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

Stefano AldovisiPartnerADZ MORISON

The Italian "anti-crisis" package and the impairment test - ADZ Morison

March 2, 2009

Analysis of:Government launches anti-crisis measures | www.eurofound.europa.eu

The impact of the crisis on the financial statements of Italian listed companies will also be considerable for the impairment test which is required by the national setter OIC and the regulatory bodies. The "anti-crisis" package includes a moratorium on assessment for Italian companies which are non listed providing some relief to their financial statements for the years 2008 and probably 2009.

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.

George PughPresidentGeorge Pugh & Co

Paying Banker Bonuses: Good Business?

February 3, 2009

Analysis of:'Idiots' Indeed | online.wsj.com

In the Wall Street Journal opinion, paying off the $18 billion in bonus pool is just good sense. The only real problem was that some bankers exercised poor timing.  “John Thain's year-end bonuses to Merrill Lynch executives, whatever their rationale, reflected an acute case of political tin ear.” The Journal also feels that the compensation is mislabel: it is not bonuses at all, but rather like tips, constituting the majority of the employees compensations and it has the bonus pool in way has fallen to the insignificant level of about $112,000 person, and paying them will help the NYC. The Opinion Page opposes any limits on employee compensation for fear of harm to the business motivation.

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.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Satyam Fiasco - Accounting Fraud - Audit Quality - A Look at Some Issues

January 12, 2009

Analysis of:Govt. announces supersession of Satyam Board - to appoint 10 new directors | economictimes.indiatimes.com

The Satyam fracas is one more fraud in the long history of misappropriation of resources given in trust to individuals and institutions. This particular episode is drawing heated debates in India - especially on television and print news. What this entire episode however brings to me is the following - (a) any control system is only as good as the people administering it. (b) audits are not a replacement for responsible management (c) Laws and regulations cannot deter persons who wish to defeat them - atleast temporarily. What is required is that companies are administered ethically and in accordance with rules of conscience. In this analysis I look at the entire episode from the viewpoint of audit quality and administration of  accounting standards.

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