Best of The Summa 2010

Bloggers love the final post of any year, because it is time for “The Best Blog Posts of the Year.”  Although it might seem as if bloggers are back patting themselves, there is a higher purpose for these posts:  milking just a few more reads without having to write new content. I’ve reviewed the posts [...]

Read Full Post »

Best of the Year at Pondering the Classroom

I am able to write a different style of post at my other blog, Pondering the Classroom.  I just put up the year-end summary.  I hope you are able to read and enjoy these blog posts on college life. Best of Pondering the Classroom – 2010 Debit and credit – – David Albrecht  

Read Full Post »

Taking It Back – Santa

The audit model is broken, it never had a chance.  The large audit firms partner with corporate management to produce financial statements that are misleading.  Accounting standard setters, under the influence of politicians, large audit firms and corporate management are gung-ho for adopting IFRS and accounting standards that are corporate friendly.  Night has descended on [...]

Read Full Post »

Seasons Greetings, Audited

At this time of holidays and family, we at Profalbrecht (meaning me with all my hats:  professor, teacher, advisor, mentor, writer, accounting theorist, commentator, accountant, auditor), send you well wishes and season’s greetings. Auditor’s Opinion December 24, 2010 We have audited the accompanying greeting card of The Summa (the Blog) as of December 24, 2010. [...]

Read Full Post »

For the Record

For the record, I am not advocating that Ernst & Young should bite the dust.  My interest is academic.  If Ernst & Young bites the dust, then I want to know about it and talk about it. What I am advocating is that the system should be changed.  Many audit firms consider themselves to be [...]

Read Full Post »

Has Another One Bit the Dust?

Today, December 21, 2010, the Attorney General of the State of New York filed civil suit against Ernst & Young for fraud in connection with financial reporting by Lehman Brothers. Does this mean that we have entered the era of the Big 3? The charges (Ernst-Young-Complaint) were filed by New York Attorney General Andrew M. [...]

Read Full Post »

Renewal of the Estate Tax

Sorry to break in with a post on taxes.  Taxation is the practice of law, not of accounting, but accountants do practice it. The recently passed tax bill contains a provision for reinstating a tax on estates transfers upon death, effective January 1, 2011.  This tax had expired for the 2010 tax year. If you [...]

Read Full Post »

Final Exam Diversions 2010

Final exam week is over.  Why am I now publishing my annual post on things to take your mind off final exams?  The answer is simple.  I have stacks and stacks of grading to get through, and I suspect there are many professors in my situation. My friend Ed Scribner (accounting professor NMSU) is a [...]

Read Full Post »

Intriguing Example of Data Visualization

Accountants need to be competent in data visualization.  Strike that.  Accountants should be expert in data visualization.  Data visualization is when numeric data is displayed graphically so as to help interested people understand and interpret it.  To reuse a tired cliche, a picture is worth about 1,000 words, sometimes more and sometimes less. Most accountants [...]

Read Full Post »

Fixing the Broken Audit Model

The audit model is broken.  Everybody knows it.  You won’t hear it, though, because the large audit firms won’t admit it in public. Therefore, financial reporting is broken. At one time, corporate financial reporting to current and potential investors was voluntary.  Most companies did it, as investors needed a bit of info before parting with [...]

Read Full Post »

QE 2 Explained

The Summa is an accounting blog.  You know, debits, credits, accounting rules and auditor problems. Sometimes, though, economic issues seep through.  Thanks to an alert contributor at AECM (the e-mail listserv for accounting professors), I have been watching a really good animated video explaining Quantitative Easing.  The video, uploaded by Youtube contributor MALEKANOMS. Enjoy. It [...]

Read Full Post »

Is Clothing Optional When Teaching Accounting?

The following story is being carried by the  ABC News, Atlanta Journal Constitution, Chronicle of Higher Education, Fox News, and Washington Post.  So the story must be legit. Raymond Taylor, a part-time accounting instructor at Kennesaw State University in Kennesaw, Georgia, was arrested on December 6 for allegedly taking off all of his clothes during an accounting class [...]

Read Full Post »