Tuesday Aug 298 2023
Professor Elam
Accounting & Investing Info for San Antonio A & M
about
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Professor Elam
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Professor Elam
Tuesday Aug 29 223
Monthly webinar Sept 6 Noon – 1 00 PM
A CPA at PwC explains his career path
Friday Sept 22 Act Career Workshop
https://www.tx.cpa/sanantonio/events/event-details/?eventId=8d8f5aef-f44a-4b25-a99d-dda00dfe1f7d
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Professor Elam
Tuesday Aug 29 2023
This is the about [age a link to the blog is included
I ran across this while searching for material for the classes, exactly what we study in ethics, forensics, and audit.
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Professor Elam
Monday Aug 28 2023
Please take a moment to scan this whole message:
If you have been looking for some CMA materials, one of our recent out of town CMAs is offering his proven successful 2022 Wiley books and flashcards for BOTH parts! Just be the first member to respond to this message at SanAntonioIMA@gmail.com. All he's asking is that you cover his cost to ship it to you. (Best deal ever!)
Re: Our September 20th meeting
Register here: https://SanAntonio.IMAnet.orgWe have a different format this month. We are doing a single hour of CPE and then an hour of pub trivia. What makes this month extra special is that we are hosting lots of university Accounting Students from across the area. PLEASE make every effort to attend this meeting in person so we have a great showing of members to make these students feel welcome.
In person, we are expecting students from:
Our Lady of the Lake University
Texas A&M University San Antonio
Texas State University
Trinity University
University of the Incarnate Word
UT San AntonioVirtually, we are expecting students from:
Baylor University in Waco
Lone Star College in Houston
Schreiner University in Kerrville
Texas A&M Corpus Christi
Texas A&M International in Laredo
Texas A&M Kingsville
UT El PasoIn person attendees will break up into small teams as will the many remote students we are expecting to also participate from multiple campuses across Texas. (Our chapter is covering the cost of their pizza and ice cream!) Other virtual attendees will also be formed into teams (but dinner is on them!).
We will also change up our dinner menu and offer buffet style fajitas (beef, chicken and vegetarian), rice and beans dinner and begin serving at 5:45pm. We will also have soft drinks and a dessert bar with some fun stuff on it. For those born 21 years ago (or much earlier!) who are interested, you may purchase 1 glass of wine served with your dinner (pay when you sign in).
In addition, we are also bringing in a professional photographer to do headshots for LinkedIn, etc. He will be set up and ready to begin at 5pm. FIFO! We are anticipating heavy interest, so make sure you come as early as possible. Cost is $15 for non-members and $10 for members and students and will also be paid when you sign in.
The 1 hour of CPE has no pre-requisites. Torey Reese, CMA (Chapter President) and Mike Lovelace, CMA (VP, Member Engagement) both from our annual sponsor – MGR Accounting Recruiters – will present Performing an Accounting Systems and Processes Assessment from one of their recent client engagements. It will provide insight into their methodology as well as the client deliverables and the results of the engagement. This is stuff they just don't teach you in class and promises to be fun.
See you on the 20th!
Mike Lovelace, CMA
VP, Member Engagement -
Professor Elam
James Freeman in the WSJ Aug 23 2023
You have to laugh or cry when the Congressional Budget Office issues an occasional reminder that lawmakers use bogus accounting to hide from taxpayers the true cost of federal programs. Give CBO credit for honesty as it points out how required official estimates are at odds with real-world bookkeeping. Last week CBO explained how its new report on federal support for consumer and business lending measures the downside:
The report shows two kinds of estimates: those currently used in the federal budget, which are made by following the procedures specified in the Federal Credit Reform Act of 1990 (FCRA), and those referred to as fair-value estimates, which measure the market value of the government’s obligations…
Using FCRA procedures, CBO estimates that new loans and loan guarantees issued in 2024 would cost the federal government $10.9 billion over their lifetime. But using the fair-value approach, CBO estimates that those loans and guarantees would have a lifetime cost of $76.7 billion.
The fair-value estimate is 10 times what Beltway accounting claims?! This suggests a fraud so large that it might persuade even former Enron adviser Paul Krugman to rescind his 2021 endorsement of “budget chicanery.”
A government that habitually embraces such financial shenanigans over decades could someday run up a debt of $32.7 trillion.
Now that someday has arrived, the question is when the reckoning will occur. Dan Clifton of Strategas writes in a note to clients today that “the next president will face a once in 40-year shift in monetary policy, fiscal policy, and geopolitics that requires serious governing.”
Let’s all hope that serious governing will not be required until the next president. Mr. Clifton notes the increasing amount of money that Washington must devote to paying interest on the federal debt:
Net interest costs hit 14 percent of tax revenue in July, the level we consider the inflection point for fiscal policy, and, not surprisingly, the bond market has reacted. The next president faces a dour fiscal environment: high deficits despite low unemployment, rising net interest costs, a demographic strain that is pulling forward the insolvency of Social Security, and fewer international buyers of US Treasuries. If that is not enough, all the Trump tax cuts for individuals and the generous Obamacare subsidies expire in 2025…
At near full employment, the budget deficit should be much lower than it is today. A slight increase in unemployment and deficits can balloon quite quickly on top of the interest costs… ultimately Congress will need to act on entitlements like it did in 1983, the last time net interest costs surged.
Perhaps the candidates at this week’s Republican presidential debate will be kind enough to offer plans for serious governing. Reforming entitlements would be a good place to start. The watchdog group Truth in Accounting figures the real federal debt is not $33 trillion but more like $159 trillion if one counts all the unfunded Social Security and Medicare promises.
Swearing off accounting frauds would also be a good place for reformers to start.
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Professor Elam
This is ironic as UBS has taken over the assets of frmer Credit Suisse the 2nd largest bank in Switzerland, and now the number one bank is a fraudster to boot
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Professor Elam
Weekend Aug 12 2023
A Federal Judge was concerned that Fried was tamperiing with witnesses.
His record setting $ 250 M bail was revoked and he is in jail awaiting trial.
Not so smart now, eh?
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Professor Elam
Friday Aug 11 2023
Your students are likely to have questions relating to the scheduled 2024 changes in the CPA Exam. In brief:
The exam will consist of the following three core sections:
1. Accounting and Data Analytics.
2. Audit and Accounting Information Systems.
3. Tax.
In addition to the core sections, candidates will elect to sit for one of the following three discipline exams:
· Business Analysis and Reporting.
· Information Systems and Controls.
· Tax Compliance and Planning.
The exam sections consist of multiple-choice questions and simulations, which are designed to replicate “real-world” practice cases.
The following link takes you to more detailed information from the AICPA:
https://www.aicpa-cima.com/news/article/aicpa-unveils-blueprints-for-redesigned-cpa-exam
Searching online for “2024 CPA Exam Changes” will provide you with a variety of descriptions of the new exam, many from organizations that provide CPA review courses.
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Professor Elam
Tuesday Aug 8 2023
Meet Ron Long by clicking here
This is my first run through with ACCT 5312 Forensic and Fraud. Real people who have been involved in real events, like former CFO Aaron Beam of Health South, have resonated well with past classes. Se below, Ron is the 'real deal' having investigated all manner of crimes as well as white collar crime. I have asked him to share his experiences wiith our class. I also anticipate having him in onn our team presentatios so we can learn from his actual experiences.
Ronald “Ron” Long is an author, educator and blogger. Ron’s works included five books, consisting of crime novels, drug education and police humor. Included in his writings are many newspaper, magazine and professional articles and publications. Education is also a top priority of this company, which offers a wide array of topics ranging from drug education and white collar/financial crimes, to business ethics and law enforcement classes. Dr. Dennis Elam co-anchors the financial crime and ethic classes, combining his experience of over 40-years in the financial world with Ron’s 35-years in law enforcement and corporate investigations, making this organization second to none. Keeping our readers on top of current events related to these topics make this website a must for individuals involved in the law enforcement and financial fraud arenas, along with those concerned about their children and America’s drug epidemic. Please bookmark this page and visit often, there is something on here for everyone!
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Professor Elam
Tuesday Aug 8 2023
Tucked away on page B5 in today's WSJ is an adf eaturing a guy named Keith. Keith is a Google Career Certificate Graduate. The ad claims there are already 70 M STAR workers. IT states many are held back by degree screens and stereotypes.
It directs the reader to
http://www.tearthepaperceiingorg
take a look
Professor Elam 