Purpose of Financial Statements

According to paragraph 7 IAS 1, Presentation of Financial Statements,

The objective of general purpose financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions.

Yeah, that’s right, it should be useful to a “wide range of users in making economic decisions”, and not to “an auditor in forming an audit opinion”.

You don’t make the financial statements a working paper to document your understanding of the business. Sometimes it pays when you just stick to practicality.

I hope I made myself clear.

World's Oldest Camera Selling for $800K

What is the probability that I can sell my Canon EOS 30D for just even near that US$ 800,000 mark? Read the news here (Update: Sorry no more news in Yahoo! News).

Nah, maybe I should wait for 168 years first before selling…

The camera, which was found in an attic in Germany by a professor, is made of soft wood and weighs between 11 and 13 pounds, WestLicht director Peter Coeln told Austrian radio. He said it was likely to have been built before August 1839.

Canon EOS 30D

You Are Not Stallone

slygym.jpgIt seems like Sylvester Stallone is reviving all of his big time movies from the past. At the age of 60, Stallone just simply refused to grow old.

After Rocky Balboa hit the movie world in late 2006, another movie is coming up, entitled…. you guessed it right, it’s “John Rambo”!

A spoiler by IMDB:

Vietnam veteran John Rambo (Sylvester Stallone) has survived many harrowing ordeals in his lifetime and has since withdrawn into a simple and secluded existence in Bangkok, where he spends his time salvaging old PT boats and tanks for scrap metal. Even though he is looking to avoid trouble, trouble has a way of finding him. A group of Christian human rights missionaries, led by Michael Burnett and Sarah Miller, approach Rambo with the desire to rent his boat to travel up the river to Burma. Continue reading.

The trailer of the movie in youtube:

A Gift in My Inbox

Guess what I got from my inbox today:

Hi jotuvillo!

wjusto21 has just purchased a Flickr Pro Account for you!

Your new Pro Account is set to expire on 25th May, 2009.
(You don’t have to do anything to activate your Pro
Account. It’s all automatic.)

Having a Flickr Pro Account means you get unlimited storage
and uploads all the time. You can also make as many sets as
you want.

A two-year pro account in flickr! Thanks to Wilson for that wonderful birthday present! You really are a great friend! hehe

At least, that would also put my dilemma in choosing a photo gallery, between gallery2 or a flickr pro account, to a stop, just like Ajay who’ve been into the same situation before.

Now, my problem is, how can I find time to organize my photos in my laptop and upload them all to my flickr account. Such a big problem, eh!

Nevermind, just visit my flickr photos for updates.

This Is My Day

Deuts Bday

Being the person with the camera, I’m off the picture almost all the time.

But not now, today it is going to be my day, to be the subject of my own photographpy. Why, you wonder? Because it’s my birthday! Happy Birthday to me! :LOL:

My purchases from Amazon just came in time (yesterday!) for this special day! It could be my birthday present for myself! Guess what we have here!

The Gift

For those who have not sent their gifts yet, don’t worry, you can still make it. In case you find either Fedex of DHL untrustworthy and expensive, I accept cash! :LOL:

P.S. Happy Birthday also to Edwin. And to Wilson, gift ko hah! hehe

NBA Draft Lottery Conspiracy

guest-post-iconThis is a guest post from Sherwin.

Boston CelticsI can’t believe that the Celtics didn’t get any of the top 2 picks! This is an outrage! Boston had the second worst record in the league and they only got the 5th pick. Celtics fans have been hurting for so long, I felt their pain when I was in Boston. Everybody there was expecting a top 2 pick. Boston must be mourning right now. They haven’t recovered from the heartbreak they suffered 10 years ago when they lost to the Spurs in the 1997 Lottery. They had the worst record that year. First Duncan, now Oden/Durant. My heart is broken. The 2008 season is already a lost cause.

I suspect a conspiracy. I find it so strange that the top 2 picks went to Northwest teams. Portland and Seattle both have problems with their arena and are considering moving their franchises to other cities. David Stern wanted them to stay put and therefore awarded them Oden and Durant. F$^@* Stern, ^&#@;$# the NBA! I’m done with Celtics. F&!!;$(@#X;$!!!

Cebu CPAR Center

I didn’t know that such review center, Cebu CPAR Review, exists until of late. I’m not sure how they are related to CPAR in Manila, as they adopt the same name CPAR. But at least they have a website to offer some information about the institution, unlike its Manila counterpart and even the other review centers in Manila.

Browsing through the site, I’ve noted that:

  1. They are using Mambo as their CMS platform.
  2. It was their second batch that took the October 2006 exams.
  3. The roll of reviewers include former CPAR-Manila reviewers as well, namely:
    • Jekell Salosagcol
    • Hilario Tan
    • Michael Tiu
    • Almanzor Macmod
    • Apolinario Bobadilla

The CPA Licensure examination is one of the most difficult professional examinations in the Philippines today. Considering the gap between your undergraduate preparation and this licensure examination, successful completion of the 4-year BSA Course could not guarantee your passing. It is therefore our great honor and pleasure to fill this gap, serve you and help you become a CPA.

Database Error – Surviving the Disaster

Yesterday, we had a very bad day. Our database just simply failed. I’m not exactly sure what happened, but it was only a good thing I had a back-up last Saturday morning. Nevertheless, I lost some comments especially from Val, regarding the NBA, etc. Also, my entry regarding Yahoo! Mail offering unlimited storage space wasn’t included in the back-up. So if you’re a subscriber by email, and thought you received that post twice, this is the main reason, the database failed and I had to re-post it.

My good friend Val and I had a really interesting conversation last Saturday, so I felt compelled to just re-post our conversation then here in this very entry.

Post Title: A Glimpse at the NBA Playoffs

Val: It’s been rumored that Jermaine O’neal will be traded to LA Lakers. Deuts and Sherwin any opinion about this?

Val: It appears to me that San Antonio will win the title this year. Duncan remains dominant and Parker and Ginobili are playing extremely well for both series against Denver and Phoenix. I agree with Sherwin that Detroit Pistons have the best chance to beat a western superpower but still I think Spurs will be the likely victor in this match up. It maybe a different story should Big Ben still a Piston. Looking at the teams defeated by Detroit, both teams have no dominant big men as compared to the Spurs have to offer. To argue that Dwight Howard is a dominant player is an idea that I don’t agree for the time being because experience wise he is not yet there. As compared to Spurs, they showed us how to stop Phoenix even with the dominance of Amare and defended the perimeter well with the likes of Carmelo and A. I.

However a championship match between San Antonio and Detroit is something that I am not excited about. These are few of the teams that are boring to watch. No acrobatic moves, no fast break dunks, not much three points shoot out, not much cross over moves.

It looks like you are watching Jorelle playing NBA Live. In fairness to Jorelle I was guilty too. In NBA Live 2004 I tend to rely more on half court offense even I have a clear fast break. Beginning NBA Live 2006 I learn to use the USER control (I used cpu control in 2004) and this change my game style. Now I employ the run and gun theme which of course is fun to watch and play.

deuts: Great analysis there, Val! It’s nice to see the views of other people from a different perspective. You’re lucky to be so sure! hehehehehe

di ko na rin maintindihan sinulat ko! hehe gusto mo ibalik natin ang mga NBA Live days eh! para malaman natin kung sino tlga ang magaling! hehehehe

Val: sige tamang tama bibili kami laptop sa June

Post Title: The deuts.net Annual

Val: congrats on your first anniversary. When are you coming back? You still owe me a cup of of coffee and ensaymada. hehe

deuts: Instant coffee? hehehe

Sado! NBA naman tau, Detroit ako sa Finals.

Val: sige. ganito na lang basta pustahan tayo sa finals either detroit or cleveland sau sa akin either san antonio or utah. deal?

deuts: cge deal! so pag nanalo ako, quits na tau. pag nanalo ka, dalawang starbucks at ensaymada bibilhin ko, isa sau, isa sakin! bwehehehehhe

Val: wala namang dayaan. ginagamitan mo na naman ako ng talino mo e

Lesson of the day: Always back-up.

Yahoo! Mail Goes Unlimited

This is what you’ll see in the current login page of Yahoo! Mail. The news is over at Yahoo!’s blog.

The first time I encountered Yahoo! Mail, back in 2001, they were offering I think 4MB of mail storage space for free accounts then. This, I also think, is the primary reason how Yahoo! Mail took the front seat as regards free email service over MSN’s Hotmail, which was offering 2MB only.

From 4MB, I think it went to 6MB, then 100MB, 200MB, now 1GB.

Now you ask, “what do I get out of this development”? Well, at least it will prompt my favorite service, Gmail, to offer the same in order to directly compete.