Who says accountants are boring people? If you take a look at the Financial Reporting Standards (FRS), you will beg to differ from the general conception that bean counters are dull people.
I have spent the last few days ploughing through FRS in order to determine the 'correct' way of recognising a particular transaction. When I thought I have made some headway, the tax and the regulatory experts will indicate that there are tax and regulatory issues. Then it was back to FRS again to look for other solutions. Finally, managed to 'unearth' an alternative treatment today, hopefully it will be acceptable by my boss.
My boss seems to have a not too correct impression that I may be quite up-to-date with FRS, since I have just helped with the financial statements preparation in my previous job. In actual fact, I think I am quite inadequate when it comes to applying FRS. Hopefully, I can quickly finished this assignment and get done with it. *Sigh!*
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