Tuesday, January 17, 2012

Accounting For Life - IFRS 99

Someone said that we live life forward but understand it backward. And I must say that statement has some element of truth. When I was thinking about this I realized life is more like an accounting profession.


The other day my friends and I went to some pricey restaurant to devour some international cuisine. It was one of those things you do once in a year because for sure we don't work for the stomach but for other things as well. The meal was orgasmic as much as the pleasure was short lived once the bill was presented.


Then we started discussing about giving a tip. My friends are all trained accountants. So obviously no one was willing to give a tip. So I asked how come accountants are that mean they are not willing to give a tip? It's at that point I was corrected. Accountants are not mean; it is just that they have to match each expense to a budget line. Unfortunately in the accounting system, they don’t have an entry for tips. 


The dilemma is, how do you account for a tip? The amazing thing is even when you are on official duty and you have been given some money to use, if you give tips to those who serve you, when you go back to the office, you are not reimbursed the tips you gave. The principle is, match all your expenses to a budget line and provide documentation for the same.


That is a stressing life.


Lucky are the accountants, for when we get to heaven it will be easy for them. The bible says, and each one of us shall give an account for their lives. And all those of you who think matching your expenses to a budget line and providing documentation is a lot of work, woe unto you. How will you account for your life?


So, I have come up with an International Financial Reporting Standard IFRS 99 – Accounting for Life as a guideline for you as you prepare your books when your financial year finally ends and you life stops being a going concern or is liquidated.



·         Create your budget lines – Love, forgiveness, kindness, faithfulness, integrity, stewardship, fruitfulness among others


·         Match your expenses to a budget line –For example, when you incur hatred, show love, when you are wronged, forgive.


·         Finally, provide documentation – Let your life be a testimony!

2 comments:

  1. SO AFTER IFSR 99 WHERE IS THE TIPPING PART???? OR THIS IS HOW IT WORKS....SOMEONE ASSAULTS YOU, YOU FORGIVE HIM/HER AND TIP HIM WITH A GOOD RIGHT ON HIS/HER JAW.....

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  2. @Anon.. Tipping is optional and based on personal convictions since it is not provided for in the accounting standards :-)

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