A Biblical Balance Sheet Series

1. We Measure Gain Using “God Accepted Accounting Principles” (Php 3.3-7)

The Federal Government requires businesses use Generally Accepted Accounting Principles (GAAP) for reporting financial data, including balance sheets. Paul uses something similar, also known by the acronym GAAP: God Accepted Accounting Principles, the way to value assets and debits in the Kingdom.

Paul charts assets (or gains) on one side of a balance sheet and debits (or loses) on the other. On the asset side, he writes every reason for confidence in the flesh, every gain he could take credit for. Four come from natural privileges:

• He was “circumcised on the eighth day”—regarding religious ritual, he had every advantage.

• He was “of the people of Israel,” not a convert, but a Jew from birth! He race was superior to all others.

• He was “of the tribe of Benjamin,” the most favored descendant of Israel—his people were the best.

• He was a “Hebrew of Hebrews,” of pure and perfect lineage.

In addition to these natural gains, Paul also performed for God, he earned some assets. He was born with a (spiritual( silver spoon in his mouth, but he did not waste his heritage. He worked harder to remain morally upright!

• “As to the law, [he was] a Pharisee.…” Members of this sect obeyed “above and beyond,” so everyone noticed their conformity to the law.

• “As to zeal, [he was] a persecutor of the church….” He was fanatical about his religion.

• And “as to righteousness under the law, [he was] blameless.” Paul was no antinomian libertine, needing the “crutch” of Christianity to make up for his inability or unwillingness to obey.

If we were to translate Paul’s list into common confidences today we might say, “I was raised in a Christian home, heard the gospel preached, went forward and prayed to receive Christ, baptized in the church, kissed dating goodbye, studied my way out of Arminianism into Reformed theology, care about all ten commandments and sing only approved songs.” Whatever gains you might have, write them down, like the Apostle, on the asset side of your balance sheet.

Then, as a faithful Jew, following the suffering Jesus would be a loss, so he wrote that on the right side:

Paul then presents his accounting to God for grading. Jesus takes a red pen, and with one deft stoke, switches the headings. Isaac Watts learned his theology here: “When I survey the wondrous cross, on which the Prince of glory died, my richest gain I count but loss, and pour contempt on all my pride.”

At this point we may wonder if these gains are truly worthless. Is there no value to circumcision or outwardly moral behavior? Is baptism a loss, or memorizing the catechism? But observe well that Paul does not call them losses, he counts them as losses. That is a critical distinction.

Romans 3.1-2: What advantage has the Jew? Or what is the value of circumcision? Much in every way. To begin with, the Jews were entrusted with the oracles of God.

Paul never argues that Jewish traditions and practices are worthless. They were beneficial in helping him understand God. Nevertheless, he counts them as loss. Instead of thinking of them as making him acceptable to God, instead of trusting in these advantages, he considers how they tempt him to turn from the grace of Jesus. Every good work can be twisted by my sin nature to take me away from faith in Christ.