I guess people were paying less . . .

Posted by & filed under Financial Reporting and Analysis.

Description:   With too much debt and too much inventory, Payless Shoes will be seeking bankruptcy protection. All of its almost 250 stores in Canada will be shutting down. The company missed its February rent payments on most of those stores, signalling bad news for employees and landlords. One has to wonder if online sales may… Read more »

Remembering Enron

Posted by & filed under Ethics.

Description:   Well it was one of the most spectacular corporate failures of this century, the sudden decline of Enron. The crash of this company put thousands out of work, ruined their pensions and left stockholders holding worthless shares in a former stock market darling. As well, Enron took down one of the world’s largest accounting… Read more »

Fines for Facebook?

Posted by & filed under Data security, Financial Accounting.

Description:   Now it looks like all of Facebook’s privacy issues may be going to cost the company big fines. Regulators at the Federal Trade Commission – otherwise known as the FTC – are in discussions with Facebook over what may turn out to be the largest fine the agency has ever imposed. Last March the… Read more »

So much for cheap cellular

Posted by & filed under Contemporary Business Issues.

Description:   A few months ago, Canadian regulators issued a decision Canadian consumers were tantalized by: cheaper cellphone rates. But the industry watchers appear to be underwhelmed by the results. One of the experts called the new plans being offered “pretty much a joke.” Canadians remain behind other nations in terms of the amount of data… Read more »

Amazon and New York

Posted by & filed under eCommerce.

Description:   Amazon has pulled the plug on setting up a second HQ in Long Island, New York. Opposition had been rising to the approximately $3 billion in tax breaks Amazon was due to receive from putting offices in the Empire State. The argument seems to break down on two sides: one claiming Amazon is bringing… Read more »

MLAs looking for answers

Posted by & filed under Accounting Careers, Internal control.

Description:   Nova Scotia MLAs on the Public Accounts Committee were looking for answers this week in terms of what had gone wrong at the IWK Health Centre. Several months ago the former CEO and CFO of the region’s largest children’s hospital were charged for their handling of expense account issues. In further questioning, MLAs zeroed… Read more »

The Lavalin issue(s)

Posted by & filed under Ethics.

Description:    This past week, Parliament was dominated by just what Justin Trudeau may – or may not – have done to intervene in the so-called Lavalin affair. If we look at SNC-Lavalin’s recent history, however, we quickly realize the engineering firm is no stranger to controversy. The stakes are high in the charges it… Read more »

The fees of flying

Posted by & filed under Corporate Strategy.

Description:   Really – no really – apparently there was a time when airline travel was fun. One of the things that has taken some of the fun out of flying is the growing bevy of fees. Fees for Luggage. Fees for a cold beverage. More fees to pick your seat. All these fees keep creeping… Read more »

The other two teams at the Super Bowl

Posted by & filed under Accounting Theory.

Description:  While the Patriots and the Rams draw the focus for the Super Bowl in Atlanta, take a moment to consider another big contest that has been playing out all week: Coke versus Pepsi. Pepsi is an official Super Bowl sponsor, so it should normally get all the attention inside the zone surrounding the Super… Read more »

Surprising CRA survey

Posted by & filed under Ethics.

Description:  In what might be called an ethics survey of Canadian tax preparers, the Canada Revenue Agency has some surprising results. While about 60% do feel failing to report cash income is a serious issue, about half of those preparers don’t see much wrong about a charity giving an inflated tax receipt. Professor Ian Lee… Read more »