Accounting & Financial Analysis News by GLG Council Members

An unique form of British Justice of International nature

September 15, 2009

Analysis by: GLG Expert Contributor

Analysis of:Sweeping proposals to change Indian tax laws could scare off foreign investors | www.timesonline.co.uk

Different standards for different peopleGreed, for power and Pelf.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Global Debt Situation - Fair Value - Financial Statements - Paradigms

September 6, 2009

Analysis of:US says debt Outlook Worsening | www.ft.com

The global economy is in a tailspin. Politicians and economists like us to believe otherwise amid  worsening job losses and a weakening US dollar. The graph of the USD vs. gold price shows the fall in value of the USD. This situation throws up questions for the auditor/CFO/accountant and others involved with financial statements. Analysts would  also need to evaluate the fair value of assets on financial statements in this evolving situation. In this analysis I look at some of  these questions.

The Lesson of Lehman Brothers

September 6, 2009

Analysis by: GLG Expert Contributor

Analysis of:Lehman Brothers, the bank that bust the boom | www.telegraph.co.uk

It is self evident that Lehman Brothers would still be in existence today had they rewarded Fuld and his cronies for not changing the risk structure of the bank, and not leveraging it into oblivion. The lesson here is one that all professional business people know full well, but some seem to have forgotten, bonuses should be aligned to key performance indicators (KPI's) that genuinely add value to the company's bottom line.

The Consequences of The UBS Tax Evasion Cases

September 1, 2009

Analysis by: GLG Expert Contributor

Analysis of:IRS Corporate Audit Division Will Examine UBS Tax Evasion Cases | www.bloomberg.com

As the IRS examines the 4,450 UBS AG Swiss bank accounts it would do to remember that companies offshore as well as individuals. If you do not understand the structure of the company, or the role/purpose of its offshore holdings then treat it with extreme caution. The international regulatory environment (wrt offshore companies and tax treaties) will tighten over the next few years, thus making it increasingly difficult for companies to use these dubious structures.

The Financial Services Authority Plays To The Gallery

August 28, 2009

Analysis by: GLG Expert Contributor

Analysis of:FSA Chairman Suggests a Tax on Banks, Drawing a Lot of Fire | online.wsj.com

The Financial Services Authority (FSA), fearful of being shut down by the incoming Tory government, has indulged in popular politics and made some suggestions that play to the gallery wrt taxing bankers' bonuses. This suggestion is a non starter, as Britain (like it or not) needs a robust financial services industry, given that it has no manufacturing base to speak of.

HMRC's Island Haven

August 26, 2009

Analysis by: GLG Expert Contributor

Analysis of:Closing the Havens | www.ft.com

HMRC scored something of an embarrassing own goal, when it signed up with Mapeley.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Tax Fudges and Financial Reporting - The Paradigm - Accounting Standards Context

August 25, 2009

Analysis of:Closing the Havens | www.ft.com

Tax havens have represented security against political repression for long. They have also with the evolution of  tax laws become a pain for Governments. This is especially with the growth of acceptability of  the right of the State to levy taxes. The recent developments with Tax Haven authorities agreeing to divulge confidential information raises questions for the accounting profession. In  this analysis I look at issues that these developments raise for the accounting and auditing profession.

The Reality of UBS and Liechtenstein Tax Settlements

August 25, 2009

Analysis by: GLG Expert Contributor

Analysis of:Swiss Don't See Defeat in Deal to Give Names to U.S. | online.wsj.com

The settlement between the Internal Revenue Service and UBS AG has been hailed around the world as a victory for U.S. tax authorities. In the UK similar moves against offshore tax evaders have been made by Her Majesty's Customs and Revenue (HMRC). As HMRC resorts to increasingly desperate measures, it should consider the cost benefits of such "fishing trips". Will the extra tax raised cover the administration costs incurred by both HMRC and the banks?

An Idiot's Guide To Assessing Organisational Performance

August 24, 2009

Analysis by: GLG Expert Contributor

Analysis of:Buffett Payouts Climb on Credit Swaps After Defaults | www.bloomberg.com

The biggest surge in corporate failures (and near failures) since at least 1970 (some high profile eg; Royal Bank of Scotland (RBS), Northern Rock, Lehman Brothers etc), lead me to conclude that effective corporate governance is merely a phrase to be trotted out to the media by management. I have put together a basic checklist of questions that one should ask, when making a judgement as to the effectiveness of an organisation’s management. How does your own organisation measure up?

Why Not? What Would Happen If We Did?

August 23, 2009

Analysis by: GLG Expert Contributor

Analysis of:Transparency in Derivatives | norris.blogs.nytimes.com

The first question that comes to mind is “What are they tiring to hide and why”? Under ordinary circumstances when two or more parties are conducting any type of financial transaction for as little as one cent up to Billions of Dollars, Yen, Euro’s or any other currency, transparency is provided through various documents. But, in the financial industry non disclosure is the standard operation procedure.

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