Accounting Headhunter

Most people feel that speaking with a headhunter is a necessary evil when the time comes to look for a job.  But one of the best reasons to speak with a headhunter if you are NOT looking for a job is the career advice that you may receive.  Headhunters speak with hiring company many times a day, and those that have been doing it long enough have seen the benefits and pitfalls of most career opportunities.

I was reminded of this recently.  Someone called me who was relocating to another city. When they gave me an overview of their background I was very excited to work with them.  The background was 3 years with a Big 4 public accounting firm.  However, the most recent 6 months of the person’s tenure was doing compliance in the International Tax area.  The problem is that the work was mostly 1040 individual return work for expatriates.

I recall placing people in that career niche earlier in my days as a recruiter.  But back then, public accounting firms weren’t even looking for Accounting Grads.  As long as the person was smart, and good with numbers, they could have a degree in French.

So the point of the story is that the loss of 6 months good audit experience, coupled with the fact that we had to explain “why” the person took the “promotion” to Expat Tax took a number of potential opportunities off the table.

If this person had called me to discuss the move out of audit into International Tax, I would have strongly discouraged this person.  And that’s why you should find a headhunter you are comfortable with and strategize with them about your career on a regular basis.

Do you have any career questions?  Feel free to call me and discuss your questions.

Bob Lee  973-492-2455.

What is IFRS?
IFRS is a single set of globally accepted, high quality accounting standards.  By 2011, it will be used in over 100 countries.  The US will be only one reamining on industrialized nation using GAAP.  Some benefits to the US of using IFRS are the ability to compete globally and accessing foreign capital.

Key differences between GAAP and IFRS are that IFRS is less voluminous a body of literature than U.S. GAAP.  For example, GAAP is over 25,000 pages of information, and it’s beginnings go back to 1930’s. Some of the bodies have that have issues technical accounting research pronouncements were the FASB and APB.  IFRS goes back to the 1970’s, coming to prominence during the establishment of the EU.

While GAAP has very extensive industry-specific guidance, IFRS do not include such industry guidance.  Generally, IFRS contains similar concepts but do not contain the same amount of detailed implementation guidance as U.S. GAAP.
One major issue, which the SEC is sensitive to is that in more circumstances, the application of IFRS will require exercise of judgment.  Much more so than GAAP.
When the SEC looks at fincial statements, they will be concerned about discosures, especially when judgement has been applied.

Status of IFRS
The status of IFRS in the US is that in August 2008, the SEC  agreed to issue a rule proposal and proposed “roadmap”for public comment.  The proposal would consider permitting a small group of public companies (110-120) ) to adopt IFRS as early as 2009.
The proposed roadmap will outline potential timeline to IFRS adoption starting in 2014 on a mandatory basis for large accelerated filers.  Voluntary early adoption would be permitted.

An analysis based upon survey data  indicates that a majority of large companies have at least done a gap analysis of where they are versus where they will need to be.  A small minority have entered the transition phase (under 12%).

Recruiting and Staffing IFRS Expertise
Timing calls for companies to start their gap analysis, if they have not started, and planning for the transition.  We are in contact with Accounting professionals with this IFRS expertise.  Please call or email to discuss any needs you may have for Accounting professionals with IFRS expertise.

Contact -  Bob Lee 973-492-2455  or EMAIL

XBRL – Sooner than expected?
The Securities and Exchange Commission’s (SEC) release of final rules mandating Extensible Business Reporting Language (XBRL) has not yet been issued. However, it seems that reporting in the format called XBRL could come earlier than expected. A target date of December 15, 2008 for large companies could be at hand.

Some companies have already started the transition to XBRL. Some companies are not ready for XBRL, in some measure due to the lack of qualified professionals to implement it. Accountants and financial professionals with this experience are in demand. CPA’s should attend seminars, or more convenient webinars to better understand the role that they can play in this major project.

XBRL International is a consortium of more than 500 companies and agencies worldwide working together to build the XBRL technology and promote its adoption. Some of the benefits of XBRL are improved accuracy, greater efficiency, and easier comparability of financial statements.

If you are looking for professionals with XBRL experience, contact us to discuss your requirements.