Professor Elam

IRS Cuts Taxpayer Assistance

Tuesday July 29 2014

An alert TAMUSA accounting student forwarded this to me

IRS cuts tax serivices to those that need it most.   The IRS has cut taxpayer assistance usually requested by non English speakers or low income groups. I would add this is at the same time the IRS was insisting that attorneys and CPAs obatain another level of taxpayer certification. They did accomplish this for others in the business who are not among those two groups.

Default Watch

Monday July 28, 2014

Argentina Wants to Pay Interest but not the Principal, Wednesday Deadline Looms

It was the Holding Company, not the bank that defaulted, what me worry?  POrtugal is on the radar screen, again. 

Russia Forgives $30 B in Cuban Debt  It's Like the Cuban Missle Crisis never happened!

Russia Ordered to Pay $50 B to Yukos Yeah good luck on collecting that one along with responsibilityfor shooting down the Airliner

THisTime It's Not Different from the David Stockman Blog

Stockman also explains how the central bank zero interest rate policy has led to another expansion of junk loans with little collateral, hey it's free money right?  Let rates edge up and we are right back to 2008 whne the sub primes could not pay

Student Loan Delinquencies on Rise to New Highs

A worthwhile video!

 

Now this is Military Embracing

Thursday July 24, 2014

Here is Gene Simmons, remember KISS?, with a truly Military Embracing Moment.

New SSARS Rules on Compilations

Thursday July 24, 2014

CPAs have been cound by the AICPA's Statements on ?Standards for Accouting and Review Services SSARS. That has allowed for three levels of statement preparation, compilation, review, and audits. 

A new standard will take effect December 15, 2015. A CPA will only prepare a compilation if requested. The view is that statement preparation is the responsibility of management. A CPA should be providing assurance. Under the new guidelines if a CPA assists but management does nhot request the compliation wording, then management may distribute the reports without CPA comment. 

Frankly this makes more sense than issuing a statement which provides little or no assuance anyway. 

Full Time Accountant wanted - 20 Hours per Week

Wed July 23, 2014

An alert TAMUSA accounting student spotted this Accountant Wanted Ad.  Notice the prefernece for a CPA, that would be overkill for this but I would not be surprised if they find a Mom tired fo a regular job or a CPA firm who would prefer more time with family and who is certified. Also an empty nester might find this just what she was looking for. And working at the Blue Star contemporary Art Museum sounds like a fun setting to me. 

If you are degreed this might be what our typical TAMUSA female grad is seeking. 

Deutsche Bank Problems

Wed July 23, 2014

 

NY Fed Finds Problems at Deutsche Bank

 

n a letter to the German lender's executives last December, a senior official with the New York Fed described financial reports produced by some of the bank's U.S. divisions as "low quality, inaccurate and unreliable", said one of the sources, who is familiar with the letter.

The New York Fed, as the U.S. central bank's eyes and ears on Wall Street, directly supervises the biggest U.S. and foreign banks, partly through embedded regulators who go to work each day inside the banks.

"The size and breadth of errors strongly suggest that the firm's entire U.S. regulatory reporting structure requires wide-ranging remedial action," the letter, first reported by the Wall Street Journal, said. (http://on.wsj.com/1r3VIn3)

Here is the DB Website lnk

https://www.deutsche-bank.de/index_e.htm

It opens iwth the comment,

For us responsibility means

Managing Risks Efficiently, Passion to Perform

Really?  So what about SARBOX and Dodd Frank? 

Not sruprisingly KPMG the German based CPA firm is the external auditor. What have those guys been doing on the report I wonder?

 

Facebook Nabs Another Rather Stupid Criminal

Monday July 21, 2014

Police arressted a woman after she posted a photo of herself in a stolen dress. The store owner had posted a description of the stolen property asking store patrons to noifty him if they saw someone wearing the dress.

Reports indicate the accused does not have a listd phone number, or apparently, much of criminal future.

The Latest on Revenue Recognition

Weekend July 19, 2014

The FASB and the IASB have formed The Transition Resources Group. They are meeting to discuss ijmplementation of the new Revenue Recognition Standards. 

Notice I have added a new category for Revenue Recognition. That way students can access all the resources posted for that. Come to think of it I will do the same for the updated COSO requirements. 

TAMUSA Students attend SA Institute of Internal Auditors Meeting

Friday July 18, 2014

Student SA IIA member Pauline Glenn at left with Matt Boor TAMUSA accounting student to her right visit with John Wallace CISA with Resource Global Professionals at the monthly meeting this past Wednesday. 

 

 

 

 

 

 

 

 

 

Camille Marbury with CPS is the current SA IIA President. . 

My students are well aware that I emphasize picking an accounting certification aerly on and planning to earn it as soon as possible. One of the speakers, Guler Ann Wiefling with Grant Thornton is a forensic and fraud expert. She is a Certfied Fraud Examiner. She is of course the person in the middle as Adam with SA IIA at left helps prepare for the presentation.