What my $1000 Got Me This Week
The EMBA program at DU basically costs $1000 a week. Here’s what my $1000 got me this week:
Financial Accounting:
I learned that different companies “realize” their revenue at different points in the process – usually whatever is beneficial for their bottom line. LIFO is Last in First out and FIFO is First in First Out. Most companies use the LIFO process, but everyone is going to be screwed in 2011 when everyone has to change from GAAP (Generally Accepeted Accounting Practices) to IFRS (International Financial Reporting Standards) because IFRS doesn’t allow LIFO.
Leadership Intelligence:
One of the authors of Life Entreprenuers, Gregg Vanourek was our guest speaker this week. The crux of Gregg’s talk was the merging of a person’s core identity with their passion to develop a “Life/Business Integration”. In other words: Knowing your core values + integrating your passion and your profession = The Good Life.
It’s a pretty simple concept, but those are usually the best ones. The tough part is to visualize what this means for you and how you activate it. The problem for me is that it got me thinking that I’ve already got it pretty good, which led to me questioning why I am sitting in a classroom one day a week and taking on all of this outside work for the next 18 months – but I won’t bore you with all of those details again.
I think that this LIFO issue should be resolved soon. I beleve in the US LIFO has to be used for financial statement purposes to be allowed by the IRS.
I think tax and accounting should be separate issues and there are a LOT of such issue not just LIFO.
Interestingly LIFO is not allowed in Canada and I do not hear many people asking for it?
I know it’s a big US issue. The problem is tax not accounting.
The “IFRSexorcist”