It’s Called the “Urban Doom-Loop”

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With more people working remotely, companies are rethinking their plans to sign leases on business buildings in downtown areas all over the U.S. Questions: Source: Siegel, R. (2023). How the ‘urban doom loop’ could pose the next economic threat. The Washington Post, Aug. 28 (Retrievable online at https://www.washingtonpost.com/business/2023/08/28/commercial-real-estate-economy-urban-doom-loop/)

Great News for Accounting Students and Graduates!

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.

According to Accounting Today, less than one percent of firms can find enough accounting staff. Questions: Source: Cohn, M. (2023) Less than 1% of firms can find enough staff. Accounting Today, Aug. 2 (Retrievable online at https://www.accountingtoday.com/news/less-than-1-of-accounting-firms-can-find-enough-staff?)

Ponzi Schemer Resurfaces

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, Uncategorized, Video Updates.

According to the New York Post, a Colorado conman who escaped from a federal prison in Colorado in 2018 was rearrested in Florida, living in a luxurious $1.5 million mansion. Questions: Source: Reyes, R. (2023) Colorado conman who escaped fed prison caught living lavishly in $1.5M Florida mansion. The New York Post, Aug. 3 (Retrievable… Read more »

Albemarle purports to have violated Foreign Corrupt Practices Act (FCPA)

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.

According to the Wall Street Journal, well-known chemical manufacturer, Albemarle, reached an agreement in principle with U.S. authorities to pay a $218.5 million fine to resolve an investigation into potential improper payments by third-party sales representatives. Questions: Source: Tokar, D. (2023). Albemarle to Pay $218.5 Million to Settle Foreign Bribery Probe. The Wall Street Journal,… Read more »

Fraudster’s Home Depot Scam Snagged!

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, Managerial Accounting, Uncategorized, Video Updates.

According to the Associated Press, a Connecticut man was given nearly $300,000 in fraudulent Home Depot credit by walking into stores in several states, loading expensive doors into a lumber cart in one department of the store and then returning them to the customer returns department of the same store without a receipt. Questions: Source:… Read more »

Bank of America fined and ordered to issue refunds

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

According to the Associated Press, Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards, and opening accounts without customer consent. Questions: Source: Sweet, K. and M. Chapman. (2023). BofA hit with $250 million in fines and customer… Read more »

Overstock.com Wins Bid To Acquire Bankrupt Bed Bath & Beyond

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According to the New York Times, if the acquisition of Bed Bath & Beyond by Overstock.com is approved at bankruptcy court next week, the company will own the intellectual property of the bankrupt home goods retailer. Questions: Source: Holman, J. (2023) Overstock.com Wins $21.5 Million Bid for Bed Bath & Beyond’s Assets. The New York… Read more »

Interesting and Costly New Canadian Law for IT Companies

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According to the New York Times, a new Canadian law will require technology companies to license news content. Facebook’s owner said it would drop news from the platform. Questions: Ives, M. (2023). Canada Forces Google and Facebook to Pay News Outlets for Linking to Articles. The NEw York Times, June 23 (Retrievable online at https://www.nytimes.com/2023/06/23/business/media/meta-google-canada-news-facebook-instagram.html)

TikTok Shakeup

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According to the New York Times, TikTok’s chief operating officer is stepping down, and the company is bringing in a new executive to run its communications department. Questions: 1, Who was TikToks’s COO? 2. Which company did the new COO come from? 3. When did the resigning chief operating officer join TikTok to run its… Read more »

Loaning $9.2 Billion of Your Tax Dollars to Ford

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According to the New York Times, Ford Motor and its battery manufacturing partner will receive a $9.2 billion loan to build three battery factories in Kentucky and Tennessee from the Department of Energy. Questions: Source: Ewing, J. and C. Krauss (2023). Ford’s Battery Joint Venture to Get $9.2 Billion Government Loan, The New York Times,… Read more »