Goodbye 2009

Few more hours and it’s goodbye 2009. Many events, big and small have taken place. Here are some memorable ones that come to mind:
Bernie signed up for her MBA
My elder daughter has been mulling over taking an MBA course. She studied biomedical science in university, and reasoned that pursuing an MBA would help her gain knowledge in financial accounting and financial management which is an entirely new discipline to her. She really found it challenging at first, with all the formulae, computations, financial terms and jargons. She now understands why people want to read financial statements and begins to appreciate how decisions are made based on financial information. Hope she perseveres.
Gen passed her CA exam
My second daughter Gen just completed her CA exams in August ’09. She is still under articleship which term expires in January 2010. Because she has studied for her degree in accounting and finance from the LSE before joining a CA firm, her studies with ICAEW has been quite smooth. However, the tough training that she needs to undergo means lots of sacrifices and practical learning.

Dad passed away
My beloved father passed away recently. His type of human being is fast disappearing from the face of the earth. His is the type who has fixated ideas about all things in life. There are certain behavior or decorum a man must behave with a woman and vice versa, there are hierarchy and rules to be observed in a family and among family members, friendships are to be honoured, even to the extent of inconveniencing one’s family. My early childhood with him has been a series of misunderstanding. I could not understand why he was so strict with us. He kept everything to himself. He would not speak to his children directly; he would enquire through my mother. Only later in life, after I had my own family and children, I began to have personal conversations with him, that I found out he really has a good heart. He wanted to give much more to his children, but at the same time realized his shortcomings. Rest in peace father.
New Prime Minister
We now have a new PM. He is trying all he could to reverse trends which are so deep rooted for decades. He faces a very challenging task ahead. We used to pride ourselves for being hospitable, kind and helpful. Today, reading the daily newspapers can be an emotional, traumatic and angry experience. Anything and everything is possible for the wrong reasons. Our new PM has seen it all. He is a seasoned politician who has worked under several PMs before him. Wish him well and let’s hope he succeeds.
MIA QE
It’s really heartening to see the students who passed their Qualifying Exams and on their way to becoming a Chartered Accountant. The QE is a tough professional exam. Almost all students are working adults with responsibilities towards their families. They made a lot of sacrifices and needed to juggle their work schedules with studies. Some of them have tried the exam many times; they preserved; they never gave up and succeeded in the end. Such students really make you feel proud of their achievements as well as appreciating your own sacrifices which are the more meaningful. I would like to quote the words from Winston Churchill who says, “ Failure is not fatal and success is not final”. Hope you all have a rewarding journey ahead.
Tiger Woods
It’s like this legend can do no wrong. He is the best golfer on earth; a happily married man with a loving wife and children. When he came on the golfing scene at an early age, he breathed fresh air on every fair way he walked, stopping every breath when he putted. The world has never seen such a young talented golfer before. He also broke the race barrier and being from a humble background, he gave hope to kids from America to Africa and Asia. Then, all of a sudden, the smoke screen cracked. Stories about him having affairs appearing in the tabloids. And it’s not only one, two or three. At the last count, it was 12. Question…how did he manage to carry on all his extramarital activities with all his tight competition schedules and under the watchful eyes of his peers and family with such frequency and for so long? Steve Williams, Tiger’s caddy has not spoken a word. Wonder what his view is? But, who are we to judge? Well, no one bothers if you are Mr. so and so. But, if your name is Tiger Woods, there will be plenty of judgment for sure. Someone who has a squeaky clean image, who supports family values and whom corporations dish out to support that image, better not be caught.

Goodbye 2009. Thanks for the memories. Welcome 2010.

Love me with all of your heart

“Janet, please don’t throw my letter away. Please read what I have to say. I have to let you know. I don’t want to live a tormented existence throughout my life. I have been in love with you for such a long, long time. I have kept you in my heart for such a long, long time. It started from the first day I saw you in the Sta Maria Kindergarten. I can’t forget you since the day I kissed your tender lips oh so many years ago”, wrote Daniel. What? Does he mean the incident that happened few months ago in the graduation night party?, Janet asked herself. She switched her memory back to her days in the Sta Maria Kindergarten. Gradually but surely, the event unfolded in her memory. She recollects that there was this cute but shy little boy with a dimple who kept following her everywhere. She treated him like a little brother, as being a year older, she was much taller and matured. She remembers he seldom talked, keeping his thoughts to himself; he just stared in her direction with his dreamy eyes. One day, when they were playing a ‘hide and seek’ game at the back of the school yard, this little boy went up to her from behind and called out her name. She turned round to find out who has called her name, and before she knew it, it was too late. This little shy boy suddenly planted a kiss on her lips and then quickly ran way to hide. "Oh...so this little boy was Daniel", Janet tried to compose herself. She continued reading…”Then we both left our kindergarten. You went to Bukit Nanas Convent and I to La Salle. But the thought of you never left me, it still lingers. Each year, I’d eagerly await our annual inter-school badminton competitions. These were the only times I could see you. My heart would pound in anticipation as the time of the completion drew nearer. I couldn’t hide my joy and excitement. I didn’t take part in the badminton competitions. My game was football. But, I would go to the badminton hall very early to occupy the nearest seat just to watch you play. Each year you grew taller and more beautiful than the year before. Don’t think you ever noticed my presence. I couldn’t pick up courage to introduce myself for fear of rejection or worse reprimand for what I did in kindergarten. But, being a member of the Serenade gave me the much need courage.

As fate would have it, we both are now studying at the Victoria Institution. Soon you will be graduating and leaving, but I still have another year to go. I don’t want to see you leave without letting you know. I don’t want to carry my emotions in the corner of my heart and only to bury them in my grave. I don’t know what the future holds after you have gone. It would be hard for to let go, but I guess I would try to let you go over time. Please forgive me for what I did. I have never loved anyone I way I love you, dear Janet”, Daniel signed off.

“Oh, my God..you poor stupid boy, carrying all these feelings in your heart for so long”, Janet feels the suffocation. “I should have known, but I am too busy with my studies. I can’t have a relationship, I mustn’t have any relationship in front of my father!”, Janet tried to reason.

Daniel has not made himself conspicuous since, preferring to avoid contact with Janet. Even when they did come into contact with each other, they could hardly manage a smile. They felt uneasy in each other’s presence. Weeks passed. One day, Daniel saw an envelope in his drawer. The letter in it was written by none other than Janet. She confided in Daniel that her father would not be in school on Friday. Her father would be heading back to their hometown in Ipoh to visit her ailing grandmother for the whole weekend. She asked Daniel if he could walk her back to her house after school. Her house is only 10 minutes walk from the school. Daniel couldn’t sleep for the whole week, counting the days to Friday. Finally, Friday came. “Hi…Shall we walk?”, Daniel asked Janet after school. “Sure, my house is in this direction”, Janet led the way. They walked quietly without speaking, but sensing each other with uneasy silence, patiently waiting for the other to break the ice. Soon, they arrived at Janet’s doorsteps. “Let’s walk to the mountain at the back of my house. It’s not far. Everything is beautiful up there. No school tomorrow. You can leave your bag in my house”, Janet ventured, much to Daniel’s surprise and delight. They ran towards the palm trees, negotiated the bends, trekking the narrow yellow gravel road leading up to the mountain. “It’s beautiful up here!”, Daniel exclaimed. They could hear the magpies sing, the bees hum, the cool fresh mountain air brushing their faces, flowers exuding aromatic fragrance and the soothing flow of the mountain streams. “Can’t get any better than that”, Daniel felt. Instantly, Janet walked up to Daniel and pulled him close to her. “Now, you can kiss me”, she pleaded with Daniel with her pouting lips and dreamy eyes. Daniel kissed her slowly and gently, letting go of all his hidden emotions and feelings. They were tears in his eyes, dripping onto Janet’s face. But they don’t care. They were oblivious to the surroundings. They were lost in their own world. “I want to hear you sing that song to me”, Janet said, lying beside Daniel. Which one dear?, asked Daniel. “Love me with all of your heart. I always ran to hear you sing this song whenever you were performing it with the Serenade”, revealed Janet.

“Love me with all of your heart, that's all I want, Love
Love me with all of your heart, or not at all
Just promise me this. That you'll give me, all your kisses,
every winter, every summer, every fall.
When we are far apart, or when you're near me
Love me with all of your heart, as I love you.
Don't give me your love, for a moment or an hour
love me always, as you love me from the start
With every beat of your heart……..mmm…
With every beat of your heart”, Daniel sang it beautifully with his heart.

The heart is a lonely hunter

Since leaving the Serenade and his band mates, Daniel's life is a complete opposite from his previous lifestyle. His life in the fast lane is now on coasting mode. "Well, might as well hit the books", he thought to himself; after all, Senior Cambridge exam is a few months away. He needs to do a lot of catching up for all those times he spent with the Serenade, if he were to pass the exam; not to mention obtaining good grade. Determined and focussed, he is surprised at his progress. His only distraction is the thought of the lovely Janet. His studies were intermittently disrupted by the images of Janet. The thought of Janet brought to mind a song which is a crowd favourite that he used to sing with the Serenade. The song is entitled 'Donna'. He keeps playing this song in his mind and he substituted Donna's name with that of Janet.

"Oh Janet, Oh Janet. Oh Janet, Oh Janet. I had a girl, Janet was her name...dum dum dum dum. Since she left me, I've never been the same. 'Cause I love my girl, Janet where can you be, where can you be?. Now that you've gone, I am left here all alone...dum dum dum dum. All by myself to wander and roam. 'Cause I love my girl Janet, where can you, where can you be?............" Daniel sings the song over and over again to himself.

Occasionally, they would bump into each other; either in the library or at the canteen. Despite the event that occurred at the party earlier, Janet still managed a smile and a friendly hello. "God, she looks more and more beautiful each day, she has blossomed into a really fine girl", observed Daniel. And all the boys are competing for her attention. Janet's classroom is on the second floor and Daniel is on the first. One day, during recess, Daniel waited to make sure that Janet had gone to buy some food at the canteen. He sneaked into her classroom and secretly placed an envelope under her desk. After recess, Janet went back to her classroom and sat at her desk, paying attention to her history teacher. Bell rang and class is dismissed. She opened the desk cover to retrieve her books and belongings, preparing to go home. And then she saw a white envelope which is addressed to her, on top of her geography book. Curiously, she opened it and started reading it. She could sense her tremble. She could not continue reading the letter, not infront of her classmates. And so, Janet left the classroom, clutching her school bag and the piece of paper that Daniel wrote, heading straight to the library. She began to read slowly in the corner of the library, trying to compose herself, feeling his feelings, the feeling of this lonely hearted boy called Daniel.

Gently his guitar weeps

Over the next few months, the sounds of The Serenade could be heard in parties, school concerts, dance halls and talentime contests. Daniel displayed his guitar playing mastery, complemented by his melodious singing voice and teasing the audience with his infectious smile. He is the most popular member of the four-piece Serenade band. He has quite a following by now, especially among teenage girls.

"Daniel. Here, give it a try. This is a good joint from Jamaica. It would give you fantastic psychedylic trip. Have a go", Mike Fernandez offered him a rolled up joint. "Nay", says Daniel "I dont like that stuff. Have'nt you read this month's Band Wave (which is a pop magazine) It wrote about how drugs killed Jimmi Hendrix. He looked pretty messed up; even in his grave!". "What are you? A saint or something? Don't make me laugh, la",replied Fernandez sarcastically. "Nay..that does'nt make me a saint. I prefer beers than cigarettes". Suddenly, someone shouted "Fire!". Daniel turned to look and he saw Jimmy, the Serenade's drummer, running towards the door and pulling his girlfriend with him. He noticed that the carpet at the corner of the room has caught fire. The boys and their friends have been smoking and drinking. One of them has carelessly thrown his still lighted cigarette bud onto the floor which caused the carpet to catch fire. Worse still, the fire spread to the wooden wall. Everyone ran helter skelter. Everyone is to each his own. "Call the fire brigate!", shouted Daniel. But one one heard him, no one bothered. They were too frightend. He went upstairs and called 999. Soon, he heard the sounds of fire engines. The fire was put off in quick time; much to everyone's relief. Fortunately, the fire was put out in time. Otherwise, the whole student lounge could have been burnt down.

Monday morning. The boys and girls were summoned by Mr. Wong, the headmaster to his office. "I came to know that you all have behaved badly and irresponsibly on Saturday night after the party. You have been smoking and drinking in the student lounge and one of you caused the fire by throwing burning cigarette onto the carpet". "I want you to tell me who among you caused the fire?", demanded Mr. Wong.
Silence. "Now. If you do not tell me, I will have to ask your parents to come in tommorow". They all froze. The last thing they want is for their parents to know.
"Eh..It is not us Sir. It is Soon Hong. He had a misunderstanding with us, he was jealous of us. He threw the cigarette Sir". "Is it true?", Mr. Wong wanted confirmation. Silence. "Let me ask you for the last time. Is it true that it is Soon Heng who caused the fire?". Sheepishly, they nodded their heads. Except Daniel. Goh Soon Hong is an average boy at school who is known to be mischevious and in the past has suffered the wrath of Mr. Wong because of playing truant. "Ok. Let me call Soon Hong now". cried Mr. Wong. Daniel knows that they all want to pin the blame on Soon Hong. They want to make him the scapegoat. The boys are jealous of him hecause he never wanted to mix with the band boys and in From 6, he is driving a car to school. Daniel whispered to Lenny who is the leader of the pack. "I am not sure it is a good idea Len. You know it is Jimmmy". Lenny whispered with a stern voice "Just shut up and toe the line ok?"

As Mr. Wong began to walk out of the room, presumably trying to summon Soon Hong, "Wait, Sir", cried Daniel. "It's not Soon Hong, Sir. It is all of us here".
Everyone was stunned. They all looked at Daniel with disbelief. They received their punishment. The boys received a public canning in school and the girls have to kneel on their knees by pulling their ears for an hour.

Daniel says goodbye to playing in the band.

In the heat of the night

"Don't Daniel, don't! Don't do that please!", screamed Janet, pulling away from Daniel's grip. Daniel is trying to force down his lips on Janet's. The graduation party has just ended and young boys and girls were reluctant to go home; they wanted to mix with the band boys backstage.

Daniel has always been attracted by Janet's good looks and her middle-class upbringing. Secretly, he harboured the wish that one day he would walk side by side with her, holding her hands, taking her out for movies and treating her to the popular snack bar opposite the Rex cinema. He wants to be her boyfriend. But, the problem is Janet is in the 6th form and he is only in 5th. He is afraid of being ridiculed by his friends if he were to date an older girl. Worse still, her father is the headmaster of the school! Janet is every full-blooded young man's dream and fantasy. She is smart, well-dressed, high-cheeked bone, fair complexion, beautiful and attractive. The type of girl who makes heads turn when she walks into a crowded room. So, Daniel thought this is the night he must make his move. He must make his feelings known.

"I have been watching you all night Janet, even when I was strumming my guitar and singing on atage. I know you have been looking at me too. I know you want me too". "But, we can't. Not here, not now. My father came for the show too, remember?. "I hate you. I have to go Daniel. My father is waiting for me. Good night!", Janet pulled away from him. "No. Please don't go Janet. One more kiss and I let you go". But quick as a flash, she is gone.

"Daniel! Wake up!. It's already 12pm. It's Sunday, you are already late for church", shouted his mother. Grudgingly, he opened and rubbing his eyes, sticking out his tongue. He saw his mother walking towards his bed. He pinched his face to see if he is dreaming. He felt the pain. There goes his lips, there goes his dream.

"Hey, Daniel. You were great on Saturday at the party. Did'nt know you are so good with the guitar and you have a good voice too.", his school mates showered praises on the following Monday. He sensed that the girls were especially bold this morning; making their presence felt and at throwing suggestive glances. But, he only has one girl in his mind. Janet. Suddenly, he there she was, appearing in front of him. "Hi Janet. Did you enjoy yourself on Saturday?" "Yeah..but I had to leave early. 'Cause my dad has to wake up early to go fishing with his buddies. You played good. Bye", Janet disappeared as sudden as her appearance.

His first performance

By now Daniel is quite good at playing the guitar. He bought books with music notes and guitar cords. He would listen to the radio and practised playing on his own as well as watching live bands in talentime contests. He has acquired sufficient knowledge and skills to play lead guitar in a pop band.

"Daniel", Mike Fernandez approached him in the school corridor. "Thomas is going to follow his father to Penang. His father is giving up playing music in a pop band. He is getting old and he wants to have a regular job. A travel company in Penang is hiring his father as a PR Manager. His whole family is moving up there". "Thomas told me that you are good at lead. Do you want to join us?" "What?! Joining The Serenade, the most popular school band in KL". "Eh...I dont know, there is so much home work. Form V exam is in December. Let me think about it Mike. Thanks for asking", Daniel reacted coolly, trying to hide his excitement. Of course he loves the idea, he will do anything just to get near those teenage idols!

The following week, Mike invited Daniel to have a jamming session with The Serenade, just trying to test if he could fit in. They started to play all the popular songs of the time. To everyone's surprise, Daniel could accompany them and play along without much coaching. He even played some complex guitar movements that are played by top British bands. He is in!

"Hey, Daniel. The organising secretary of the St John's Institution approached us to perform for their graduation night party next month. Let's call up the other boys to start practising!'. Daniel's heart is pounding. He imagines walking up the stage with the other band members, carrying his electric guitar, wearing their polka dotted long-sleeved silky shirts, high-heeled shoes and flowing long hair. And that's exactly how they entered the musical hall on the night of the party. As the time went on, Daniel was more and more into the musical mood. He is like a man possessed; oblivious to everyone and everything around him. He played like an expert rocker, rocking and rolling on stage. He harmonised with the boys on songs. When he began to sing solo. The girls screamed! "Daniel, Daniel, Daniel..they called his name and sang along with him. This is what it takes to spur him on. He belted out song after song, guided by the flowing cords of his guitar. He is totally immersed into the atmosphere of the night. He has arrived. He is the star of of night.

Learning to play the guitar

"Thomas!", Mrs. Nayar shouted. "Don't keep teaching Daniel how to play the guitar in my class while I am teaching!" Thomas and Daniel have been at it for weeks now. Thomas has already been learning the guitar for many years. He is being tutored by non other than his father. His father is a musician, playing bass guitar in a popular band and earning a living by playing music in the KL night clubs. Those days there was no MP3 or the internet. Young people enjoyed themselves by going to night clubs, listening and dancing to the pop songs performed by live bands.

Daniel is growing up. He wants to learn the guitar. Knowing how to strum a guitar is THE social symbol. He bought a second acoustic guitar with savings from his weekly allowances and the 'ang pows' he received from his parents and relatives during Chinese New Year. He bought a music book with illustrations of the guitar cords and music notes. He tried to strum some cords by listening to the radio. It was fun but some fast movements are too complex which confused him. Thomas is playing the rhythm guitar and is already a member of the school band. He is also the lead singer of the band. He has a melodic voice. Daniel idolised him. One day he went to watch him play in the school's valentime singing competition. He was mesmorised by Thomas's guitar playing skills. He was impressed by the group of school girls who follow Thomas wherever he goes. After the valentime event, Daniel went backstage to make himself 'visible'. He does not think Thomas would mind. After all, they are classmates. "Hi, Daniel. Didnt know you are here. Enjoyed yourself tonight?", he said with an air of superiority. "Yes. I did Thomas. You were great out there". Picking up his courage which he has been thinking for time, "Can you teach me how to play the guitar?" "Sure, it's easy", Thomas replied nonchantly. So, from then, Daniel would follow Thomas to his house after school to learn playing the guitar. He is good learner. But, they are so engrossed in the pursuit of their hobby that they also discussed music in the classrooms when they should be paying attention to the teachers.

"Thomas, I want you to sit at the back when I am teaching. I dont want to see you teaching Daniel how to play guitar in my class". "Daniel used to have good marks in mathematics tests. But lately, he is falling behind", Mrs Nayar told him firmly. So, there goes Daniel's guitar 'playing' days...in class.

Growing Up

He is 15 and starting to take note of the changes around him and in him. How come grown ups suddenly becoming shorter and smaller? How come the heroes he used to worship and idolise have become subdued? How come he does not find the tall tale stories in the captivating far, far away never never land as told by the village story tellers are not interesting anymore?

He wants to be bigger and taller. He finds it hard to sleep at night. His thoughts are not about winning football games in school or flying to the far far away land of make-beliefs to frolic; his thoughts are now turning to famous movie actors and actresses in the silver screen, popular rock bands. He wants to know the latest movies in town, he wants to know the names of the pop bands' members, he wants to know their latest hit songs. It gives him great satisfaction to learn that he knows more about them than his friends. He is becoming conscious about the way he dresses and the way he looks. He wants to mix with the 'in' crowd. He now understands why the seniors in his school used words like 'this is cool' and ' saturday night fever'. He begins to take interest in the girls in his class. He noticed they have changed too; both physically and their outlooks. He wants to make friends with them. He secretly habours the wish that one day he could pick up the courage to ask one of them out for a date.

Despite the inner upheaval he is going through, he is actually feeling happy and upbeat. He walks with a bounce in his heels, always a song in his head and flutter in his heart. He is looking forward to each day for each new day brings the promise of new exciting experiences and the exuberance of youth.

He is getting restless; he wants to break free. This boy is growing up!

Season's greetings

We have celebrated Hari Raya recently and Christmas is just round the corner. Soon Chinese New Year beckons. Such festive occassions usher in plenty of merry making, such as eating, singing, shopping, drinking and partying etc. At the core of all such feastivities is actually the culmination of the celebration of one's religion. Nowadays, somehow commercialism, hype and having a jolly good time mentality have crept into our lives, especially among the younger generation that the real message underlies such occassions has lost its meaning.

The world has evolved for millions of years and judging from our world's social, economic and political behaviours and developments during the past 3 decades, it is amazing how much of human's behaviour, attitudes, thinking have evloved. Thanks to the age of Information Technology which brings us closer, getting things done faster and making our lives richer. Our lives would increasingly be evolved and shaped by the seemingly limitless potential of the Internet.

Even in all that is good, there is also a flip side. The advent of the Internet is also responsible for our shed of innocence. People do things today which years ago would result in loosing one's self-respect or honour. The word 'respect' in today's term has a totally diffirent meaning from not too long ago. The moment you want to curb or put a stop to certain socially unacceptable activities, there will be instantaneous wide-spread accusation of human rights violation. They are starting younger. We used to walk safe everywhere and anywhere, but today you are taking great risk in venturing out alone. We were trusting but today you have to be discerning. Serious crimes are rising in the global scale. Unconventional social behaviour is no longer looked upon with disdain.

The world as we know today is beginning a new evolution journey. Perhaps in a thousand years time, along with human's propensity for change, a new form of human behaviour would emerge. As for now, enjoy the journey and take care.

Bless us all.

FRS 139

The most complexed FRS is finally here! First an entity needs to understand what is the meaning of financial instrument under FRS 139 and then to identify its financial assets and liabilities. Thereafter to measure them. An entity's financial assets would be categorised into 'fair value through profit or loss', 'held-to-maturity', 'loans and receivables' and 'available-for-sale' while financial liabilities are classified into two categories. Also, for the first time, derivatives are to be reflected in the balance sheet which hitherto are known as 'off-balance sheet' items.

Treatment resulting on decline or rise in the value of financial assets and liabilities would be very much dependent on the above categorisation. It can be either recorded in the profit and loss statement, reserves or equity.

Is FRS 139 adopting principles-based or rules-based accounting? The answer is it is a mixture of both. 'Rights and obligations' approach heavily outweights 'substance over form'.

Although there are detailed rules in identifying and classifying financial instrument assets and liabilities, flexibilty is allowed to choose which category certain financial assets fall into. This flexibility will undermine comparability, especially financial interpretation by ratio analysis.

My opinion is that this Standard is very much the work of regulators who had learned from the weaknesses in financial reporting as glaringly evident during the recent global financial crisis.

Continuing education and training is the key successful application of FRS 139.