GLG News by Exploration & Production Financial Statement Analysts

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Accounting Jugglery With Foreign Exchange Losses and Hedges

March 10, 2009

Analysis of:Cos Grapple With Forward Contract Losses | epaper.timesofindia.com

Foreign exchange accounting and accounting for hedges have always been major problem areas. These also give immense scope for manipulation of corporate results. The spot vs. forward contract vs. hedge accounting syndrome are complex and can give rise to misleading and inaccurate results if not properly applied. In this analysis I take a look at IAS 39, Indian AS 30 and SFAS 133 as amended and how these are impacting corporate results in the present scenario.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Gold Hedging - Derivatives Valuation - The Coming Problem Areas

March 9, 2009

Analysis of:Gold Rises Ahead of Vital US Employment Data | www.ft.com

The referred article draws attention to the expected increase in the price of commodities like gold which act as a safe haven in troubled times. In this analysis I look at the effects this perceived demand and the price spiral will have on the valuation of derivatives based on these commodities and some of the problems which can be expected in the realm of valuation of derivatives including embedded derivatives and other aspects of the equation.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Second Great Depression - Accounting - Finance - Economics - A Personal View

March 9, 2009

Analysis of:Blue Chip Stocks, Economic Metrics Headed for Ground Zero | economictimes.indiatimes.com

The second great depression is on. It is effecting accounting, finance, economics and the way of life in every way possible. The paper investments are losing favor and commodities - especially gold and silver - are in favor. In this analysis I look at where accounting may head and the sea change we can expect in the way Institutions of economics - especially those involved with the distribution of wealth and the growth of economies are administered and viewed.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Upcoming Changes in Bank Ownership and Possible Effects on Accounting Statements

February 27, 2009

Analysis of:Government Offers Details of Bank Stress Test | www.nytimes.com

The Obama administration is proposing major changes in the manner in which banks are financed. The proposals would probably end up with the Government getting a major controlling interest in several financial institutions. Add to that the fact that several banks are declaring losses and you could expect major changes in the way in which the banks present financial information. In this analysis I look at some of these effects.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Changing Nature of Tax Havens and The Flow of International Capital

February 27, 2009

Analysis of:Tax havens under pressure | www.economist.com

Tax havens are becoming less secretive. The UBS deal, the Lichenstein deal and other changes in OECD and American rules are all having their effects. The Stanford scandal will invariably have its effect on Antigua and other island havens. All this will have its effect on the international flow of capital and tax policy at a global level. These are the aspects I look at in this analysis.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Banking Regulations, Mortgages, Recession and Accounting Imbroglios

February 20, 2009

Analysis of:Bank Stress Test May Expand Regulators Role | www.nytimes.com

Banking regulations are in for a change and so are the manner in which mortgages are financed. The recession is also going to effect the manner in which accounting and financial controls are related. Also the latest Stanford scam is going to have its effect on the deployment of bank funds.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Bailout Scenario, Executive Pay and Declining Productivity

February 6, 2009

Analysis of:US Plans to Curb Executive Pay for Bailout Recipients | www.nytimes.com

We are today in a situation where socialist practices are making their way into capitalist economies. The restriction on executive pay is only one such instance. The players in the market themselves are to blame for this situation which is not very healthy for capital development and economic growth. All this is coming in the context of the TARP and TARP2 (yet to be finalized) programmes. In this analysis I take a look at how this will impact productivity and have adverse effects on financial management and the growth of capital markets and growth.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Banking Sector and The Reform of Markets - An Accountant's View

January 29, 2009

Analysis of:Banks boosted as Geithner talks of a clean-up | www.ft.com

Ever since the meltdown in derivatives started effecting the banking sector and clogged house prices, mortgages and credit in the US, British and other global markets the authorities in most major markets have been trying their best to get the system on track. The referred article speaks of certain possible positions being considered by the Obama administration. In this analysis I speak of why the options being considered do not make sense to my mind.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Madoff Scandal - The Unravelling Threads - JP Morgan - The Possible Effects

January 29, 2009

Analysis of:JP Morgan Exited Madoff Linked Funds Last Fall | www.nytimes.com

I have always maintained that you have to pull a single thread to tear a cloth or unravel a fraud. This has now started happening in the Madoff case. The timing of certain transactions of JP Morgan appears to be the thread and in my opinion will have far reaching effects. JP Morgan is a name with a chequered history and has always (to my knowledge) acted in the best interests of investors as well  as the capital markets. A century back it effectively played the role of the Fed in the crisis of  1907-8. In this analysis I look at how times have changed and where the thread is indicating it may lead in the Madoff fraud.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Corporate Governance and Audit in the Context of the Satyam Fraud

January 22, 2009

Analysis of:Proforma Distractions at Satyam | www.cfo.com

The referred article highlights the weaknesses in corporate governance and audit practices in the case of Satyam as well as in emerging markets like India. The fact that there was a failure on both counts in the Satyam case is to my mind established. The fact that the company's Chairman has publicly made such a statement and the auditors have gone on record to state that their audit should not be relied upon is sufficient to draw the right conclusions. Yet to generalize as the referred article does on Indian audit practices is to my mind not correct. In this analysis I look at why Indian audit practices are as good as any other while at the same time not being infallible.

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