Posts Categorized: Video Updates

Tax Refunds on Debit Cards

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.

A new pilot program for low-income Americans could allow individuals to get their tax refunds on prepaid debit cards. The government said it will offer 600,000 low- and medium-income taxpayers the chance to put their tax refunds on prepaid debit cards. Half the 600,000 offers from Treasury will carry a $4.95 monthly fee, while the rest… Read more »

Cooking the Books for Lehman?

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.

N.Y. Attorney General Cuomo filed charges against Ernst & Young on December 21, 2010, alleging that the firm helped Wall Street Investment bank Lehman Brothers conceal its deteriorating financial condition before the bank’s historic collapse in the fall of 2008.  The civil lawsuit, which seeks more than $150 million, is the first law enforcement action to… Read more »

Extreme Dress Code

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.

You’ve hear of Extreme Sports, but what about Extreme Dress Code?  UBS sought to downplay a new 43-page dress code widely lampooned in the international press for detailed instructions to staff extending as far as the color of their underwear and the care of nasal hair and nails. The memo said the dress code was… Read more »

Return Fraud

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.

Return fraud costs the retail industry billions of dollars in lost revenues every year. The growing crime is expected to cost retail stores across the nation an estimated $3.7 billion this holiday shopping season alone, according to the National Retail Federation. If that estimate holds true, it will represent 35 percent increase over last year’s… Read more »

Did Bernie Madoff Have Help?

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.

HSBC prolonged disgraced financier Bernard Madoff’s ability to burn investors by “engineering a labyrinth” of international sources of funding for his epic Ponzi scheme, a court-appointed trustee alleged Sunday. Trustee Irving Picard announced a lawsuit in federal bankruptcy court in Manhattan that seeks to recover $9 billion in illicit earnings and damages from the Britain-based… Read more »

U.S. Loan Auditors Scam

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.

     U.S. Loan Auditors and similar outfits are promising to conduct “forensic audits” of mortgage transactions to find evidence of “predatory lending” and fraud, and use that evidence to haul lenders into court and obtain new mortgages at far more favorable interest rates, officials say.      In October, California Attorney General Jerry Brown sued U.S…. Read more »

Medical Tourism

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.

South Korea is trying to position itself as the destination of choice for medical tourists.  Dr. Won Jin Park does cosmetic surgery in South Korea at prices 30% cheaper than in Japan or the U.S. While South Korea’had about  60,000 medical tourism patients last year, Thailand had 1.5 million patients during the same period. Questions:… Read more »

Mortgage Buybacks

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Mortgage Buybacks According to Standard & Poor’s, the top U.S. banks could face up to $31 billion in losses from buying back bad mortgages. Bank of America Corp and JPMorgan Chase & Co have the most exposure to such potential repurchase obligations, followed by Wells Fargo & Co, Citigroup Inc, US Bancorp and PNC Financial… Read more »

We’re Number One

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.

According to Joshua Bamfield, author of the 2010 Global Retail Theft Barometer report from the U.K.-based Center for Retail Research, U.S. retailers lost about $40 billion in stolen goods in 2010.  This is about 1.5% of the nation’s sales. Even though this sounds really bad, the losses are down by 6.8% from the prior year…. Read more »

The Lion that Wimpers

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MGM Bankruptcy news is still coming in, but at the moment we know that Metro-Goldwyn-Mayer Inc. said it has begun seeking its creditors’ approval on a prepackaged bankruptcy plan in which they will exchange more than $4 billion in debt for equity in a new company that has rights to the James Bond franchise and… Read more »