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January 28, 2023

Accounting News Roundup: Bad Accountant Speaks Badly and FedEx’s Non-GAAP Accounting | 11.30.16

Accountants behaving (and speaking) badly

Way back in March, we mentioned Jennifer Edelbrock, an accountant who pleaded guilty to stealing nearly $20k from a VFW in Spencerville, Ohio. At that time, she made a bad joke that no one laughed at. This week at her sentencing, Mrs. Edelbrock's words came back to bite her again:

A prosecutor was a little perturbed Tuesday by the statement a former Delphos accountant made who stole money from a veterans group saying she was just “trying to make ends meet.”

“I want the court to put this in perspective. This is not Jean Valjean from Les Miserables stealing a loaf of bread to feed her family,” said Terri Kohlrieser, an assistant Allen County prosecutor.

Edelbrock's defense attorney tried to explain that "she wanted to find a way to pay back the money she stole," but the prosecutor wasn't having it:

“When we talk about making ends meet I don’t think Mrs. Edelbrock understands what it really means to make ends meet,” Kohlrieser said. “What she couldn’t do is keep up with the Joneses. Having the nicest car, a pool, is the things for her that were making ends meet.”

Three year probation and restitution seems like a pretty fair deal in return for being embarrassed in court twice.

Non-GAAP worries: FedEx edition

Francine McKenna notes the back and forth between the SEC and FedEx over the latter's failure to follow the new non-GAAP guidelines issued in May.

Has Donald Trump released his tax returns?

Nope! And this USA Today article surmises that he could even torpedo the tradition of presidential tax returns being audited with the appointment of an IRS Commissioner who doesn't wish to enforce the provision.

Elsewhere, DJT wants Wilbur Ross as Commerce Secretary and Steve Mnuchin at Treasury. Also, Trump will make a speech about "Leaving My Great Business" on December 15th. John Buhl from the Tax Foundation has some good thoughts on Trump trying to save jobs at the Carrier plant in Indiana. Oh, and former Vice President Dan Quayle stopped by Trump Tower "virtually unnoticed."

University partner viewpoint: Leaders bring a PMA

From the University of Scranton: Trying to become a better leader means doing lots of things that people don't want to do. That includes keeping a positive outlook when things take a turn for the worse:

No work situation is without challenges and stress. Keeping a positive outlook when problems arise helps your team focus on addressing problems, not poor morale. Projecting confidence in times of crisis isn’t just good sense—it’s a key part of the role of a manager.

Since it's virtually impossible to be positive in every situation and circumstance, this is one of those "fake it 'til you make it" qualities. 

Previously, on Going Concern…

Rachel Andujar wrote about having too many career options. In Open Items, someone needs advice about partner ethics (or lack thereof).

In other news:

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