Poor EDGAR!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Financial Accounting, Financial Reporting and Analysis, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Reuters, the U.S. Securities and Exchange Commission (SEC), Wall Street’s top regulator, has discovered a vulnerability in its corporate filing database that could cause the system to collapse. Questions: 1. What type of risks did the internal memo detail? 2. When was the discovery made? 3. What types of entries could bring the… Read more »

A World without Stores? Where will we hangout?

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According to CNN, America’s long-standing love affair with shopping at malls and department stores may be nearing an end. Questions: 1. Compare the drop in jobs at shopping mall retail stores Between 2001 and 2016 and those jobs at coal mines. What does this say? 2. What are the demographics of workers at shopping mall… Read more »

Morphing or not?

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The world of retail is changing, with growth in online shopping dominated by Amazon. But does it signal a death spiral to our traditional way of life? Questions: After reading the article, please answer: 1. What is the inventory problem? 2. What is the supplier problem? 3. What is the supply chain problem? Source: Hoium,… Read more »

A Mysterious Amount of Net worth!

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In 2012, Forbes dropped J.K. Rowling after eight years on its authoritative billionaires list, saying high British taxes and large charitable contributions had eroded her fortune. Questions: 1. Why should Forbes rethink that? 2. If Rowling gets equivalent of Universal Studios Park ticket sales equal to Spielberg, how much of that would a $100 ticket… Read more »

A new “capital” buffer

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According to Reuters, the Federal Reserve will seek significantly more capital from the largest U.S. banks and give some relief to smaller banks as it considers reforms to its annual ‘stress test. Questions: 1. What is a stress test? 2. How will the proposed reforms mean different things depending on the size of the bank?… Read more »

You Got Caught! Unauthorized!

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According to The Guardian, Wells Fargo will pay $185m in a settlement over illegal sales practices that included the opening of unauthorized duplicate accounts and credit cards by employees in order to meet sales quotas. Questions: 1. What does the settlement include? 2. Over what period did this take place? 3. Which agency took action… Read more »

I’ll have a Double Irish, Dutch Sandwich to go please

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In a remarkable tax maneuver, Google moved 10.7 billion euros (or $12 billion) through the Netherlands to Bermuda in 2014. As a result of this structuring, Google will earn most of its foreign income tax-free. Questions: 1. What is this tax strategy called and why? Why Bermuda? 2. Why has corporate tax avoidance risen to… Read more »

Contagion in Earnings Manipulations

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A new study shows that after one company in an industry is found to have misstated its earnings, others in its industry often followed suit and began massaging their own numbers; this ultimately results in their own restatements. Questions: 1. Why were the regulatory actions in the study so intriguing and what did they indicate?… Read more »

Incredible Law School Debt

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The median LSAT score of students admitted to Florida Coastal School of Law was among the lowest 25% nationwide. Despite the fact that the average debt of the 2014 graduating class had $163,000 in debt, may not pass the bar, and probably cannot repay the debt, this school is one of six for-profit law schools… Read more »