Posts Categorized: Accounting Principles

Whistleblower Identifies Unnecessary Heart Procedures

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

In the summer of 2010, a troubling letter reached the chief ethics officer of the hospital giant HCA, written by a former nurse at one of the company’s hospitals in Florida. In less than two months, an internal investigation by HCA concluded the nurse was right. Unnecessary cardiac procedures were being performed to boost HCA’s… Read more »

LIBOR Scandal Widens

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Bank of America, the second largest U.S. bank, has received subpoenas from the U.S.Justice Department, the Commodity Futures Trading Commission, and U.K. Financial Services Authority requesting information about the company’s possible role in the rigging of a key international lending benchmark, LIBOR. Regulators have queried at least a dozen banks worldwide about their roles in… Read more »

Computers are great when they work……

Posted by & filed under Accounting Principles, Advanced Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting.

The Knight Capital Group announced that losses they sustained on Wednesday, August 1, were the result of a computer glitch and now threaten the stability of the Jersey City firm. At the heart of this, the firm lost $440 million when it sold stocks that it accidentally bought Wednesday morning. Questions: 1. On Thursday, what… Read more »

Online Gambling Settlement

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Video Updates.

Poker Stars, the world’s largest poker company and its rival, Full Tilt, agreed to settle federal money laundering and fraud charges by paying hundreds of millions of dollars to reimburse online gamblers. Questions: 1. Who were the founders of these companies and what charges do they face? 2. Through what means did the companies deceive… Read more »

Labor Department Violations

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, Managerial Accounting.

On Tuesday, the Labor Department announced that it had levied a $34,000 fine on C. J.’s Seafood for safety violations. This is the company that supplies crawfish to WalMart. In addition, the agency also ordered C. J.’s to pay $214,000 for wage and hour violations. Questions: 1. Where is the company based? 2. Specifically, how… Read more »

Super Hero Strength

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting, Video Updates.

The Associated Press reports that three of the five hospitals treating victims from the mass shooting will waive or limit medical costs. Children’s Hospital Colorado will use donations and a charity fund to cover the expenses of uninsured victims, and waive co-pays for the insured. Questions: 1. According to the article, about how much has… Read more »

Reported to be the largest antitrust settlement in history

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Statement Analysis, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Visa, MasterCard and major banks agreed Friday, July 13, to pay at least $6 billion to settle a lawsuit brought by retailers. A banking industry trade group said the settlement would allow stores to charge customers more to pay with a credit card. Questions: 1. According to the article, what is the average credit card… Read more »

The Weather Channel Buys Weather Underground

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

This week, Weather Underground, a unique website with a cult following was acquired by The Weather Channel for an undisclosed sum of money. As a strong competitor to The Weather Channel, the website has a devoted readership, with approximately 10 million unique visitors per month. Fans of Weather Underground have expressed outrage and disappointment in… Read more »

Jail is not for Big Pharma

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Video Updates.

In the largest health care fraud settlement in U.S. history, A federal judge on approved an agreement to fine British drugmaker GlaxoSmithKline for criminal and civil violations involving 10 drugs. Questions: 1. Do you think fines can deter unlawful behavior at Big Pharma? In your opinion, why didn’t anyone go to jail for these violations?… Read more »

The Barclays Scandal (AKA LIBOR LIAR)

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Financial Accounting, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Video Updates.

Questions about the close links between banking regulators and the financial institutions they oversee will come into focus on Monday, when a top official at Britain’s central bank appears before a parliamentary committee here looking into the manipulation of global interest rates. Questions: 1. Explain the Libor rate. 2. As a result of this scandal,… Read more »