Bed Bath and Beyond Insolvent

Posted by & filed under Accounting Theory, Advanced Accounting.

Description: The Canadian division of retailer Bed Bath and Beyond is seeking protection under Companies’ Creditors Arrangement Act. The US parent company has been experiencing financial problems of its own, declaring it cannot provide the type of support the Canadian operation requires. The company has around 400 full-time employees in Canada with another 1,000 or… Read more »

MUN at Fogo Raises Eyebrows

Posted by & filed under Advanced Accounting, Student life.

Description: Memorial University of Newfoundland and Labrador (MUN), is drawing some heat for spending close to $60,000 of its funds on a conference at the luxury hotel on Fogo Island. MUN defends the move, noting that it booked the rooms at $350 a night, versus the $2,875 cheapest listed rate the hotel normally offers. MUN’s… Read more »

Rogers-Shaw Deal Approved

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

Description: Rogers Communications has received approval from the Canadian Radio-television and Telecommunications Commission (CRTC) for its $26 billion plan to purchase Shaw Communications. As part of the approval, Rogers must provide over $27 million to support specific initiatives, including support for local news. Rogers must secure separate approval from the Competition Bureau and Innovation, Science… Read more »

Green Bonds

Posted by & filed under Advanced Accounting, Sustainable Development.

Description: This past week Ottawa carried out its first sale of green bonds. The federal government raised $5 billion in the transaction, with the proceeds slated to be directed towards fighting climate change. These bonds have an interest rate of 2.25%, two basis points lower than federal bonds of a similar maturity. Trevor Bateman, of… Read more »

Here’s a Good News Story!

Posted by & filed under Advanced Accounting, Canadian Economy, Student life.

Description: Canada’s economy is back! Back to pre-pandemic levels that is, with Canada adding over 300,000 jobs in February, knocking the unemployment rate down to 5.5%, below what it was in March 2020, and close to Canada’s all-time low. Desjardins economist Royce Mendes noted that “businesses in accommodation and food services and information, culture and… Read more »

Reitmans Out of Protection

Posted by & filed under Advanced Accounting, Corporate Strategy.

Description: Fashion chain Reitmans is exiting creditor protection after 20 months. The company, with HQ in Montreal, has paid its creditors roughly $95 million, about 1/2 of the amount owing based on public disclosures provided by the monitor Ernst & Young Inc. in September 2020. Between its Reitmans brand and its related stores, RW&CO and… Read more »

Paypal & Pinterest

Posted by & filed under Accounting Principles, Advanced Accounting.

Description: The Covid crisis has been good for business at PayPal as consumers have used the online payments firm to process transactions during the boom in e-commerce during the lockdowns. Now comes word that the payments processor has an interest in Pinterest in a bid to enter the social media space. PayPal’s offer of $45… Read more »

See You in Court?

Posted by & filed under Advanced Accounting, Auditing.

Description: Last week this blog raised the matter of how the Auditor General of New Brunswick has been denied access to a government-created investment firm called Vestcor. This week, well-known accounting scholar, Dr. Steven Salterio, the Stephen J.R. Smith Chair of Accounting and AuditingĀ at Queen’s University in Kingston, Ontario, weighed in on the issue. Dr…. Read more »

Nothing to See Here

Posted by & filed under Advanced Accounting.

Description: Nothing to see here, at least for the Office of the Auditor General of New Brunswick when it tries to find out about taxpayer money inside a government-created entity called Vestcor. Vestcor was legislated into existence by the Province in 2016, changing the organization managing pensions for civil servants into a private organization. It… Read more »