Deloitte team members, studying hard: Forrest Anderson, Andrea Dylla, Kevin Jirik, Laura Kosch and Adam Kunkel
Our Deloitte team members competed on October 19, 2012 against the University of Minnesota and the University of North Dakota in the Minneapolis Audit Case Competition sponsored by Deloitte, one of the Big 4 International CPA firms. Our students' case dealt with revenue recognition rules for a long-term construction contract under US GAAP and IFRS.
To compete in the case, the team researched the US GAAP and IFRS accounting rules related to percentage of completion accounting, revenue recognition, contingencies and other technical issues. They prepared a great set of PowerPoint slides outlining the issues and accounting requirements entailed in the case. And they practiced. And practiced. They needed to be ready to face a panel of Deloitte partners, first to provide 10 minutes of prepared comments, and second to spend 10 minutes answering questions.
The team did a fabulous job, garnering kudos from the judges for their approach and their value-added suggestions regarding potential changes in the revenue recognition rules.
"It was a perfectly lovely experience," said Adam Kunkel. The team wholeheartedly agreed!