#accounting

Is anyone working on this project at a corporate level? Accounting was told the timeframe is 12-18 months, can anyone comment that’s in the know?

Reading all types of potential nonsense talking about its going to be one of the hardest hit in layoffs and pressure to run the back office function even leaner, etc.

Accounting, fpa, reporting&policy?

Has anyone heard about accounting or specific departments?

What kind of Accounting is Krabanaugh doing?

Does anyone normal think it's worth over 300 a share? I would not be surprised if he is cooking the books. Remember he said the quiet part out loud when he said he wanted to reach 300 at a F&O All hands earlier this year.

And if IBM is really valued that much, why all the RAs?

@michaeljburry

Understating depreciation by extending useful life of assets artificially boosts earnings - one of the more common frauds of the modern era.

Massively ramping capex through purchase of Nvidia chips/servers on a 2–3 yr product cycle should not result in the extension of useful lives of compute equipment.

https://x.com/michaeljburry/status/1987918650104283372?s=20

Yet this is exactly what all the hyperscalers have done. By my estimates they will understate depreciation by $176 billion 2026–2028.

By 2028, ORCL will overstate earnings 26.9%, META by 20.8%, etc. But it gets worse. More detail coming November 25th. Stay tuned.

It's good to know there are 'laws' in place to prevent telecoms from doing this again. We know they have the best interest of the customer (shareholders) as their top 'priority'!

https://www.linkedin.com/pulse/analyzing-accounting-fraud-worldcom-lessons-learned-future-almutairi

This is probably a good thing since Humana and most other Large MA Private Insurance Corporations seem to have a difficult job at doing simple accounting math when it comes to accurate Pharmacy RX Rebate numbers being reported to CMS and to Providers.

They have to do it once a year, by SEC regulation, and 3 quarters are gone now, so it will be December. As bad as it was, the next call will be a lot worse.

Realize that there are significant number of well enumerated drone workers at Shell, but doing business in and traveling to India have potential regulatory burdens…the Chevron model.

Summary of the Situation

Chevron has invested approximately $1 billion in its Engineering and Innovation Excellence Center (ENGINE) located in Bengaluru, India. While this expansion is intended to improve efficiency and global project collaboration, there may be long-term tax and compliance costs associated with how the operation is structured under Indian law.

The following sections outline general, factual information based on standard international taxation frameworks such as Permanent Establishment (PE) and Transfer Pricing — not internal Chevron data.

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Permanent Establishment (PE) and Tax Liability
• If a foreign company establishes a fixed place of business in India (for example, an engineering or project office), Indian authorities may classify it as a Permanent Establishment (PE).
• This triggers tax obligations on profits attributed to work performed in India, even if the project serves clients elsewhere.
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Profit Attribution
• Under Indian law, part of a company’s global income can be taxed locally if significant value creation or management occurs in India.
• For instance, if Australian or U.S. projects are executed by teams in India, India can claim a portion of those profits for taxation.
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Taxation of Foreign Subsidiaries
• Corporate Tax: Subsidiaries or branches in India are taxed on income earned locally, typically around 22% (plus surcharge and cess).
• Transfer Pricing: Intercompany transactions (e.g., management fees, subcontracting, asset transfers) must follow India’s arm’s-length pricing rules.
• Withholding Tax: Payments from India to foreign parent entities (royalties, fees, or dividends) may face withholding taxes depending on applicable treaties.
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Cross-Border and Expat Implications
• Projects Managed from India: Even if work supports projects in Australia or the U.S., India can still tax the related income if the work is performed domestically.
• Foreign Expats in India: Employees from other countries working in India may be taxed under Indian income tax laws based on their residency status.
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Estimated Financial Impact (Industry Benchmarks)
Benchmarking studies (e.g., from KPMG and EY) indicate potential cost impacts in several areas:
• Transfer Pricing Adjustments: 5–15% increase in taxable income due to stricter cost scrutiny (e.g., management fees, FX losses, share-based pay).
• Profit Attribution: 15–25% of global project profits could be attributed to India for high-value engineering or design work.
• Compliance Costs: Ongoing regulatory, IT, and operational costs may total $2M–$5M annually depending on scale.

Five-Year Projection (2025–2030):
• Transfer Pricing Adjustments: estimated at $10 million to $20 million per year, totaling $50 million to $100 million over five years.
• Profit Attribution Tax Impact: estimated at $15 million to $30 million per year, totaling $75 million to $150 million over five years.
• Compliance and Administrative Costs: estimated at $2 million to $5 million per year, totaling $10 million to $25 million over five years.
• Total Global Business Unit Cost: approximately $27 million to $55 million per year, or $135 million to $275 million over a five-year period across all Chevron business units utilizing the Indian center.

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Strategic Considerations
While India offers substantial cost and talent advantages, aggressive profit attribution and tax compliance requirements could partially offset those savings. This highlights a broader issue many multinationals face when expanding shared services or engineering hubs abroad.

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Sources:
• Indian Income Tax Act and Transfer Pricing Rules
• OECD Guidelines on Permanent Establishments
• Public benchmarking data from KPMG and EY

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Would be interested to hear others’ perspectives on how these kinds of global engineering consolidations impact overall efficiency and cost management across Chevron’s business units.

https://www.wsj.com/finance/regulation/massmutual-sec-probe-63d73f31?mod=hp_lead_pos10

Regulators Are Investigating MassMutual’s Accounting Practices
SEC is focused on how the insurer accounts for income on billions of dollars of loans

Were the previous executives cooking the books or is Sammy just looking for a scapegoat?

I have been hearing things about changes that will be affecting Accounting Department - do you hear anything?

Based on today’s announcement

So the market cap is currently under $500 mm and the Goodwill is valued at $1.984 Bn.

How is this even possible. They will cram this down, right?

There will be 10% layoffs now and 10% later at the end of the year.
Accounting, HR, and IT maybe affected.

very toxic working environment in g&l accounting department, manager asks employees to come to office over weekend and holiday season.

It is safe to say that the merit raises for the Accounting Department were total BS. Did not come close to keeping up with inflation.

Not just our engineering team bro. It’s an Over staffed US finance and accounting department with many directors and VPs draining companies resources. Many inexperienced people with so called fake ‘director’ experience and title have no credibility but have managed to bluff their way through the interview process. There is no pyramid structure. Is anyone highlighting this to CFO and HR? Why not give opportunities to our internal finance talent from the India team that has shown loyalty to the company for many years? Why this obsessing over external talent even when they don’t bring any relevant experience? Why not keep the costly US overhead cost structure low?

When did we become a tech company that is not led by innovation but entirely by what is deemed acceptable by our accounting department? They are the ones who make all the important decisions here and it's becoming more blatantly obvious day in day out in our results. Nobody is thinking about future profits, just what we can get right here, right now. It's very annoying that people who know nothing about our core business can wield this much power.

Did the accounting department in Northbrook Il. Recieve Layoff notices yet?

Looks like the Accounting Department can't handle it as per usual.

Any chance we will have the Accounting department sorted out by Summer?

Will Chevron keep the accounting department around? I feel like they'll need us because our assets are specialized more than others.

Sources are saying that the big chiefs are in a meeting together and they confirmed that they heard JV and others are putting together the names of the next group. The rumor is May 31 will be billing and accounting department. The on s staying will aquire the responsibilities or be let go. I can't believe they are doing this to people who have worked hard. Good luck everyone.

Hibbett had a massive lay off at their Corporate office Feb of 2019. Many stores are closing. Upper level Management is to blame. Accounting Department is a joke.

So my co worker who worked for the IT department of Albertsons was laid off after working there for over 20 years! They decided to replace their loyal employees for cheaper labor located in the Philipines...smh... meanwhile our computer systems are always down and slow when they work. When you call the Help Desk in the Philippines they don't know anything!

The accounting department is under staffed and the company is in a "freeze" for hiring. But ironically the company decided to hire a full time security guard to stand in front of the doors when we come through the front doors? Hmm.....there's also a rumor that another layoff is coming to the Deer Valley 2 building. Perhaps that's why they hired the new Caucasian security guard... this company is a joke!

I guess they are trying to make up for the lawsuit that was released on May 3, 2018! The EEOC is sueing the hell out of us because of an Albertsons store discriminating Hispanics!

How is Qualcomm the only company I've heard of that actually is LOSING OUT on the new corporate tax credits recently put into place, according to the CFO?

Maybe the accounting department isn't so great at their jobs. Of course, it's probably difficult to understand the US tax laws when you don't even work in country, I'm sure.

We still are not hearing that directors and VPs are being let go. Today 65 finance advisors and 7 finance managers were informed that today was their last day. 1 manager and 4 employees of the student accounting department were also let go. Enrollment numbers are declining and the marketing, IT, and financial aid departments are definitively failing to do their jobs. The decline started when the Credit Suisse guys came on board and continued with the onboarding of the app Vocado and that wreck of a CIO who had no idea. It is time for the 'GOLDEN' parachute employees to leave without their parachute. They have caused the downfall of what was once a great university.

I was impacted by the lay off. Human Resources and Ariel the IT VP was cruel in the delivery of the layoff. On Wednesday those that were impact received an meeting invite without a name in the subject in the title (no agenda) and all those impacted names were on the distribution list. Our names were not obscured. The invite was sent at 1pm and the meeting was at 2. The invite asked that we be on time and don’t be late.

Once we arrived the VP gave a 30 second spill about reorganizing and that we are the first pilot group and there will be more to come. And that was it. He asked that we wait for our name to be called by a HR rep to go over our compensation package. The package was weak . And you must sign away your rights not to sue before you can receive your money. This company is in financial despair. On Friday they layed off employees in their Accounting Department.

The irony of the CHK accounting department at their holiday party watching a movie where the boss cuts out the Christmas bonuses in order to benefit the bottom line...

At least in the movie they make it right when they realize how it affects morale.

I work in the accounting department in the Sarasota FL office.

It seems that the "rules" for us requesting vacation time is very different from everybody else's. The "rules" are strict, with a short timeline and are subject to supervisors approval- which really means that her manager "the Wicked Witch of Blythewood will say NO.

Forget filing a complaint against Cindy. People have been fired or forced to quit because of her. Feeling so helpless. Retaliation? You bet. I now work hard to keep my mouth shut for fear I will be the next target. Working hard on finding another job as is everyone else in our department.

Too bad that they don't care that they are losing such good people. We stayed even with no raises for the last five years. Now you take away our vacations. Can't wait to see what the 2017 medical benefits will be like....

That is... if I survive the wrath of Cindy...

Found this on :@JV85JO8-wdm Thought it deserved a new thread.

Seems as if some things never change.

Why would she leave?? 1. Cant keep cutting your way to a bonus after 2 years, needs sales growth which of course there is none. 2. Significant compensation tied to bonus and stock which is financial results based. 3. Stay too long you are associated as a leader of a loser organization. Leave on your best year. 4. Industry is dying and no way to reverse it. Every business initiative and project was a failure. 5. IT failures continue under her watch, even accelerated. Outsourcing failed because systems are way more custom and poorer than originally thought. Good IT talent left, bad IT talent stayed and Infosys and TCS were tremendous disappointments - can't code hello world. 6. CIO SS was her pick and he royally messed up IT and it will not recover. 8. IP department and experience destroyed, accounting department destroyed, store personnel destroyed. 9. KFarts/Sears/Office Depot/Max have taken over and wielding their magic that ruined their previous companies and 10. MLS was bright, talented and a go getter and there are much better opportunities in a growing company/industry for her skills - just watch.

Clearly not in accounting department, and make me glad I left people like you behind. Enjoy your bonus , I get multiplier matching and a pension at my new place cheers.

Rob, since your 1st post I have done a little digging. It turns out that CHK doesn't even have an accounting department! They grew soo quickly they just forgot to create one! Imagine that!!

I work in the accounting department and rarely does any new application work as designed. Instead we spend months cleaning up issues. Look at Hyperion, what a giant waste of millions of dollars, it should be scrapped.