Six Unions; Only One Contract

Posted by & filed under Financial Accounting, Student life.

Description: Workers at six Starbucks locations in Alberta and British Columbia have formed unions. But so far, only in one store in Victoria has the new union actually reached a collective agreement with management. Until that first contract is in place, union members do not pay dues. It will be interesting to watch ongoing developments… Read more »

Questionable Conduct at Laurentian

Posted by & filed under Auditing, Student life.

Description: In a special report on the Laurentian University financial crisis, Ontario Auditor General Bonnie Lysyk showed that senior management at the school erred by declining government assistance and heading straight to bankruptcy. Lysyk found that the Laurentian senior management and board of governors relied on external advisors in opting for the bankruptcy route, rather… Read more »

Swift Rebuke

Posted by & filed under Financial Accounting, Marketing & Strategy.

Description: Taylor Swift called it “excruciating.” That’s her take on the fiasco that saw frustrated fans struggling to secure tickets for her upcoming tour after waiting it out for hours. Swift and others see this as a signal that Ticketmaster – and its parent company Live Nation – are broken. Calls are emerging to investigate… Read more »

That’s a Big Fraud Doc!

Posted by & filed under Fraud.

Description: An Alberta physician, Dr. Yifei Shi, has been convicted in what has been called the largest doctor billing fraud in the province’s history. In addition to a four-year prison term, Dr. Shi will have to repay $827,077 to the province. Dr. Shi will also face scrutiny from the College of Physicians and Surgeons of… Read more »

Insolvencies Up

Posted by & filed under Accounting Principles, Student life.

Description: Insolvencies in Canada were up 22.5% over the same quarter last year. Statistics Canada said this was the largest year-over-year increase in 13 years. During the pandemic, a number of government programs seemed to have helped businesses and consumers to avoid this level of financial difficulty. But the rise of inflation, increasing interest rates,… Read more »

Silence at Sobeys

Posted by & filed under Accounting Careers, Accounting Principles.

Description: Sobeys has gone virtually silent in the face of an apparent data breach last week. Customers at Sobeys and other related Empire Company stores, found themselves unable to process transactions normally. Problems included filling prescriptions at the pharmacy. Another food company, Canada Packers, also had similar problems last week, but it took a different… Read more »

No Gold Here

Posted by & filed under Accounting Careers, Financial Reporting and Analysis.

Description: Did you know that the Bank of Canada, unlike central banks in a number of other nations, does not hold any gold reserves? About twenty years ago the Bank sold off all of its gold holdings, claiming the cost of holding gold and the higher returns available from foreign bonds made gold a bad… Read more »

A Good Month for Jobs

Posted by & filed under Auditing, Canadian Economy, Student life.

Description: October was a good month for the Canadian economy with 108,000 new jobs added, exceeding projections by a factor of ten. Because more Canadians were actually looking for work last month, the unemployment rate remained steady at 5.2%. Despite the good news on the employment front, a higher number of Canadians report having trouble… Read more »