Verbal marathon

I made a grave error of replying to a silly ANGRY comment from the ex super disgruntled leader




And it continues




















And please, I am not working for the church and uhm the church or my dear cg members never really did feed me with those case details.. But seriously, what's so different about accounting for not for profit org and profit making org? And please, I was appointed hon. treasurer for the iras recreational club for two years (a yr as assistant, a year as the treasurer) so I did accounting for such organization then (it's registered with ACRA as a society). And nope, the accounting is still the same as corporate world!

And yes, I do think that this chap is seriously warped in his thinking cuz this morning I was greeted with his super cynical updates.



Is he talking about himself??


And again his previous view on a director's opinion.



Hello! My company's directors don't even know of my existence! And they certainly has no part in getting me employed! And please, there are executive (on the monthly payroll n really work in the org) and non-executive director (those just receive director fees)..

And for goodness sake, SQ & MAL aren't related.. Why drawing mindless analogy again!

Sigh.. I will refrain from commenting on his pathetic status to avoid verbal diarrhea exchanges. :)


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Shells.. SPV..

Reading trending news lately and a man on the street might be overwhelmed with the jargons used..

Shell company..
Wikipedia explained that a
Shell Company"it is a company which serves as a vehicle for business transactions without itself having any significant assets or operations"..

Well, I can tell you that many big corporations set up SPVs (special purpose vehicle) for different projects. Is it legal?

Well SPV aren't vehicles you drive on the road. Citing Wikipedia again, SPV is "A special purpose entity (SPE; or, in Europe and India, special purpose vehicle/SPV, or, in some cases in each EU jurisdiction – FVC financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives. SPEs are typically used by companies to isolate the firm from financial risk. They are also commonly used to hide debt (inflating profits), hide ownership, and obscure relationships between different entities which are in fact related to each other (see Enron). Normally a company will transfer assets to the SPE for management or use the SPE to finance a large project thereby achieving a narrow set of goals without putting the entire firm at risk. SPEs are also commonly used in complex financings to separate different layers of equity infusion. Commonly created and registered in tax havens, SPE's allow tax avoidance strategies unavailable in the home district. Round-tripping is one such strategy. In addition, they are commonly used to own a single asset and associated permits and contract rights (such as an apartment building or a power plant), to allow for easier transfer of that asset...."

See the familiar word? Round-tripping.. ;)

Ok, SPVs are commonly used in the corporate world, yeah, local MNCs too..

But though SPV is a form of 'creative accounting', - accounting practices that are controversial, it doesn't always equate to 'compliance failure' to the governing legislation'. Same applies to 'shell companies'.

So don't necessary jump into conclusions that companies falling into these structures are definitely part of a scam.. Though these structures may be subject to abuse..

Well, if all companies, organizations that have such companies are considered as highly likely of committing wrongful activities... Hmmm many of the big names out there will actually fall into this category!

Anyway, in my short stint in the local stock exchange as a sr financial exec, I keep the books of such entities but I'm under the payroll of the local stock exchange.. And nope, there is nothing wrong with that.. And some of these companies are investment holding companies.. Some are deriving trade income.. But accounting functions all in HQ, however management fees are charged in respect of these services..

And yes, even in my current org, a local well-established MNC, this applies too :) so is this a mal-accounting practice? U decide..

And yes, there are related party transactions.. Nothing to be wow about! Just make sure they are pegged to market rate..

Well the papers n social media commentators (whose credentials aren't verified) make it seems like a big deal on the SPV n related party transactions...

Oh well.. If God's money has been misappropriated, I'm sure they (the accused ones) would not have survived for so long.. :)

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Aunt agony

Trouble of being observant, you are sensitive to the surroundings - 职业病。

Was on the phone with a friend whereby I'd unknowingly knowing played a chaperon to this afternoon/evening.

Turned out my sixth sense is uhm right. Bad thing is that uhm my friend is not interested in this chap.. But she felt guilty not to reciprocate the sentiments, and wanted to break the news to him after like giving answer after trial period of 3-4 months (cuz my friend barely knew him until recently).

Personally, the chap is a nice guy, but matter of fact is that I asked more about him as in (during time spent today as the lightbulb) than her (she didn't even felt led to find out more after all these while!)

My friend is nice, she didn't wanted to bruise the ego or crush his heart to reject him outright. Cuz she felt guilty not giving him a shot (despite no mutual feeling n felt stressed n awkward in alone moments with him).

He so reminded me of the persistent random guy (yes from church) that uhm tried to befriend me over Friendster (oh yes, Friendster, many years ago) and so decided to ask me to be the gf after one day of chatting.. And I was so terrified of him that I've got the Cgl to uhm talk to him cuz he started to msg me every now and then called me cuz he wanna hear my voice.. (=.=)

Okay, the similarity is that declaration of interest after the short time of being acquainted.. Other than that, this chap is actually quite alright..

My take: it's not one's fault if he is interested in you n you aren't obligated to reciprocate the feelings. Hence no need to feel guilty about it if you tell him the big fat no!

But my friend being the nice gal, felt so troubled to reveal him the truth. Sometimes, being nice has a price..

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