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

According to the New York Times, hundreds of businesses around the world are grappling with potential cybersecurity vulnerabilities after a software provider to more than 40,000 organizations has been the victim of a “sophisticated cyberattack.”

Questions:

  1. What types of organizations in Sweden have been hit?
  2. What is the name of the software company that has been the victim of a cyberattack?
  3. What makes this particular cyberattack stand out?
  4. How much ransom have some of the affected companies were being asked for?
  5. Would accounting firms using this software be vulnerable?

Source:

Browning, K. (2021). Hundreds of Businesses, From Sweden to U.S., Affected by Cyberattack. The New York Times, July 2 (Retrievable at https://www.nytimes.com/2021/07/02/technology/cyberattack-businesses-ransom.html)

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

While the popularity of the Cavendish banana that you buy at the grocery store is on the rise, there is a disease that is threatening its extinction.

Questions:

  1. Why might the most popular bananas go extinct?
  2. Which country economies depend on the banana?
  3. What percentage of bananas exported to supermarkets around the world are of the Cavendish variety?
  • Source:
  • Kambhamkathy, A.P. (2021) What We Can Learn From the Near-Death of the Banana. Time, Nov. 18, 2019 (Retrievable online at https://time.com/5730790/banana-panama-disease/)

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Financial Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, mortgage rates were above 3 percent but only for a week before they slid back below that level.

Questions:

  1. What is the 30-year fixed average percentage on a 30-year mortgage?
  2. What are points on a mortgage?
  3. What is Freddie Mac?
  4. How many lenders across the country are aggregated to come up with Freddie Mac’s weekly national averages?

Source:

Orton, K. (2021). Mortgage rates dip back below 3 percent. The Washington Post, July 1 (Retrievable online at https://www.washingtonpost.com/business/2021/07/01/mortgage-rates-dip-back-below-3-percent/)

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, Financial Reporting and Analysis, Fraud Accounting, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

According to Reuters, Facebook hits $1 trillion value after the judge rejects antitrust complaints.

Questions:

  1. Federal and state antitrust complaints sought to have Facebook sell what apps?
  2. Where did the judge find flaws in the arguments?
  3. What was the bright spot for the FTC in the case?

Source:

Bartz, D. and E. Culliford. (2021). Facebook hits $1 trillion value after judge rejects antitrust complaints. Reuters.com, June 28 (Retrievable online at https://www.reuters.com/technology/us-judge-tells-ftc-file-new-complaint-against-facebook-2021-06-28/)

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, International Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, a new report posits that sustainability reporting standards, as well as assurance services to verify that reporting, vary widely across jurisdictions and individual practitioners and require better standardization.

Questions:

  1. Which organizations presented the report?
  2. According to the report, what percentage of companies report some level of sustainability information, and what percentage reporting sustainability information provide some level of assurance on it?
  3. What countries have a relatively high level of sustainability assurance? 

Source:

Cohn, M. (2021) Sustainability assurance seen as full of inconsistencies. Accounting Today, June 23 (Retrievable online at https://www.accountingtoday.com/news/sustainability-assurance-seen-as-full-of-inconsistencies?)

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, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, KPMG faces a 15M pound fine (or $21M), for gross misconduct in the U.K.

Questions:

  1. What were the name of the company and the private equity firm that relied on misstatements by KPMG?
  2. What was the name of the partner at the head of the consulting engagement?
  3. How many times did does the conflict of interest situation allege that KPMG misrepresented statements or lost objectivity?

Source:

Gillespie, T. and E. Milligan. (2021). KPMG faces $21 million fine for H.I.G. Capital conflict. Accounting Today, June 28 (Retrievable online at https://www.accountingtoday.com/articles/kpmg-faces-21m-fine-for-h-i-g-capital-conflict?)

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/)