Professor Elam
Accounting & Investing Info for San Antonio A & M
about
-
Professor Elam
-
Professor Elam
Thursday July 24, 2014
Here is Gene Simmons, remember KISS?, with a truly Military Embracing Moment.
-
Professor Elam
Thursday July 24, 2014
CPAs have been cound by the AICPA's Statements on ?Standards for Accouting and Review Services SSARS. That has allowed for three levels of statement preparation, compilation, review, and audits.
A new standard will take effect December 15, 2015. A CPA will only prepare a compilation if requested. The view is that statement preparation is the responsibility of management. A CPA should be providing assurance. Under the new guidelines if a CPA assists but management does nhot request the compliation wording, then management may distribute the reports without CPA comment.
Frankly this makes more sense than issuing a statement which provides little or no assuance anyway.
-
Professor Elam
Wed July 23, 2014
An alert TAMUSA accounting student spotted this Accountant Wanted Ad. Notice the prefernece for a CPA, that would be overkill for this but I would not be surprised if they find a Mom tired fo a regular job or a CPA firm who would prefer more time with family and who is certified. Also an empty nester might find this just what she was looking for. And working at the Blue Star contemporary Art Museum sounds like a fun setting to me.
If you are degreed this might be what our typical TAMUSA female grad is seeking.
-
Professor Elam
Wed July 23, 2014
NY Fed Finds Problems at Deutsche Bank
n a letter to the German lender's executives last December, a senior official with the New York Fed described financial reports produced by some of the bank's U.S. divisions as "low quality, inaccurate and unreliable", said one of the sources, who is familiar with the letter.
The New York Fed, as the U.S. central bank's eyes and ears on Wall Street, directly supervises the biggest U.S. and foreign banks, partly through embedded regulators who go to work each day inside the banks.
"The size and breadth of errors strongly suggest that the firm's entire U.S. regulatory reporting structure requires wide-ranging remedial action," the letter, first reported by the Wall Street Journal, said. (http://on.wsj.com/1r3VIn3)
Here is the DB Website lnk
https://www.deutsche-bank.de/index_e.htm
It opens iwth the comment,
For us responsibility means
Managing Risks Efficiently, Passion to Perform
Really? So what about SARBOX and Dodd Frank?
Not sruprisingly KPMG the German based CPA firm is the external auditor. What have those guys been doing on the report I wonder?
-
Professor Elam
Monday July 21, 2014
Police arressted a woman after she posted a photo of herself in a stolen dress. The store owner had posted a description of the stolen property asking store patrons to noifty him if they saw someone wearing the dress.
Reports indicate the accused does not have a listd phone number, or apparently, much of criminal future.
-
Professor Elam
Weekend July 19, 2014
The FASB and the IASB have formed The Transition Resources Group. They are meeting to discuss ijmplementation of the new Revenue Recognition Standards.
Notice I have added a new category for Revenue Recognition. That way students can access all the resources posted for that. Come to think of it I will do the same for the updated COSO requirements.
-
Professor Elam
Friday July 18, 2014
Student SA IIA member Pauline Glenn at left with Matt Boor TAMUSA accounting student to her right visit
with John Wallace CISA with Resource Global Professionals at the monthly meeting this past Wednesday. 
Camille Marbury with CPS is the current SA IIA President. .My students are well aware that I emphasize picking an accounting certification aerly on and planning to earn it as soon as possible. One of the speakers, Guler Ann Wiefling with Grant Thornton is a forensic and fraud expert. She is a Certfied Fraud Examiner. She is of course the person in the middle as Adam with
SA IIA at left helps prepare for the presentation. -
Professor Elam
Friday July 18, 2014
This is a looking ahead article for college students, it is all about whether you are on track to achieve your career goals.
-
Professor Elam
Friday July 18, 2014
We offer ACCT 5308, the required Ethics classin the spring which is required to sit for the Texas CPA exam. The last two years I have begun a blog post that accumulates ethical lapses and misdeeds. It was amazing both times how many occurred. This sets the stage for our discussion of ethics, how we should behave and treat one another.
Peggy Nooan was a speech write for PResident Reagan. Today she is a weekly columnist and blogger for the WSJ. In her comments this week, she quotes from David McCullough's book on Truman. Truman really did leave the White House dead broke. But unlike politicians after him, he was not for sale. He would not enrich himself by selling the Presidency.
Here is Ms. Noonan's conclusion in her column.
Why are we talking about Harry Truman? You know.
We live in a time when politicians relentlessly enrich themselves. We are awed and horrified by the wealth they accumulate, by their use of connections, of money lines built on past and future power. It's an operation to them. They are worth hundreds of millions. They have houses so fancy the houses have names. They make speeches to banks and universities for a quarter-million dollars and call their fees contributions to their foundations. They are their foundations.
They grab and grub. They never leave. They never go home. They don't have a "home": They were born in a place, found a launching pad, and shot themselves into glamour and wealth. They are operators—entitled, assuming. They "stand for the people." They stand for themselves.
So I just wanted to note how it used to be, when leaders thought they had to be respectable. When they were respectable.
"Harry Truman, not a money-grubbing slob." Who, years ago, imagined that would come to be remarkable?
Professor Elam 