About Wesley So

An article in The Manila Times states that he once appeared in a TV commercial for a popular brand as a “gifted child,” (Promil Kid, I suppose). And now, Wesley So has proved his genius by becoming the youngest member of the national men’s team to the 37th Chess Olympiad from May 19 to June 5, 2006 in Turin, Italy.

So is currently a FIDE master at an age of 12 years. The Chess Olympiad is a six-man team representing each country against other countries. In a Kibitzer’s corner in one of So’s games in chessgames.com, the young So conducted a 20-board Simul play in Meralco last March 13, 2006. The 12-year-old wiz kid scored 19.5 in 20 games against 20 opponents whose accumulated age could be over 500 years.

Firing Lane

Firing LaneI had this opportunity to shoot in Firing Lane in SM Manila last Sunday (April 23, 2006). It was my first time to shoot in this game. For a fee of P30 I was provided with 8 bullets to shoot at the target. I highlighted my shots in this image.

It was terrific, one of my shots actually hit bull’s eye, while another was really that close. As a prize, I was given a 30 minute free computer/internet/gaming usage at Netopia.

Yahoo! Mail Problems

Eversince this “Photomail” feature was added into yahoo, I could not successfully send emails with file attachments using yahoomail. It always return the message, “There was a problem: We encountered an internal error. Please try again in a few minutes.”

I wonder if this fact is common to everyone. Have you already installed this so called Photomail?

Consolidation of Indirect Subsidiaries

Let’s take for example a Parent Company owning 100% interest in Company A, which in turn owns 100% interest in Company B. Here, clearly the Parent Company owns indirectly through Subsidiary A 100% of Company B. Hence, clearly the Parent Company should incorporate the operations of Company B in its consolidated financial statements.

Now, let’s take another example. Say, the Parent Company owns 70% interest in Company C, which in turn owns 80% interest in Company D. In this example, Continue reading Consolidation of Indirect Subsidiaries

Separate Financial Statements – Investment Carried at Cost

There are actually two issues here:

  1. An argument that the Board merely discouraged the availment of the exception under paragraph 10 of IAS 27 to present consolidated financial statements. The availment should only be made in very rare circumstances, wherein it would ease up the burden of certain companies mandated by their respective applicable law to prepare separate financial statements in addition to the consolidated financial statements.
  2. The fact that you append the parent financial statements to the consolidated financial statements does not constitute the parent figures to be that of a separate financial statements. Continue reading Separate Financial Statements – Investment Carried at Cost

I Love My Job

I happened to stumble upon this poem, which I’m not exactly sure who the author is. Yet, I believe that this is worth sharing:

I LOVE MY JOB

I love my job, I love the pay!
I love it more and more each day.
I love my boss, he is the best!
I love his boss and all the rest.

I love my office and its location,
I hate to have to go on vacation.
I love my furniture, drab and grey,
And piles of paper that grow each day!

I think my job is really swell, Continue reading I Love My Job

IFRS vs. GAAP

Generally accepted accounting principles is defined as a widely accepted set of rules, conventions, standards, and procedures for reporting financial information. It actually encompasses the conventions, rules and procedures to define what is accepted accounting practice.

Generally accepted accounting principles (GAAP) are conventional – that is, they become generally accepted by agreement after tacit agreement rather than by formal derivation from a set of postulates and basic concepts. Continue reading IFRS vs. GAAP