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Deloitte rower earned gold medal at Paris Olympics

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Oliver (Olli) Zeidler, a full-time specialist and consultant for Deloitte Germany, earned a gold medal in the men’s single sculls rowing event at this year’s Paris Olympics, marking Germany’s first gold title since 1992 in the event and the first medal overall since 2000. 

As a former competitive swimmer who turned to rowing late in his career, Zeidler continued a family tradition of rowing success by following in his grandfather’s and aunt’s footsteps, both of whom are Olympic champions.

This year, 15 elite athletes, including 10 Deloitte professionals, competed as part of Team Deloitte at the 2024 Olympic and Paralympic Games. So far, they have earned seven medals (gold, silver and bronze) but are likely to earn more now that the Paralympic Games are underway this week.

“I come from a very sporty family,” Zeidler told Accounting Today. “As a child I tried a lot of things. I played basketball, I did athletics and also swimming. At some point, swimming became more and more competitive, and I needed to train more and more. That’s why I became a professional swimmer. And it went pretty well. I was successful at the German championships — European junior champion in the relay — and then in 2016 I unfortunately missed the qualification for the Olympics in Rio de Janeiro.”

“After that, there was not that much fun left. That was mainly because a lot of people on my team retired,” he continued. “It was a bit hard to push myself, so I decided to retire from swimming as well in November 2016.”

Oliver Zeidler of Deloitte training for the Olympics.jpg
Oliver Zeidler of Deloitte training for the Olympics

SIMON HOFMANN

He spent four to six weeks doing nothing until his body started sending him signals that he needed to be doing some kind of sport, he said. That was when he decided to take up rowing.

“I started rowing on the rowing machine in the basement of my parents [home],” said Zeidler. “At some point, I asked my dad then if he could teach me how to row on the water because it can be pretty dull to only row in the basement looking at a wall. And that’s how the journey started.”

He had been working for one and a half years already at Deloitte up to the time when he changed from swimming to rowing. 

“I did a traineeship in Germany and started a bachelor’s degree supported by the company and a master’s degree as well, supported by the company,” said Zeidler. “I was always aware that in Olympic sports you will not have those big sponsors once you retire. I knew that the time would come when I would need to stop with rowing or with sports. When the professional area took over, I didn’t want to start in my 30s. I wanted to start earlier, building a base, and Deloitte allowed me to do so with their programs.

“I didn’t need to take holidays for my competitions or the training camps,” he added . “That was super helpful because before it was really difficult to do the 40-hour job, but they supported me.” 

Deloitte started to support the German Olympic team after the 2021 Olympics with a collaboration, as well as the International Olympic Committee partnership in the last two games. Internationally, it signed a 10-year partnership with the IOC in 2022 through 2032.

Zeidler prepared for this Olympic rowing regatta for three years, which included two trips to Paris. “In total, we spent five to six weeks on the lake, already in training camps to be really prepared for the adverse weather conditions we sometimes find there. It was definitely one of the keys for success that I knew already the course and everything.”

His race plan was designed to peak in the semifinal and the final. “It worked out perfectly,” said Zeidler. Whereas he had struggled in the Tokyo Olympics three years ago and only made the B final in the end, he was proud of his performance during the semifinal in Paris. 

“It was an amazing race in the end,” he said, even though the lineup in the semifinal was similar to the one in Tokyo. “I was really happy when I was able to finally put my boat on the water and do something. Before, the wait was terrible. But I set an Olympic record in the semifinal in front of my mom watching. It was a very emotional moment. And after the semifinal during the cooldown, I really took one or two minutes to say goodbye to the demons of Tokyo.”

Oliver Zeidler of Deloitte specialist and rower.jpg

Oliver Zeidler of Deloitte

After that, his mind felt freer. “I was really looking forward to racing the final, and the Olympic final was the race I wanted to have,” said Zeidler. He had made it to the point where he felt he was at the peak of his abilities and was able to really enjoy it. 

“Even if you think that the Olympic finals are the biggest thing you can achieve in rowing, there was no pressure anymore,” he added. “The semifinal was a lot of pressure, but the final was just going out having fun and executing the race plan. I knew that if I execute the race plan, I will win a medal today. … In the end, it was the gold medal. I had a perfect race in the final, and I was super happy after that. It became very emotional for friends, family and also for myself, and I think that’s what the Olympics are known for,”

The fans were very supportive during the medal ceremonies. “The grandstands in Paris, this was also amazing to see,” said Zeidler. “Even at the heats we had grandstands, and when I just watched the racing, I had shivers all over my body. Sometimes my knees became a bit soft. But when I heard the crowd cheering, it was such a cool atmosphere on the rowing course.”

He hopes to compete in the next Olympic Games in Los Angeles. “I’m aiming for 2028 and my goal is to become as successful as my grandpa and my aunt,” he said. “They both won one gold and one bronze medal at the Olympic Games, so I hope to manage to win at least a silver, if not another gold medal.”

His grandfather, Hans-Johann Färber, became Olympic champion in 1972 and won a bronze medal four years later. His aunt, Judith Zeidler, won gold in the Seoul Olympics and then bronze in Barcelona.

“It’s the third generation of Olympic gold medalists in the family now,” said Zeidler.

Over the years, he had been inspired by the stories of his family members. “Rowing is a very traditional sport,” said Zeidler. “That’s something I really love, and the Olympics were just something very special. But I think back to the days when my grandpa showed me the books of the Olympic Games where it was captured, and that’s how my dream developed to become an athlete and an Olympian one day as well. It’s a nice family story, but in total, the Olympics, the values they share, is just something I can really connect with.”

He had many opportunities to connect with other Deloitte athletes at the games, including a fellow rower, Jan van der Bij, who hails from the Netherlands and won a silver medal in the men’s eight.

“In total, we had 15 Deloitte athletes in Team Deloitte, and 10 of them are actually Deloitte professionals,” said Zeidler. “Of the Deloitte professionals, we have a lot of rowers. That is very cool. We are like a family in rowing, so we know each other. Even after racing, we caught up and celebrated together in the different houses of the nations. For example, I met Jan from the Netherlands, who won the silver medal in the eight, and it’s cool to not only have the same sport you’re in, but also the same employer and a similar professional background within the firm.”

The athletes attended parties to celebrate the victories with other Deloitte professionals. “If you think about the Olympics, all the nations have their houses, but also the sponsors have their houses where they make little parties,” said Zeidler. “Every evening you can attend two or three parties, and one morning, Deloitte invited us to their house. We met a lot of Deloitte professionals there, a lot of volunteers who were there for the games.”

“It was a nice atmosphere, and it felt a bit like coming home, as well, because it was not really screaming ‘Deloitte.’ It was a bit of a hidden place there in the middle of a park, and it was cool to see. Catching up with the colleagues was also nice — so not Olympians, but the colleagues were into the IOC partnership and into the sports business groups.”

The celebrations continued in Paris and on the flight home as well.

“After the games, after winning the gold medal, I was already in completely another world,” said Zeidler. “For example, one evening, my girlfriend and I got invited to the top of the Eiffel Tower. We went up there in a private elevator. All the other people needed to wait, and I think they were wondering, ‘Who are these guys? Why are they allowed to go up there in a private cabin?’ And then the Eiffel Tower guys even let us one floor above all the others, so we had a clear view over the city.”

“And on the way back, the pilots let me sit in the cockpit for 40 minutes, including the landing,” he continued. “And then arriving here, there was a big reception at the airport with friends, family, a lot of media. They brought me to a little place here in a convertible where I was waving to former teachers, to friends, to a lot of families who are living here close to Munich in the same village. And the celebration continued. Then I went to Deloitte, to the office. There was also a reception. Then the next day at my rowing club in Frankfurt, there was also a reception with a lot of people showing the medal around. It was a crazy world.”

He has already been scouting out the next Olympics venue. “I actually fly to L.A. on holidays, so I think I will definitely have a look at the rowing course there and see.”

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FASB proposes guidance on accounting for government grants

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The Financial Accounting Standards Board issued a proposed accounting standards update Tuesday to establish authoritative guidance on the accounting for government grants received by business entities. 

U.S. GAAP currently doesn’t provide specific authoritative guidance about the recognition, measurement, and presentation of a grant received by a business entity from a government. Instead, many businesses currently apply the International Financial Reporting Standards Foundation’s International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy, at least in part, to account for government grants.

In 2022 FASB issued an Invitation to Comment, Accounting for Government Grants by Business Entities—Potential Incorporation of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, into GAAP. In response, most of FASB’s stakeholders supported leveraging the guidance in IAS 20 to develop accounting guidance for government grants in GAAP, believing it would reduce diversity in practice because entities would apply the guidance instead of analogizing to it or other guidance, thus narrowing the variability in accounting for government grants.

Financial Accounting Standards Board offices with new FASB logo sign.jpg
FASB offices

Patrick Dorsman/Financial Accounting Foundation

The proposed ASU would leverage the guidance in IAS 20 with targeted improvements to establish guidance on how to recognize, measure, and present a government grant including (1) a grant related to an asset and (2) a grant related to income. It also would require, consistent with current disclosure requirements, disclosure about the nature of the government grant received, the accounting policies used to account for the grant, and significant terms and conditions of the grant, among others.

FASB is asking for comments on the proposed ASU by March 31, 2025.

“It will not be a cut and paste of IAS 20,” said FASB technical director Jackson Day during a session at Financial Executives International’s Current Financial Reporting Insights conference last week. “First of all, the scope is going to be a little bit different, probably a little bit more narrow. Second of all, the threshold of recognizing a government grant will be based on ‘probable,’ and ‘probable’ as we think of it in U.S. GAAP terms. We’re also going to do some work to make clarifications, etc. There is a little bit different thinking around the government grants for assets. There will be a deferred income approach or a cost accumulation approach that you can pick. And finally, there will be different disclosures because the disclosures will be based on what the board had previously issued, but it does leverage IAS 20. A few other things it does as far as reducing diversity. Most people analogized IAS 20. That was our anecdotal findings. But what does that mean? How exactly do they do that? This will set forth the specifics. It will also eliminate from the population those that were analogizing to ASC 450 or 958, because there were a few of those too. So it will go a long way in reducing diversity. It will also head down a model that will be generally internationally converged, which we still think about. We still collaborate with the staff [of the International Accounting Standards Board]. We don’t have any joint projects, but we still do our best when it makes sense to align on projects.”

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Accounting

In the blogs: Questions for the moment

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Fighting scope creep; QCDs as the year ends; advising ministers; and other highlights from our favorite tax bloggers.

Questions for the moment

  • CLA (https://www.claconnect.com/en/resources?pageNum=0): One major question of the moment: What can nonprofits expect from future federal tax policies?
  • Mauled Again (http://mauledagain.blogspot.com/): Not long ago, about a dozen states would seize property for failure to pay property taxes and, instead of simply taking their share of unpaid taxes, interest, and penalties and returning the excess to the property owner, they would pocket the entire proceeds of the sales. Did high court intervention stem this practice? Not so much.
  • TaxConnex (https://www.taxconnex.com/blog-): What are the best questions to pin down sales tax risk and exposure?
  • Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): In Surk LLC v. Commissioner, the Tax Court was presented with the question of basis computations related to an interest in a partnership. The taxpayer mistakenly deducted losses that exceeded the limitation in IRC Sec. 704(d), raising the question: Should the taxpayer reduce its basis in subsequent years by the amount of those disallowed losses or compute the basis by treating those losses as if they were never deducted?

Creeping

On the table

  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): What to remind them, as end-of-year planning looms, about this year’s QCD numbers.
  • Parametric (https://www.parametricportfolio.com/blog): If your clients are using more traditional commingled products for their passive exposures, they may not know how much tax money they’re leaving on the table. A look at possible advantages of a separately managed account. 
  • Turbotax (https://blog.turbotax.intuit.com): Whether they’re talking diversification, gainful hobby or income stream, what to remind them about the tax benefits of investing in real estate.
  • The National Association of Tax Professionals (https://blog.natptax.com/): Q&A from a recent webinar on day cares’ unique income and expense categories.
  • Boyum & Barenscheer (https://www.myboyum.com/blog/): For larger manufacturers, compliance under IRC 263A is essential. And for all manufacturers, effective inventory management goes beyond balancing stock levels. Key factors affecting inventory accounting for large and small manufacturing businesses.
  • U of I Tax School (https://taxschool.illinois.edu/blog/): What to remind them — and yourself — about the taxation of clients who are ministers.
  • Withum (https://www.withum.com/resources/): A look at the recent IRS Memorandum 2024-36010 that denied the application of IRC Sec. 245A to dividends received by a controlled foreign corporation.

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Accounting

PwC funds AI in Accounting Fellowship at Bryant University

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PwC made a $1.5 million investment to Bryant University, in Smithfield, Rhode Island, to fund the launch of the PwC AI in Accounting Fellowship.

The experiential learning program allows undergraduate students to explore AI’s impact in accounting by way of engaging in research with faculty, corporate-sponsored projects and professional development that blends traditional accounting principles with AI-driven tools and platforms. 

The first cohort of PwC AI in Accounting Fellows will be awarded to members of the Bryant Honors Program planning to study accounting. The fellowship funds can be applied to various educational resources, including conference fees, specialized data sheets, software and travel.

PwC sign, branding

Krisztian Bocsi/Bloomberg

“Aligned with our Vision 2030 strategic plan and our commitment to experiential learning and academic excellence, the fellowship also builds upon PwC’s longstanding relationship with Bryant University,” Bryant University president Ross Gittell said in a statement. “This strong partnership supports institutional objectives and includes the annual PwC Accounting Careers Leadership Institute for rising high school seniors, the PwC Endowed Scholarship Fund, the PwC Book Fund, and the PwC Center for Diversity and Inclusion.”

Bob Calabro, a PwC US partner and 1988 Bryant University alumnus and trustee, helped lead the development of the program.

“We are excited to introduce students to the many opportunities available to them in the accounting field and to prepare them to make the most of those opportunities, This program further illustrates the strong relationship between PwC and Bryant University, where so many of our partners and staff began their career journey in accounting” Calabro said in a statement.

“Bryant’s Accounting faculty are excited to work with our PwC AI in Accounting Fellows to help them develop impactful research projects and create important experiential learning opportunities,” professor Daniel Ames, chair of Bryant’s accounting department, said in a statement. “This program provides an invaluable opportunity for students to apply AI concepts to real-world accounting, shaping their educational journey in significant ways.”

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