The Last Lecture by Dr. Paush

Dr. Paush was diagnosed with terminal cancer. As a result he gave an upbeat and inspirational final last lecture at McConomy Auditorium. His lecture was powerful and discussed ways to accomplish childhood dreams. Dr. Paush's childhood dreams where to be in zero gravity, play in the NFL, authorize an article in the World Book encyclopedia, be Captain Kirk, win a stuffed animal, and be a Disney Imagineer.

Star Trek'in

Dr. Paush discusses in his lecture, that there are several very important lessons that he has learned throughout his life that have helped him to become a better person. Dr. Paush explains that getting criticized when trying to accomplish a goal is not a bad thing. He believes that being criticized means that there is someone who wants you to improve, and that not being criticized means that people have given up on you. Dr. Paush, also believes, that when things go wrong it is not all bad because you are still gaining the experience from failure, and experience is what makes you better prepared for the future. Finally, Dr. Paush discusses that the role of a leader is to empower others to obtain greatness, and that with faith and patients your team will accomplish the goal they set out to achieve.

To conclude, Dr. Paush's last lecture to be very educational and inspiring. I believe that he does a great job of explaining his thoughts on how to achieve a goal. I hope when I am nearing the end of my life and on my death bed, that everyone can look back and be proud of my accomplishment just as Dr. Paush was able to do. Rest in Peace Sweet Prince
source: youtube, Roberts

Accounting General Accepted Accounting Principles


The U.S. has abided by General Accepted Accounting Principles (GAAP) since 1967. These principles, which provide guidance, are actually required in the U.S. to assist investors and creditors in properly evaluating a company's financial standing; thus, it helps creditors and investors make intelligent decisions. Yet, recent criticism is encouraging the U.S. to change these standards. Critics suggest that the U.S. use International Financial Reporting Standards (IFRS), a set of accounting standards first used in 2001 and now partially used by over 100 countries. The rapid growth of countries has increased the pressure on U.S. companies to become IFRS compliant. With the increased pressure, the Financial Accounting Standards Board (FASB) has begun proposing new standards that would ultimately help the U.S. and GAAP converge with IFRS.


There are numerous differences between IFRS and GAAP, with one of the main differences being the offsetting of assets and liabilities on the balance sheet. Offsetting, or “netting”, is the presentation of assets and liabilities as a single amount in the balance sheet. The following conditions must be met when an entity offsets a liability and asset under the given set of standards:

Under IFRS:
• Currently have a legally enforceable right to set off the recognized amounts

• Intend either to settle on a net basis or to realize the asset and settle the liability simultaneously.

Under GAAP:

• Each of two parties owes the other determinable amounts

• The reporting party has the right to offset the amount owed with the amount owed by the other party

• The reporting party intends to offset

• The right of offset is enforceable by law.

However, according to PricewaterhouseCoopers, GAAP allows an exception to its intent condition for derivatives executed with the same counterparty under a master netting arrangement. An entity may offset:
1) Fair value amounts recognized for derivative instruments; and 2) Fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value. 

Entities must adopt an accounting policy to offset fair value amounts under this guidance and apply that policy consistently (KPMG)
These different offsetting conditions and requirements can cause a substantial difference between amounts recorded under IFRS and GAAP. Seeing that the main difference is the policy regarding derivatives, it can be expected that companies with large derivative activities will especially have vast differences in amounts recorded between the two set of standards.

“For example, reporting under IFRS, Deutsche Bank’s total assets amounted to US$2,146 billion, of which 40 per cent (or US$863 billion) were derivatives. In contrast, reporting under U.S. GAAP, J.P. Morgan’s total assets amounted to US$2,032 billion, of which only 4 percent (or US$80 billion) were derivatives. Furthermore, should J.P. Morgan have to report under IFRS, they would have reported US$1,485 billion of additional assets (ISDA).” cited by tmuel
The importance of understanding an entity's financial standing, or assets and liabilities in this case, must be noted. It will enable users of financial statements to properly compare entities and their risk, which is why the FASB and IASB are continuously working together to bridge the gap. Needless to say, the treatment of offsetting derivations is a major concern in converging IFRS and GAAP.


A derivative can refer to a variety of financial instruments whose values are derived from one or more underlying assets, market securities or indices. In practice, it is a contract between two parties that specifies conditions under which payments are to be made between the parties. Conditions are dates, resulting values and definitions of the underlying variables, the parties' contractual obligations, and the notional amount. The most common underlying assets include: commodities, stocks, bonds, interest rates and currencies (Hall).

Derivatives, which are not bought or sold like other financial instruments, are carried at fair value and managed on a portfolio basis. Although the management of derivatives and bonds is different, the risk can be the same. The International Swaps and Derivatives Association (ISDA) gave the following example:

“If an entity buys an IBM bond, it is exposed to the risk of default of IBM. If the entity sells the bond, both the (i) risk of default and the (ii) bond disappear from its balance sheet. In contrast, if an entity executes a derivative contract that exposes the entity to the risk of default of IBM, the entity may not sell the derivative; it may enter into an offsetting derivative contract. The two contracts must remain in the balance sheet until maturity. However, the entity will not have a risk of default of IBM anymore. As derivatives contracts are usually traded in large numbers throughout the day, the result may be an accumulation of transactions11 in the balance sheet even when the risks are cancelled out.
To be expected, banks and financial institutions are affected the most by the difference between the two standards.


Changes must be made in regards to “netting” or “offsetting” to better compare global financial statements. Even the Chairman of the IASB, David Tweetie, stated “the fact that companies can [...] report IFRS balance sheet figures that are double the size of their US GAAP numbers is not acceptable in global capital market (FASB).” In hopes of resolving the differences in offsetting assets and liabilities, in early 2011 the IASB and FASB drafted a proposal. The proposal provided more “narrow conditions” than what was and is used by GAAP. Despite the major attempt to find a solution, there was much backlash from stakeholders. Using feedback from stakeholders, the FASB and IASB ultimately decided to retain their offsetting models; however, they issued disclosure requirements to assist financial statement users in evaluating, comparing, and investing and to improve transparency in regards to how companies mitigate credit risk. The new disclosure requirements, which help bridge the gap between IFRS and GAAP, are listed below:

Amendments to IFRS 7

For financial instruments that are set off with IAS 32.42, these new disclosures are required in tabular form:
a) the gross amounts of those recognized financial assets and recognized financial liabilities;

b) the amounts that are set off when determining the net amounts presented in the statement of financial position;

c) the net amounts presented in the statement of financial position;

d) the amounts subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph b), including:

i) amounts related to recognized financial instruments that do not meet some or all of the offsetting criteria;

ii)amounts related to financial collateral (including cash collateral); and e)the net amount after deducting the amounts in d) from the amounts in c) above.

Amendments are to be applied retrospectively for periods beginning on or after 1 January 2013 and interim periods within those annual periods. Earlier application is permitted. Also, IFRS clarified is offsetting standards with the following Amendment to IAS 32, which are effective for annual periods beginning on or after 1 January 2014, and are applied retrospectively: an entity currently has a legally enforceable right to set-off if that right is: not contingent on a future event; and enforceable both in the normal course of business and in the event of default, insolvency or bankruptcy of the entity and all counterparties; and gross settlement is equivalent to net settlement if and only if the gross settlement mechanism has features that: eliminate or result in insignificant credit and liquidity risk; and process receivables and payables in a single settlement process or cycle. (KPMG)


With IFRS' popularity rampantly growing, people often question why the U.S. does not adopt IFRS altogether. With further look, one will see several deficiencies in IFRS. In the case of offsetting derivatives, GAAP once again provides better information for financial statement users. Even the IASD said it “believes that the current U.S. GAAP principles are superior because they provide robust offsetting principles to facilitate investors’ evaluation of relative balance sheet size, leverage, returns on investment and overall financial condition. We believe that U.S. GAAP provides the best reflection of an entity’s solvency and its exposure to credit and liquidity risks for both derivatives and repurchase agreements.”
It is important that the balance sheet is presented accurately and fairly, and not overstated or understated. Presenting “net” (GAAP) instead of “gross” (IFRS) on the balance sheet is favorable for a true reflection of a company's financial standing. Needless to say, in a time when the accounting profession is being more relied on than ever to prevent financial crises, the U.S. must stick to its stronger and stricter principles which have an informational advantage.


The benefits of having a global set of global accounting standards would be astronomical. Having one set of standards would give users of financial statements a better ability to evaluate an entity's financial standing; also, it would help investors and creditors make intelligent decisions. With the U.S. under pressure to comply with IFRS, the IASB and FASB have made major strides in converging standards. But by not immediately giving into pressure to adopt IFRS, the U.S. has also given the IASB incentive to provide stronger and improved standards. In the case of offsetting derivatives, a solution was not met in the form of a new standard, but both the FASB and IASB agreed on new disclosure requirements which will help give a better picture of an entity's financial standing.
cited by tmuel

Developing a Marketing Plan

Developing or Implementing a Marketing Plan are you?
Marketing plans have to change over time. This is the nature of the economy and the business environment today. Mr. Beattie, the author of the article, assumes in the article that consumers are ultimately lazy- to the effect that they rely on marketers to reach them to tell them about the latest and greatest products. For businesses to succeed in marketing five key areas are analyzed.
Who is doing the buying of the product? A mother shopping for groceries for her family is certainly a different consumer than a college student shopping at the same retailer for a frozen pizza.
Next, the goal of every successful business is they understand what makes a consumer spend their hard-earned money. What triggers consumers to go to a store and purchase an item, is it a need or a want? Understanding these questions is key to a successful marketing campaign. Relating to our mother and college student example, who is involved in the purchase? For the mother, she is feeding her family. The article suggests at all times there is more than one person involved in the purchase of the item. So, looking at the college student buying a frozen pizza, lets take the small probability that he's going to eat the entire pizza alone. How did he get that money? Did his parents support him or did he have to work? If he's not going to share with him roommates, and assuming the laws of physics dictate he is physically incapable of finishing the entire pizza, who will get their hands on the left overs. There are always external variables and other people involved in a purchase.

It is so vital, especially for advertisers, to know where their customers are getting their information. Television commercials convince mothers (and females in general who are considered the primary grocery purchaser) what is healthy and what is nutritional and thus beneficial to feed their kids.
What is the timeline of the marketing plan? If it selling food products needs a quick sale and high volume and thus proactive marketing. Services may be long-term and can be established over time.
"I'm All Hopped-Up on Mountain Dew"
In conclusion, a marketing plan must be drawn up by a marketer who understands the customers, where they are getting their information, what triggers the purchase, the timeline for the marketing plan, and ultimately that many people are involved in a purchase even if one person buys the item. The marketing plan must be changing constantly over time.

Quick Review
Knowing where the target buyers get their information is one of the most important steps, especially for advertising. [True]

Which of the following is true of a marketing plan?
a. a marketing plan is always being reevaluated and changing
b. a marketing plan cannot be changed
c. a marketing plan is not useful to a business
d. if a business uses a marketing plan it will fail
[Answer: A]

Greek Woman: Alpha Kappa Alpha, Delta Sigma Pi, Greek African American

>* How have you contributed to your particular organization’s promotion and advancement?
Since we have become a member of Alpha Kappa Alpha Sorority, Inc., we have made it a priority to advance this organization beyond its usual means. As the current Vice President of the chapter, we are working hard so that we are promoted in the right light. This is done through positive activities such as making sure we participate in collegiate activities, helping out around the community in activities such as our ongoing project entitled Community Garden and participating in Relay for Life. Not only are we serving our community to its highest capacity, a positive reflection of our sorority also comes out of this. We continually push the members of this illustrious organization to get out on campus and in the local Louisiana community and serve so that we can promote our organization and advance.

What can fraternities and sororities do in the future to improve their image at the Tech University?
Our organization’s image starts with our personal behavior and image. Each individual must uphold the image in a light in which they wish their organization to be looked at. So events, forums, activities about being a better, more professional team member in your organization is one way to improve an organization’s image. Other ways are simply participating in events. If an organization lacks to assist in on-campus events, then their appearance to Tech faculty and students might seem as if they are not doing anything at all. Also, more community participation. For all organizations, but mainly the Divine Nine, parties should not be our highlighted event for a quarter.

To us, being Greek means being a part of an organization that one not only whole-heartedly loves, but is willing to do anything for. Being Greek says, "We became a part of this organization and it’s a part of us." We will work our hardest to keep this organization. The same dedication and drive we had when fighting for membership, we will have while we work upon membership. But being Greek is also about fighting stereotypes. We are NOT a member of a “partying” organization. We do more than socialize. We are a part of an African American organization that is about being of service, TO ALL MANKIND.

>>>>**** Organizations:
• Delta Sigma Pi (professional business frat swag)
• SOCA walk/run-raises funds for garden in local impoverished area
• Relay for Life Team Captain Community Service:
• Community Garden (painted fences, planted flowers, provided snacks for kids)
• Played Bingo at Alpine Nursing Home
• Relay for Life (Made cookies to sell for the fraternity, participated in the walk)
• Various forums on money management, health, domestic violence
• Cleaned campus –trash day

• Painted faces at Shaney’s birthday bash-raise funds for kids with Multiple Sclerosis
• Big Event

• Went to IA Harold Middle School to talk to the girls about bullying and peer pressure
• Hosted an event for middle aged girls to discuss things such as hygiene and career paths

Offices for Alpha Kappa Alpha:
• Pledge Class Secretary
• Treasurer Vice President Offices for Delta Sigma
• Vice President of Pledge Operations
• Financial Secretary

Upon graduation, let it to be said that we worked hard for Alpha Kappa Alpha Sorority, Inc. That although we had two paid jobs and a full course load of classes, we gave my all to this organization and made my founders proud. We want everyone in my organization and all others to work just as hard and even harder as we feel we have to offer. We want to graduate knowing that the Divine Nine organizations, especially Alpha Kappa Alpha Sorority, Inc, will only get better.

Universities in France, the French way of Marketing Services and Products, Journal


A 3 Part Journey Into French Marketing with America's Southern College Students

Product 1: 
Slim Sodas
Many Europeans do no fit the "YuroPoor" StereoType
Shortly after arriving at our hotel in Paris we were given free time to exchange currency and get a quick bite to eat. Since we had already exchanged my currency, college cranium stopped at a small souvenir shop near the hotel to get something to drink. We asked the clerk for a coke from the refrigerator behind the counter and noticed that the packaging was much different from the U.S. The sodas were tall and slim, similar to a Red Bull can. In the U.S. sodas are short and stout. The tall, slim packaging in Europe is much more attractive.

Product 2:
Dinner on the Seine River

After a long day of walking and touring Paris we all met up around 8:00pm in the hotel lobby to go to our last stop of the night. This was the dinner cruise on the Seine River and probably one of my favorite moments in Paris. The boat was transparent on both sides to allow you to see the panoramic night views of the French architecture and monuments. It was nothing like I have ever seen before. As we floated along the Seine River dinner was served. I noticed the portions were much smaller than the portion sizes in the U.S. Also, there weren’t many options as there are in America. Our menus are much more elaborate and detailed with entrĂ©e and side options. The menu in France was very limited and did not give you an option to substitute sides. None the less, the dinner was beautiful and I enjoyed every minute of it!

Product 3:
YSL perfume promotion

After dinner I decided to visit the Eiffel Tower. The Eiffel Tower was right across the street from the boat cruise so I purchased my ticket in advance. I had about forty-five minutes until the time of my tour, so I walked around the streets of Paris to waste time. The street that ran in front of the Eiffel Tower was Quai Branly and I explored to sites on that street to stay close. I noticed that some of the buildings had large posters on them as advertisements. In America we use different forms of promotions like billboards to gain the attention of drivers or pedestrians passing by. In France, they use building to post promotions and it seemed to be a popular technique.


Service 1:  
The Metro

Riding the Metro was Amazing

Our first day in Paris was very eventful. We explored Paris mostly by foot, but we also used another form of transportation, the Metro. This process is much different than what I’m used to in the U.S. I drive my car everywhere I need to go. In France, it is more convenient to use the Metro. First, you purchase tickets from a booth. (One ticket can take you anywhere you want to go!) Second, you scan your ticket and cross through a set of bars. You then go down an escalator to this underground “subway”. It is important to pay attention to the direction the train is traveling or you will end up on the wrong end of town, as I did several times!

 Service 2:
Taxi Driver

After visiting the Eiffel Tower it was pretty late and my torn up map of the city was not going to help me get home. By this time I had nearly been up for 24 hours and was too tired to walk to the hotel anyway. I decided to wave down a taxi to drive me back to the hotel. When the driver pulled up, he rolled down the window to ask where I was going, in French of course. I showed him the hotel business card and he told me to get in the taxi. In the U.S. they would typically open the door for you and provide better customer service. While driving me to my hotel, the driver was talking on his cell phone and smoking a cigarette. This was very different from what I am used to and extremely unprofessional.

Service 3: 
Hotel Balmoral front desk 

This is what our Balcony's looked like, such a great service for foreign college students!

After checking into the hotel we received the keys to our room and they were literally KEYS! In the U.S. if you check into a hotel you receive a card key that you scan to access your room, the elevator, and even sometimes the front door to the hotel. You are to keep this key with you at all times. When leaving the Hotel Balmoral the hotel clerk held onto the key at the front desk. When you returned, you told him the room number you were staying in. They then grabbed the key from a key rack behind the desk and gave you the key to your room.