Take a BreakPosted: September 16, 2011
As I was starting to write this Blog I realized there was very little to write about. Congress was on recess most of August so not much has happened in Washington since their return. Europe traditionally takes a summer break in August so the IASB does too. As a result, the FASB focused on non-convergence issues which meant that its agenda was much lighter than normal for the past few weeks. Third quarter doesn’t end until September 30, so there is no reporting crunch, and the squeeze everything in before the Holiday’s rush of November and December are still too far in the distance to cause worry. What is a normally busy CPA to do?
I do feel sorry for all my tax brethren with the September 15 and October 15 deadlines bearing down on them, but not too sorry. I mean, they’ve had eight or nine months to get everything done. I don’t hear a lot of pity from them when we CPAs in business and audit are killing ourselves to get the year-end financials done in twenty days or so before the press release is issued. You say you thought it was sixty days before the reports are due to the SEC, well; I would like to see you explain to the CEO and Board why the numbers they issued in the press release would have to be revised. It would probably be your first and last time doing so.
So while our tax brethren are struggling through these final self-inflected weeks of overwork and under-sleep, the rest of us are enjoying a break. Football season is new and all the games mean something because no one is out of the bowl or post season hunt yet. Baseball season is just getting to the good part with the Braves and Rangers in the thick of it once again this year. The miserable heat of the summer is giving way to cool Fall mornings, just perfect for taking the dogs for a walk – in the neighborhood or along your favorite trail. The leaves (at least on the trees that are still alive after the drought) will be turning bright colors soon to make those hikes even more enjoyable.
The Texas state fair is ready to open with its cacophony of new fried foods ready to destroy your diet. Six flags is still open on the weekends with those ghouls and ghosts ready to entertain you and your children at their annual Fright Fest. The ocean water is still warm enough for a trip to remember (as long as you can avoid the occasional hurricane). The mountains are beckoning and its cool enough to enjoy that evening fire and make a s’more over the glowing red coals.
Yes, it’s time to take a break. Congress will start making noise soon enough. The IASB and FASB will be issuing the re-exposed EDs on Revenue Recognition and Leases. The PCAOB will continue in its efforts to fix all that is not broken about our audit process. The IRS will begin its quest to fingerprint everyone in the U.S. – I mean everyone who prepares a tax return. And before you know it we’ll be ringing in 2012 and putting the finishing touches on the press release about the financial results for the year that was 2011. So take that break now before it’s too late!