A Week Off–Not ReallyPosted: November 28, 2011
If you have kids you’ve probably heard the statement, “I can’t wait until I’m done with school and won’t have any homework any more.” I’m sure there are some of you in college thinking that once you are done your studies, you’ll get to do your 9-5 and then the rest of the time is yours. That will work if you want to be a staff accountant the rest of your life, but if you want to go further than that, it takes a little more than the simple 9-5.
According to my official time record, I was on vacation all of last week. Indeed, I didn’t set foot in the office and I did travel 870 miles with my family back to Athens to spend Thanksgiving with my Dad and my sister’s family. We had a great time eating turkey, watching football and going out at midnight to hit those early sales and pick up a few bargains. But having fun with the family wasn’t the only thing I did.
First off, I had two conference calls early in the week that I had to attend, including one, while I was in the middle of Mississippi on I-20. Fortunately, I didn’t have any follow up work from those calls. More time was spent reading two large exposure drafts. The first was the revised revenue recognition exposure draft from the FASB. At 218 pages, it took several hours to get through the document and list some initial thoughts about what works and what doesn’t. The second document was the preliminary draft of the Internal Control over External Financial Reporting guidance document.
The guidance document is the second of two documents that will be issued by COSO in the coming months. It’s a companion document to the revised Internal Control Integrated Framework which will be issued as an exposure draft in December. At 171 pages it was a shorter than the revenue recognition exposure draft, but it still took a long time to read considering I was providing editorial comments throughout the document as well.
Fortunately I made it through both documents, but as I looked up from my review and saw my daughter working on her U.S. History homework, I realized that the homework never really ends. It just changes form.