Hiding in Plain Site

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, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, the IRS failed to spot $20.6M in bogus nonresident tax refunds in 2018. Questions: How many returns did this account for? In a short paragraph, explain how this happened. In a report by the Treasury Inspector General for Tax Administration (TIGTA), what recommendations were made for the improvement of IRS identification… Read more »

What do you know about ESG reporting?

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, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, professionals in accounting and finance are confronting big obstacles when it comes to environmental, social and governance (ESG) reporting. Questions: According to the Financial Executives International’s Financial Education & Research Foundation survey, what percentage of the chief accounting officers and controllers polled had not yet started to integrate ESG reporting with their… Read more »

Big Move by a credit reporting giant

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, Managerial Accounting, Uncategorized, Video Updates.

Credit rating giant TransUnion is buying Neustar, an identity resolution company for $3.1 Billion in cash. Questions: When is the deal expected to close? How much is Neustar expected to generate in 2021? What is the strategic benefit of Neustar for TransUnion? Who owned Neustar going back to the 1990s and today? What part of… Read more »

Faulty Software

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Postal Fleet Services, a St. Augustine Florida company,  states that problems with the U.S. Postal Service’s mileage-tracking program have forced them to slash jobs and opened them up to trucker lawsuits in three states. Questions: How long has the company been a trucking contractor for the U.S. Postal Service? Over what period did Postal Fleet… Read more »

The Continuing Saga

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According to the Washington Post, Coinbase CEO Brian Armstrong said the SEC told the company that the upcoming product it is planning to offer is a type of security that should be registered with the government. Questions: What is Coinbase’s proposed product? Why does the SEC care? How does Neel Kashkari, president of the Minneapolis… Read more »

Piece-Rate Work or Overtime Violations

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 the Miami Herald, a Florida air-conditioning company has been taken to court for the seventh time since 1995 for failing to pay its employees what they are owed. Questions: What is the name of the company and where are they headquartered? What Act have they violated? What agency brings forth the violation suit?… Read more »

Alarm about Crypto Move into Banking

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, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, with more companies offering cryptocurrency loans and high-yield deposit accounts Washington is worried about how this might disrupt the banking industry with a lack of regulations. Questions: Which company was mentioned in the article as aspiring to be the J.P. Morgan Chase of cryptocurrency? What crypto platform temporarily lost… Read more »

Earnings Numbers Useless?

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, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, International Accounting, Uncategorized.

In a recent article in Accounting Today, Baruch Lev discusses the poor quality and low relevance of corporate financial statements due to “a sad state of accounting standards.” Questions: Briefly list the three suggestions presented by Baruch Lev meaningful new agendas for accounting regulators. What examples does Professor Lev present as supporting the U.S. accounting… Read more »

Theranos Scandal Story Continues

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.

While speaking with four former Theranos employees about the upcoming trial of embattled CEO Elizabeth Holmes, CNBC found the former employees want the trial to be over and still fear retribution. Questions: What was Micah Nies’ position at Theranos? Do the former employees think Holmes will be found guilty? Why? What red flags of the… Read more »

Marcum’s new audit analytics product

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According to Accounting Today, Marcum’s technology arm has released a new data analytics product for audits. Questions: What is the product called? How will it help auditors? Give examples. How can it help clients? Give examples. Will it eliminate the need for auditors or accountants? Explain its costs/benefits for future firm interactions. Source: Arrowsmith, R…. Read more »