Submitted by: Dominic
Via: My Facebook
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Submitted by: Dominic
Via: My Facebook
Eh
*Meh
My name.
LOL
The Game (which you just lost!)
The Shame
I came
I saw
vici
Nietzsche
vici-pedia
Imbecile
Classical latin, idiot.
Embezzle*
come at me bro
*on
in
Hooray, tax humour, everyone’s favourite.
It makes me feel so uneducated.
Boooooooooooooring
I enjoyed it.
I thought it was AWESOME.
Same here. Reminds me of when I was in law school and a bunch of us got into a long, deep discussion about the legal status of zombies.
What was the ruling?
Awesome! What was the ruling?
Ha! Listen, anyone that can make tax accounting funny is hot in my book.
Same here
This!
As a student of pure management, the only part of this I understood is the reference to Porter’s Five Forces model – but regardless I always fall for the law, macroeconomics and accounting boys who talk like this. Awesomely geeky, brilliant and sexy all at the same time = hotness.
Agreed, I was starting to feel like I was reading a script for Pythony type sketches
If you understood accounting I’m sure you’d find this hilarious.
I’m a qualified accountant. Trust me, it isn’t funny.
Great one, finally something a little more mature than fart jokes and screenshots of postings from mentally disabled people.
^^This
Just before ^This.^
I`m forced to agree.
Agreed.
Amen to that.
^This
But I don’t get it
agreed.
My thoughts exactly. I don’t understand half the terminology but this was hilarious.
No kidding. I just finished a finance class, and I got all of these. I was laughing at them first, and then at myself for being such a huge nerd.
NEXT!
This would probably be hilarious if I knew anything about accounting.
“One doesn’t simply cash-accural account your way into Mordor”
F*ck the haters; I literally LOLed.
*Thumbs up* (–b^.^)-b
Do you mean: ^.^ ?
No. They were putting a thumbs-up in front of their face.
Oh
Finally some intellectual humor!
Like Kevin Smith and everyone else who profits from it “The money’s in the d*ck and fart jokes” but this stuff makes me lol and impresses the h3ll out of me
Was I the only one who didn’t understand anything they said?
the names are sorta self descriptive…
Yawn.
i’m 37 years old and what is this?
my thoughts exactly
That is how the rich people get out of paying taxes.
And it was hilarious i do have to say.
Even if i didnt understand all of it.
A wake-up call that you should move out of your mom’s basement and start doing grownup things yourself?
+9000
+1
But that’s…OVER 9000!
I’m 23 and I got most of it. Problem?
HAH – brilliant. as someone with a degree in public finance, this is BRILLIANT.
That’s the first time I’ve actually LOL’d at failbook in ages (rather than just shaking my head in despair).
Contracts that are *Ultra Vires* are not voidable only, but utterly void. Even an accountant would tell you that. >shudders<
I hate accountants and accountancy. but this is one of the funniest (and cleverist – if there is such a word!) posts I have seen on the internet in ages!!! awesome humour!!
…why… would you hate accountants…? I mean. I can understand not wanting to BE one, but hating them seems to be going a little far.
personal experience! being screwed over. £30 per letter. responsible for awful corporate decisions that result in the redundancy of many of my friends. the list could go on. suffice it to say they are right down there with insurance companies and speed cameras! but if you are an accountant i am sure you are a loveable one. no offence was intended
I’m a dental assistant and people tell me they hate me (and the dentist and the hygienist) all the time. Seems to me it’s just misplaced anxiety.
my dentist is awesome. i am terrified of dentists but she was sooooooooo good fixing my teeth that i bought her a big bouquet of flowers i was that grateful!!! she said that was a first for her. dentists rock
Teal Deer.
Which means TL;DR
TNerdy;DR
TOblivious;DCare
T.AWESOME;R.Again
Your loss. It was funny (even if you don’t understand all of the terminology).
No.
lmao roflol. this is hilarious, and slightly stupid, but mostly really really funny. however, I don’t remember there being any money spoken of in LoTR, maybe they barter. I dunno, but the point is even though I understood absolutely none of the terms this was hilarious.
THANK YOU FAILBOOK for finally posting something actually funny (and no I’m not an accountant and no I didn’t get all the language. News flash: YOU DON’T HAVE TO. “One doesn’t simply cash-accrual account your way into Mordor” = PRICELESS).
That just means that you think that anything that fits into a memified phrase is funny, regardless of whether it’s comprehensible or not. If you don’t know what a cash-accrual account is, it shouldn’t be that funny :/
Why is everyone assuming that they’re using GAAP?!?!? The Return of the King was filmed in NZ- wouldn’t they use IFRS instead???
What if it’s a private entity?
Wunch of bankers…
^ made me lol too
really? you’re effing stupid if you’re disecting the lord of the rings trilogy…the books explain everything. and you never should have been born if you’re seriously considering the politics and semantics of it…rediculous….
you..completely missed the gist.
The books most certainly do not explain how actions in Middle Earth relate to modern tax codes.
find something else to do….oh yeah whats that thing called.?? yeah… thats it…a life…
What you see is people who know each other (most likely) engaging in a conversation about multiple shared interests. I think that qualifies.
its a movie…made for entertainment….get over it
Are you effing serious? This website is made for entertainment. If you’re trying to disect it and tell people they are wrong, then you should get a….. uhh…. oh yeah, life.
I imagine they were entertaining themselves. How is that a bad thing to do with a movie made for entertainment?
As a CPA, I found it witty.
Very good and Python-esque
makes me want to see Dennis the peasant sketch
Help! Help! I’m being repressed!
I’ll admit I only understood half the terms mentioned, but being able to make accounting jokes like that is a definite win!
Truly one of the funniest things I’ve seen in a while. Yes, I’m an accountant. I think, if you knew the concepts, you’d be laughing as loud as I was.
To the original guys, if they read this: wouldn’t the receivable have been written off long before due to political uncertainties and also a lack of ability to prove collectibility? I say it’s an extraordinary gain that offsets operating expenses.
Buahahahaha, this is so full of WIN!
LOL — too funny. By the way, the discussion is not about taxes. The jokes are related to preparing financial statements for financial reporting purposes. I am not an accountant.
TBoring;DR
Utter genius.
I think, in this situation, the original “specific performance” contract would have been the aid to Esildur. In this case, when the contract was not exercised, Esildur would have recorded an asset for said specific performance because he had the one ring, required no further agreement from the Army of the Dead, and they were obliged to assist man from destruction. So if we account for the obligation to Esildur as an asset, we must consider the following: Because the destruction of the “mortal Sauron” occured at the end of the second age, GAAP states that assets that are suspected to be impaired be tested for impairment annually. Given the thousands of years that had passed from the destruction of Sauron in the second Age and the aforementioned agreement, the asset would most certainly have been deemed fully impaired and written off as a current period loss thousands of years ago.
If the obligation was fully written off then I agree with a prior posts treatment of the fullfillment of the contract as an extraordinary gain for a couple of reasons. 1. Middle earth is rarely on the brink of destruction. 2. It is highly unusual that someone would bother to enter a haunted mountain. 3. It is unlikely that this will ever happen again because Frodo destroyed the ring. So the question comes how do we value the destruction (or lack thereof) of Gondor? Your guess is as good as mine.
Also, we have yet to take into account Esildur’s obligation, and whether or not this represents a liability or a hedge against the destruction of Middle Earth. If it is the latter, this whole discussion has no meaning and it will require Enron, Bear Stearns, and WorldCom accountants to figure it out.
Let me rephrase the asset impairment: Because the asset was recognized thousands of years ago, we must test for impairment under GAAP using undiscounted cash flows if we suspect impairment.
Sorry, Middle Earth does not adhere to GAAP accounting. It follows IFRS and therefore impairment should be checked using discounted Cash Flows.
What if it’s PE?
WTF. You call yourselves accountants? If Isuldor hired that lot, he treated them as a business expense, whether or not they performed, and he took a tax deduction. 3,000 years later, they performed. Under Treasury Regulations, the difference in value between the deduction taken and the value of services rendered would be amortized. Then penalties, expenses, and tax liens would be assessed. Add the fair market value of Mordor and deduct the services of the Elves, who are tax-exempt. Duh.
Agreed- but only if he originally treated the original transaction as an expense. If Isildur wanted to have an asset titled “Army of the Dead,” though, he could have leased it and reported it as an asset (if he expected to have it for…what…80% of its useful life?)
That way he could have sent Sauron a copy of his balance sheet and say, “Oh, BTW, you may want to lay off cause I’ve got this Army on lease.”
Oh wait…they weren’t the Army of the Dead at the time though…
I will never again call myself a nerd.
Your father is great. As an old timey business law student myself my first thought was ‘Specific performance clause’ as well
*Agrees with pretty much everyone here*
TL:DR – but even accountants FB posts are boring.
As an accountant… Best post ever!
ahaha You Suck fail
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