GLG News by Financial Statement Analysts - Leaders, Scholars, and Educators

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Madoff Financial System -Neglected Risks, Warnings, Controls and Confused Monetary Policy - Where Are We Headed

December 18, 2008

Analysis of:Madoff Fallout Spreads Worldwide | www.ft.com

The Madoff scam and the disappearance of over $50bn to God knows where is intriguing by itself. The entire scam and the confused monetary and fiscal policies of today point to a system of neglected risks, warnings, ignored controls and  a  lot more. In this analysis I look at what to expect after the Madoff scandal.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Accounting - Fair Value - The Bailout Package - Why Standards Will Stay and Improve

December 10, 2008

Analysis of:Cox : Accounting is Not a Fiscal Policy Tool | www.cfo.com

The comments of Chairman Cox are very heartening and are the culmination of a long and active drive by Accountants to diverse Accounting from politics, fiscal policy and taxation. While accounting is subject to several assumptions, the role of standards is all pervasive. The indicator that fair value plays a critical role along with valid guidelines for impairment of assets is bound to play an important role in the ongoing economic events. In this analysis I look at how fair value, the bail out package and accounting standards are all interlinked.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Changing Effects of Economic and Political Consequences on Accounting Rules - The Fair Value Debate

November 14, 2008

Analysis of:Could Bank Rules Break The Fair Value Debate | www.cfo.com

Accounting rules are being blamed for causing the decline in the  global economy, the rising jobless figures and all other multifarious ills which are gripping the financial sector and capital markets. In the midst we now have a proposal that financial solvency for banks should not be measured based on accounting results and accounting rules. In this analysis I take a look at some of the aspects of this proposal.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Global Financial System - Required and Expected Changes - A Look at Expectations

November 10, 2008

Analysis of:IMF Chief Curbs Summit Expectations | www.ft.com

We are told not to expect Bretton Woods II on November 15, 2008 when the global financial summit takes place. But then are we expected to see no change in the present global economic turmoil. In this analysis I state what I expect to happen on the global financial scene.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The CDO vehicle and the rapidly reforming financial system - A look at the effects of monetary policy and accounting changes

November 10, 2008

Analysis of:Derivatives:Giving Credit Where It is Due | www.economist.com

We live in a interesting recessionary world. The global economy is retracting and the search is on to find the culprit. The US President Elect says that tackling the economic crisis is his top priority. Central Banks and  World leaders across the globe are echoing the same tune. But no one knows the answer which as the  song  goes " The answer my friend is blowing in the wind". In this analysis I  look  at  the  effects  of  the  the CDO vehicle  and  the  reforms needed in the  financial system. I  also  examine the effects of present monetary policy which to my mind are completely misguided and the effects of accounting rules.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Increasing Relevance of Going Concern in the Declining Economy - Implications for Analysts

November 10, 2008

Analysis of:SFAS Exposure Draft On Going Concern | www.fasb.org

Going concern has since as far as I can remember been a fundamental accounting assumption and has been codified in general technical literature, International Standards, FASB standards, Indian standards and generally been accepted globally. The exact methodology to arrive at a conclusion of going concern has however hardly ever been codified.  The FASB exposure draft on the subject does path breaking work in this area. In this analysis I look at the concept of going concern and its relevance in the present global financial economic environment.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Asset Diversification, Accounting And The Myths of Globalization - Where Are We Headed?

November 5, 2008

Analysis of:The Myth of diversification: All Bets Are Off | www.economist.com

As the global financial meltdown continues, we hear more and more about  the role of Central Banks, Pension Funds, Accountants and a host of other players. We are also hearing a lot of talk of  accounting rules being responsible for the global financial crisis. In this analysis I  argue that all these are only contributory factors - what really matters is the role of human greed in imperfect markets. All myths are today being demolished and honored financial fortunes and names are being wiped out. In this analysis I  argue on why these myths are disappearing and where we may be headed in the arena of  financial markets.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

When The Sky Falls - How Accounting Analysis Can Help Correct The Financial Imbalance

October 14, 2008

Analysis of:A Power That May Not Stay So Super | www.nytimes.com

Over the last few weeks the sky has fallen and the latest cover of the Economist has the heading "Saving the system - The Panic, The Rescues and a Special Report on the World Economy".  Different newspapers are covered with details of virtual nationalizations, lost bank confidence and the list goes on. In this analysis I look at how accounting analysis can actually help correct financial imbalances when the sky has literally caved in or fallen.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Credit Meltdown - Effects of Global Co-ordinated Action - Why the Present Actions are misplaced - Nature of Steps Needed for Correction

October 13, 2008

Analysis of:Bush says 'Co-ordinated' response necessary | www.ft.com

The clarion call today is for coordinated global action to surmount the global credit and liquidity problem. It does not appear to be leading anywhere. While the initial epicenter was located in the United States it has now spread to other areas of the globe and in my opinion the epicenter now extends to Europe and Asia as well. In this analysis I take a look at the steps being taken and why these are inadequate and the policy makers are running after red herrings.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Credit and Banking Meltdown - The Disruptive Effect of Politics on Financial Statement Presentation - The Nemesis of Finance

October 7, 2008

Analysis of:Politicians rail against fair value accounting | www.ft.com

As I  write this article the Senate has passed the $700bn bailout package. There is also general  unanimity to increase the limit upto which bank deposits are insured upto $250000. Yet all this only reflects the effect of  politics on the economy. There is also pressure to allow banks to measure financial assets by suspending the use of fair value and the SEC has indeed recently issued guidance in this regard. All this will not restore the credit markets and in this analysis I argue why in my opinion the present situation is just a beginning and a lot more needs to be done to restore confidence in credit and financial markets - most of  this needs to be done by the market participants themselves. 

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