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:

  1. Which company was mentioned in the article as aspiring to be the J.P. Morgan Chase of cryptocurrency?
  2. What crypto platform temporarily lost $600 million of customer assets last month to hackers?
  3. What is the SEC doing about investigating cryptocurrency and other digital assets?
  4. What are “syrup pools”?
  5. In your opinion, what was the most interesting information in this article?

Source:

Lipton, E. and E. Livni (2021). Crypto’s Rapid Move Into Banking Elicits Alarm in Washington. New York Times, Sep. 5 (Retrievable at https://www.nytimes.com/2021/09/05/us/politics/cryptocurrency-banking-regulation.html)

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:

  1. Briefly list the three suggestions presented by Baruch Lev meaningful new agendas for accounting regulators.
  2. What examples does Professor Lev present as supporting the U.S. accounting standards as “leading from behind?”
  3. Do you agree that accountants are stuck in the industrial-era and should pay more attention to intangibles rather than physical assets? Support your answer.
  4. What did you find to be the most interesting part of this article?

Source:

Lev, B. (2021). The sad state of accounting standards. Accounting Today, July 21 (Retrievable online at https://www.accountingtoday.com/opinion/the-sad-state-of-accounting-standards?)

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:

  1. What was Micah Nies’ position at Theranos?
  2. Do the former employees think Holmes will be found guilty? Why?
  3. What red flags of the fraud were mentioned in the article?
  4. The trial is just coming to court. Why? When was Holmes actually charged?
  5. When does jury selection to start for the Elizabeth Holmes trial?

Sources:

CNBC, August 27 (Retrievable at https://www.cnbc.com/2021/08/27/former-theranos-employees-are-still-shaken-as-elizabeth-holmes-trial-looms.html)

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, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, Marcum’s technology arm has released a new data analytics product for audits.

Questions:

  1. What is the product called?
  2. How will it help auditors? Give examples.
  3. How can it help clients? Give examples.
  4. Will it eliminate the need for auditors or accountants? Explain its costs/benefits for future firm interactions.

Source:

Arrowsmith, R. (2021) Marcum Technology introduces audit analytics product. Accounting Today, August 27 (Retrievable online at https://www.accountingtoday.com/news/marcum-technology-introduces-audit-analytics-product)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting.

According to Accounting Today, Ernst and Young (EY) has opened Wavespace and Studio locations in Chicago. These are places where EY staff and clients can come together to solve business challenges, design new products and solutions, and create complex tech projects to improve client businesses.

Questions:

  1. Will the center be manned by accountants?
  2. What is the process outlined in the article?
  3. What types of digital capabilities will the center help clients pursue?

Source:

Arrowsmith, R. (2021). EY opens tech-focused innovation center in Chicago. Accounting Today, August 20 (Retrievable online at https://www.accountingtoday.com/news/ey-opens-tech-focused-innovation-center-in-chicago?)

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, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

Vacation rental company, Airbnb, said that it would begin offering free accommodation around the world to some 20,000 refugees forced to flee Afghanistan amid the Taliban’s rapid rise to power.

Questions:

  1. How does the company plan to cover the costs of the initiative?
  2. By how much did the European Union indicate that it would increase its humanitarian aid to Afghanistan?
  3. In a series of Tweets, what does Airbnb’s co-founder, Ben Chesky, hope that this move will inspire?

Source:

Hassan, J. (2021). Airbnb to offer free temporary housing to 20,000 Afghan refugees fleeing Taliban takeover. The Washington Post, August 24 (Retrievable online at https://www.washingtonpost.com/world/2021/08/24/airbnb-house-afghan-refugees/)

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, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

As the first new large-scale lithium mine in the United States in more than a decade is preparing for blasting in Nevada, the project, known as Lithium Americas, is in the courts and has drawn protests from members of a Native American tribe, ranchers and environmental groups.

Questions

  1. List the bullet point objections to the Nevada mine.
  2. Why does the U.S. need to quickly find new supplies of lithium? Be as specific as possible.
  3. During the first three months of 2021, how many dollars did U.S. lithium miners like those in Nevada raise from Wall Street?
  4. Perform a brief cost benefit analysis using the limited information in the article and other estimates from your research regarding the Lithium Americas project for the U.S.

Source:

Penn, I. and E. Lipton. (2021) The Lithium Gold Rush: Inside the Race to Power Electric Vehicles. The New York Times, May 6 (Retrievable online at https://www.nytimes.com/2021/05/06/business/lithium-mining-race.html)

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, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to The Guardian, milkshakes are off the menu at McDonald’s in England, Scotland and Wales.

Questions:

  1. Why are milkshakes off the menu at McDonald’s in England, Scotland, and Wales?
  2. What are lorry drivers?
  3. What other restaurants and sectors mentioned in the article are having the same types of problems?
  4. If there is a shortage of drivers, why have business groups, representing the retail and transport sectors, been calling for the government to review plans not to grant temporary work visas to drivers from the EU?

Source:

Davies, C. (2021). McDonald’s runs out of milkshakes amid ‘supply chain issues.’ The Guardian, August 24 (Retrievable online at https://www.theguardian.com/business/2021/aug/24/mcdonalds-runs-out-of-milkshakes-due-to-supply-chain-issues)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the Washington Post, AMC will allow customers to pay for popcorn and movie tickets with bitcoin by the end of the year.

Questions:

  1. What has happened to AMC’s stock price since the first of the year?
  2. As of this week, how many AMC movie tickets could be bought with a single bitcoin?
  3. AMC joins what other companies in accepting bitcoins?
  4. Why has the cryptocurrency lobby become such a powerful force in Washington, D.C.?

Source:

Telford, T. (2021). AMC will let customers pay in bitcoin by the end of 2021. The Washington Post, Aug. 10 (Retrievable online at https://www.washingtonpost.com/business/2021/08/10/amc-bitcoin-accept-earnings/)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Greg Barber, Founder of G. Barber Advisory LLC, surprising levels of profitability since the pandemic hit need to be carefully scrutinized for concerns that still affect all CPA firms.

Questions:

  1. What four pre-pandemic issues/concerns are still lurking for accounting firms?
  2. What two issues should drive significant change?
  3. What advice by John Kotter should be taken seriously in this organizational change?

Source:

Barber, G. (2021) Don’t be fooled by pandemic-year profits. Accounting Today, August 13 (Retrievable online at https://www.accountingtoday.com/opinion/dont-be-fooled-by-pandemic-year-profits?)