Posts Categorized: International Accounting

The Tragedy of “Fast Fashion”

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, Video Updates.

A garment factory, manufacturing products for international clothing companies, collapsed outside of Dhaka, Bangladesh, last month. The collapse killed more than 400 workers and injured many others. This tragedy came on the heels of a factory fire in November 2012, which killed 112 workers. Questions: 1. Who are some of the chains that supply “cheap… Read more »

Access to Material Confidential Government Information?

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, Uncategorized.

According to The Washington Post, the Securities and Exchange Commission has issued subpoenas to Height Securities, a Washington-based stock brokerage firm, and individuals in connection with the leak last month about a federal funding decision that appeared to cause a surge in stock trading of several major health companies. Questions: 1. What healthcare stock surged… Read more »

Austerity Brings about Desperate Times and Desperate Acts

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, Uncategorized, Video Updates.

Two penniless Spanish men chopped off their own hands and tried to claim the insurance payout as accidents. Unfortunately for them, both have been exposed as fraudsters because they performed the amputations too well to be accidents. Both cases come amid a steep rise in the number of false insurance claims that have been revealed… Read more »

Pension Advances to be Scrutinized by Congress and the Consumer Financial Protection Bureau

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This New York Times article discusses the allure of borrowing against pensions, which underscores an abrupt reversal in the financial fortunes of many retirees in recent years. The offers, known as pension advances, are having devastating financial consequences for a growing number of older Americans, both threatening their retirement savings and exacerbating mounting debt within… Read more »

Did you know that cash absorbs the smell of marijuana?

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, Video Updates.

John Davis, CEO of Northwest Patient Resource Center, runs two medical marijuana dispensaries in Seattle. In Washington state, Davis runs a legal enterprise that generates thousands of dollars each quarter in state tax revenues. However, since selling pot is still a federal crime and banks are regulated by the Federal Deposit Insurance Corporation, banks are… Read more »

Shareholders – 1; Corporations – 0; SEC – Tie Breaker

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This year’s proxy season is showing signs of greater activism by shareholders. The proxy advisory service Institutional Shareholder Services is projecting that there could be as many as 17 contests for the election of directors, which is slightly up from last year. The difference is that the contests are much bigger and include six at… Read more »

Just helping a friend

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On Thursday, April 4, federal prosecutors and the Securities and Exchange Commission filed criminal and civil charges against fired KPMG accounting partner Scott London for conspiracy to commit securities fraud through insider trading. The accountant provided confidential information about KPMG audit clients Herbalife Ltd., Skechers USA Inc., Uggs maker Deckers Outdoor Corp., RSC Holdings and… Read more »

Trolling for Patent Infringement Cases

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One of the most striking results of a new academic study is that in 2012, litigation by patent monetization entities now represents a majority of the patent litigation filed in the United States. Specifically, patent monetization entities filed 58% of the patent lawsuits in 2012. This is a sharp rise from 2007, when patent monetization… Read more »

Be Afraid, Be Very Afraid

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Even though Dodd-Frank legislation is suppose to keep our financial system safe from another crisis like the one that happened in 2008, a newly released Senate report disproves this. Questions: 1. According to the report detailing the trading fiasco, what are some of the signs that this could happen again? 2. What was the trend… Read more »

Car Rental Cost Cutting

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, Video Updates.

While the car rental rate might look like a bargain at the beginning, watch out for sticker shock once you get the final bill for your rental car! Be sure to read the fine print in the car rental contract and learn how to avoid the optional services that rental companies offer. Questions: 1. How… Read more »