Posts Tagged: Disclosure Issues in Financial Reporting

Barry Minkow UPDATE

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

Barry Minkow, a sixteen year old wonder-boy of Wall Street in 1983 created ZZZ Best as a carpet cleaning and later insurance restoration business.  He took the company public in 1986, making him the youngest CEO of a public company and had a net worth exceeding $100 million at age 21.  The only problem was… Read more »

What good is a logo?

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Australia, which has already banned the public display of tobacco products in retail outlets, wants to outlaw logos on cigarette packs and force them to be sold in plain dark-olive packaging, carrying health warnings instead of company logos. Cigarette brand names will appear on the packages in the same size and style of printing. The… Read more »

OK, tell me again, how is this NOT a prosecutable felony?

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In late June 2004, a plant manager in charge of a Mexican plant of Tyson Foods sent a memo to his headquarters in Springdale, Arkansas about 2 women who did not work for Tyson’s but were being paid from his payroll, the equivalent of $2,700 per month (and had been for years). The women happened to… Read more »

The Comeback Kid?

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Pandora, an online radio service, had a public offering of stock on June 15, 2011. Many are saying that its success in the public offering is part of a new tech bubble in the stock market. As of April had 90 million registered members, which is up from 80 million in February. Its members racked… Read more »

Do great products translate into great profits?

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So far the summer of 2011 has seen its share of giant wildfires. Recently GelTech Solutions, Inc. was profiled in CNN – Your Money’s segment on small businesses for its product – FireIce. The company is committed to continuing the work of developing sustainable solutions that solve common problems and maintain the integrity of the… Read more »

The Aftermath in Japan

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The Tokyo Electric Power Co. on Friday reported a net loss of 1.2 trillion yen ($15.4 billion) for the fiscal year that ended March 31. Tokyo Electric also announced it will decommission reactors Nos. 1-4 at Fukushima Daiichi and has also canceled plans to build two other reactors at the site. In addition to the… Read more »

Can You Copyright a Tattoo?

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Hollywood is accustomed to lawsuits over salaries, movie credits, even half-baked concepts that become movies. Now a studio may be going to court over the original concept of a tattoo. In “The Hangover Part II,” the character played by Ed Helms wakes up with a permanent tattoo bracketing his left eye, which bears an eerie… Read more »

Dwelling House is no more

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A Pittsburgh woman has pleaded guilty to bank fraud and money laundering for taking advantage of an online glitch that enabled her to make $1.1 million in overdraft withdrawals. Forty-six-year-old Jammie Harris learned of the glitch from another woman. That woman was indicted in January on charges that she stole more than $900,000 from Dwelling… Read more »

Troubles for Deloitte

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The American government has terminated its contract with an international accounting firm that was providing technical advice to the Afghan banking system here because of the firm’s failure to report signs of trouble at Kabul Bank, the nation’s largest financial institution. The United States Agency for International Development ended the banking portion of a contract… Read more »

Bank of America and Loan Modifications

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  Many Americans have applied for the federal government’s loan modification program, meant to keep them in their homes. Instead, less than a quarter of those who signed up have gotten any help. The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. If you research… Read more »