Tuesday, March 31, 2009

PFQE March 31, 2009


In the financial reporting and tax world in which I earn my keep are many acronyms clearly recognizable to those who also exist in this world. Here’s a sampling of 9 acronyms to add to your unimportant nothingness knowledge base in case you are ever a contestant on the game show Jeopardy:

FYE – fiscal year end – a reporting period other than a calendar year such as the federal government’s fiscal year end of September 30th. Its fiscal year runs from October 1st to September 30th.

FASB – the Financial Accounting Standards Board, the United States standard-setting organization of U.S. generally accepted accounting principles.

GAAP – generally accepted accounting principles promulgated by the FASB that businesses follow in preparing external financial reports for investors and the general public.

GAAS – generally accepted auditing standards promulgated by the American Institute of Certified Public Accountants that independent auditors follow when conducting audits of financial reports.

IRC – Internal Revenue Code – the codification of federal government revenue laws applicable to income, gift, estate, payroll and other taxes applicable to individuals, businesses and other entities.

MACRS – Modified Accelerated Cost Recovery System – a system of how depreciation is calculated for tax purposes. Depreciation is the method of claiming a tax deduction for an asset purchased over a specified time period.

MTD – month to date – generally used in the context of financial or productivity activity reports for a period within the current month. For example, March 31st MTD sales.

QE – quarter ending – there are four quarters in an annual reporting period. For a calendar reporting period, they end on the last day of March, June, September and December so today is the quarter ending March 31st.

YTD – year to date – like MTD, generally used in the context of financial or productivity activity reports for a period within the current calendar or fiscal year. For example March 31st YTD profit.

Have you had enough? I’m sure you have. It’s really all nothing important but it makes for an easy blogflection or maybe boreflection.

All that really matters is that today is a Pierini Fitness quarter ending - PFQE March 31, 2009.

Pax Domini sit semper vobiscum

4 comments:

Charles Long said...

Yawn...I need a nap.

pierini said...

Charles,

I knew you needed a good yawn so I wrote this one just for you.

Have a great day!

Anonymous said...

Are accountants as boring as their work seems to be???

I know that doesn't apply to you, Pierini.

Do you drink lots of caffeine to stay awake? (Just kidding of course.)

My dad wanted me to be an accountant, but being the rebel that I am (haha), decided to become a Medical Technologist instead. I'm sure you make alot more money than I do and have better hours also!!

(Hmmm...pondering if I should have become an accountant instead.)

Take care,
Donna

pierini said...

Donna, a little niece of mine (who isn't so little anymore) once told me that she was bored, to which I replied that if she was bored that it meant she was boring. Whenever I ask her if she is bored, she always answers no.

That's my best answer to your query. Thanks for stopping by and have a great day!