Big charities merge

Posted by & filed under Accounting Principles, Advanced Accounting.

Description: We often hear of corporate mergers in reading the financial press. But it’s not every day that we hear of the merger of two large charitable organizations. That did happen this past week, however, when the Canadian Cancer Society and the Canadian Breast Cancer Foundation joined forces. With declining revenues, the merger will help… Read more »

A rather expensive party

Posted by & filed under Advanced Accounting, Canadian Government.

Description: This year represents the 150th anniversary of confederation for Canada. And both the previous Conservative administration and the current Liberal government have been piling up the cash to help the celebration along. All told, $500 million has been budgeted to commemorate the anniversary in various forms. Meanwhile, the Department of Finance is predicting the… Read more »

Finally after seven years

Posted by & filed under Accounting Careers, Advanced Accounting.

Description: After seven long years, it looks like Nortel pensioners will have a better deal as this bankruptcy saga winds down. While pensioners are probably relieved to see issues settled, it has been a very expensive process. The total for legal and professional services paid out of the Nortel funds is over $2.5 billion, making… Read more »

Asset recycling

Posted by & filed under Advanced Accounting, Canadian governments.

Description: Asset Recycling is a fancy phrase  Canadian  governments are now using for what we used to call privatization – another invented word that grated on many when it entered the vocabulary. Asset recycling means that governments will sell off older ‘legacy’ capital assets – like in Ontario’s partial sale of Ontario Hydro – in… Read more »

Exxon and the SEC

Posted by & filed under Advanced Accounting, Auditing.

Description: The US Securities and Exchange Commission (SEC) is conducting an investigation into the way Exxon has been accounting for its oil reserves. The SEC – plus a number of  state authorities –  have been posing questions as to why Exxon has not joined other oil and gas producers in writing down the value of… Read more »

Profits up; time for cuts

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

Description: Despite the fact that profits are up, Scotiabank announced that it is cutting jobs and closing branches. With consumers moving more and more transactions online, and banks bracing for Uberization of the banking world, Scotia is looking towards an uncertain future. But Scotia is not alone. Other banks have been cutting as well, and… Read more »

Tax Expenditures

Posted by & filed under Advanced Accounting, Canadian governments.

Description: Have you ever heard of tax expenditures? Maybe you know them by some of their other names, such as the Public Transit Tax Credit or the Children’s Fitness Tax Credit. These tax subsidies, offered to select groups of Canadians – often those in higher income groups – tend to fly under the radar. Unlike normal … Read more »

50 Cents Worth

Posted by & filed under Accounting Careers, Advanced Accounting.

Description: Hip hop entertainer 50 Cent has lots of assets. The only problem is, he has even more liabilities. His application for bankruptcy hit a bit of a road block this week when an attorney representing the trustee’s office asked for a deeper look at the rapper’s finances. The questioning appeared to have been prompted… Read more »