Five Things You Should Read

May 15, 2019

Top 5 worst office distractions and Autonomy ex-CFO jailed for 5 years over fraud.

Autonomy Ex-CFO Jailed for 5 Years over HP Fraud

pymnts.com

Sushovan Hussain was convicted on 16 counts of wire and securities fraud last year, related the $11 billion sale of the software company to Hewlett-Packard in 2011. Hussain was found guilty of making false statements to investors about Autonomy’s performance, which led to HP writing down the value of its acquisition by $8.8 billion.

AICPA Requests Lease Accounting Implementation Delay for Private Companies

Journal of Accountancy

The AICPA Private Companies Practice Section’s Technical Issues Committee (TIC) has asked FASB to delay the private company implementation date of its new lease accounting standard, citing overload for private company financial statement preparers. “They are still working through rev rec,” TIC Chairman Michael Westervelt, said in a phone interview. “Rev rec is such a significant change in standard. It’s one thing to figure out the accounting. It’s another thing to make sure you have the systems in place to properly account for things going forward.”

Don't Delegate AI to Your Data Scientists

McKinsey & Company

It may seem logical to delegate artificial intelligence (AI) to data-science leaders and teams. But executives should provide guidance to help analytics teams build and use AI responsibly. Clarify how values translate into the selection of AI applications, provide guidance on definitions and metrics used to evaluate AI for bias and fairness, and advise on the hierarchy of company values.

Are You Actually Considered Wealthy?

Bloomberg

In Charles Schwab’s annual Modern Wealth Survey, the amount people said it took to be considered rich averaged out to $2.3 million. Interestingly, it seems that wealth is in the eye of the beholder. Among baby boomers the average net worth you need to be considered wealthy is $2.6 million, 35% higher than what millennials envision.

Top 5 Worst Office Distractions

Quartz

Here are the most disruptive office distractions, ranked from worst to least worst, based the percentage of respondents who described them as causing moderate to very high distraction levels: A co-worker talking loudly on the phone, co-workers talking nearby, phone rings or alerts, office celebrations (birthdays, retirement, new babies, etc.), and nearby group meetings.