Archive for the ‘Uncategorized’ Category
Philosiblog discusses this quote from the Roman Emperor Marcus Aurelius:
Philosiblog ponders the quote in the context of personal relationships. (Check out the link above.) Everything a person tells you is filtered by their worldview and their perspective of what they discuss. Likewise, you filter their comments based on your worldview and your perspective of what they said. You filter everything you see through your perspective.
This quote has tremendous implication for us as accountants. More on that in a moment.
(Cross post from my other blog, Outrun Change.)
Digital currencies are radical change on the horizon for banking and credit cards. (Radical change #2)
There is radical change all around us and more on the way. I know that. My blind spot is figuring out how that will affect my audit firm.
(Cross-posted from my other blog, Outrun Change.)
Here’s one part of radical change I can see on the horizon:
1-24 – Wall Street Journal – Bitcoin and the Digital-Currency Revolution / For all bitcoin’s growing pains, it represents the future of money and global finance.– For a brain stretcher on digital currency, check out the article. Focus is on Bitcoin, which is merely the starting point in a revolution of disintermediation.
Just like money funds disintermediated (that means cut out of the picture) bank deposits in the distant ‘80s, bitcoin and other yet-to-be-invented digital currencies will disintermediate a huge portion of the financial system.
Picture the long series of transactions when you buy a cup of coffee at the corner shop with your credit card (this is a long quote cited under fair use, oh, also to promote the book it is extracted from): Read the rest of this entry »
Looking closely at a specific fraud case shows the depth of the damage caused by fraud. That also lets us see the horrible impact a fraud has on the fraudster and his or her family.
Take a look at the story of Amy Wilson, who stole $350,000 from her employer. She served four years in prison. She is working to restore her life and has made a lot of progress.
What could you learn from the video?
Listen as she tells of the devastation she caused her dear husband and beloved children.
Listen as she tells of the betrayal she caused her oh so nice employer.
Listen for clues on how you could take steps that might prevent this kind of devastation from shredding your ministry.
If you want to learn more of her story, you could visit her website: Read the rest of this entry »
Check out my other blog, Outrun Change, for breaking news today: Sgt. Saunders, star of documentary series “Combat”, still in the labor force, with no immediate plans to retire
Will have another report this afternoon.
Docket for Scott I. London’s case for insider trading shows the sentencing hearing has been moved to 2/27/14. Sentencing position papers due by 2/13/14.
Case number 2:13-cr-00379-GW (I’m just learning to ride this bicycle, so that may or may not be the right citation). Or maybe it’s 2:13-mj-01058-DUTY.
Fraudster turned fraudbuster turned pastor turns fraudster again: Pleads guilty to stealing from his church
Barry Minkow, pastor of San Diego Community Bible Church (SDCBC) pled guilty to embezzling $3 million from his church. The U.S. Attorney for Southern District of California announced the plea agreement on 1-22-14. You can see the press release here. (This is cross-posted from my other blog, Nonprofit Update.)
Pr. Minkow first went to prison as the mastermind of the ZZZZ Best fraud which collapsed back in 1987. He served under 8 years of a 25 year sentence.
After release he worked at a church in the LA area then became pastor at SDCBC. He started a for-profit company that researched and publicized frauds.
In 2011, he pled guilty to insider trading for reportedly shorting a stock before denouncing the company for alleged irregularities. He drew a five-year sentence for that felony.
That brings us to this week. Read the rest of this entry »
AICPA releases Financial Reporting Framework for Small and Medium Enterprises, aka FRF-SME, aka “small GAAP”
The AICPA’s version of small-GAAP is out today.
FRF-SMEs are an option for small businesses that don’t need the complexity of GAAP financial statements.
I think this could be a big deal. Whether it is or not will depend on acceptance by the lending community.
The entire body of knowledge is in a 206 page document. Of that, the glossary is 16 pages. The core text is 172 pages. That’ it. Only 172 pages make up the full set of rules.
Here is some info: