Posts Tagged: litigation

When Will They Ever Learn?

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

Bank of America (BoA) is in the news again. This time, Bank of America must pay a $30 million fine after a financial regulator found numerous violations related to the accounts of 73,000 military service members. Questions: 1. What actions did the bank take against military service members that were illegal? 2. What steps did… Read more »

Bye, Bye to Tens of Thousands of Dollars of Debt for a Certificate

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

Despite intensive lobbying efforts and lawsuits by the Association of Proprietary Colleges (APC), a U.S. District federal judge denied a challenge to the Obama administration’s rules limiting the amount of debt students can carry in career-training programs. This decision delivers a blow to the deteriorating for-profit college industry. Questions: 1. What are the new rules… Read more »

The Hidden Costs of Beautiful Nails

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

Manicures were once for special occasions only. Now they have become a staple for women across the economic spectrum. With more than 17,000 nail salons in the United States, there are about 2,000 nail salons in New York City alone. This New York Times research article looks at the dirty little secret of exploitation of… Read more »

How Do you Assess Likelihood about the Unknown: Insurers and Driver-less Cars

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

Tesla Motors is going to roll out a self-driving feature on selected cars this summer. The dilemma for insurance companies is “how do you assess the risk without an existing track record?” Questions: 1. Even when self-driving cars are widely available, what will delay their widespread adoption? 2. Why do you think that California is… Read more »

Student Loan Forgiveness – To Forgive or not to Forgive, that is the Question!

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

It’s been over a month since fifteen former students of Corinthian Colleges said they would not pay a dime of their student loans because the school broke the law. The failing for-profit giant used deceptive marketing and lied to the government about its graduation rates. The Consumer Financial Protection Bureau invited a group of these… Read more »

The World of Drones

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

At a farm in Dublin, Ireland, Paul Brennan took a video that has gone viral for its creativity in using drones – rounding up sheep. Questions: 1. Put on your thinking cap. Is there any task that a drone could do in the future to assist the accountant or auditor? 2. Besides Amazon, what other… Read more »

Scary Time of Year!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Financial Accounting, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

This article discusses the important issues surrounding the possibility of an IRS can audit. It points out that the potential for large civil penalties and perhaps even criminal liability can be real and something you should consider before you file. Questions 1. How many of these errors were you aware of before reading the article?… Read more »

The Clock is Ticking!

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

A new legal quirk could bring a surreal ending to foreclosure casess around the country; the debtors may get to keep their homes without ever having to pay another dime. Questions: 1. Why might tens of thousands of homeowners who have missed more than five years of mortgage payments get to keep their homes without… Read more »

Be Careful: Your TV may be listening to you!

Posted by & filed under Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

Samsung is warning customers not to discuss personal information in front of their smart television set. The warning applies to TV viewers who control their Samsung Smart TV using its voice activation feature. It is possible that this information will be shared with third parties. Questions: 1. What types of steps has Samsung taken to… Read more »

So was it a good idea to sell out your customers’ trust?

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

When Lenovo preinstalled Superfish adware on its laptops, it betrayed its customers and sold out their security. Questions: 1. What does this Superfish app do when you are on websites? 2. Do you agree that Lenovo needs to be fined or face legal prosecution? 3. Explain the following statements in financial or business terms: Lenovo… Read more »