According to Accounting Today, the FASB is proposing changes in fair value measurement of equity securities that will improve comparability of financial information from companies with investments in equity securities that are subject to contractual restrictions and might prevent the sale of those securities. Questions: Why did fair value measurement complicate things during the 2008-2009… Read more »
Posts Tagged: Financial Accounting Standards
Is this fraud?
According to Bloomberg, “CVS Health Corp. and Walgreens Boots Alliance Inc. were sued by California customers who accused the drugstore operators of charging co-payments for certain prescription drugs that exceed the cost of medicines.” Questions: 1. What do Schultz’s and Grabstulz’s lawsuits claim in specific terms? 2. Cases have also been filed against which health… Read more »
What’s a Bitcoin?
Bitcoin is a peer-to-peer currency, meaning it is not issued by a central authority, like the dollar or yen. The money supply grows as the network grows and will max out at about 21 million bitcoins. But right now, you can purchase them online on the Mt. Gox currency exchange or an over-the counter market…. Read more »
Not too squeaky clean
A suit called GSP Finance LLC v. KPMG LLC was filed on March 29 with GPS alleging that KPMG “was well aware of the desperate financial condition of Hicks Sports” — specifically, the Texas Rangers and Dallas Stars — when it was hired to conduct the ’08 audit. The suit says Hicks Sports Group suffered… Read more »
According to William K Black,Â the FBI and the DOJ will not be likely to prosecute the elite bank officers that ran the enormousÂ “accounting control fraudssÂ that drove the financial crisis. While over 1,000 elites were convicted of felonies arising from the savings and loan crisis from the 1980’s and 1990’s , there are no convictions of… Read more »
Just Say No to Debt During the Holidays
According to this year’s National Retail Federation holiday survey, the average American will spend close to $700 this season on gifts, cards, decorations, and the like. This is one time when you want to be below average — way below. In fact, if you are in debt, just say no to gift buying this holiday…. Read more »
Amazon.com Must Anticipate Profits in Diapers & Baby Care Products
Amazon.com Inc. agreed to buy Quidsi Inc., the owner of Diapers.com and Soap.com, for $500 million in cash, expanding in baby-care products and gaining merchandise- management expertise. Amazon will also assume about $45 million of closely held Quidsiâ€™s debt and similar obligations, according to a statement from the companies today. They expect to close the… Read more »
Hiding The Truth?
Jane Buchan is a rarity on Wall Street. Not only has she built a hugely successful hedge fund investment firm but the firm is also the only one that is, on paper, owned and run by women. Unfortunately, it now appears that the firm Pacific Alternative Asset Management Company (PAAMCO) was bankrolled by some of… Read more »
Put Me First In Line
Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme.Â In court papers filed by Elway and Mitch Pierce the two claim that their investment was supposed to be kept in a separate account from Mueller’s Over Under Fund. Therefore, the… Read more »
Interesting News for IFRS Nay-sayers
While reviewing the proposed expansion of the International Financial Reporting Standards for accounting, Tim Bush, a member of the â€œUrgent Issues Task Forceâ€ that scrutinises the work of the Accounting Standards Board (ASB), claims to have uncovered â€œfatalâ€ and â€œdangerousâ€ flaws in the system.Â Mr. Bush alleges the regulations, and specifically the way they have… Read more »