Accounting standard: an analogy

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Lately, I had been helping the actuary in a new project. We both had to read a particular accounting standard, not only to refresh our memories but also to be updated with the changes these past decade or so lol.

There was one particular section that stumped us and I tried hard to convince the actuary to finally accept the illogical conclusion simply because the standard said so. However, to my family and friends, I used the following analogy of what the accounting standard said:

If I tell you that a particular creature is a hippopotamus (hippo) and then ask you what animal it is, what will be your answer? A hippo, right? Duh.

However, if I tell you that the creature
(a) is a hippo,
(b) wears a hat, and
(c) can twirl around,
and then I ask you what animal it is, what will be your answer? Still a hippo, right?

Well, according to the accounting standard, it is no longer a hippo. In fact, it is now a crocodile. I kid you not.

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