It’s time now for yet another selection of tweets/postings on the increasingly toxic X which made reference to IFRS (or IFRs) in one form or another, presented here in their original form, all typos and obscenities and outright oddities intact (the last batch was here). Let’s start with yet another example of IFRS (or IFRs) being used as an acronym for something other the one we know (we’ve identified plenty of these over the years, covering everything from firefighting to horse racing).

• Did you know?
• Internal Floating Roofs (IFRs) can significantly reduce VOC emissions!
• #MesaETP provides high-quality IFRs to reduce emissions & protect your assets. Let us help you meet your environmental goals!

(VOC in the above stands for “volatile organic compounds.”) Wikipedia informs us that a floating roof tank is “a storage tank commonly used to store large quantities of petroleum products such as crude oil or condensate. It consists of an open- topped cylindrical steel shell equipped with a roof that floats on the surface of the stored liquid. The roof rises and falls with the liquid level in the tank. As opposed to a fixed roof tank there is no vapor space (ullage) in the floating roof tank (except for very low liquid level situations). In principle, this eliminates tank breathing loss and greatly reduces the evaporative loss of the stored liquid. There is a rim seal system between the tank shell and roof to reduce rim evaporation.” So there you go, high quality IFRs that provide a real benefit, just like the IFRS we’re familiar with!

I also saw this:

• So why are only a few of us lobbying MPs to take IFR to task? IFRs soul remit is to test owners financial competence. They have the power to remove owners who bring clubs towards bankruptcy

There’s a missing apostrophe there, but that being the case, it brings us to what I’m sure is the main competing passion of many IFRS practitioners – soccer?

• The Football Governance Bill will establish a new Independent Football Regulator (IFR) for English men’s elite football. The IFR will be set up as a new public body to ensure its operational independence and accountability.
• The IFR will have 3 primary objectives. They are:

• 1. Club financial soundness – to protect and promote financial sustainability of individual clubs, ensuring that clubs take sensible financial decisions and consider the long-term when taking risks
• 2. Systemic financial resilience – to protect and promote the financial resilience of English football as a whole, ensuring that systemic risks and structural issues like the distribution of revenue through the pyramid are managed appropriately
• 3. Heritage – to safeguard the traditional features of English football that matter most to the fans and local communities of clubs

And again, as it happens, several of those concepts – taking sensible financial decisions, promoting financial resilience – bring us right back to our own IFRS. What a magical acronym it is!

Now this one could spark a whole blog post…

• EY is our auditor and on financial reporting development day with them all they yapped about was ESG, AI and other irrelevant nonsense, spent probably 30% of the time about new IFRS standards lmao. Yet the pcaob wonders why deficiencies are becoming the norm lol

Moving on (although it’s tempting not to), someone asked: “Non-Americans who have been to the US: What is the weirdest thing about America that Americans don’t realize is weird?”

Which prompted the list:

• MM/DD/YYYY Tipping culture Very high toilet water Guns being sold in a supermarket Ability to supersize things The concept of Jaywalking Vacation days Tax not included in final prices of goods Healthcare Portion size

Which in turn prompted the response:

• Them fuckers use US GAAP instead of IFRS They probably don’t even use ISAs When they want foreign investment they need to convert their finances to IFRS The World Title bullshit for domestic leagues. Entlek fuck America they think they are special them retarded pricks

Weird indeed. And a few more to wrap up with:

• For my fellow retards. Look at the annual reports and build your free cash flow. Do not go off of twitter charts that are wrong. Ifrs is communism.
• IFRS 16 is the dumbest thing accountants ever  came up with. Years later, I still spend half my days adjusting leases out of EBITDA
• IFRS (i fucking rLove soapghost)
• This is unhinged for a financial services girlie but I actually hate IFRS 9.
• Husband is upset I used his stupid IFRS book as a doorstop
• lawd IAS 12 and IFRS 16 is beating my ass, like i get it when it’s being explained but trying to solve full questions confuses the shit out of me

(And this is me) So there we are – once again, through the good graces of Elon Musk, we’ve learned a thing or two. I’m off now to check on my floating roof tank. Happy holidays!

The opinions expressed, except where obviously otherwise, are solely those of the author.