Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Benefits Pro.com, life insurers will have to prepare for the possibility that the life span of life insurance policyholders, annuity holders and pension plan participants could fall.

Questions:

  1. According to the article, the provisional life expectancy at birth in the first half of 2020 was at its lowest level since what year?
  2. Is it due to COVID?
  3. What are the significant uncertainties concerning future U.S. longevity?
  4. Why is this important to an accountant?

Source:

Bell, A. (2021) Uncertainty about mortality will rattle life, health and pension sectors. Benefits Pro.com, June 9 (Retrievable online at https://www.benefitspro.com/2021/06/09/trendspotter-uncertainty-about-mortality-will-rattle-the-life-health-and-pension-sectors-412-117219/?)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to CNN, McDonald’s is the latest high-profile company to be affected by a data breach, leading to the exposure of private information of customers and employees in South Korea and Taiwan.

Questions:

  1. What type of data was accessed?
  2. What does McDonald’s credit for finding the breach?
  3. Did the company experience a data breach in the U.S.?

Source:

Valinsky, J. (2021) McDonald’s hit by data breach. CNN.com, June 11 (Retrievable online at https://www.cnn.com/2021/06/11/business/mcdonalds-data-breach)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, many people are finding that they cannot trust reviews posted about a health-care provider’s site.

Questions:

  1. What is Fake Review Watch and what have they been doing?
  2. When may posting fraudulent reviews be illegal?
  3. How many actions have been taken against California doctors over the past four years for fake reviews?
  4. What is the estimate (in percentage of total reviews) of the fake reviews for health-care industry businesses?  

Source:

Sydell, L. (2021). Fake patient reviews are making it increasingly hard to seek medical help on Google, Yelp and other directory sites. The Washington Post, June 5 (Retrievable online at https://www.washingtonpost.com/business/2021/06/04/fake-medical-reviews-google-zocdoc-trustpilot/).

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the Washington Post, federal authorities have recovered more than two million dollars in cryptocurrency paid in ransom to foreign hackers whose attack last month led to the shutdown of a major pipeline that provides nearly half the East Coast’s fuel, according to officials.

Questions:

  1. What is the name of the hacker ring?
  2. How much was paid in ransom?
  3. According to Heather Kelly, in a separate article, in what ways are ransomware attacks affecting consumers?

Source:

Kelly, H. (2021). Ransomware attacks are closing schools, delaying chemotherapy and derailing everyday life. The Washington Post, June 5 (Retrievable online at https://www.washingtonpost.com/technology/2021/07/08/ransomware-human-impact/)

Nakashima, E. (2021). Fed recovers millions in ransomware payments from Colonial Pipeline hackers. The Washington Post, June 7 (Retrievable online at https://www.washingtonpost.com/business/2021/06/07/colonial-pipeline-ransomware-payment-recovered/)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Intermediate Accounting, Uncategorized.

The Securities and Exchange Commission abruptly removed William Duhnke as chairman of the Public Company Accounting Oversight Board. 

Questions:

  1. According to the new chair, what does this firing report to do?
  2. Why has the PCAOB come under recent scrutiny?
  3. How long has Duhnke been chair?
  4. According to the article, why shouldn’t PCAOB members be replaced with every change in administration? 

Source:

Cohn, M. Shakeup at the PCAOB: SEC removes Duhnke, plans new board members. Accounting Today, June 4 (Retrievable online at https://www.accountingtoday.com/news/shakeup-at-the-pcaob-sec-removes-duhnke-plans-new-board-members?)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, Donald Trump’s company will again try to sell the lease for the D.C. hotel.

Questions:

  1. What event prevented an attempt to unload the property the first time?
  2. According to Trump disclosure forms, how much did the revenue for the hotel drop last year?
  3. What has been the average recent occupancy at the hotel?
  4. What price will be considered for selling the property?
  5. List at least one conflict of interest issue surrounding the D.C. hotel.

Source:

O’Connell, J. and Shana Jacobs. (2021). Trump’s company puts D.C. hotel lease up for sale, again. The Washington Post, June 1 (Retrievable online at https://www.washingtonpost.com/business/2021/06/01/trump-dc-hotel-sale/)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, the Biden administration suspended oil drilling leases in the Arctic National Wildlife Refuge, unspooling a signature achievement of the Trump presidency and delivering on a promise by President Biden to protect the fragile Alaskan tundra from fossil fuel extraction.

Questions:

  1. How much oil is estimated to lie in this region?
  2. According to one quote in the article: ” Suspending leases in the Arctic Refuge is a major step [toward] __________________________.
  3. Does the suspension of the leases guarantee that drilling will be blocked in the Arctic refuge?
  4. What else has to happen?
  5. Why is this such an important issue?

Source:

Davenport, C., H. Fountain, and L. Friedman. (2021). Biden Suspends Drilling Leases in Arctic National Wildlife Refuge. The New York Times, June 1 (Retrievable online at https://www.nytimes.com/2021/06/01/climate/biden-drilling-arctic-national-wildlife-refuge.html)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

Four weeks after the Russian hack on Colonial Pipelines, the world’s largest beef supplier has been hit with a ransomware attack, threatening some of the U.S. meat supply.

Questions:

  1. Who is the company and how many facilities do they maintain?
  2. How much was paid to Russian hackers from Colonial Pipelines?
  3. What might be the effect on farmers if the plants are shut down for an extended time?

Source:

Collier, K. and W. Wilde. (2021). Cyberattack hits world’s largest meat supplier. yahoo!News. (Retrievable online at https://wileyaccountingupdates.com/wp-admin/post.php?post=5108&action=edit)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Reuters, the shortfall in revenue for automakers due to a chip shortage is worse than anticipated.

Questions:

  1. What was the original revenue shortfall estimate for automakers due to a chip shortage?
  2. To what amount this revenue shortfall estimate increased?
  3. How many vehicles will this impact?
  4. How does this article explain the change in a strategy for supply-chain resiliency?

Source:

Reuters staff. (2021). Chip shortage to cost automakers $110 billion in revenues in 2021 – AlixPartners. Reuters.com (Retrievable online at https://www.reuters.com/article/us-autos-chip-shortage/chip-shortage-to-cost-automakers-110-billion-in-revenues-in-2021-alixpartners-idUSKBN2CV09H)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Reuters, Delta Air Lines will require all new hires in the United States to be vaccinated against COVID-19.

Questions:

  1. Does the requirement affect current employees?
  2. What will be the restriction for employees that are not vaccinated?
  3. How do you believe that this requirement will affect Delta’s bottom line?
  4. Discuss your thought concerning this policy.
  5. What will be the policies for passengers at this point?

Source:

Reuters Staff. (2021) Delta will require COVID-19 vaccine for new employees. Reuters.com, May 14 (Retrievable online at https://www.reuters.com/world/us/delta-will-require-covid-19-vaccine-new-employees-2021-05-14/)