Yarn

A real belter of a story, especially one which is funny or surprising. A yarn may be completely truthful, but it is rather common for a yarn to contain a Furphy or two, i.e. exagerrations for the sake of a better story.

It is important to note that listeners will rarely care whether or not a yarn is truthful, as the priority of a yarn is to entertain as opposed to providing an accurate recount. There is a classic saying in Australia illustrating this point, "never let the truth get in the way of a good yarn."

Me old man used to spin all sortsa yarns 'bout his time at the farm