More of my IFRS adventures on Twitter, or: your mom will forgive you, IFRS 9 won’t!

Well, no matter what’s going on, we’re not yet terminally condemned to heaviness, and so it’s time now for another selection of tweets (the most recent installment was here) which made mention of IFRS in one way or another, presented here in their original and unedited form, all typos and oddities and possible obscenities intact. I mentioned before that my regular scans of Twitter for such tweets aren’t as much fun as they used to be, because of the wretched coincidence by which the same acronym (just with a lower-case “s”) is being used to indicate infection fatality rates. So these days there’s a lot of this kind of stuff to wade through:

  • I agree that calculating global IFR does not make sense, but disagree with that calculating location specific IFRs once we have solid total death numbers makes great sense as it helps us to asses to severity of the virus and set our actions accordingly.
  • I don’t think that makes a lot of sense, although – as you should know by now – I respect your opinion. So, the actual IFRs we’ve been seeing are things like .21% and .37%, across huge areas. That’s not disputed, and is what would affect entry load for hospitals.

Maybe it tells you something about me, that accounting tweets constitute escapism by comparison with this threat-laden reality. I mean, I can generally barely stand to read about the current US president, but these two IFRS-related perspectives make the topic a little more palatable:

  • Under GAAP, Trump would be a multimillionaire. But he uses IFRS, which allows market value instead of historical value, allowing Trump to use appraisal values he deems worthy with no one checking his numbers. Therefore, he considers himself to be a billionaire with false data.
  • @realDonaldTrump I see why you deep in shit. 3000 pages of Mueller List, 5000 pages of IFRS or whatever, 100500 pages of other shit. Work for paper industry /за откаты/, don’t you? If you need 2-3 years to study JUST usury finance, this is total imbecility. See the point?

Here now is the jewel in today’s selection, a cake to make all our mouths water:

IFRS.jpg

I do hope though that James takes care not to choke on IFRS 2…

Someone tweeted:

  • I don’t know which I fear most IFRS 5, IFRS 16, IFRS 9, IFRS 15 or my mom.

to which someone responded…

  • Your mom will forgive you, IFRS 9 won’t.

He should bake his mom a cake! Some of these tweets are sympathetically thought-provoking, causing us to appreciate the plight of those worse off than ourselves, for instance:

  • Sometimes I think about the poor bastard that has to do IFRS 16 assessments for WeWork. I imagine it would really suck

And that was before the current spate of IFRS 16 issues. Others constitute debatable matters of opinion, which as emphasized below, are not those of this blog’s author:

  • Pretty sure IFRS 9 was drafted by a woman there’s no way a guy can say talk that much.

And here now are the rest:

  • I learnt FIRS is different from IFRS. Is it just about letters arrangement??
  • …My financial reporting teacher would be making it look like it just debut and credit but imagine a single question with upto 10 different standards of IAS and IFRS…That’s when I due to have a rethink over my career in life
  • Mgr: [in a bragging tone] I am doing your job, updating the IFRS 9 disclosures. Is there a manager who would update an FS disclosure for you? Me: all my other managers Mgr: Huh?? Me: all my other managers don’t make me do the IFRS 9 disclosures *awkward silence followed*
  • I remember when I’d always use a ruler when flagging my IFRS standards and Tax Act. Lol I was so naive. Those were the days.
  • Omfg the way my class pronounces GAAP and IFRS. My life has been a fcking lie. GAP and AYFERS HUHU
  • yeah even in my sleep, I dream of ias and ifrs.. i dreamed of failing my paper.. woke up feeling shit ha ha ha i don’t even know why i wanna go for this route but fuck it i needed that qualification
  • I got all those IFRS and IAS from way back and they taking up my space (and collecting dust). Idk what to do with them… can’t sell them, and I can’t burn a book cos that’d be fk’d up.
  • i’ll never forget last year during our final FR2 paper, when a bird shat on @shrenramlal’s paper and all over his ifrs

(And this is me) I wasn’t there for that last incident of course, but given the vividness of the imagery, I almost feel that I was. Well, stay well, and whatever it is that you’ve done, I do hope your mom forgives you.

As already noted, the opinions expressed (especially the ones you didn’t like) are not those of the author.

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