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.
1. What type of risks did the internal memo detail?
2. When was the discovery made?
3. What types of entries could bring the system down?
4. What is the data reporting rule mentioned in the article?
Lynch, S. and J. Finkle. (2017). Exclusive: SEC’s corporate filing system vulnerable to denial of service attacks – memo. Reuters, Oct. 6 (Retrievable online at https://www.reuters.com/article/us-usa-sec-cyber-exclusive/exclusive-secs-corporate-filing-system-vulnerable-to-denial-of-service-attacks-memo-idUSKBN1CB0AL)
According to the Guardian, fathers and adoptive parents are demanding more paid family leave similar to that paid to new moms. Executives were confronted at the annual meeting of Starbucks shareholders in March by a barista claiming unequal family leave for some.
1.What group is going to pressure the company to be more equal and transparent about its family leave?
2. What other companies were warned this summer to scrutinize their policies by this same group?
3. According to the article, what does this type of unequal policy threaten? How can this be quantified in accounting terms?
According to the Guardian, one of the Big Four accounting firms, Deloitte, has been targeted by a sophisticated hack that compromised the confidential emails and plans of some of its blue-chip clients.
1. What sectors did the hackers attack?
2. How many clients have currently told Deloitte that they have been impacted by the attack?
3. What type of account did they enter through and what control was missing?
4. What is the country of origin of most of the accounts hacked?
5. Why is the cyber attack so ironic? [Hint: 2012 ranking]
Hopkins, N. (2017). Deloitte hit by cyber-attack revealing clients’ secret emails. The Guardian, Sep. 25 (Retrievable online at https://www.theguardian.com/business/2017/sep/25/deloitte-hit-by-cyber-attack-revealing-clients-secret-emails)
Under a separatist plan, the Catalan government has claimed a mandate for independence. Two million votes or so have been counted in support of a split with Spain.
1. Where is Catalonia located?
2. What is the history of this separatist plan?
3. Why should accounting and business students know about this?
4. According to the article, what economic impacts does this suggest for the business world and the world?
White, T., R. Orihuela, and B. Sills. (2017) How Far Can the Catalan Rebellion Go? Bloomberg, Oct. 2 (Retrievable online at https://www.bloomberg.com/news/articles/2017-10-02/how-far-can-the-catalan-rebellion-go)
As you probably already have heard, Equifax, one of three major credit reporting agencies, revealed that highly sensitive personal and financial information for around 143 million U.S. consumers was compromised in a cybersecurity breach that began in late spring. Later we learned of a second breach, that included about 100,000 Canadians and up to half of the people in the U.S.(As reported by NPR).
1. What was the potential reason for this breach? In other words, why did it happen?
2. What type of information did the hackers get?
3. What was the recent finding of the Consumer Financial Protection Bureau about Equifax?
4. What should you do if your credit was breached?
Source: White, G. (2017). A Cybersecurity Breach at Equifax Left Pretty Much Everyone’s Financial Data Vulnerable. The Atlantic, Sep. 7 (Retrievable online at https://www.theatlantic.com/business/archive/2017/09/equifax-cybersecurity-breach/539178/)
According to the Associated Press, tens of thousands of former students who say they were swindled by for-profit colleges are being left in limbo as the Trump administration delays action on requests for loan forgiveness.
1. Why is the Department of Education sitting on the claims? How many claims are there?
2. Who has Education Secretary Betsy DeVos selected to enforce these claims? What is this person’s background?
3. What happened to Corinthian Colleges and ITT Technical Institute?
4. If you had a claim, what could you do at this point?
Danilova, M. (2017). Big hold-up for borrowers claiming for-profit college fraud. APNews, Sep. 12 (Retrievable online at https://apnews.com/057b28074e0348538177a7c7dff1db72/Big-holdup-for-borrowers-claiming-for-profit-college-fraud)
Because many real estate markets across the U.S. are in the middle of an affordability crisis, the trend of rising home prices, tight access to credit, and slow homebuilding has resulted in a group of millennials that cannot find enough rentals, but do not have a downpayment for buying new homes. That’s where Unison Home Ownership Investors comes into the picture.
1. Who are the typical Unison Home Ownership Investors?
2. What happens if the homeowner wants to buy out of their obligation with Unison Home Ownership Investors?
3. What has been the trend in prices of new homes?
4. What was the most interesting part of this article to you?
Matthews, C. (2017). The incredible, disappearing home down payment. Axios, Sep. 21(Retrievable online at https://www.axios.com/the-incredible-disappearing-home-down-payment-2487175423.html)
According to Time, a range of private businesses are mining deep, do-anything parental love for kid’s who want to train to pursue sports at the national level. The U.S. youth-sports economy–includes everything from travel to private coaching to apps that organize leagues and livestream games; it is now a $15.3 billion market, according to WinterGreen Research, a private firm that tracks the industry.
1. According to the article, how much does Joey’s private baseball coaching cost?
2. At the high end, what percentage of their income do families spend to help their children pursue sports?
3. According to figures that WinterGreen provided exclusively to TIME, how much has the nation’s youth-sports industry grown since 2010?
4. According to Gregory, this sports boom has given rise what types of entrepreneurial efforts?
Gregory, S. (2017). How Kids’ Sports Became a $15 Billion Industry. Time, Aug. 24 (Retrievable online at http://time.com/4913687/how-kids-sports-became-15-billion-industry/?xid=homepage&pcd=hp-magmod)
As Hurricane Harvey begans to bear down on Texas, thousands of vacationers aboard cruise ships were left stuck at sea until the storm passed.
1. Approximately how many vacationers were stuck at sea near Galveston, Texas?
2. If guests wished to terminate their cruise, where were they taken to dock?
3. If you were on the cruise what would you do?
4. What type of additional costs will the Cruise companies incur as a result of this storm and what journal entries will be required?
Gajanan, M. (2017). Hurricane Harvey Has 20,000 Cruise Ship Passengers Stuck at Sea. Yahoo News, August 25 (Retrievable online at https://www.yahoo.com/news/hurricane-harvey-20-000-cruise-204242315.html)
According to Time magazine, millennials spend an average of $1,532 to be a guest at a single weekend for a bachelor party.
1. How much on average do millennials spend to be a guest at bachelorette parties?
2. How much on average do millennials spend on the big day of the wedding?
3. Does Bruner suggest that these numbers will rise and by approximately how much?
4. Suggest some types of businesses that will benefit from this spending and what types of journal entries will they record?
Bruner, R. (2017). Study Says Bachelor Parties Are the New Scourge of Millennial Bank Accounts. Time, August 10 (Retrievable online at http://time.com/4896221/millennial-bachelor-parties/)