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Coronavirus: Adjustments to Rental Payments and IFRS 16
On 10 April 2020, the IASB has issued a paper intended “to support the consistent application of requirements” in IFRS 16 Leases: “IFRS 16 and covid-19 – Accounting for covid-19-related rent…
Coronavirus: Fasten your Seat-Belt for the Year of Pension-Madness!
These days, investors and analysts have to devote plenty of effort in order to get a better understanding of how revenues and earnings of companies develop in the near-, medium- and long-term in the…
Coronavirus und Unternehmensbewertung: Warum der FAUB nicht richtig liegt (Teil 2 der Kapitalkostendiskussion)!
Mit einer Empfehlung zur Anwendung von Unternehmensbewertungsmodellen in Zeiten der Corona-Krise (HIER) hat sich der Fachausschuss für Unternehmensbewertung und Betriebswirtschaft des IDW (FAUB) vor…
Coronavirus: Some Thoughts on the Cost of Capital during the Crisis (Part 1: Equity Parameters)
Crises are times of change and of uncertainty. For equity investors this requires some fresh thinking on fundamental analysis (see HERE and HERE) but also some fresh approaches to the determination…
Coronavirus: Accounting Standard IFRS 9 – Coronavirus Crisis is NOT Financial Crisis 2008!
On page 1 of its Commission Regulation (EU) 2016/2067, 22 November 2016, the European Union commented in the context of the adoption of the new accounting standard for financial instruments, IFRS 9:…
Coronavirus: A brief Fundamental Analysis Manual for Equity Investors (Part 2)
As an add-on to our first part of the Covid-10 Fundamental Company Analysis Manual (HERE) we today provide the second part of this manual with some more aspects to look at for an equity investor.…
What is Debt??? Or: In Defence of the Fitch Approach on how to treat Leasing Liabilities
In a very interesting article about the analytical state of the new lease accounting under US-GAAP and IFRS, the always brilliant Footnote Analyst (HERE) showed recently amongst others that the big…
Coronavirus: A brief Fundamental Analysis Manual for Equity Investors
The new Coronavirus (Covid-19) is roiling the stock markets. The virus changes the fundamental outlook for many business models and simultaneously brings a lot of uncertainty about the concrete…
Little Swindles in the Dark? How Earnings per Share are calculated in Practice
It is reporting season these weeks! Best time for a little numbers game (for another recent numbers game see our post on how to detect fraud using Benford’s frequency-of-digits rule HERE). Today’s…
Northgate’s Depreciation Game – The “Fixed Assets become Inventories” Financial Analysis Problem
Northgate Group Plc. is UK’s biggest provider of light commercial vehicle rental services, with operations in UK, Spain and Ireland. Its business model is relatively straightforward. The company…