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ARG at Swissholdings
 

ARG at Swissholdings

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Presentation held to Swissholdings Accounting working group on 31 May 2010.

Presentation held to Swissholdings Accounting working group on 31 May 2010.

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ARG at Swissholdings ARG at Swissholdings Presentation Transcript

  • Analysts @ as represented by Christian Dreyer, CFA
  • Group profile currently 14 members, 3 meetings p.a. provide input into concepts & proposals assist in contacting users in order to facilitate outreach offer advice on practical implications of intended proposals
  • Members‘ backgrounds Countries Industries Canada Analyst Societies France Consultants Japan (Investment) Netherlands Banking Spain Rating Agencies Switzerland Venture Capital UK US
  • Recent discussions ARG‘s own structure, objectives etc Convergence Employee benefits / IAS 19 Financial Instruments: Impairment & Hedging Financial Statement Presentation Liabilities / IAS 37
  • There is no such thing ...
  • There is no such thing ... divergent preferences due to different - objects of analysis analytical models conflicts / biases single common purpose: value pragmatic approach no respect for format
  • A stable platform? Research premium efficiency of cap. allocation Profitability Cost of Accessibility coverage
  • The Holy Grail
  • The Holy Grail
  • y i li t l The Holy Grail ua n ab cr t ai Ac S us n t io n t io bu tri ea Dis Cr
  • Required information
  • Required information
  • Required information Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
  • Book vs Market CPA’s CFA’s domain domain Cut- off date expected future expected future development of development of known business future business
  • Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
  • Expectations rule! Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
  • Expectations rule! Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
  • Expectations rule! Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
  • Measuring value The unit is currency - but with what attribute?
  • ? 1€ + 1€ = 2€
  • Twelve Principles to enable financial reporting to more faithfully represent economic reality
  • Price discovery, ca. 1920 Valuation Expec- Valuation Expec- concepts tations concepts tations Bid Ask Fundamental Fundamental Information Information
  • Price discovery, ca. 2000 Valuation Expec- Valuation Expec- concepts tations Bid Ask concepts tations Fundamental information
  • Price discovery, ca. 2015 Expectations Bid Ask Expectations Valuation Fundamental concepts information
  • Dizzy, yet? no interest in complexity, if - economic reality is represented valuation assumptions are disclosed reverse feedback loop from users via standard setters to preparers
  • Happy to discuss! Chris Dreyer CFA M +41 76 334 0800 christian@dreyer.ch http://iorp.eu