• Professor Elam

    Monday January  22, 2018

     

    Before I begin, Stephen King has sold lots of books.  And goodness knows his mind  is geared to the para normal world. While the big sales would suggests easy movie rights, it is difficult to bring a King book to the screen.  King is great at creating that theater of the mind effect in which is he spends lots of pages developing his para normal themes. It may be a person with extraordinary power like Firestarter. Or an inanimate object with its own powers like Christine.  Or a shop that transforms its shoppers like Needful Things.

    And the novels tend to be long, IT is over 1,000 pages. What do you put in and leave out of such a book to screen translation?  I still don't know the meaning of the twin girls in

    The Shining.

    But it is interesting to watch Hollywood try to make the transition. 

    The re make and release in 2017 of IT cost  $35 M and grossed $650 M.  And frankly I am not sure how they even spent the $35 M. This involves child actors I never saw before and the setting is a small town in Maine, where King actually lives. Screen Shot 2018-01-22 at 12.29.28 PM

     

    It has an R rating for the violent scenes no doubt. But why did the producers decide to put  foul language in the mouths of 13 year olds (bicycles are their transportation.) And it goes on and on through the entire movie. I don't recall 13 year olds talking like that in 1989. Okay okay so I was not 13 in 1989.  The actual events pictured differ in small ways from each version. The theme is that a force appears every 27 years in Derry, Maine in the form of Pennywise, a clown. Pennywise can take whatever form the clown wants, appearing as different people. But the end result is the same, kids start disappearing.  The film takes place in two time periods, one in 1989 when they are 13, the other 27  years later, back to Derry again. This release is the first part in 1989. I am sure there will be a Chapter Two 27 years later.   the  2017 version is available at Red Box for  1.50-2.00.  Oh professional clowns have objected to this violent depiction of their trade.

     

     

     

     

     

    Screen Shot 2018-01-22 at 12.29.35 PM
    The first version was a made for TV minis series shot in 1990. It featured TV actors like John Ritter and the guy who played John Boy on the Waltons. I am sure this version did not cost $35 M.But he production values and acting are first rate.  There was nothing 'cheap' about the production.  And it was happily free of the vulgar language in the version above.  I did not find the language added anything to the plot or helped move the story along. And I found the events in the older version seems to be more connected than the  2017 release. You can buy the 1990 version for 12 bucks, and the separate time periods are on each side of one DVD.

     

    In this instance, I recommend the 1990 version, but admittedly the Second Chapter is not out for the 2017 version. But if all we get is more gore and potty language, I'll go with 1990. Back in the day on a large campus, multiple films would be shown Friday and Saturday. It made of an inexpensive date and  the cance to discuss them afterwards.   Digital may be handy but it precludes that sort of group participation both during and after. I miss that.

     

  • Professor Elam

    Monday January 22,  2018

     

    Most companies of any size now use internships as a way to screen employees. Having you  present in a real work situation is the best way to

    judge how good the fit is for both of you.

    ATKG is more a consulting firm with specific clients than a traditional accounting firm focused on tax and audit. ATKG has hired one of our students and is interning another now.

     

    They have posted additional intern openings. All I can tell you is, if you do not apply you will not get picked, just like a scholarship.

     

     
    Screen Shot 2018-01-23 at 12.04.53 PM

     

  • Professor Elam

    Tuesday Jan 16 2018

    BP takes a $1.7 billion write down as a result of Deepwater Horizon.

    The purpose of this blog is to tie what we study in class to the real world of accounting. Here is an excellent example.  BP anticipates charges and fines as a result of the oil spill. Now that it can identify them, it is taking a charge to reflect these losses.

    We will report later on how this affects BP's stock price.

  • Professor Elam

    Monday January 15, 2018

    The Big Four Audit firms are continually engaged in audits around the globe. And invariably some of them blow up or the auditors are found guilty of gross or ordinary negligence. Recall that a year ago the two PwC Accountants at the Academy Awards.  Ignoring warnings to not use social media backstage,they did so anyway. Apparently so wrapped up in texting and such, a presenter was given the wrong name for an award.  Those two are out but PwC was able to retain the Academy as a client.

    Now https://www.accountancyage.com/2018/01/02/pwc-negligent-in-failing-to-detect-2bn-fraud-at-colonial-bank-says-us-judge/

    The FDIC is asking for over $2 Billion in damages.

    Well when it rains it pours.  The Satyam case is detailed in our textbook. Now Indian authorities have banned PwC from performing any audits in India for the next two years!  PwC is scrambling to avoid this penalty.

     

    Just google PwC booted out of India audits for two years to see more reporting on this.

    We will be discussing such instances all semester.

    What is your feeling about TBTF Too Big to Fail?  Looks like the penalties are mounting.  In the past firms would pay a fine (the cost of doing business?) without admitting guilt.No one lost their job or license in most instances. Is that the way things ought to be?

  • Professor Elam

  • Professor Elam

    Thursday January 4, 2018

    If you have an interest in student perceptions of the profession and professional associations, you may be interested in the podcast for this week –

    http://www.whereaccountantsgo.com/lifeinaccounting/064

    I had the opportunity to interview Dr. Holmes & Dr. Liu from Trinity University regarding a study they performed on this topic.

    You can find the full report here – http://www.whereaccountantsgo.com/wp-content/uploads/2017/12/…

    Interesting findings regarding short-term and long-term plans, what value we can provide as an association, etc.

     

    ——————————
    Mark Goldman CPA
    San Antonio TX
    (210)826-8000

    He has begun a podcast with area CPAs. In this podcast he interviews two Trinity Professors who surveyed students' views of the accounting profession.

    Mark  joined our students for the  2017 Student Research Symposium. I have joined him for an interview in one of his podcasts.

     

     

  • Professor Elam

    Thursday Dec 7 2017

    The CEO at Steinhoff, owner of American matress brand Sleepy's, resigned.

    Seems there is an accounting probe. Share collapsed 62% in one day on the departure of Markus Jooste. That cut the value of the company in half in one day or $7 billion dollars in market cap.

    The WSJ Heard on the Street column lists some 'flashing lights' that warned of potential trouble.

    At any rate, earnings matter.

    This is another example of how reading the WSJ will improve your contextual understanding of accounting.

  • Professor Elam

    Thursday Dec 7, 2017


    The Student Rating of Instruction (SRI) emails were sent to students today to their Jaguar email accounts. An announcement was also posted to Blackboard. Students can also access their SRIs via a link in Blackboard after they login. The SRIs are open now and will close on 12/10/2017 at 5:00pm.

    Students have two options to access their Course Evaluations (please feel free to copy and paste the information between the bars into a communication to your students):

    ________

    1.   Blackboard. https://tamusa.blackboard.com/webapps/login/ Once you login you will see the "My Institution" page. Look for the "Tools" module. The course evaluation link is at the bottom of the Tools module. Click on the link "Course Evaluations" and you will be taken to your course evaluation links for each class you are enrolled in.

    2.   Student Jaguar Email accounts. Student Jaguar Email link. Once you login to your Jaguar account, you will see emails sent by A&M-San Antonio Admin. You should have received one email for each class you are enrolled in. Links to the course evaluations are contained in these emails.

  • Professor Elam

    Tuesday Dec 5, 2017

    Below is an excerpt from a WSJ story on Dollar General. There is always a niche in any market for a player who keeps costs low. Dollar General has done that and targets low income customers who do not buy in bulk at Costco or WMT.

    Dollar General Corp.’s 14,000 stores yielded more than double the profit of Macy’s Inc. on less revenue during its most recent fiscal year. And its $22 billion market value eclipses the largest U.S. grocery chain, Kroger Co., which has five times the revenue.

    The retailer relies on rapid store openings to keep revenue climbing and investors happy; 2016 marked its 27th consecutive year of sales growth in stores open at least a year.

  • Professor Elam

    Monday December 4, 2017

    Part-Time Entry level accounting job

    Description:

    We are currently looking for an entry-level data entry position. Gain accounting and financial experience while under the supervision of licensed CPAs. This job will also satisfy the mandatory accounting work experience needed to receive CPA certification.

    Job Requirements:

    • Data Entry

    • Strong knowledge of MS Word and Excel

    • Ability to multi-task and meet deadlines

    • Excellent communications skills, will be working with multiple locations

    • Excellent attendance and punctuality

    • Minimal accounting experience required

    Education:

    • High School Diploma/GED Equivalent

    • Currently pursuing a Bachelor’s degree in Accounting

    Please contact Rick Garcia at (210) 712-3325 or rick@barosandco.com if interested