All GLG News Analyses Filed Under: Financial Forecasting & Analysis

Sinosteel Raises Stake In Midwest Corporation Just To Scare Off Competitors

February 4, 2008

Analysis by: GLG Expert Contributor

Analysis of:Sinosteel raises stake in Midwest | www.ft.com

Sinosteel raises stake in Midwest Corporation is to block the take over offer from Murchison's offer as Sinosteel wants to maintain the supply of iron ore so the big demand of steel by China can be fulfilled.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

SocGen - The Fraud - Subprime - Controls - Effect on Banking and Controls and the Coming Recession

February 4, 2008

Analysis of:Further Revelation's dent SocGen's Reputation | www.ft.com

The  Societe Generale  Fraud and its  relationship  to  a  single  trader brings  into  focus  the  effect  of  internal  controls  and  management  processes. There are  reports  that  the  genesis of  the  fraud  were  laid way back  in 2005 when  the  options  imbroglio  had  not  yet  started  unraveling. What the  Soc Gen fraud  brings  to  my  mind  is  that  more  than  any  audit, internal  controls  and  management  philosophy are  more  important. The  effect  on  financial markets  will be to  raise  fears  of  similar emerging  situations  in  other financial  institutions and of  further recessionary effects.

Mastermind Or Scape Goat For SocGen

January 30, 2008

Analysis by: GLG Expert Contributor

Analysis of:Further Revelation's dent SocGen's Reputation | www.ft.com

Mr Kerviel, the rogue trader in SocGen trading scandal is comparing to traders who brought down the Somitomo Bank in Japan and Barings Bank in Uk, how true is that?.

China Parks Hot Money To Insurance Company

January 28, 2008

Analysis by: GLG Expert Contributor

Analysis of:Prudential leads Ping An’s shopping list | www.ft.com

Ping An Insurance, plans to raise $20B in China to facilitate a acquisition to Prudential because of it strong present in Asia Pacific Region and also has good relationship between the companies' leader.

New Era Aviation

January 28, 2008

Analysis by: GLG Expert Contributor

Analysis of:Air China bids $1.9B for China Eastern | www.businessweek.com

Air China spoil the deal between China Eastern and Singapore Airline shown that China will not let Temasek take over anything in China now as the company has been reject China Bank to acquire the it shares in Standard and Chartered Bank.

New Acquisition Accounting Standard – Let’s Hope for Improved Fair Value Measurements

December 11, 2007

Analysis by: GLG Expert Contributor

Analysis of:SFAS 141(R) – Business Combinations | fasb.org

The FASB issued a new standard last week within the area of accounting for acquisitions that is said to represent a major departure from the current accounting practices being used by companies.  Some are saying the new rule will be difficult to apply and will require companies and analysts to overcome a notable learning curve.  The "Analysis" section below (1) gives a brief summary of the new standard, (2) discusses several points on why investors should care about this new standard and (3) discusses the potential for improved fair value measurements of assets, liabilities and resulting goodwill.

Robert KempProfessorUniversity of Virginia - CC

Financial Analysis - The Ultimate Impact of IFRS

December 10, 2007

Analysis of:The Economics of IFRS | www.cfo.com

1.  Countries adopting IFRS are not always adopting the same standards.  If you look closely, the term "as adopted' is being used a lot (e.g., China).  What that means is countries are adopting IFRS in principle, but are differing on interpretation and actual application/practice. 2.  The end result is the need for financial analysts to become more educated and dig deeper into financial statements.  The idea that we will have one set of standards, simplifying analysis, is false.  Analysts must begin to appreciate how each country is "adopting" IFRS.   3.  Accountants must likewise be sensitive to the "as adopted" challenge.  This goes beyond understanding and dealing with different approaches in different countries.  It also deals with investor expectations and the legal structure within and between countries.  Unless accountants grasp changing investor expectations, they will find themselves in a legal nightmare. 

Accounting for Gift Cards - a case for intervention by SEC for revenue recognition disclosures

November 30, 2007

Analysis by: GLG Expert Contributor

Analysis of:Accounting for Gift Cards | www.aicpa.org

- Recognition of relevant costs at the time of Gift Cards sales  - Deferment of corresponding revenue until redemption - Gross Margin are distorted - Uneven sales values in different periods when eventually breakages are     recognized with no specific coherent revenue recognition policy

Gift Card Accounting – Watch Out for Potential Earnings Management with Retailers and Restaurants

November 28, 2007

Analysis by: GLG Expert Contributor

Analysis of:Accounting for Gift Cards | www.aicpa.org

An interesting study was recently published on the accounting for gift cards – which demonstrated the wide disparities in accounting practices used among retailers and restaurants within this area.  The study, additional commentary and links in the "Analysis" section below should provide an especially interesting read for those investors with exposure to various retail and restaurant companies.  Some issues regarding earnings quality and potential earnings management are also addressed.

Global Take Over By Chinese's Banks

November 26, 2007

Analysis by: GLG Expert Contributor

Analysis of:BOCHK takes stake in Bank of East Asia | www.ft.com

China's banks recently plan take over all over the world, US, Macao, Africa, Hong Kong and UK. This shown that China wants to diversify its investment portfolio to more stable economy and China has plenty of cash due to trade surplus and China's banks have been absorbed the cash from issued shares and bonds since booming of Shanghai share market.

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