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@_financeintel
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Insights on finance and accounting || Accounting Standard Series || Accounting Trivia || Lover of basketball 📌
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Dear Accountants
I know accounting standards can be a chore to read and digest sometimes
To make it easier for us all, I will be sharing weekly pictorial summaries of the relevant accounting standards and some accounting trivia by the side.
Stay Tuned!
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Before I started ICAN, whenever people that wrote tell me they scored 50, I used to look at them like ‘they don’t know book’.
Fast forward to when I wrote PM and I scored 19, that was when I knew ICAN no be beans.
On second attempt, guess who was praying to score 50 😂
That moment you score 50/100 in ICAN final paper which you’ve written more than 5 times, you will just be rolling in the floor, nobody else can understand except you and those who have experienced such failure before. That taste of that victory is unexplainable 🥳
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Success to everyone starting ICAN exams tomorrow. You have read, you have prepared, you will be fine!
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The way this guy beside me is ‘jacking’ SFM in this bus ehn! You’d think the exam is happening today 😂
Success to everyone writing ICAN this month. E no easy!
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As an accountant in this age and time, it is important to know how to use certain functions, as it improves efficiency on the job.
Below are some excel functions that comes in handy.
How many can you use comfortably?
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As an auditor, it takes a special kind of calmness to work with former auditors turned CFOs/Finance managers.
“Why are you requesting for that?”
“I know where you are going with that question”
Shey you will come and audit your account yourself? 😒
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Oil and Gas payroll can make one enter depression. I saw office assistant earning more than me with all my suit and tie.
The first payroll I prepared as a fresh employee in the Big4. I remember asking my Senior again, if the salary was correct 😂😂. I was seeing 120m gross, client was in the oil and gas downstream sector. The PAYE could pay my salary multiple times 😂
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Back in secondary school, a man was invited to come speak with the commercial and art students. The man introduced himself as a “Renowned Chartered Accountant”
That title stuck with me since then.
I’m now a Chartered Accountant, na “renowned” remain 🤲
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As an accountant, a junior colleague walks up to you to help define an asset, what will your response be?
I know you know, but for the purpose of those that don’t know, we will be starting our
#AccountingStandardSeries
with the Conceptual Framework
Let’s ‘delve’ right into it.
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Accounting isn't just about balancing books, it's about creating a solid foundation for informed decision-making and future growth.
Such a sweet profession 😊
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ICAN exams where Audit senior failed Audit twice 😂
It seems like all these my scholarly mentees that once experienced academic failure had it through ICAN.
About 3 of them had shared how they cried and cried. One even fell sick. Lol.
ICAN can be very humbling sha.
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Filing deadline: 30th June
FS Preparation - 1%
Composure - 99%
Omo ase lo n panic 😎
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I post IAS/IFRS summaries to help refresh our knowledge of accounting standards or familiarize us with the standards
However, if you need a more detailed learning platform for this purpose, you can visit
It’s a free platform and you’ll get a certificate
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It’s ICAN induction day!
Congratulations to all new ACAs 🎉
Quote this tweet with your induction picture, let’s celebrate you.
Kindly tag any new inductee you know.
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Dear professionals,
Let’s talk about financial statement (FS) analysis.
FS analysis is crucial for making informed business and investment decisions. It involves examining a company's financial statements to assess its performance and make predictions about its future.
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Dear professionals,
Let’s talk about the Importance of Cash Flow Statements (CSF) in Financial Analysis.
The CFS is one of the three fundamental financial statements, alongside the income statement and Statement of Financial Position.
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Inventory is measured at the lower of cost and net realisable value (NRV). I’m sure you know that, but for the purpose of those that want to know more, we will be covering Inventories - IAS 2 in this week’s
#AccountingStandardSeries
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Our
#AccountingStandardSeries
for this week will be on IAS 33 - Earnings per Share. EPS is a key performance indicator for investors, and its accurate calculation and presentation are important for decision making.
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Kindly retweet if this helps!
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Imagine this! Your company's financial year ends on December 31. On January 15, fire destroys a major warehouse.
How will you treat this in the books?
IAS 10 talks about the treatment of events that occur after the reporting period.👇
#AccountingStandardSeries
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One particular accounting standard talks about the structure and content of the Financial Statements
This week, we will be covering IAS 1 in our
#AccountingStandardSeries
However, It is necessary to note that IAS 1 has been superseded by IFRS 18
A thread 👇
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Dear Professionals (it’s been a while)
Let’s go a bit deeper into the the understanding of the Matching Principle in Accounting.
The matching principle is a fundamental accounting concept that ensures expenses are recorded in the same period as the revenues they help generate.
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The knowledge of double entry should never be underestimated
I use this acronym for better understanding 👇
DAEP/CLIPS
Debit: Debtors/Receivables, Assets, Expenses, Purchases
Credit: Creditors/Payables, Liabilities, Income, Profit and Sales
Letter to young and old Accountants.
In anything you do and whatever certifications you have, whatever role/designation you hold,
Please ensure you continue to upgrade your knowledge of DOUBLE ENTRY PRINCIPLES.
Double entry principles remain the foundation for...
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Dear Professionals,
Let’s talk briefly about the concept of Materiality in Accounting.
Materiality is a fundamental concept in accounting and auditing. It determines what information is significant enough to be included in financial statements and which can be omitted.
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Borrowing costs simply are interests, or other costs associated with borrowing of funds. The question now is;
When do you capitalize or expense borrowing costs?
Our
#AccountingStandardSeries
for this week is on IAS 23
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Kindly retweet if you find this helpful
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IAS 16 states that depreciation of an asset begins when it is “available for use”, not when the asset is “put to use”⚠️
In this week’s
#AccountingStandardSeries
, I bring to you IAS 16, one of the most popular accounting standards.
Kindly retweet if you find this helpful 👇
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Dear professionals
A gentle reminder that it’s important to take the knowledge of accounting standards seriously
For this week’s
#AccountingStandardSeries
we have IAS 19 on the menu
Enjoy!
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Kindly retweet if you find this helpful
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A lot of of people thought so too, until ICAN humbled them😂 I am part of the “lot”
I have an unpopular opinion that ICAN exams are not as difficult as portrayed
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Dear Accountants,
Understanding accounting entries is like having a financial superpower.
Debit:
📈 Increase in Assets, Expenses, COGS
📉 Decrease in Liability, Revenues, Equity
Credit:
📉 Decrease in Assets, Expenses, COGS
📈 Increase in Liability, Revenues, Equity
#Acc101
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If you open any company financials, I can bet you’ll see a value added statement (VAS). What then is this statement and what’s the importance? Walk with me.
A Thread 👇
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REVENUE IS NOT PROFIT!
A lot of people mix up 'revenue' and 'profit,' so let's clarify in simple terms.
Revenue is the total income generated from sales before any expenses are subtracted.
Profit, on the other hand, is what remains after all your expenses are paid.
Example 👇
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In this week’s
#AccountingStandardSeries
, we will be looking at IAS 12, a standard that gives you ‘superpowers’.
IAS 12 sets out the accounting treatment for income taxes, focusing on the recognition of current and deferred tax liabilities and assets.
Don’t forget to retweet👇
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Imagine an interviewer asks you to explain how grants related to assets are recognized in line with IAS 20
What will your answer be?
Our
#AccountingStandardSeries
for this week will be on IAS 20 👇
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Kindly retweet if you find this helpful
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Before you start thinking of IFRS 7 & 9, you have to first understand IAS 32, which clarifies the classification of financial instruments issued by an entity as either Equity or Liability, among other principles for presenting financial instruments👇
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#AccountingStandardSeries
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The cash flow statement is an integral component of the financial statement. It shows/tracks the movement (inflow & outflow) of cash in a company and help stakeholders make informed decisions.
In this week’s
#AccountingStandardSeries
we will be looking at IAS 7 👇
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If you run an MSME, you have a bank statement and you need your financial statements/ management account done, do not hesitate to reach out to me 😉
As a fresh accountant looking to hone your skills, once in a while, try to reach out to MSMEs, request their bank statement, analyze it and assist them in preparing their management account. You will be amazed at how much this will improve your double-entry accounting skills.
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A lot of free resources on various topics are available online for accountants to leverage on and increase their knowledge, see below the link to some of them.
Kindly repost for others. 👇
👉EVERYTHING YOU NEED TO KNOW ABOUT IFRS 15 (REVENUE)
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Ever heard of "creative accounting"?
It sounds innovative and sweet to the ears, but there's a very thin line between that “creativity” and fraud. Let's “delve” in.
Creative accounting refers to accounting practices that bend the rules set by accounting standards.
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@jon_d_doe
Good morning agba
My thoughts… Yyes she’s honest but will any man be willing to marry her if she can’t cut ties with her baby daddy?
This is a man that treats her kid well and she obviously respects. By so, any move from the ex can easily reignite her interest.
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I’ve always wondered… How were Accountants coping before the advent of computers?
Cos I can’t imagine using pen and paper to prepare a consolidated FS
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Whenever a company collapses due to mismanagement, fraud, etc., one of the parties that gets blamed is the auditor. They are expected to have prevented the company from collapsing, but is that really the ‘duty’ of the auditors?
Let’s talk about the Audit expectation gap 👇
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- Never make your boss feel like they don’t know what they’re doing.
- If you have a manager that micromanages you, micromanage them back. Choke them with feedbacks.
What's a 9-5 'omo-ogbon' tip that's helped you?
I'd go first .
"In all you do, never say you're not working on anything. There's always something on your plate. If nothing, invent something."
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My job for today is to follow everyone quoting and commenting under this post. Bosses just full everywhere 🥵
What topic in Accounting and Finance can you effortlessly discuss for 2 hours?
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@NudgeTM
To buttress your point, they are also not taking into consideration the ‘cost savings’ aspect. Economic benefits is not only about cash coming in and that’s the misconception.
If i live in a house I own and I’m not paying rent, I’m practically saving the rent I should have paid.
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Dear Accountants,
Let’s talk about 'Amortization.' It's not just about paying off loans; it is spreading the cost of an intangible asset over its useful life. This is to ensure accurate reporting and informed decision-making. 💼
#AccountingInsights
#Amortization
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In Nigeria, banks operate under different licenses based on their scope of operations. Let's break down the three main types:
Regional, National, and International banking licenses. 👇
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@instablog9ja
It’s simple… avoid gambling, and if you can’t:
-stake what you can afford to lose
-have a constant cash flow you can fall back on in case of loss
-set a budget
-don’t chase losses with more money
BTW, There are better ways to manage and invest your money.
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A gentle reminder!!!
Always negotiate your salary on NET basis!
Ire oo
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A positive mentality is very important in life
I almost lost out on a Big 4 internship because I never believed someone like me could work there
It took me seeing a former course mate of mine getting the internship before I told myself “if he can, I can too”
Guess what, I did.
There is always that one person.
Exactly what someone told Oga Babs in 1992: "You cannot get into oil & gas without leg, don't waste your time"
He not only got in, he went ahead to become a VP at Shell Global, overseeing operations in 44 countries.
The girl that met me at the
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Let's say you are looking at your company's financial statement for this year and you realized a material error occurred in the previous year, what will you do?
We’ll be looking at IAS 8 in this week's
#AccountingStandardSeries
edition
Kindly Retweet if you find this helpful👇
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@Strictlyirene
@finance_intels
IFB all follows and likes to this tweet
FB too, let’s grow together
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@IamDONAVE
@chude__
Those guys can drive like mad
I once witnessed police chase these guys at Ilaro. The ‘fayawo’ driver made a sharp U-Turn. Before the police van stopped and made a turn, they don go
You’d think those old looking cars cannot move a mile, but na fast and furious
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I Made a tweet on the theoretical aspect of Financial Statement Analysis yesterday👇
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Let’s take a look at some practical analysis for a better understanding.
A thread👇
Dear professionals,
Let’s talk about financial statement (FS) analysis.
FS analysis is crucial for making informed business and investment decisions. It involves examining a company's financial statements to assess its performance and make predictions about its future.
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Person never finish IFRS 18, they don Dey talk about IFRS 19
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Dear Professionals
Please learn to ask for help when you’re stuck on a task. That problem that is taking you hours to resolve on your own can be solved in less time if you seek help from a more experienced colleague or senior
You don’t have to do it on your own!
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@AskMichaelTaiwo
Just seeing this
I have this shoe and a matching belt, size 47 but it’s not my size anymore
If the person doesn’t mind
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Debt is not revenue 😁
All the best in your ICAN exams, prospective chartered accountants.
Please remember, a car is not a liability under any accounting scenario. Do not let motivational speakers make you fail your exam.
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Dear Finance Enthusiasts,
Did you know about the “Time Value of Money”?
It's the
#concept
that a sum of money today is worth more than the same amount in the future, accounting for its potential earning capacity.
This is a key principle in making sound financial decisions. 👇
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@AwoboOluwapelu1
@DaveyHert
@Bigluckiee
iPhone 11 is around 230k.
Instead,
Buy a Uk used laptop of 130 or 140k
Buy an Android phone of 100 or 90k
It’s all a matter of “scale of preference”
Priority is important, that’s what the guy is saying.
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@Tunde__O
Yorubas will say “emi ise gun ju emi eyan lo”
Na last week I understand that proverb
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On the path to success, don't let the fear of imperfection hold you back. Embrace your flaws, learn from mistakes, and keep advancing. Every small step forward is valuable and brings you closer to your dreams. Keep striving, keep growing.
Have a productive week ahead!
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Have you ever wondered how financial fraud gets detected and resolved?
Let's talk about forensic accounting; a field where accounting meets investigation. These set of professionals also play a crucial role in the courtroom with their litigation support services.
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Have you ever wondered why some small details are left out of financial reports? How do you think companies decide what’s important or what not to take too seriously?
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@jon_d_doe
Agba, I’m giving you an advert pitch, in case you actually consider the business 😊
Introducing John Doe Gas - your trusted source for safe, reliable and affordable cooking gas. 👇
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Dear Accountants,
Do you know what the 'Conservatism Principle' is? It encourages cautious reporting.
When in doubt, it suggests understating assets and income, ensuring financial statements remain reliable and free from overstatement.
#AccountingPrinciples
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1 January 2024, you had set certain goals for yourself, but for one reason or the other, you abandoned those goals 🫵🏾
It’s a new month and the 2nd half of the year, here’s another opportunity to pick up from where you stopped and make good use of this half
There’s still time 💯
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Our
#AccountingStandardSeries
for this week will be on IAS 21
The standard outlines how to account for foreign currency transactions and operations in the FS, and also how it is to be translated into a presentation currency
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Kindly retweet if you find this helpful
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GTB! Allow me breathe please. I don’t want to buy shares 🤲
I don’t want loan too 🤲
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Our
#AccountingStandardSeries
for this week will be on IAS 28, which shows insights into the accounting for Investments in Associates and Joint Ventures.
See below a pictorial summary of the standard for your use.
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Kindly retweet if you find this helpful
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@Mr_HandsomeZa
@finance_intels
IFB all follows and likes to this tweet
FB too, let’s grow together
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Our
#AccountingStandardSeries
for this week is on IAS 27, which ensures clarity in the reporting of investments in subsidiaries, joint ventures, and associates in separate financial statements.
See below a pictorial summary of the standard for your use.
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Cheers to the weekend
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It’s funny how most of us underutilize YouTube. That app is a school on its own. You get top contents and knowledge without paying a dime.
Don’t sleep on it, learn to use YouTube to your advantage!
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As an accountant that understands deferred tax properly, you already have a super power
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Independence of mind and in appearance.
As professional accountants, we have certain values that guide our dealings and conducts. 📌
We just rejected a sponsorship request from a popular brand that signified interest in being a gold sponsor of this football event due to KPMG (our football opponent) being their auditor.
It is what it is. Even in recreational activities, professional rules of independence and
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@NudgeTM
B still remains the best option in this case. The moment you realize you might not be able to finish it, communicate to your superior and make them see that your truly committed to finishing it
They might even have a simple solution to the big problem you think you’re facing
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I’m sure we all know the importance of internal controls in a company, but for knowledge purposes, let’s sew a quick thread 👇
Internal controls are policies and procedures put in place by a company to ensure the accuracy and integrity of financial reporting, prevent fraud,
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Our
#AccountingStandardSeries
for this week will be on IAS 29, which ensures that the financial statements of entities operating in hyperinflationary economies reflect the current purchasing power of money, providing more meaningful information👇
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Kindly retweet if this helps!
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The dangerous part is that this app is not like LinkedIn where you’ll see the job description, designation or experience of the person. They can just wear Dunlop slippers on their avi, with 22 followers and be tweeting, not knowing the difference is clear.
My Accounting and Finance People,
I just saw a casual tweet from one of our "Ogas" at the top now, the West Africa COO of one the Big 4.
God knows how many of our "Ogas" are here, silently observing.
See "ehn," if you are a young professional and still have your career ahead
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My phone is currently on 6%, and I’m not even bothered about charging
Band A is sweet but the bill comes with Bandage
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Good morning professionals!
Remember, each day brings a chance to level up.
- Read a book
- Go back to that course you abandoned
Whatever you do, just make sure you keep improving. Small steps, big gains!
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@EAzanami
@TheDimejiLateef
Reading this review, it felt like you’ve seen the movie already, cos this is so detailed. I didn’t even notice 1/4 of the things you did.
Nice one 🫡
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Dear Accountants,
Let’s talk about 'Internal Controls.'
It is a process, effected by an entity's management to provide reasonable assurance, that information is reliable, accurate and timely. Also testing compliance with applicable laws, regulations, policies and procedures.
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Follow me for regular insights on personal finance, accounting, and investing.
I'll provide practical advice and knowledge to help you achieve financial freedom.
Let's make the most of our money and build a secure financial future together.
#finance
#accounting
#investing
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