Earnings Management: The Border

Continuing debate as to when earnings management is wrongful, or whether it is always wrongful. When does earnings management become unfair presentation? When does unfair presentation become fraud? Since that which is unfair presentation will depend on the audience type and audience familiarities with the uses and limitations of accounting information…well, is unfair presentation, when such occurs, always fraudulent as well? It all blends…

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The Santa Suit

Came across The Santa Suit and couldn’t stop watching. Scrooge toy manufacturer who becomes otherwise; finding his “inner Santa”:

Hallmark TV movie. Friend watching it with me started to laugh. “You can’t stand Christmas, yet you get caught up in a film like this?”

Attracted to the imagery, maybe, yet can’t handle the reality.


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In terms of the bliss

Just don’t know
What it is

And where one person prefers torment, an exchange between friends:


I don’t think you have anything to worry about. Bliss would take one look at you and, realizing you would refuse any offering, would turn and quickly and walk in the opposite direction.


Bliss will not quickly walk away. Bliss will quickly run away, accompanied by howlings and gestures of frustration and despair (assuming Bliss can despair…) How can this guy be such an AULDE FOOLE? (me, not Bliss)

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In “Keep The Publishing“, wrote about how Randy Bachman has been waiting for decades to have Burton Cummings either assign, or let Bachman buy, Bachman’s portion of their jointly written songs that Cummings now solely owns. It was an issue in 2014, at the time of Bachman’s biography. It was also an issue in 1988, at the time of the release of a Guess Who retrospective collection, where Bachman did not attend the album release party:

He credits Bachman with helping him refine his composing skills. “It was chemistry. I learned a lot from him because I was only 18 when I joined the band in December 1965. I was so intimidated. Then, when Randy left, Kurt (Winter) and I fell into the writing pattern. We had a lot of common ground. He’s one of my fondest writing partners.”

While Cummings said he’s still friendly with Peterson and Jim Kale, he admits the chemistry has soured between him and Bachman. “There’s terrible vibes between him and me,” he said. “I’ll probably never talk to him again. It’s too bad, because last year Bachman and Cummings went out and did about 60 concerts, mostly in the States, and the band was sensational. I’d been singing better than I had in years because the inspiration was there. The people just went nuts. Not only did we have some great new material but between the Guess Who and BTO and my solo stuff, we had about 2 1/2 hours of hit records.”

Cummings said the plan went awry — and a possible international deal with it — when Bachman refused to continue unless Cummings gave back Bachman’s part of the Guess Who publishing catalogue, which Cummings has owned since 1977.

“That’s just business,” he said. “When the catalogue came up for sale, I was lucky enough to hear about it. Otherwise, all those copyrights would have been lost forever. None of us would ever have seen them again.”

That explains Bachman’s absence from the album’s release party in Toronto. “Just business”, over decades…

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Some immigrant song

From Anne Kingston, “How the PM’s residence became a nightmare at 24 Sussex”. Maclean’s, November 21, 2015:

It’s a heritage property, says Ottawa architect Barry Padolsky: “Why replace something old and wonderful with something new and wonderful, when we’re losing part of our legacy? That’s 1950s thinking. It’s 2015.”

From this:

24 Sussex before 1950

…Renovations to 24 Sussex between 1949 and 1951 neutralized the exterior; they also extracted historical grandeur. Bay windows, wood panelling, marble fireplaces, gingerbread trim were removed. So was a morning room, a coach house, the porte cochère and turret. Left intact: the coffered dining room ceiling, one mantel and two chandeliers. Such “modernizing” was typical in a new country built by immigrants, says Padolsky. “Everything new was good, everything old needed to be trashed.”

To this:

24 Sussex after 1950s renovation

One could analogise with the “wisdom” of the move and “renovation” of the Ottawa train station, once an architectural marvel in the downtown core…but not now.

Wanted to find the names of who did this to 24 Sussex. Couldn’t find them easily.

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Examination Priority

Listening to CBC Radio. Playing interview from players’ dressing rooms prior to 1947 Grey Cup game between the Winnipeg Blue Bombers and the Toronto Argonauts. Interviewer is Monte Hall. Mention made that Beef Carr-Harris won’t be able to play the game. “Beef”, otherwise known as Phil Carr-Harris, had to miss the 1947 Grey Cup game because he was writing his examinations to become a Chartered Accountant. At that time, there were different exam levels. He must have ended up passing them all, since he is mentioned in a 1951 issue of the Canadian Chartered Accountant.

Can’t find much about him afterwards.

So he made a choice. Still considered to be a member of the winning team.

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B.C. Premier W.A.C. Bennett prepares to shoot burning arrow to eliminate B.C. debt.
Source: John Mackie, This week in history: 1959–‘The burning of the bonds’
Vancouver Sun, July 30, 2015
As reprinted in Windsor Star

Wrote about Amor de Cosmos, the second premier of British Columbia. Encountered him referenced in article by Thomas Walkom on Bill Vander Zalm, “Re-enter stage right (Toronto Star, June 20, 1998, pp. E1, E4), relating to former B.C. premier Vander Zalm assuming interim leadership of the Reform Party of British Columbia. As Walkom highlighted some elements of B.C. politics:

For British Columbians, this harkens back to the heady days of the late 1980s when Vander Zalm was Social Credit premier and no one knew exactly what he would say or do next.

When he took office in 1986, the former suburban major just seemed normal for a province that has long prided itself on its eccentric politics.

B.C.’s first premier [actually, its second, the first being John Foster McCreight], Bill Smith, used the name Amor De Cosmos and was thought to have been mad.

In 1914, premier Richard McBride bought submarines for a B.C. navy that didn’t exist.

And in the 1950s, the province’s first Social Credit premier, W.A.C. Bennett, earned the nickname Wacky for his stunts–including an attempt to eliminate the provincial debt by shooting a flaming arrow on to a barge laden with B.C. bonds…

By comparison, Vander Zalm–premier from 1986 to 1991–was relatively sedate…

Even if Vander Zalm manages to remake his public image (as, he points out, the late Quebec premier Robert Bourassa did so successfully), he faces a number of daunting challenges.

B.C. Reform is difficult. The party, which is not affiliated with Preston Manning’s federal reformers, is so conservative that it repudiated its only two sitting MLAs after they voted for a same-sex rights bill.

One joined the Liberals; the other sits as an independent.

As well as having no official leader and no sitting members, it has almost no money.

Even so, B.C. Reform is tied with the governing New Democrats in the polls. And this is British Columbia, where political theatre has become an art form…

Recently the [B.C.] Liberals made headlines when it was revealed that for 10 years, one of their MLAs had been regularly writing letters to the newspapers praising himself–under a false name.

Paul Reitsma, alias Warren Betanko, was expelled from the Liberal caucus in April and is the subject ot a recall petition.

In this kind of world, the political reincarnation of Bill Vander Zalm seems more believable.

As eccentricity is relative to what norm…

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