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

According to Techrepublic.com, cybercriminals have attacked hospitals and other healthcare organizations with double-extortion ransomware attacks during the COVID pandemic.

Questions:

  1. What is a double-extortion ransomware attack and how many different ransomware variants are now using the double-extortion plot?
  2. Why are cybercriminals focusing on hospitals and other healthcare organizations with these even bolder types of attacks?
  3. What is the name of the threat intelligence team at Palo Alto Networks (the source of the information used in this article)?
  4. What is the difference from the “spray-and-pray” ransomware model and the “stay-and-play” model?
  5. What recommendations does Palo Alto Networks make to prevent organizations against these bolder ransomware attacks?  

Source:

Whitney, L. (2021). How ransomware is evolving as a threat to organizations. Techrepublic.com, March 17 (Retrievable online at How ransomware is evolving as a threat to organizations – TechRepublic).

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

According to Benefits Pro, the American Rescue Plan just passed in Congress includes benefits for student loan borrowers and non-borrowers.

Questions

  1. How do taxes impact student loan forgiveness?
  2. When colleges receive their allocations of the financial aid relief package, how should it be used?
  3. If you are a small business owner with a defaulted student loan, what type of relief does the stimulus package provide?

Source:

Napach, B. (2021). How the $1.9T stimulus package benefits student loan borrowers. Benefits Pro, March 16 (Retrievable online at https://www.benefitspro.com/2021/03/16/how-the-1-9t-stimulus-package-benefits-college-students-412-113293)

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, workers may have to file more than one state tax return, and in certain situations they could end up owing taxes in both states. The details depend on your home state and what state you worked in during 2020.

Questions:

  1. What type of rules apply?
  2. If you end up paying state income tax in two states, will your payment be a double amount?
  3. What generally happens in states that share a border?
  4. Do all states tax people who moved in temporarily during the pandemic?
  5. What states use special rules to tax remote workers based on the location of their employer’s office — even if the employee doesn’t physically work at that location?
    • Has this only been an issue since coronavirus?
    • What state or states is/are easing this position and will it be temporary or permanent?

Source:

Carrns, A. (2021) The Tax Headaches of Working Remotely. The New York Times, March 12 (Retrievable online at https://www.nytimes.com/2021/03/12/your-money/taxes/2020-taxes-work-from-home.html)

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 the New York Times, a New York hedge fund Alden Global Capital may have to fend off a new suitor for Tribune Publishing that owns major metropolitan dailies across the country, including The Chicago Tribune, The Daily News and The Baltimore Sun.

Questions

  1. Who is the group that may want to control Tribune Publishing?
  2. Why have journalists criticized the Alden hedge fund?
  3. What are the nonprofit group’s plans if they are successful in controlling Tribune Publishing?
  4. Explain the nondisclosure agreement mentioned in the article.

Source:

Tracy, M. (2021) New Suitor May Enter Fray for Tribune Publishing. The New York Times, March 14 (Retrievable online at https://www.nytimes.com/2021/03/14/business/tribune-hedge-fund-alden-newspapers-sale.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, Video Updates.

According to the Washington Post,  a digital collage of hundreds of weird, brightly colored images made by a South Carolina artist known as Beeple sold at the prestigious Christie’s auction for $69.3 million. 

Questions:

  1. How does this rank among the highest paid art pieces at auction?
  2. What is the collage called?
  3. What is an NFT?
  4. What is the interest in NFT’s due to?
  5. Would you invest in this type of collectible?
  6. Do you think this is a speculative craze?

Source:

Denham, H., et. al (2021) What is an NFT, and how did an artist called Beeple sell one for $69 million at Christie’s? The Washington Post, March 12 (Retrievable online at https://www.washingtonpost.com/technology/2021/03/12/nft-beeple-christies-blockchain/)

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

According to Accounting Today, the SEC has formed a Climate and ESG Task Force in its enforcement division to identify misconduct in environmental, social and governance reporting.

Questions:

  1. How are accounting firms putting more emphasis on ESG issues?
  2. What initiatives are taking place in the area of standard setting?
  3. What has a recent study found about U.S. company progress in reporting non-financial information concerning ESG goals?
  4. What four U.S. companies rank in the bottom five of the study by the Global ESG Monitor?

Source:

Cohn, M. (2021) SEC creates task force to enforce ESG disclosures . Accounting Today, March 5 (Retrievable online at https://www.accountingtoday.com/news/sec-creates-task-force-to-enforce-esg-disclosures?)

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, Video Updates.

According to Forbes, firms are leaving California and New York in droves and opting for Florida, where the weather is warmer and taxes are lower.

Questions:

  1. What are some of the factors leading to this super-charged Florida boom?
  2. What specific factors are associated with high density states like New York, Connecticut, New Jersey, Illinois, and Massachusetts and the movement of their residents to Florida?
  3.  How many major financial firms are seriously considering a shift in staffing to South Florida?
  4. What types of businesses are highlighted in the video and are mentioned in the Zanotti article as setting up satellite locations in Florida? Discuss whether you see this as a lasting trend.

Source:

Taylor, P. (2021). South Florida’s Real Estate Market Is Now Officially In Super-Boom Mode. Forbes, Feb. 19 (Retrievable online at https://www.forbes.com/sites/petertaylor/2021/02/19/south-floridas-real-estate-market-is-now-officially-in-super-boom-mode/?sh=2906936f5fc0)

Zanotti, E. (2021). New York Businesses Now Fleeing To Florida. The DailyWire.com, Feb. 14 (Retrievable online at

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 Statement Analysis, Intermediate Accounting, Managerial Accounting.

According to CNBC.com, ticket sales have been accelerating, inspiring some studios to move up the release dates of blockbuster films to earlier in the year.

Questions:

  1. How does the current box office sales compare with the period before COVID closed down the economy?
  2. What percentage of North American theaters are now open?
  3. What is the next big blockbuster to hit theaters?
  4. What does the near future look like for the theater and movie industries?

Source:

Whitten, S. (2021) As the domestic box office inches toward recovery, studios move up major titles. CNBC.com, March 8 (Retrievable online at https://www.cnbc.com/2021/03/08/as-the-box-office-inches-towards-recovery-studios-move-up-major-titles.html)

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 CNBC, American Airlines is planning to issue $5 billion in bonds and seek a $2.5 billion loan backed by its frequent flyer program to pay back some of its debt used to help survive during the COVID crisis.

Questions:

  1. How do airlines make money from their frequent flyer programs?
  2. What is the loan interest rate?
  3. Explain whether you believe the frequent flyer miles are good collateral to back the debt.

Josephs, L. (2021). American Airlines plans $5 billion bond sale backed by frequent flyer program. CNBC.com, March 8 (Retrievable online at https://www.cnbc.com/2021/03/08/american-airlines-plans-5-billion-bond-sale-backed-by-frequent-flyer-program.html)

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, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, after more than 45 years, the Cherokee Nation is asking Jeep to rename its top-selling Cherokee and Grand Cherokee vehicles before the next release.

Questions:

  1. What other name changes have been requested for popular products?
  2. What brought about this movement in consumer goods and services?
  3. Was a name other than Cherokee ever used by Jeep? When and why was it changed back?
  4. Do you agree or disagree with the name changes mentioned in the article? Discuss.

Source:

Telford, T. (2021). Cherokee Nation to Jeep: Stop using the tribe’s name. The Washington Post, Feb. 22 (Retrievable online at https://www.washingtonpost.com/business/2021/02/22/cherokee-nation-new-jeep-name/)