Posts Tagged: Disclosure Issues in Financial Reporting

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

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

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

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

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

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

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 »

Forever Chemicals Settlement; No Liability Admitted

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, Financial Reporting and Analysis, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, chemical giant, 3M, reached a $10.3 billion settlement deal with U.S. cities and towns regarding claims that the company contaminated drinking water with so-called forever chemicals used in everything from firefighting foam to nonstick coatings. Questions: Source: Friedman, L and V. Giang. (2023) 3M Reaches $10.3 Billion Settlement in… Read more »

Higher Stock Ownership among Americans in 2023

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

According to the Washington Post, 61 percent of Americans own stocks, which is the highest number since 2008. Questions: Source: Singletary, M. (2023) More Americans own stocks. This is great for their financial future. The Washington Post, June 6. (Retrievable at https://www.washingtonpost.com/business/2023/06/06/american-stock-ownership/)

First Republic’s Problems

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

According to the New York Times, the bank’s rivals appear on firmer footing this time, in contrast with the widespread panic after the failures of Silicon Valley Bank and Signature Bank in March. Questions: Source: Cowley, S. (2023). In An Unsteady Banking Industry, First Republic’s Problems Stood Out. The New York Times, May 1 (Retrievable… Read more »

Bank Vulnerability

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, Managerial Accounting, Uncategorized.

According to the Washington Post, a new study shows that hundreds of banks in the United States would be in danger of failing if they were hit by runs similar to the one that recently brought down Silicon Valley Bank. Questions: Source: Werner, E. (2023). Hundreds of banks would be vulnerable in SVB-style runs, researchers… Read more »

Forensic Phone Tools

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

You might think that data extracted from a phone in a lab or police station can be a good thing. But what if the owner is a journalist? Questions: Source: Earp, M. (2023) Forensic Tools Open New Front for Using Phone Data to Prosecute Journalists. Global Investigative Journalism Network, Jan. 6 (Retrievable online at https://gijn.org/2023/01/06/forensic-tools-open-new-front-for-using-phone-data-to-prosecute-journalists/)

Three Long Years!

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

According to The New York Times, the Securities and Exchange Commission ended its investigation into former Senator Richard Burr, three years after he sold more than $1.6 million in stocks following Covid-19 briefings. Questions: Source: Kelly, K. S.E.C. Inquiry Into Former Senator’s Stock Sales Is Closed Without Charges. The New York Times, Jan. 6 (Retrievable… Read more »

A Yeezy Problem?

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, Video Updates.

According to the Washington Post, Adidas has more than $500 million of Kanye West sneakers, with no good options for getting rid of them. (See the video for new developments.) Questions: Source: Mark, J. (2023). Adidas has $500 million worth of Kanye West sneakers and no good options. The Washington Post, Feb. 27 (Retrievable online… Read more »