Professor Elam

Happy 133rd Birthday Emily Noether!

Monday March  23, 20156

Professor Green directed my attention to Google's celebration of Emily Noether.

This is the classic story of a woman not being allowed in a man's world of mathematics.

Albert Einstein on her death said she was the most gifted mathematician in algebra.

Read the story to learn more about this remarkable woman.

IFRS Lease Rules May Improve Results

Monday March 23, 2015

A study suggests IFRS lease rules may produce more favorable results than US GAAP lease rules.

This is a major re do requiring leases for more than on year to be on the balance sheet. 

Not Everyone Uses Robots

Monday March 23, 2015

FAb Fours manufacturers bumpers for off road trucks. In he FAQ section they mention they do not use robots but had build everything themselves. I recently posted  a video of the robotic construction of  Chevy V 8 engine. If you are going for volume and reliability, that makes sense. I doubt Fab Fours has the volume to afford the robots, which is why they are not using them. 

I have long thought those who are accustomed to fabricating metal object int he oil field industry could diversify into custom fabrication like this. But I am not yet aware of anyone in Texas doing this. I wonder why not.  With the oil field on the downside this wold be a good time to start such a business. 

And so you say, what do these things sell for?  I looked it up.  would you believe $1,000-2,000?

TAMUSA Students Attend Monthly SA IIA Meeting

Friday March  20, 2015

Jason Foster, Beatrice Therwhanger, and Pauline Glenn attended the March meting of San Antonio Institute of Internal /Auditors Wednesday March 18. The program was apparently on self improvement . However I  am still pondering why the speaker spent ten minutes on a photo of the toothpaste aisle at HEB. 

A student membership in SA IIA is only $35. This entitles you to attend the monthly meetings. The meal does cost $15 for student I believe. 

But you will also receive daily updates on IA, the opportunity to listen to on line webinars by industry pros, career track suggestions, and the monthly magazine. 

 

As you can see below the monthly meetings are well attended.

Report Shows Internal Auditors Becoming More Pro Active

Thusday March 19 2015

A Pwc study indicates IAs are becoming more strategic.   IA is not just about adding up the numbers but is taking its place at the strategy table.

Falling Earnings for Q 1

Wednesday March 18, 2015

Whoops, falling oil prices and slowing world economies mean lower earnings.

So much for the stock market predicting better times. Remember the stock market is up on stock buy backs by corporations using near zero debt to finance such acquisitions.

Increased Demand for Internal Auditors

Wed March 18, 2015

A just released survey indicates 29% of internal audit depth expect to expand.

Yes I mention IA a good deal in class and on this blog. This survey is a good bird's eye view of what is happening in that field. 

Don't Like Your Job, Start Studying!

Tuesday March 17 2015

I just got this from Mark Goldman about the accounting job market in SA

 

http://www.mgrar.com/employers-with-candidates-no-news-is-bad-news/

 

I often hear from students who complain about the job they have.  have had a couple of jobs I did not care a lot for myself

Did I ever tell you about getting called out on a Sunday afternoon while studying for the cpa exam,, the job involved using shovel to move sand to cover an oil pipeline spill. Yes it was hot.  And by the way crude oil does not look or smell like that pretty stuff you put in  the motor of your car. Did I mention I got it all over myself? The experience motivated me to go back home and study harder for the CPA exam. Yes I passed it the first time through, no wonder.

 

And then there was that job the summer after I graduated from high school. It involved working on 185 wheeled transports which mostly carried salt water. The trucks were on life support and in pretty sad shape. I foolishly wore my watch while working on one truck. The wrench slipped and I was rewarded with a big hash across the crystal of the watch. I never re placed the crystal. That fall while studying at the UT library every night, I would look at the watch about  9 30, see that scratch, and decide to stay until  10 00 PM. Funny thing, I made straight As that semester and placed out of 12 hours by examination.

The Marines do not accept applications, only commitment. Commit yourself.

New Recommendation for Intermed Students

Monday March 16, 2015

I ran across a copy of the 3e of Reading Financial Reports for Dummies.

I suspect that the recent major changes in accounting like Revenue Recognition, Leasing, Audit Reports, will limit the usefulness of the Schaums review series. However the Dummies book above is quite handy addressing both accounting and finance issues. I plan to make it mandatory for the fall for intermediate students. It is available for 12.925 in the Kindle Edition.

Auditors Question Whether the F 35 Will ver Fly

Monday March 16, 2015

Auditors question whether the F 35 will ever fly. Lockheed Martin claims to have fixed problems but some software will not be operational until  2022. 

Airplanes in particular are famous for cost over runs. This is a more outstanding example than most. 

This is what is meant by control in the managerial accounting literature. One over sees what is happening. but it looks like this story will not have a happy ending.