• Professor Elam

    Thursday July 27 2013

    I had a post this week on the increased demand for CPAs. The reason is specialized knowledge on the massive newly imposed regulations. Here is yet another wrinkle that might be exploited by a sharp CPA-yep, new revelations on gay marriage. 

    Never mind what you think of that issue socially, the Supreme Court has now suggested the Federal Govt may owe refunds to couples who now are legitimately married. As the article notes conflicting rules have led to multple filings at the state and federal level to reflect laws in conflict. There will be some time in ironing out the differences, aha, the chance to become an expert in a new field. Again, never mind what you think of the issue socially, there may be 

    the chance to become a recognized expert in a new field

    lots of billable time

    the chance to write articles and lecture on the subject

    As TSCPA say, being a CPA means 360 degrees of possibilities. 

  • Professor Elam

    Wednesday June 26, 2013

    I have not received any requests for scholarship applications.  I ran this June 5 and am running it again.

    TAMUSA Accounting Students

     

    I have the application forms, see me if you are interested in applying.

    Dennis Elam

    PASSA Scholarship Program

    The Petroleum Accountants' Society of San Antonio (PASSA) will offer up to five $1,000.00 scholarships for
    the 2013-2014 academic year.

     

    The Mission of the PASSA Scholarship Program is to help those students seeking a career in accounting
    obtain their goals through higher education.

     

    Applicants are judged on financial need, community service, evidence of leadership and citizenship and
    academic record (minimum 3.0 GPA).

     

    Each scholarship winner will be eligible to receive $1,000 and funds must be used for college tuition, books,
    fees or room and board.

     

    Rules and guidelines:

     

    1. Applicant must be enrolled full time in a 4-year accredited college or university.

     

    2. Applicant must have completed their freshman year of college (24 hours) with a 3.0 GPA (or B average)
    and be in good standing.

     

    3. Applicant must be entering or currently pursuing a bachelor’s or master’s degree in accounting.

     

    4. Each scholarship recipient will be chosen by the Scholarship Committee made up of members of PASSA.

     

    5. The following criteria will be considered in selecting scholarship recipients: student’s academic standing,
    essay, personal circumstances, participation in school/community activities, two written recommendations
    by a professor, counselor, and /or community/club leaders. Student will submit a detailed application.
    Neatness and ability to follow instructions are very important and will also be considered by the selection

    committee. References and transcript are to be sealed and included in a packet with the application as
    indicated in #10.

     

    6. Each scholarship recipient and the scholarship recipient’s counselor will be notified by a PASSA
    scholarship committee member by telephone and by written correspondence through regular mail.

     

    7. Each scholarship will be paid directly to the College or University.

     

    8. Each scholarship recipient and parent(s) will be invited as guests of PASSA to a future regularly scheduled
    monthly meeting at the Petroleum Club to be officially introduced to the membership.

     

    9. College transcript is to be sealed and included in the packet with application and sealed references to the
    address provided.

     

    10. Student applicant understands that the scholarship is to be used for college tuition and fees, books, and/or
    college living expenses. According to the IRS, contacted April 2, 2001, and according to 1099 Section,
    page 24 (Miscellaneous); PASSA does not have to submit a 1099 to the student as long as it is for regular
    studies. A 1099 needs to be submitted only if the scholarship is given to be used as wages, such as studies,
    preparation of papers, or specific project, etc.

     

    11. The scholarships are not renewable.

     

    To apply, complete the attached application form, along with your essay, certified college transcript, and two
    reference letters from qualified persons no later than August 15, 2013. Any applications received after the due date
    and any incomplete applications will not be considered – NO EXCEPTIONS.

     

     

    PASSA Scholarship Committee

    c/o Will Kothmann

    100 NE Loop 410

    Suite 1100

    San Antonio, TX 78216

  • Professor Elam

    Tuesday June 25 2013

    TAMUSA Students

    Note the AICPA VP remarks that firms are looking to hire CPAs with advanced degrees. It does not stat that firms are hiring non CPAs with advanced degrees, there is a big difference.

    CPA firms insist that one be CPA eligible and ready, to take and pass the exam that is, when hired.

    THere is a great demand for individuals who have shown accomplishment by passing certified exams.

    Demand For Accounting Grads Soars by

    John Zappe

    Jun 20, 2013, 2:20 am ET

    Accounting gradsDemand for new accounting grads is expected to set a record this year, as CPA firms report plans to hire at least as many new accountants as they did last year, itself a banner year.

    Just released by the American Institute of CPAs, its annual survey of accounting graduates and hiring says 40,350 new bachelor’s and master’s degree graduates were hired last year by CPA firms, a 22 percent over the previous year and the largest number of new grads to be hired since the AICPA has kept records.

    While competition for this year’s accounting grads is keen — the National Association of Colleges and Employers said demand for accounting grads would be second only to STEM majors — master’s graduates will be courted like royalty. A decade ago, CPA firms hired 3,555 students with an accounting masters. Last year they hired 16,557. By comparison, bachelor’s hires numbered 13,270 in 2003. Last year 23,793 were hired.

    “Employers are increasingly looking to hire CPAs with advanced degrees, as they have the education and skills necessary to work in an increasingly complex, global business environment,” said Jeannie Patton, AICPA vice president, academics, professional pathways and inclusion.

    The AICPA survey, “Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits.” also shows the dramatic rise in students graduating from accounting programs. In the 1971-72 school year, 26,000 accounting degrees were awarded. Last year 82,177 were awarded.

    Starting salary for bachelor’s-degreed grads is estimated to be about $53,300, up from last year’s $49,700.

    tags:

    Subscribe to the ERE Daily for all the latest recruiting news.

  • Professor Elam

    Monday June 24 2013

    One city's students have done particularly well on the tough Chinese national exams. 

    Now we know why!

    Note the catch phrase, 

    There is no fairness unless we can cheat!

  • Professor Elam

    Monday June 24 2013

    The Wall Street Journal is beginning its Start Up of the Year SOTY series

    Check it out at http://projects.wsj.com/soty

    Do you know Lynn Tilton, a self made female billionaire, meet here at SOTY.

    ________________

    DeLoitte is one of the Big 4 International CPA firms. They hve an innovative program to assist CFOs. I downloaded their CFO Agenda at this link. The PDF book is certainly not what you might think. This is an innovative approach to attract new clients to DeLoitte.

  • Professor Elam

    Weekend June 23, 2013

    We are in a transition period a to what constitutes academic research.'  Movies have moved to digital effects. Now HD video is available inexpensively for most anyone wanting to create their own video. Other mediums offer themselves with enhanced still photography via Power Point. Digital Audio offering podcasts is yet another medium. 

    but no matter what medium one chooses, the story is key. I have been watching the original Twilight Zone series on Netflix. These are now available sans commercials. Each segment complete with Creator Rod Serling's intro and conclusion narrative are a mere 25 minutes long This leaves about 22 minutes to set the scene, develop the story, and then conclude with the usual paranormal question. 

    If you read the wikipedia link above, you will learn that Serling was frustrated writing about real events which got sliced and diced on television for various reasons. He turned to science fiction as a way to distance himself from other wise real events. In that regard he was way ahead of Stephen King who would eventually follow in the same genre. In fact I have to wonder if King did not get the inspiration for his novel Needfull Things from one of the first Twilight Zone storie, What You Need #12.  In it an elderly man provides just what a person needs. 

    At any rate the stories, like I Love Lucy, are incredibly well written. Whether you are doing video, or stills, or audio, or voice over for other scenes, can you 

    • set up a scene
    • develop the characters and the plot challenge in the next few minutes
    • demonstrate the dilemma of the central character
    • wrap it up for the viewer to thing about in the last few minutes

    Well Serling could and did. The series is also remarkable in featuring seasoned actors like Burgess Meredith as well as a host of newcomers from Robert Redford to James Franciscuss to Rod Taylor. 

    We learn to be better writers by reading great literature. We can learn about multi-media by studying some of the best. Decades later, these stories stand the test of time. They are well written and well acted. The fact that they are in black and white adds I think to the starkness of the dilemmas. 

    Give a few  whirl, I think you will enjoy what you find. 

     

    There is a fifth dimension, beyond that which is known to man. It is a dimension as vast as space and as timeless as infinity. It is the middle ground between light and shadow, between science and superstition, and it lies between the pit of man's fears and the summit of his knowledge. This is the dimension of imagination. It is an area which we call theTwilight Zone.
    —Rod Serling

     

  • Professor Elam

    Friday June 21 2013

    The House Rinancial Services Committee  approved a bill prohibiting mandatory auditor rotation. 

    Here is an example of companies beating the PCAOB at its political game. Companies and certainly not the external audit firm did not want mandatory five year rotation of audit firms. 

  • Professor Elam

    friday June 21, 2013

    Hollywood will bring a new version of The Lone Ranger complete with a war painted Johnny Depp as Tonto (don't we have any North Americans Native actors?)  But Professor Elam  as per usual is out front of the crowd on
    Screen Shot 2013-06-21 at 2.15.58 PM this one too. Several years back we submitted this parody  to Lew Rockwell, it is still up.

    Read and enjoy. 

  • Professor Elam

    Thursday June 20 2013

    Here is an example of what students can learn from reading

    http://www.themarketperspective.com

    Screen Shot 2013-06-20 at 7.01.12 AM

    Markets were down around the world after the FED remarks yesterday.Bernanke struggled for clarity. But the direction of the markets was pretty clear, this was just the news event the media will hang its hat on. Rather than change policy direction with less regulation and taxation, the solution is to fire Bernanke. The list of replacements suggests more of the same. This is typical era of stagnation thinking. It is as though we are re living the Carter years all over again. 

    A reader asked for less anecdotal evidence and we showed the clear stair step down pattern of GLD. 

    The truth of the matter is all the FED can do is attempt to raise or lower interest rates. But that does not force anyone to invest. And hiring has clearly not picked up amid massive regulation and tax initiatives from the government. Lower unemployment has simply meant more on food stamps and giving up looking for work.  All that happened was a cheap money fueled speculation in stocks and commodities around the world. 

    Social mood has turned fearful. Just scan the headlines in the WSJ as we have shown, there is repression from Moscow to Istanbul to Cairo to Washington DC. The Administration turns the IRS attack dogs on their enemies. And no one is punished for it. Okay enough of that. 

    it seems clear that our suggestion of May 22 as being a significant top was correct. I note that gold has rebounded a bit from below 1300 last night to above 1300 today. 

    Our comment was that the best place to be was sidelined. Gambling on the outcome of stocks or gold at such a juncture is a high risk proposition. It appears the better idea for longer term investors is to prepare for ways to take advantage of coming higher interest rates. 

    Our idea of closed end municipal bond funds was interesting. While other asset classes collapsed, those funds experienced little to no volatility on the sell off yesterday.

    Stocks remain at a 13 year high with the potential to fall much further. Note our graph in a previous post  showing the NYSE stil way aove the collapsing summation index. The NYSE needs a much larger fall to catch up with the declining summation index. 

    Our view has been that a top of some significance was at hand and defensive action was the best idea. had I recommended buying 100 puts on GLD no doubt the readership on this blog would be up. But we made the direction of the markets clear. 

    Oil also fell last night but has not decisively turned down yet. The turmoil in the mid East is apparently keeping it high. It is highly correlated with the stock market. 

    More to follow. 

     

     

  • Professor Elam

    Wednesday June 19 2013

    The folks at Quantum have graciously allowed you a  free look at Quantum this summer. I believe this is an excellent self tutoring product at a reasonable price. I have posted a spot for you to comment on Blackboard. You will earn a 5 point quiz grade for a well done evaluation of Quantum.

    Professor Elam

    STUDENT ACCESS INSTRUCTIONS

    Quantum’s adaptive learning and assessment software will help you master core accounting topics and skills needed to be successful in the course.  With Quantum, you can:

    • Receive personal, step-by-step feedback on your own work
    • Target key topics and concepts where you need the most help and practice
    • Ask questions when the instructor isn’t available or the tutoring lab is closed
    • See what you’ve mastered with “How Am I Doing?” reports

    GETTING STARTED

    1. Review the Getting Started Guide.

    2. Go to www.quantumhelps.com and click “New Student? Register Here” and enter the following access code after registering:

    pc50171652

    3. Launch the software and master topics as required by your instructor.

    4. When directed by your instructor, take 5 minutes to complete the Spring2013 Student Survey.

    QUESTIONS?

    Watch the Virtual Tour

    Contact Quantum Support

    ENJOY YOUR LEARNING EXPERIENCE!