BGR in IAS 8

There are many accounting standards to be learned in this paper namely Financial Reporting. One of it is IAS 8 Change in accounting policies, Change in accounting estimates and Fundamental errors. Do not be sacred away by these accounting terms. It is perfectly okay if it looks strange to you because it is an accounting jargon. *sigh*

I am all the more happy to have a young, pretty, experienced and caliber lecturer to lecture me on financial reporting. Beside lecturing, she even taught us how to fly a rocket! I guess it is normal. To ensure that the syllabus can be covered on time.

I think it was during the second lecture, she started using the favorite word for most of us as teenager - boyfriend and girlfriend! Not only that. The sentence that caught my attention to her lecture again was when she said: "In the balance sheet itself actually contains a lot of s***!"
Erm.... I shall not make any comment.

Okay, back to IAS 8.

The first element in this IAS is a change in accounting policies. This changes is not encourage. The word policies can be replace by the word practices.

The second element is a change in accounting estimates. This kind of changes is encourage to disclose frequently, preferably every year.

The third element, fundamental errors. I will not elaborate. It has nothing to do with my posting today. *ha*

After explaining, ample example is given. How nice to have such lecturer! *awe* Then, read the conversation below,

Lecturer: "Ok, change of boyfriend. Consider as change of policy or estimate?"

No one answer. As usual. So, she picked some one to answer.

Lecturer:"A, what do you think? Policy or Estimate?"

A looked stunned.

A:"No idea."

Lecturer:"No idea ar? Ok, never mind."

Lecturer looked around. Looking for some one else to answer her question. And she got one.

Lecturer:" SP, what do you think? Policy or Estimate?"

SP:"Hmm... Policy."

Lecturer:"OK, what about JY? What do you think?"

JY:" Policy."

Lecturer:" Whoa! So serious ar? A change of boyfriend means a change of policy ar?"

I felt relieved that she stopped picking student to answer this question. I was sitting beside SP and JY! She continued.

Lecturer:" A change of boyfriend is actually an estimate. Not policy. Because no matter how many boyfriend you change, both of you all will still be doing he same thing right? If do same thing means same practice la. If same practice meaning same policy la."

O.o

Lecturer:" Actually, it is like that. At first, when you evaluate your boyfriend or girlfriend personality, you will make your own estimate that maybe this guy or girl has this this this few personality that you want. But after sometimes, if you find your estimate is not so right, you should change your estimate. And every time you change it, make sure you disclose it. So that the impact wouldn't be too great! Don't just simply change new one. It's not encourage to do so."

O.o

Continue talking while cleaning the board.

Lecturer:"Nowadays ar, a lot of women said she is blind la, stupid la, for choosing this guy as her husband. No need to say like one. All they have to do is to change their estimate, and then move on. If don't want to change it, then divorce lo. What to do right? Estimation involves uncertainty and individual judgment. Estimation can be wrong ma."

O.o

Lecture continued... ...

A food for thought! So coincidence, I was reading the book "Living for God in the modern world".
I was reading the last three chapter. Which the sub-topics are:

• What about courtship?
• What about marriage?
• Approved unto God
  

Not a coincidence. It's another precious reminder instead. More and more of my friends, whether they are Christian or non-Christian, is in a relationship. Some managed it well, some just couldn't. I shall not rush for this, neither making my own insufficient estimate which is full of uncertainty. I don't want to displease God. I don't want to go through heart-breaking. I don't want to disappoint people who love me. I want to be approved unto God in every way!

Ephesians 5:31
"For this cause a man shall leave his father and mother and shall be joined to his wife, and the two of them shall be one flesh."

1Peter 3:7
Likewise, husbands, live together according to knowledge, giving honor to the wife as to the weaker vessel, the female, as truly being co-heirs together of the grace of life, not cutting off your prayers.

2Timothy 2:15
Study earnestly to present yourself approved to God, a workman that does not need to be ashamed, rightly dividing the Word of Truth.

Learning Curve Theory

A brief explanation about this theory. It means the more you do it the less time you will need to achieve the target and the more efficient you will become.

I would say it is a privilege to be in the working committee, another more appropriate terms will be - youth servant, for the youth back in church ( MGC ). All the older brothers and sisters-in-Christ are kind and patient enough to mentor me through out the task that I've been assigned to. They show me how to carry out task in a fast way and still get a result that is pleasing. After some time, they sort of 'let go' of me. They put their trust in me that I am able to carry out task with minimal supervision. Their encouragement and prayer never ceases, which gives me the confident to make decision on my own and move on. Subsequently, they are about to fly off to further their studies. Those that are in the same badge as me is given the responsibility of running of event and taking care of the spiritual need of other youth. It has never been easy. I do make mistake along the way. It is their ever-forgiving heart that gives me has the courage to stand up again. They did not scold nor yell but still a piece of encouragement is given unto me. I do get tired sometime. The time spent on meetings after meetings, preparations after preparations and as well as reminders after another reminders. It is a time consuming process but without it, how can a presentable or even a perfect plan be planned out? I had never grumble about it for I am filled with satisfaction of working together for God. Apart from learning how to work out my best for God, my relationship with them get even more closer than before. So from there, I continue to serve the Lord after they officially left for their studies. Among the areas that I serve are like organizing evangelistic event, being a committee of annual camp, worship leader and also group leader. I am not trying to boast for my pass services. But every time when I thought of it, I realized that God is molding me into a better person with the help of my brothers and sisters-in-Christ. They might be far in distance but I will always remember them deeply in my heart. A big thank you to you all! May God bless you all as you all continue to shine for Him in wherever you are.

I have not really been involve in such planning when I move to new church ( MGH ). That is in the month of March 2007. I spent my time to get to know them and to bond together as a family. Not much event is being organized. And so I stopped from what I have been doing previously in MGC because it is 'not required' here.

In the month of June 2007, it is another stepping stone in my life. I enrolled in Inti International College University. And there is Christian Fellowship here. I had never join any of it before in my secondary school for a Malay school student am I. So I signed up and attended their meetings regularly. And I attended the assembly nearby which is ( NGC ). Both of this place of meeting is like a lost and found thing. I can start a conversation without fear of being 'lecture'. We talked, we sang, we ate, we played and most importantly we worship the same God that created the heaven and earth. I am not saying I cannot do those thing with the saints in MGH, but somehow I do feel that there is a wall between us. It is just a very thin wall but we cannot break it down. I am still trying to break it and to reach out to them, with the help from God.

In the year of 2008, I am chosen as the treasurer for CF. Another opportunity to serve God in uni life. CF camp is coming up in February. During our last meeting in camp planning, we drafted out an estimated cost for this camp. I took out a piece of paper and started writing down the cost. Everything was find. The meeting ended with a command that a lot of thing need to be done by this week. The efficient secretary immediately prepare a proposal. And there is where all my mistake is revealed! I calculated about RM 1000 short from the amount it should be! I do not know what will happen next for providing wrong information. And I felt bad.

I do have experienced in being a treasurer for camp in MGC. It was okay. I was too dealing with four figures at that time. At the age as young as 16. Why are there mistake this time? When I am in the age of 20? Being an ACCA student myself, it was the silliest mistake I have ever done. Will the committee trust me again in handling money? Deep in my heart I hope they will.

According to the theory, it says that when one stops from performing a particular task for a long period, he/she will 'forget' how to do it, and will need time to learn it again.

True enough! I need to start it all over again. Some will say it is only an account. In fact, it requires an alertness of mind when an estimation is carried out, to ensure all items are duly included. My mind has forgotten how to be alert!

This is not the end of everything. There are still more to be done, like rectifies my errors and 'trains' my mind to be alert. I believe that God will help me through because He is the one that plans out the plan in my life. He has a better view of everything but not me for I am lack of wisdom.

"For I know the thoughts that I think toward you, saith the LORD, thoughts of peace, and not of evil, to give you an expected end. Then shall ye call upon me, and ye shall go and pray unto me, and I will hearken unto you. And ye shall seek me, and find [me], when ye shall search for me with all your heart. And I will be found of you, saith the LORD."

Jeremiah 29:11-14

Afresh!

I've deleted previous post and start posting new one. Start afresh! Here it goes, impossible possibility!