Posts Tagged: materiality

So Can You Tell Me What The Tax Reg. Is For Deductible Tatoos?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Financial Accounting, Income Taxes, Managerial Accounting, Uncategorized.

According to Accounting Today, the year 2021 saw some pretty outrageous business deductions. Questions: Which deduction were you the most surprised about? Pick one of the deductions mentioned and write a paragraph to justify its legitimacy. What is the problem with a long-distance call to a client for $0.14? Source: Cohn, M. (2021) The craziest… Read more »

Big Overhaul at SEC

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

According to Accounting Today, the Securities and Exchange Commission adopted rules to reduce the number of disclosures of business, legal proceedings and other risk factors, including environmental and human capital risks, that public companies are required to make. This is seen as probably the biggest overhaul of Regulation S-K disclosures in more than three decades…. Read more »

What are you doing in the Summer of 2014?

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, Video Updates.

Country singer Dolly Parton is set to expand her entertainment empire and open a water-snow theme park in Nashville, Tennessee. The 66-year-old launched Dollywood in the Pigeon Forge area of Tennessee in 1986 and added a water park next door in 2001. Now Parton is working on a new addition to her popular attractions and… Read more »

Bank of America: It Depends On How You Define Materiality

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

Bank of America incorrectly classified as much as $10.7 billion in short-term lending and repurchase deals for mortgage securities as sales. This claim surfaced in a May 13 letter to the SEC where the banking corporation alleges that the transactions were immaterial and that it would be beefing up its internal accounting controls.  This letter… Read more »