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Note: This was written by a friend in the firm. Enjoy reading! 🙂

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YEY! 2 YEARS na kaming ON…


Just celebrated two unparalleled and labor-intensive years full of life, laughter, learnings, lessons, lamentations, leisure and luck. Happy second anniversary to my stay @ SGV & Co. Let me celebrate this by sharing with you random thoughts as they relate to auditing and accounting. (May Chapter 2 pa to. Un nga lang, pina-plano ko pa lang kung audit-related pa ba?..hehe. Sa ngaun, sapat na ung number 20 dito sa list…) HAPPY READING!

1. On my stressful look – That’s where you apply the concept of SUBSTANCE OVER FORM.

2. On my weight – eto ung GAIN na iniiwasan mong ma-earn at ayaw mong ma-recognize ng mga taong may INTEREST sa’yo…swak!!!

3. On my experience in the firm – a matter that frequently poses a GOING CONCERN issue lalo na pag busy season. But this is undoubtedly, an INVESTMENT that I will hold dear until maturity.

4. Ahem…Sweldo – eto ung kaisa-isang IMMATERIAL amount na hindi mo gustong ma-PASSED lang, but ma-PROPOSE na magkaroon ng upward adjustment hopefully to its FAIR MARKET VALUE. tamaaahh.

5. Ahem…Part 2.My financial status – PM_TE_SAD (Palaging Maliit_Tuloy, Everyday SAD)

6. Sa haba ng list ng tasks – PGAP (Paano Gagawin Ang Pending??)

7. Deadline – This is an account to be provided with REASONABLE ALLOWANCE.

8. All those sleepless nights, OTs, ONs – These are like ROUTINARY TRANSACTIONS that I deeply wish to become DISCONTINUED OPERATIONS…hayyyss.

9. On being single – an ISSUE that needs IMMEDIATE resolution. Yearly atang napo-post sa SAD…hindi maresolve resolve.nyahaha.

10. Love – parang DIVIDEND that is not to be recognized unless explicitly declared (except if there’s a CONTRACTUAL OBLIGATION to do so-as advised by Sir RGR), or parang CPA Board Exam question where you DO NOT ASSUME UNLESS OTHERWISE STATED.

11. On marriage – It is where you simultaneously apply the 4 types of derivative instrument – You have no OPTION to SWAP and look FORWARD for another FUTURE(s). Need I say more?

12. On past relationships – pag naging memorable naman, apply IAS 39 (DERECOGNITION OF FINANCIAL ASSET); pag naging painful, still, apply IAS 39 (DERECOGNITION OF FINANCIAL LIABILITY); pag di mkpag move on, consider SALE and LEASEBACK… chosss.

13. On entering into a new relationship – do your COMBINED RISK ASSESSMENT. Pano daw pala ung sampling? Test of one???

14. If in a relationship – Practice SKEPTICISM but help him resolve any issues identified.

15. If in a hindi-natuloy-na-relationship – CONTINGENT ASSET that should not be recognized.

16. For the mistresses, other woman, secret affairee(?)- No assessment needed. Obviously, they are an EMBEDDED DERIVATIVE that needs to be BIFURCATED at hindi maitatama ng kahit anong NATURE, TIMING and extent of DISCLOSURE ang misstatement na to. =(

17. My very supportive parents – They will always be my ASSET whose value always appreciates, never gets impaired. Perfectly said…

18. My beloved cluster – CLEARLY and CLOSELY RELATED. May choice pa tau e tau tau n lng. Ayan ha, wala na dapat iba-bifurcate.

19. My well-respected seniors and executives – They are high grade securities issued by a highly-regarded company with the highest rating.

20. But most importantly, in whatever profession we are in now, the fundamental DOUBLE-ENRTY BOOKKEEPING PRINCIPLE holds true – that you have to give up something in gaining something else. And at the end of the day, what matters most is not your debits nor credits but the accounting that will be rendered to the LORD. We are to report to the GREATEST BOSS our BALANCE SHEET – our LIFE – on how well we have humbly utilized our ASSETS, fairly settled our LIABILITIES and honorably increased our EQUITY for HIS GREATER GLORY.

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