GLG News by IFRS Accounting Specialists

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Lease Accounting and the FASB-IASB Convergence Project

January 4, 2010

Analysis of:Balance Sheet Blues | www.cfo.com

A new thinking on accounting for leases appears to be emerging. Don't think of operating and financial leases. Instead think of right to use. Record the right to use as an asset and the future payments as a liability. In this analysis I  draw attention to some of the possible ramifications of the same on financial statement presentation and the leveraging effect.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Effect of Samuelson's Economics on my writing - A Personal Tribute

December 27, 2009

Analysis of:Economics Focus:Paul Samuelson | www.economist.com

Like many other students I have read and been guided by Samuelsons Textbook on Economics. I personally used the 10th Edition sometime in the late seventies. That book guided my understanding of  Economics and also Financial Management to a great extent. This short analysis is a tribute to that great teacher who many like me never had the good fortune to meet yet were guided by his thoughts.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Dubai Debt - Accounting, Economics, Islamic Banking and the Rules of Finance

November 29, 2009

Analysis of:RBI to ask banks about their exposure in Dubai World | economictimes.indiatimes.com

The Middle Eastern countries and Islam do not believe in interest -money is not an asset and cannot have a cost (interest). It can only be traded in relation to some commodity. The present crisis has shown that if  a  cost is not attributed to money then the result  is  a  crisis. In this analysis I look at the effects of the Dubai debt crisis in relation to accounting rules.

Anthony CatanachDirectorDI2 Associates, LLC

More Under Armour Red Flags...

November 20, 2009

Analysis of:Stock Jocks Punish Under Armour's Mathletes | www.cnbc.com

Under Armour's most recent 10K contains a number of financial reporting "red flags" that reflect a cavalier attitude toward financial reporting transparency.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Fair Value Debate - The Political Imperative - A Exercise in Futility?

November 19, 2009

Analysis of:Accounting Rules:Divided and Overruled | www.economist.com

Fair value has been in the news for sometime. Also banks are now complaining and so are regulators and politicians. The convergence issue and the impact of a far off standard setter not subject to local influence is having its effects on the debate. In this analysis I look at why fair value should not be influenced by those not well conversant with the subject. While I agree that accountants alone should not influence the debate yet the undue influence of politicians should be avoided.

Anthony CatanachDirectorDI2 Associates, LLC

What the Former SEC Chairmen Missed...

November 19, 2009

Analysis of:Don't Let Banks Hide Bad Assets | online.wsj.com

Conceptually, the arguments favoring fair value accounting are sound and quite appealing. Unquestionably, financial statement users will benefit from data about how a company’s assets and liabilities change in value during a reporting period. However, there are two major issues associated with fair value reporting that accountants, investors, legislators, and regulators need to address in the wake of our most recent financial crisis.

Anthony CatanachDirectorDI2 Associates, LLC

What Have the Accountants Done For Us Lately?

November 19, 2009

Analysis of:Systemic risk legislation threatens FASB’s independence | www.accountingweb.com

Debates about the causes of the recent financial crisis have yet to focus on the inability of financial institution independent auditors to provide adequate oversight over management’s valuations of financial instruments.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Economic Downturn and Revival - Challenges for Accountants and Auditors

November 12, 2009

Analysis of:Failed financial firms:The bust that worked | www.economist.com

The referred article speaks of  the bankruptcy reorganization plan of  one Institution. In this analysis I  take the referred Institution as a  referral point to examine/highlight the challenges which accountants and auditors will face in their stewardship and  attest function.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Accounting and The Gold Price - Fair Value - Valuation Problems to be Expected

November 4, 2009

Analysis of:Gold Price Tops $1090 for First Time | economictimes.indiatimes.com

As the price of gold rises on a week on week basis  one can expect to see ramifications in the accounting arena. There are a number of  investment products sold in the market which are linked to the price of  gold and its physical holding. In this analysis I look at the nature of  problems to be expected  - especially in relation to fair value disclosures.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Working Capital - Internal Audit and Control - Accounting Standards

October 30, 2009

Analysis of:A Crash Course in Working Capital | www.cfo.com

The referred Article speaks of  the importance of working capital, internal audit and  proper financial statement and how these interact to provide a proper business growth environment. In my analysis below I give my thoughts on these aspects.

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