Logistics for a Viking force in the field – part 1

Viking army in the field would require 4 pounds of grain a day to keep soldiers alive. Image courtesy of Adobe Stock.

Keep in mind as a leader of  Viking force in the field you really don’t want to be the boss of a lot of grumpy, starving soldiers who also happen to be armed with heavy weapons. That is not a formula for a long reign and perhaps not a great plan for a long life.

This is one is a series of posts on this blog talking about ancient finances.

Logistics

I’ve read several comments so far on the logistical needs for a force in the field.

I’ll start with Viking: The Norse Warrior’s [Unofficial] Manual by John Haywood.

The book provides a reference for the goods needed to keep warriors fed. A force of 1,000 warriors would need 2,000 pounds of bread along with 1,000 pounds of meat. For liquids, the book says add about 240 gallons of beer.

Per warrior: That would be about 2 pounds of bread, 1 pound of meat, and 1 quart of beer.

Logistics for a Viking force in the field – part 1 Read More »

How much labor did it take to construct a Viking longship?

Replica of Viking longship – “The Sea Stallion – Viking Ship” by infomatique is licensed under CC BY-SA 2.0

This is another in my series of posts on ancient finances.

Let’s ponder how much time it would take to construct a Viking longship and consider how much of an investment that would be for a community. Any way you look at this, a longship is a major capital asset.

One estimate of time to build a longship

Philip Line, in his book The Vikings and Their Enemies – Warfare in Northern Europe, 750 -1100 written in 2014, provides one framework for the investment in a longship.

I’ll quote and then expand his comment on page 51:

“Experimental archaeologists have estimated that 40,000 working hours may have been needed to produce all the components of a 30-meter longship, consuming the surplus production of 100 persons for a year.”

Surplus production in the Viking context would be the amount of time not needed for subsistence living. In other words the amount of effort a warrior would have after raising enough food to feed his family with enough left over to survive the next winter.

If 40,000 hours is enough time for 100 warriors, that would be 400 hours each. Let’s assume that would be spread over a year except for my assumption that during the worst three months of winter no construction could be done. Since we are talking rough numbers let’s spread that 400 hours over nine months, which would be 44 hours a month, which would be about 11 hours a week.

So 100 warriors working 11 hours a week for 9 months would be needed to construct a longship.

How much labor did it take to construct a Viking longship? Read More »

Not-for-profit risk alert for 2017 is available

Cover of 2017 risk alert from the AICPA, used under fair use since I’m urging you to buy their product.

The 2017 risk alert for non-profits is available from the AICPA.

Highlighted updates this year include:

  • AUS 2016-14 – New financial statement presentation
  • ASU 2016-02 – Leases
  • SAS 132 – Going concern

If you don’t feel overwhelmed, you haven’t been paying close enough attention to recent pronouncements. If so, the risk alert will help you catch up.

If you are feeling overwhelmed, the risk alert is a great first step towards to getting comfortable.

Not-for-profit risk alert for 2017 is available Read More »

What’s all this talk about blockchain?

Image courtesy of Adobe Stock.

Looks like it is time for finance and accounting people to start learning about blockchain technology. Here are a few recent articles that are helping me:

5/8/17 – Journal of Accountancy – Why finance executives should care about blockchain – Good intro. Quick read. There is a difference between blockchain and bitcoin. I like the article’s analogy:  blockchain is the rail in the railroad and bitcoin is the train that travels on the rail.

Some ways to use blockchain: birth certificates, property deeds, securities trades.

2/21/17 – Foundation for Economic Education – So… What’s a Blockchain? – More detailed introduction. …

What’s all this talk about blockchain? Read More »

Indicators of prices in Viking era

Battle axe. Image courtesy of Adobe Stock.

What did it cost to arm a Viking warrior? Without contemporary writing, it is difficult to determine. Several books and articles provide some hints.

Viking: The Norse Warrior’s [Unofficial] Manual by John Haywood provides an entertaining view of Viking life. The book is presented as an unofficial guide to young men considering their future as a raider. Sort of a training manual to get young men ready.

The book provides some approximations for the prices of different weapons, measured in ounces of silver:

  • 1.5 – spear
  • 4-60 – sword, variation due to range of quality
  • 13 – helmet
  • 26 – chain mail coat

Another comment says that at the nicer end, a fancy sword could take a year for a blacksmith to make. So factor in a year of skilled labor for the high-end swords. That would explain the above guess of 60 ounces of silver for the nicest swords.

The book also gives another view of the cost of armament by describing the amount of arms a warrior might carry based on the level of the warrior’s wealth:

Indicators of prices in Viking era Read More »

IFRS adoption is not quite as widespread as you think

Image courtesy of Adobe Stock.

A presenter at the CalCPA’s Accounting and Auditing Conference on April 25, 2017 said IFRS has been adopted by over 120 countries, essentially every country on the planet with the holdout exceptions of:

  • U.S.
  • China
  • Japan
  • India

The inference is the overwhelming majority of the stocks in the world are reported on a consistent basis.

The US is the main stubborn hold out. He suggests China is holding back to see what the US does. Ripple effect is that if the US continues to hold out, China will too. If we adopt, China will too.

There is still the uncomfortable reality that each country chooses which aspects of IFRS to adopt or reject.

Apart from that precisely-consistent-across-the-planet idea, the comment that only a few countries have not adopted and eeeeevryone else is doing it makes it sound like most stocks are reported on IFRS.

I checked.

That isn’t the case.

IFRS adoption is not quite as widespread as you think Read More »

Cost of weapons in Northern Europe in mid 7th century

Illustration of Viking era ax, sword, and shield. (Not sure ’bout that parchment since there is no recovered Viking writing, and in fact their runes were not conducive to written documents.) Image courtesy of Adobe Stock.

The Vikings at War book by Kim Hjardar and Vegard Vike provides one general frame of reference for cost of arms. The book has several references to a 7th-century Frankish legal text, Lex Ribuaria.

Wikipedia says this document is from the Franks, located in northern Europe, more specifically it was from around what is modern Cologne, Germany. It was written about 630 A.D. It would thus provide a reference point from within Europe about 100 years before the start point of the Viking Age.

My guess is relative pricing of weapons in relation to each other would be sort of somewhat comparable to a few centuries later in the middle of the Viking Age, however, the prices in relation to animals is  probably lower here than in Scandinavia because of the cost of transport.

Cost of weapons in Northern Europe in mid 7th century Read More »

One last piece of background on brutality of ancient wars before diving into Viking history – part 4

Viking longship illustration. Image courtesy of Adobe Stock.

One last post on the harsh brutality of warfare in ancient days before diving into what few financial tidbits are visible from the Viking Age.

The Sea Wolves: A History of the Vikings, by Lars Brownsworth, points out there was plenty of brutality to go around.

In footnote 57 on page 273 he tells us there are reports that several churches in southeastern England that used the flayed skin of Vikings to upholster the doors to their building.

One last piece of background on brutality of ancient wars before diving into Viking history – part 4 Read More »

Like a persistent vampire in a horribly bad horror movie, IFRS just won’t stay dead in the U.S.

Image courtesy of Adobe Stock.

I thought IFRS in the US was dead. In case you didn’t know, I have a fairly strong opinion on the issue.

A presenter at the CalCPA’s Accounting and Auditing Conference on April 25, 2017 had the following comment on IFRS at the end of the presentation:

Death, taxes, cockroaches, and IFRS aren’t going away.

My immediate thought:

Unfortunately, that now seems to be true.

IFRS is baaaack

He perceives the pendulum of discussion on IFRS is swinging back to the topic being on the table.

His comments consistently contained the inference that IFRS is one body of knowledge, consistent in its application in every country across the planet that has adopted the rules.

Like a persistent vampire in a horribly bad horror movie, IFRS just won’t stay dead in the U.S. Read More »

Minor updates while we wait for more news on the PCAOB leak to KPMG

Image courtesy of Adobe Stock.

There is little new information on the leak from PCAOB to KPMG since the first reports.

I’m expecting to hear a lot more, most likely after PCAOB and SEC finish their investigation. If I read this situation correctly, and if public reports are correct, there will be sanctions from SEC against some of the KPMG staff. At that point, the SEC public documents will tell us a lot more.

While we wait, here are two articles that give some general background.

4/17/17 – Francine McKenna at re:The Auditors – KPMG takes its turn with a Big 4-sized scandal – If you’ve been looking for an article with a long time horizon to survey the assorted scandals in the Big 4 world, this post will give you the deep background you want.

Leak from PCAOB to KPMG

Post describes the current information that is public on the leak of inspection engagements from someone at PCAOB to someone at KPMG. Article illustrates there still is not a lot visible in the public realm to answer all the questions that come to mind.

Ms. McKenna quotes my comment earlier on the PCAOB-KPMG leak feeling to me like a red flag of something deeper. She agrees with me.

Each firm has their own round of fiascos

All the firms have had their turn of embarrassing publicity, often with fines or undisclosed settlements.

Minor updates while we wait for more news on the PCAOB leak to KPMG Read More »

He is risen!

Death on a cross Friday isn’t the end of the story. The tomb is empty on Sunday, because HE IS RISEN! Image courtesy of Adobe Stock.

The following is a repost of my comment four years ago on Easter morning. (Update: A few additions for more of the traditional hymns describing the blessings to us of the resurrection.)

 

He is risen! He is risen indeed!

This morning my wife and I attended a sunrise service. Haven’t done that for many years. A wonderful way to celebrate this day. On our way to celebrate with our church family momentarily.

Here’s a selection of  videos to help your celebration:

 

Jesus Christ is risen today!

[youtube=http://www.youtube.com/watch?feature=player_detailpage&v=dT7dGcsrPkQ]

 

I know that my Redeemer lives:

[youtube=https://www.youtube.com/watch?v=oR0E7gEeqBk]

 

Up from the grave He arose.

[youtube=https://www.youtube.com/watch?v=oN77HjfAc8k]

He is risen! Read More »

Update on PCAOB leak to KPMG: 6 departed staff at KPMG were fired.

Image courtesy of Adobe Stock.

A minor update on the leak from a now-former PCAOB staffer to a now-former KPMG staffer giving advance notice of audits selected for inspection. Also, many questions come to my mind after thinking about this situation.

Previously mentioned this fiasco yesterday.

CFO.com provides some clarifying info from KPMG’s executive director of media relations and corporate communications:  KPMG Replaces Audit Chair in Wake of PCAOB leaks.

The KPMG representative says that KPMG discovered the issue and notified the SEC and PCAOB.

Most significant piece of new information is that the six people who left the firm were fired.

They did not resign.

Why is this significant, at least to me? In the initial reports, I saw verbs used indicating all of the following possibilities for the partner’s departure. They may have:

  • resigned (which means sorta’ kinda’ voluntary terminations), or
  • were fired (which means the firm unilaterally terminated them), or
  • departed (which doesn’t addressed which party made the termination decision; in other words could have been a summary firing, or truly voluntary, or under the proverbial threat of you-can-either-resign-or-I’ll-personally-throw-you-out-the-window).

At first read, I did not analyze which of the above options actually was in play. I put together all the reports I read and assumed (you know what that means) these were all forced resignations, as in “I think it’s time for you to resign.

Other comments by the PR person confusing me are statements that the fireable offenses were possessing the leaked information or knowing others knew about it.

Update on PCAOB leak to KPMG: 6 departed staff at KPMG were fired. Read More »

Another fiasco at KPMG

Image courtesy of Adobe Stock.

There is as much missing from reporting on this story as has already been made public.

Here is what I can figure out:

An employee of PCAOB leaked to someone at KPMG a list of audit engagements that were going to be inspected. Recipient of the leaked info was previously an employee at PCAOB.

Lots of stuff we don’t know happened next.

When someone told senior leadership at KPMG about this back in February, KPMG took several steps. They hired external legal staff to investigate, notified the PCAOB of the leaked info, and then fired 6 people.

Amongst the fired staff are

  • two named partners, including the Vice Chair of Audit (who was in charge of all audit work in the US firm) and the national managing partner for audit quality and professional practice
  • three other unnamed partners
  • one other person, whose job level and responsibilities were not identified.

The leaker at PCAOB has resigned.

What is missing from the reporting?

What happened inside KPMG between the leak and the firings is not visible in the few articles I’ve found on the incident.

Another fiasco at KPMG Read More »

Some background on brutality of ancient wars before diving into Viking history – part 3

Seeing a few of these Viking longships rapidly approach your shores in the 800s was a sign your village was about to have a very bad day. Image courtesy of Adobe Stock.

One more post to provide context on the reputation of barbarity that is owned by the Vikings.

A wonderful book, The Vikings, from the British Museum and Metropolitan Museum of Art, is a catalog of a fabulous exhibit assembled by the two museums in 1980. The major exhibit showcased the artifacts and cultures of the Viking era.

I’m reading my dad’s copy of the book. The text is still available on Amazon in the used market.

The goal of the exhibit was to introduce some balance to the competing visions of raw brutality and “strange glamour” that surrounds the Vikings.

Consider these two comments in the preface:

“In a brutal age the Vikings were brutal, but their brutality was no worse than their contemporaries. “

and

“The Vikings were administrators as well as pirates, merchants as well as robbers. “

Before you get worked up about blood eagles…

Oh, and if you get all worked up about the brutal cold-blooded barbarity of a ‘blood eagle’ execution, try looking up what the oh so very civilized English did when they hung, drew, and quartered someone.

Some background on brutality of ancient wars before diving into Viking history – part 3 Read More »

Some background on brutality of ancient wars before diving into Viking history – part 2

Illustration of a very well armed Viking. One had to be well off to afford a sword and rather rich to have a helmet and mail to protect the neck. Image courtesy of Adobe Stock.

I’m going to take a look at finances of the Viking era.

Before doing so, I’d like to provide some context of the horrid barbarity of warfare in ancient times.

Previous post mentions the slaughter during the Roman destruction of Jerusalem.

Next I’ll describe the gathering of slaves by Alexander the Great accompanying his path of destruction across the ancient world. Today we would call that human trafficking.

People taken away into slavery by Alexander the Great

I previously made some guesses how many slaves were taken by Alexander the Great. See my post on 2/2/17: Wild guess on the tally of people enslaved by Alexander the Great.

Professor Frank Holt did a lot of research on the plunder taken by Alexander: The Treasures of Alexander the Great: How One Man’s Wealth Shaped the World.

In Appendix 2, the professor tallied the known and unknown references to plunder and slaves.

Some background on brutality of ancient wars before diving into Viking history – part 2 Read More »