GLG News in Accounting & Financial Analysis
May 19, 2008
Fair Value Issues
Analysis of: Some facts about fair value | www.fasb.org
Author: GLG Expert Contributor
Analysis of: Some facts about fair value | www.fasb.org
Author: GLG Expert Contributor
This analysis takes a look at the issues involving fair value. While fair value is becoming increasingly relevant yet it raises several problems and complicated issues. The FASB and IASB alongwith all major accounting ...
May 16, 2008
Less Costly GAAP for Globally Accepted Accounting Principals ?
Analysis of: The Beginning of the End of GAAP | www.cfo.com
Author: GLG Expert Contributor
Analysis of: The Beginning of the End of GAAP | www.cfo.com
Author: GLG Expert Contributor
As long as the F.A.S.B.'s blueprint could "identify the least disruptive, and least costly approach" to move U.S. public companies to IFRS, and this blueprint is generally accepted in the U.S. as accounting principals, the U.S. GAAP is applied. However, applying these standards by other countries and nations already requiring international accounting standards IAS would be a problem.
May 14, 2008
Continued Housing Difficulties
Analysis of: The Housing Crisis is Over | online.wsj.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
Continued Housing Difficulties
Analysis of: The Housing Crisis is Over | online.wsj.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
The housing bust is not over and trends continue to be negative. The only positive activity is that homebuilding stocks have gone up, without a good reason. We still have a ways to go to work through all this.
May 13, 2008
The Beginning of the End of the FASB
Analysis of: The Beginning of the End of GAAP | www.cfo.com
Author: GLG Expert Contributor
Analysis of: The Beginning of the End of GAAP | www.cfo.com
Author: GLG Expert Contributor
The title of the article is a misnomer - it is the FASB not GAAP that is being replaced. With little debate or scrutiny, and no cost/benefit analysis of which I'm aware, the SEC has decided to replace United States GAAP with that of an international body over which it has no control. Accounting is the basis of business decisions and to outsource that authority is frightening to say the least....
May 12, 2008
IFRS and US GAAP - Convergance Difficulties
Analysis of: The Beginning of the End of GAAP | www.cfo.com
Author: GLG Expert Contributor
Analysis of: The Beginning of the End of GAAP | www.cfo.com
Author: GLG Expert Contributor
1. Given all of the differences between US GAAP and IFRS it will be a few more years before convergance occurs. 2. There is a lack of conformity with respect to adherance to IFRS as it has been promulgated into law. As such, it is difficult to review a financial statement completed under IFRS unless you know the underlying accounting policies promulgated by a specific governmental...
May 12, 2008
How to eliminate souvereign funds!
Analysis of: The invasion of the sovereign-wealth funds: The biggest worry about rich Arab and Asian states buying up Wall Street is the potential backlash. | www.economist.com
Author: GLG Expert Contributor
Analysis of: The invasion of the sovereign-wealth funds: The biggest worry about rich Arab and Asian states buying up Wall Street is the potential backlash. | www.economist.com
Author: GLG Expert Contributor
1. Souvereign funds based on the undue accumulation of unproductive foreign reserves can only exist in a mercantilist system of fixed or pegged exchange rates. 2. By moving towards a complete floating exchange rate system, foreign reserve accumulations will be driven to zero and, ergo, also the souvereign funds. 3. So, instead of regulating souveraeign funds, create free-working futures...
May 12, 2008
Smoke with no substance
Analysis of: Citifin sacks 400, bank plans $1bn loan selloff | economictimes.indiatimes.com
Author: GLG Expert Contributor
Analysis of: Citifin sacks 400, bank plans $1bn loan selloff | economictimes.indiatimes.com
Author: GLG Expert Contributor
It's just astonishing how much junk you can find lying around your bank, especially if you've been collecting things for as long as Citigroup has. Selling $500b in non core assets. Which will help in the short term what about the long term? have we learned nothing from Chainsaw Al (Sunbeam)? Pandit, fire sale well help the top line but what about the bottom line? And if it gets too difficult,...
May 12, 2008
Warehousing & Hospitals
Analysis of: India Agriculture & Medical Infrastructure Opportunities | www.maxkapital.com
Author: GLG Expert Contributor
Analysis of: India Agriculture & Medical Infrastructure Opportunities | www.maxkapital.com
Author: GLG Expert Contributor
In India opportunities abound; yet there is a shortfall of management skills. This article examines the macroeconomic environment both long and medium term and highlights energy, agriculture and healthcare as key beneficiaries of the times we live and will live in. It then looks at the healthcare and agriculture sectors in India and identifies opportunities in hospitals and warehousing. ...
May 6, 2008
Direct Expensing of Interest by Homebuilders
Analysis of: Hidden Mortgage Risks Abound in U.S. Home Market | www.bloomberg.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
Direct Expensing of Interest by Homebuilders
Analysis of: Hidden Mortgage Risks Abound in U.S. Home Market | www.bloomberg.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
Not capitalizing interest in inventory causes acceleration of losses and deterioration of book value.
May 5, 2008
Electro-shocking a corpse
Analysis of: SEC's Atkins Calls for Fair-Value Guidance | www.cfo.com
Author: GLG Expert Contributor
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of 809Analysis of: SEC's Atkins Calls for Fair-Value Guidance | www.cfo.com
Author: GLG Expert Contributor
1. Something is clearly worth nothing when nobody wants to buy it, e.g., Bear Stearns price went from $58/share to zero. 2. Option pricing theory tells us that the equity in a firm functions as a long-term option. Clearly, Bear Sterns "American-style equity option" was clearly out-of-the-money. 3. However, without Bear Stearns the whole financial system could possibly unravel and the Fed leaned on...
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