August 2006

Ready to Go!


It has been a very busy week! Almost everything is already set. Ready to go, indeed!

Other than the shopping spree last Sundaythat I have been to, I’ve nothing more to say. I spent around twenty thousand pesos for shopping! Can you believe that?

doha-shopping-center.jpgWell, to my avid readers, I guess we’ll just read from each other when I’ll be in Doha, Qatar.

From wikipedia:

Doha (Arabic: ??????;, Ad-Daw?ah or Ad-D??ah), population 400,051 (2005 census), is the capital of Qatar, and is at 25.3° N 51.5333° E, on the Persian Gulf. The city is home to Doha International Airport and the major oil and fishing industries. Doha is also home to Education City, an area devoted to research and education.

More info about Doha, Qatar.

The Soundtrack

Here’s a song entitled “I Started a Blog Nobody Read” by the band Sprites under their album Modern Gameplay. It can actually qualify to be the bloggers’ theme song, especially for those are yet starting out.

You can play the song from this page: I Started a Blog Nobody Read.

Lyrics of the song follow:

I started a blog which nobody read,
When I went to work
I blogged there instead.

I started a blog which nobody viewed,
It might be in cache;
The topics include:

“George Bush is an evil moron”;
“What’s the story with revolving doors?”;
“I’m in love with a girl who doesn’t know I exist”;
“Nobody hates preppies anymore”.

I started a blog but nobody came,
No issues were raised;
No comments were made;

I started a blog which nobody read;
I’ll admit that it wasn’t that great;
But if you must know here’s what it said:

“100 of my favorite albums”;
“200 people I can’t take”;
“400 movies I would want to recommend”;
“10 celebrities (4 of whom I might assasinate)”;

I started a blog,
I sent you the link;
I wanted the world (and you) to know what I think

I started a blog,
but when I read yours;
It made me forget
what I had started mine for.


Inventories at Net Realizable Values

The introduction of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) ushered in more disclosure requirements in an entity’s financial statements. Oftentimes, additional narrative explanation are required for a particular note item in the Notes to Financial Statements. Transparency in financial reporting, you say, huh.

IAS 2, Inventories, in particular, requires a company to disclose among others, the accounting policies adopted in measuring inventories, the carrying amount of inventories carried at cost and the carrying amount of inventories carried at net realizable value.

Complexities, however, arise when a company allocates a provision for inventories specifically identified as obsolete or are impaired, and in such a case are measured at net realizable values. Generalizing in the notes that “Inventories are stated at net realizable value,” (when in fact only a few distinguished items are affected) cast a serious hassle on the part of the reporting entity.

After Ten Years

Back in high school, I was particularly ignorant on what path should I take. Everybody’s got a plan on what to take up in college, while I still wonder.

When we were given the application forms for the UP College Admission Test (UPCAT), I was browsing through the choices of courses I have. Basically, Diliman was not a choice. It would be too far away from home, and my parents won’t allow that. Therefore, I only have either the Iloilo City Campus or Miag-ao.

Frankly, I want it closer to the city. It would be where life really is. That’s why I’ve narrowed my selection to the Iloilo City Campus, which offered only Management courses. The Iloilo City campus is the home of the UPV College of Management. And the most viable course for me would be B.S. Accountancy.

My Favorite Visitors

To acknowledge my avid visitors and convey credits to my top commentators, I’ve installed a plugin called “Show Top Commentators” by Jeffrey Strain. You can see the top eight (8) commentators at the sidebar, just above the “Recent Comments” section.

So, keep those comments coming. Comments are always welcome. You will always get to read more interesting articles here in this website that you can comment to in the future.

Moreover, an advice to my regular commentators, please keep the same name (including capital and small letters) and email address as you comment through this website in order for the plugin to accurately show the statistics. Thank you for your comments. You help keep this site more interesting.

To Edwin, Jogar, Rodney, Doms, Gil Martin, Wilson, Barn, and Humberjet, thank you very much!

Further Relief From Section 404

Published in

SEC Offers Further Relief From Section 404 Compliance for Smaller Public Companies and Many Foreign Private Issuers


Washington D.C., Aug. 9, 2006 – The Securities and Exchange Commission today issued two releases to grant smaller public companies and many foreign private issuers further relief from compliance with Section 404 of the Sarbanes-Oxley Act of 2002. The relief is in furtherance of the “next steps for Sarbanes-Oxley implementation” (SEC Press Release 2006-75) announced on May 17, 2006, and includes some new initiatives not previously announced.

Today’s releases follow the July 11, 2006, publication of a Concept Release soliciting public comment on guidance for management the SEC plans to issue to assist companies in assessing their internal controls over financial reporting.

Old Business is Back!

Old BusinessThe old business is back.

All kinds of loads (Smart Eload, Globe Autoload, and Sun Xpressload) as well as prepaid cards are available here. But wait, you have to pay first before I’ll send out any load. No credit line, I’m sorry. All major and minor credit cards cannot be accepted.

That’s business, you know. You need to have a working capital or revolving fund to hold out your business against the harsh economy.

In the News

Last Friday, I received an email inviting all Deloitte professionals to join a photo contest:

Deloitte is looking for photos that capture the essence of the brand taking the journey on various modes of transportation. This is in connection with the Annual Review that will focus on Becoming the Standard of Excellence and the journey that we are taking together. This will tell the story about the journey through client stories, internal stories, and third-party commentary.

The photos should be journalistic style. Subjects should not look into the camera. It is not necessary to show the face of the subject.  Photos of just the journey without people may be acceptable. Think, the open road’s desert with footprints.

The prize…a video iPod and a trip to New York.

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