Achieving Proper Cut-Off

Every time a new biking season comes around, I tell myself that "this will be the year" that I finally get an accurate count of my annual bike mileage.  In each of the past two years, I purchased a new bike but failed to buy a bike computer at the same time.  As a result, I've ridden hundreds of miles that never get recorded, or they get recorded but I forget to identify how many relate to one year versus the next.  A classic cut-off problem:

(Disclaimer: if you have no interest in accounting nerdspeak, just skip to the bolded part below)

AU Section 326:


The Use of Assertions in Obtaining Audit Evidence

.14 Management is responsible for the fair presentation of financial statements that reflect the nature and operations of the entity.  In representing that the financial statements are fairly presented in conformity with generally accepted accounting principles, management implicitly or explicitly makes assertions regarding the recognition, measurement, presentation, and disclosure of information in the financial statements and related disclosures.

.15 Assertions used by the auditor (see paragraph .16) fall into the following categories:

a. Assertions about classes of transactions and events for the period under audit:

....

iv. Cutoff.Transactions and events have been recorded in the correct accounting period.


But this year IS the year!  I swapped out the Cateye from the Long Haul Trucker and installed it on the Cross Check, my go-to ride these days.  Unfortunately I've already logged a few miles this year, but forgot to first take a peak at the odometer to find out what my opening balance was for 2013.

As such I've had to prepare a "roll-back" schedule to arrive at the ending balance for 2012.  This is similar to what a lot of my clients in public accounting would do if they didn't perform their inventory count right at December 31. Depending on the amount of activity before or after the count and year-end date, this could get messy.

My situation will be fairly straight forward and since I haven't ridden at all this year on the Giant, no roll-back is necessary for those miles.  Here are the key odometer stats, complete with workpapers supporting the balances:

2013 Opening Balances

916 miles = 2013 opening balance, Cross Check

1,111 miles - 2013 opening balance, Giant TCR

The 916 miles comes from backing out the 35 miles already included in the odometer, which actually relate to the 2013 riding year.

As long as I remember to compare these totals to the miles on the odometers as of December 31, I should have no problem calculating and reporting my miles this year.

Last Busy Season Soundtrack

Yet again, I've managed to put off posting my previous year's busy season play list until now.  Of course, were I still in public accounting, I would be creating the 2013 busy season playlist, but I no longer experience the bittersweet phenomenon that is a busy season in public accounting.

The bitter requires no description.  But for those who have never experienced the 70-80 hour work week protecting the vitality of the capital markets, perhaps it's beneficial to explore how this could be "sweet" in any way.

Despite these unfortunate circumstances, my fellow auditors and I always forged ahead with a common goal and found ways to make the most of it.  My defense mechanism was to find the humor in the situation, relieving the pressures from the unreasonable demands and deadlines encountered in a public accounting busy season.  There was no shortage of laughter in the audit rooms, as clients or co-workers usually provided sufficient fodder for new material.  And if they were short on supply, YouTube could always save the day.  These are memories and relationships that I will always cherish.

For me the other bright side of spending so much time in front of a computer is that it gave me an opportunity to get back into music.  As my workday stretched into the evening hours, I looked forward to streaming the Current after the client had left.  It provided a great backdrop for reviewing workpapers, wrapping up memos or taking care of anything else that the day hadn't afforded time to complete.

For the past few years I've enjoyed accumulating the a list of "greatest hits" so to speak of the songs that I heard most frequently and can quickly bring me back to those times.  It's with a slight touch of melancholy that I present last year's, and my last year's, busy season soundtrack.

This year I tried to group the songs into categories that represented what I usually felt over the course of a busy season.  Here goes:

Simple Song / 1996 - These songs are both high energy for me, and I always tried to launch out of the gate with a strong push.

Parade / Neon Indian / Shiny Things - After the initial burst of energy, it's time to focus and get into a strong rhythm.  Energy is still high but you know you can't keep this initial pace the entire time.

Go Outside - The initial round of deadlines (interoffice reporting, preparation of client schedule requests, etc) passes, so you slow down just long enough to catch your breath.

Up, Up, Up / Temporary - That doesn't last long and you realize the breather you took was longer than it should have been.  Time to catch up.

Don't Move / Strange Attractor / Myth - It's back to getting into a rhythm, but as work piles up, the work days drive you deeper into the night.  This leads to dream like reflection, dragged into this state by a lack of sleep and also by the soothing lights of the skyline overhead as I drive home on the vacant highways.  You're not sure busy season will ever end.

Emmylou / 1904 - You don't know if it will ever end, but you no longer care.  The adrenaline has long worn off and you have no energy.  Your mind and body will not allow you to feel anything but a peaceful mellow that pulses through your veins.

The House that Heaven Built - It's over and now you need to blow off some steam.  You hate your job right now, but you know that this will pass.  Or maybe you're just done with it all and it's time to leave.