cause they insinuate that you do know the point, but don't want to tell anyone else....

chances are you have no clue, but want to stand on the side of the protesters....
October 24, 2011 @ 09:40 PM
ksj

Post: 719

Join Date: Sep 2009

Occupy Wallstreet has good intentions but everything about it is very oblivious.

Majority of the people participating are just hipsters who want to participate in a riot, they don't understand the true intentions of the protest.
October 24, 2011 @ 10:00 PM
damnwitless1

Post: 3011

Join Date: Dec 2006

Location: Freeport LI

<p>
</p><blockquote>
<div class="quote-info">
<div class="quote-from">Originally posted by
<div class="quote-name">damnwitless1</div>
</div>
</div>
<div class="quote-content">
<p>^missing the point</p>
</div>
</blockquote>
<p>comments like this urk me cause they insinuate that you do know the point, but don’t want to tell anyone else…. </p>
<p>chances are you have no clue, but want to stand on the side of the protesters….</p>


lol, the point is the chaos, making a stir, if you're focused on leadership or "the guidance/meaning" of the shit than you obviously don't see the fact that OWS is intended to transcend all that bullshit and functions more than anything as political white noise

All I do is smoke weed and listen to MF DOOM innercitykidsmusic.com

October 24, 2011 @ 10:04 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

...
October 25, 2011 @ 03:32 AM
backson

Post: 375

Join Date: Aug 2010

lol. i hear you dead7 and i agree. this movement isn't well organized, but in a way i don't think it's intended to be...yet. being loose and less defined means more people can associate/sympathize with them. it may gel into something but who knows. the tea party is more organized but also very polarizing. not so much because of their stance on things, but because it's kind of like they're a conservative extremist nra birther baptist bible study group.
October 25, 2011 @ 05:17 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

some one please tell me its not true that a 19yr old 1/2 retarded girl got raped at an OWS demonstration....

SMDH
October 25, 2011 @ 09:05 PM
Minn.Sam

Post: 218

Join Date: Jul 2009

Location: TC

Ok, here's my 2 cents on this topic. I think It's pathetic what the people over at Occupy Wall Street are doing. I wanted to believe in Occupy Wall Street but I have now realized that it's going nowhere, and if it does accomplish anything It's going to be very minuscule. What some of these people are asking for is a complete change in the way we run our government. They're asking to change a system that has been going on since the beginning of time. It's in human nature to be greedy. As long as their is money to be made their is going to be a "1%." It's just a fad, Americans want to be like the true revolutionaries from the Middle East. These people were oppressed for decades, and decided to take action, doing whatever it took to gain freedom. Occupy Wall Street is something that will never come to fruit because it's not something the American public is willing to die for. It's simple as that, in order to start a real revolution, in order for a real change to come, people have to be willing to die for their cause.

coup.headops@gmail.com

October 25, 2011 @ 09:29 PM
Blunted at birth.

Post: 94

Join Date: Dec 2010

Location: Greater Los Angeles

yea complacency seems to be an issue, I feel like america as an empirical force might die soon and we will have to revert back to being a production based economy. Hopefully..
October 26, 2011 @ 04:57 AM
Canvas08

Post: 2521

Join Date: Oct 2006

October 26, 2011 @ 08:09 PM
DStyles

Post: 9513

Join Date: Mar 2007

Location: Brooklyn, NY

<p><img src="https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/310637_2401946404850_1136777814_3897571_1123034735_n.jpg"></p>


qft

Last.fm - DStyles23 Xbox Live GT: DStyles23

October 26, 2011 @ 09:10 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

<p>this person kind of missed the point of the occupy movement.</p>

which is?
October 26, 2011 @ 09:33 PM
camthraxFHK

Post: 2491

Join Date: Apr 2006

Location: Brooklyn

<p><img src="https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/310637_2401946404850_1136777814_3897571_1123034735_n.jpg"></p>

No risk, no reward.
October 26, 2011 @ 09:42 PM
dead7

Post: 13351

Join Date: Mar 2010

Location: The Valley of Killa...

<p><img src="https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/310637_2401946404850_1136777814_3897571_1123034735_n.jpg"></p>


why should that idiot blame wall street? He hasnt had the opportunity to purchase a house through a mortgage than have that house drop its value in HALF and still have to pay the mortgage based on the original higher value (aint that a bitch) than be downsized by corporate america due to a recession that could have been a depression if old Obama didnt bail everyone out. Also that cunt probally doesnt have a wife and or kids to support SOLELY based upon their income. That sign is absolutely ridiculous and has no real basis on the economic problems facing the country today. However thinking and actions like his would have GREATLY minimized the bubble popping. That is being responsible which isnt left or right its just smart.

The only group I really hate more than tea baggers are super deuchy FAKE idealistic college f*cks. Lets see how quickly his tune changes when he trys to get a job and has to go up against 200 other people applying for the same position which its pay has been greatly reduced because there are so many people out there that companies are lowering salaries due to the pool of people to recruit from. Than lets see him not blame wall street when he has to pay anything aside his BASIC needs. Shit in college all I needed was money for rent in a shit hole, beer money and maybe money for some shitty horrible meals every once in a while.

I dont agree with OWS, but i do recognize there is a problem.
October 26, 2011 @ 10:00 PM
ACTiON FUNKENSTEiN

Post: 2267

Join Date: Sep 2009

Location: BLAT BLAT BLAT

<p><img src="https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/310637_2401946404850_1136777814_3897571_1123034735_n.jpg"></p>


What a fucking moron. He probably went to some shitty Community College. He has no wife and kids to support on a shitty wage. He's going to be crying like a little bitch in a year when he realized his degree is fucking worthless and he can't find a job anyways.
October 26, 2011 @ 11:08 PM
Constellations

Post: 3054

Join Date: Jan 2010

Location: LeBroward County, Fl...

http://www.youtube.com/watch?v=QqNOPZLw03Q&feature=player_embedded

shits getting real

\X/


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