• Professor Elam

    Monday March 20, 2017

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  • Professor Elam

    Weekend March 18, 2017

    I slogged through the movie The Accountant yesterday. In the past accountants ave always been portrayed as nerdy, cost obsessed types, if the writers want to portray a dull person, they invariably assign an accounting label. Lawyers however  are are usually portrayed as human saviors come to earth.

    First off, Ben Affleck is not as good an actor, for my money, as Matt Damon, or Matthew McConaughey. But given the one dimensional role of his character, this role suits Ben well.

    We meet Christopher Wolf as  screaming out of control youngster who is autistic. Turns out, like Ray in Rain Man, he is great with numbers and detail. So of course he grows up to be

    an accountant but one with some unsavory clients.Chris is great at figuring out ways to have money cross borders without detection. But since the writer could not think of a plot where the viewers could follow a real forensic accounting showdown, Chris becomes the Jason Statham of the accounting world. Screen Shot 2017-03-18 at 10.30.18 AM

     

    Yep we are expert at hand to hand combat all the way up to and including the .50 caliber Barrett M107A1 sniper rifle.  Perhaps we should add a class in 'gunning for the client.'

    It has been a while since I have seen John Lithgow in anything.  Ever versatile, he plays a heavy in this one.

    But the scene where Chris begins to dissect the books of Lithgow's corporation  has him all alone in the glass enclosed board room. He disdains the help of Anna Kendrick who suspects something is awry.  And of course by writing dozens of numbers in spreadsheet form on the class, he quickly comes to the conclusion, as he puts it, I don't guess, that something is amiss.

    The subliminal message seems to be that becoming an intuitive forensic accountant requires out of the ordinary bordering on psychiatric impaired skills.

    We still await a clever forensic accounting story about a guy or gal we might like who accomplished her mission the hard way, she learned it.  UP to now about all we have are screen wimps or weirdos.

     

  • Professor Elam

    Friday March 17,2017

    Update for 3/27/17

    the comments section is now open, please post your thoughts

    Accounting Students

    As the ACCT 5308 Ethics Class is aware,  Director of Research   Matt Lampert and Executive Director Alyssa Hayden of the Socionomics Institute

    will be attending the Student Research Symposium, here May 5-6.    Robert Prechter    is  the President and Founder of  the Institute,

    We have a unique opportunity to take the national  stage of academic thought. Mr. Prechter has a new book out, the Socionomic Theory of Finance. . Screen Shot 2017-03-17 at 6.20.28 AM

    Here is the link to the excerpt from Chapter One. 

    Re-defining causality is a major  theme of the book. The media is constantly attempting to connect a physical or external or exogenous event with what happens in the stock market.

    For example, the day after the Trump speech to Congress, the DJIA jumped 300 points. The media implied this was the result of an improved economy world wide and more positive reaction to Trump than was expected.   But then for the next few days, the market gave back every single point.The media was scrambling to explain what exogenous event could have caused the change.

    The first chapter challenges the conventional view of causality.  Several examples are given like the above demonstrating that again and again, the markets do not necessarily follow what is deemed to be conventional causality.  The conventional view is that external or exogenous events determine social action. Individuals are acted upon by news  in the active sense.

    Socionomic thinking turns this idea on its head. Instead the argument is that social mood is generated internally or endogenously.   Thus the often unrealized, unremembered mood of the public generates social action.

    I am asking our accounting students to read the excerpt and post a comment here on the weblog.

    Learn more about socionomics at the Institute website.

  • Professor Elam

    Wed March 8 2017

    I heard a presentation a few years back suggesting that low interest rates coupled with more regulation and higher minimum wage would surely result

    in more automation. We are there now. The government is regulating the lower level employee right out of the job equation.

    There is an article in today's WSJ about this but I am unable to link so here is a similar article from 2015.

    Automation is finding a home in both law and accounting offices. Robots retrieve or pick items from warehouse shelves.

    The automated fast food joint is literally around the corner.

    I stress the importance of becoming certified in an accounting discipline. Now it is more important than ever as the lower level jobs disappear.

    Screen Shot 2017-03-08 at 8.21.54 AM

  • Professor Elam

    Wed March 8, 2017

    Jon Corzine  testified he had no idea where the missing investor funds were. This from a former Goldman Partner and New Jersey Governor and Senator.

    Now bankrupt IMF Global is suing its auditor PwC

    claiming of course it was all the fault of the external auditor.

    The article details the treatment of sale versus loan which is the heart of the matter. I am wondering whether a jury will understand the

    ins and outs of such transactions.

    Here is another example of auditor liability.PwC will have to show it had reasonable reliance for what it did.

    This is a landmark case in that to my knowledge, this is the first time a brokerage firm simply lost client money and no one did much about it.  The BK trustee eventually recovered most of the investor funds but Corzine was never indicted for anything.

  • Professor Elam

    Monday March 6, 2017

    Good afternoon,

     

    Do you know of any minority accounting students who could benefit from an all-expenses paid leadership workshop in Houston this May? If so, let them know the American Institute of CPAs (AICPA) is now accepting applications for the 2017 Accounting Scholars Leadership Workshop (ASLW)!

     

    This annual program for minority accounting students planning to pursue the CPA designation aims to strengthen their professional skills and understanding of the limitless possibilities and benefits of earning the CPA credential. Through speakers, panel discussions and interactive programs, participants gain confidence and an enhanced understanding of the various career paths within the accounting profession to prepare them for the steps that follow graduation. This year’s workshop will be held May 17 – 19, 2017 in Houston at the Hyatt Regency Houston Galleria. Applications are due March 15, 2017 at 3 p.m. ET.

    Click here to learn more about the eligibility requirements and apply today.

     

    Please contact diversity@aicpa.org with any questions regarding the Accounting Scholars Leadership Workshop.

     

     

    Kari Owen
    Public Relations Specialist 
    Texas Society of CPAs
    972/687-8688

  • Professor Elam

    Monday March 6, 2017

     

    JCP and seven other chains are closing stores. Most being closed simply do not contribute to the bottom line.

    This is another sign that on line shopping has trumped brick and mortar stores.

  • Professor Elam

    Monday March 6, 2017

    I was just reading this article on the Beatles' own explantion for their success.

    As Ringo put it,we workeed harder than anyone else.

    the same is true for any other professional endeavor. Half those taking anyone section of the CPA exam fail. They worked less hard than the other half.

    Which half will you be in?

  • Professor Elam

    Friday March 3, 2017

    I have just confirmed that Alyssa Hayden, Executive Director of the Socionomics Institue, will be accompanying Matt Lamper, Research Director to speak at

    our SRS Saturday May6. They will also mingle with students and faculty the previous day MAy 5.

    Screen Shot 2017-03-03 at 1.19.55 PM

     

  • Professor Elam

    Friday March 3, 2017

    I received an e mail this past week  from a former student. I eliminated his name but here is the unedited message.

     

    Professsor Elam

    I am a former student of yours at Texas A&M San Antonio. I graduated in May 2015.
    I am writing to inform you that I have earned my CPA certification. I currently work at USAA.
     
    You were influential in my education at Texas A&M and you kept stressing on the importance of being certified. The admiration I have so far at work speaks volumes about how the CPA is regarded. I used the Gleim series to prepare for the exam upon your recommendation.
     
    I just wanted to drop these words of gratitude to you. I will be glad to come speak to some of your students about my experience and journey to certification, if you like.
     
    Again, thank you.
     
    Sincerely,