Visuals – OK, don't laugh too hard – it works for me 🙂
I imagined AUD as a symphony with a Music Director, composer, Conductor, Soloist, etc all working together to accomplish creating beautiful music (audit).
For FAR, I imagine the corporation being an adult human skeletal structure with all the requisite “flow-throughs”
Government is a teenager who is slightly smaller structure but with specific needs for school, police, fire, etc. Teenagers must be held “accountable” and learn how to budget. Their rear end is Fiduciary funds that they sit on (hold) for others.
Non profits are like children who need to be treated as a “Whole Child” in this Cruel (accrual) world. They need building blocks for statements of Financial Position, Activities and Flows (cash). WHO (Welfare/Health Orgs) needs functional expenses (their rear end in “Training” pants).
Hospitals/Private Health care are like babies – they need donated blankies and supplies.
Consolidations are like blended families “Yours, mine and ours”.
The best one is IFRS – they are like Aliens – They want to “Converge” with us. They want our cows and other biological assets, they will consolidate all subsidiaries and make them uniform. Their framework is “Conceptual”, and they never eat the Last one (LIFO). They are only here for our prophets (profits) and they are sorry, but they must be going (concern).
Silly, but fun and it helps my creative brain pay attention and help out the other side instead of sidetrack it. Feel free to keep all the analogies flowing, relax and laugh a little 🙂
AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77
The adventure continues...
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