The Big 4 Guru is a CPA, proud Big 4 alumni and seasoned industry professional. His passion is helping new accounting professionals achieve their career goals.
In the finance and economic world right now there is no bigger story than the proposed economic stimulus bill circulating Capital Hill. While it doesn't get much attention in the main stream media, the bill could potentially have huge implications for the accounting world as well.
Fair value accounting, which has taken a merciless beating in the wake of the economic meltdown (see my rant on AIG), may be finally going under the knife. CFO.com asserts that the mere possibility that Fair Value accounting rules could be modified or reversed was a major contributing factor in the stock surge last Friday (February 5th).
This is not the first to the mark-to-market rules, which have been blamed for much of economic collapse, have been in jeopardy. Last year's Emergency Economic Stabilization Act ordered the SEC to study the effects of fair value for 90 days. However, with this study almost complete, it does not appear that any changes to the rules as they stand is expected.
For those interviewing with one of the Big 4 this week, you have an excellent opportunity to ask a very timely and educated question. Ask your interviewer the following:
"In your opinion, do you think the Fair Value rules will be changed because of the recession."
This will be especially useful if you have an office interview or visit with actual accountants (not just an HR rep).
Stay tuned for more, this should be an exciting week.
For more on Fair Value accounting and interview tips, please visit http://www.big4guru.com
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