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Project report on snl financial

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Project report on snl financial

  1. 1. A Project Report On European Financial Institutions Group & International Financial Reporting SystemsSubmitted To:-Dr. Shantanu MehtaSubmitted By:-Dharmesh PatelRoll No:-30St. Kabir Institute of Professional Studies
  2. 2. Table of Contents1. Acknowledgement:- ........................................................................................................................ 42. Preface:- .......................................................................................................................................... 53. Executive Summary ......................................................................................................................... 64. About SNL Financial:- ...................................................................................................................... 7 SNL’s Four Core Tenets:- ..................................................................................................................... 85. Current Industry Coverage by SNL Financial:- ................................................................................ 9 5.1 SNL Financial Institutions:- ............................................................................................................ 9a. SNL Financial for Banks & Thrifts:- .............................................................................................. 9b. SNL Insurance:- ............................................................................................................................ 10c. SNL Financial Services:- .............................................................................................................. 11 5.2. SNL Real Estate:- ........................................................................................................................ 12 5.3. SNL Energy:- ............................................................................................................................... 13a. SNL Energy for Electric Power:- .................................................................................................. 13b. SNL Energy for Natural Gas:- ...................................................................................................... 14c. SNL Energy for Coal:- .................................................................................................................. 15 5.4. SNL Media & Communications:- ............................................................................................... 16 5.5. Euro Financial Institutions Group (EFIG):-.................................................................................. 176. Different Products of SNL:- ........................................................................................................... 237. Different Solutions Provided By SNL:-........................................................................................... 248. International Financial Reporting Standards (IFRS) ...................................................................... 25 8.1 What is IFRS?............................................................................................................................... 25 8.2 How widespread is the adoption of IFRS around the world? ..................................................... 25 8.3 Advantages of converting to IFRS:- ............................................................................................. 25 8.4 Disadvantages of converting to IFRS:- ........................................................................................ 259. Different Standard of IFRS:- .......................................................................................................... 26 IFRS 1--FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS:- ........... 26 IFRS 2--SHARE-BASED PAYMENT:- .................................................................................................... 27 IFRS 3 --BUSINESS COMBINATIONS:- ................................................................................................ 28 IFRS 4 --INSURANCE CONTRACTS:- ................................................................................................... 29 IFRS 5 --NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS:- .................... 30 IFRS 6 ----- EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES:- ................................ 32 IFRS 7 ----- FINANCIAL INSTRUMENTS-DISCLOSURES:- ..................................................................... 33SKIPS Page 2
  3. 3. IFRS 8 --OPERATING SEGMENTS:- ..................................................................................................... 37 IFRS 9 --Financial Instruments:- ........................................................................................................ 3810. Balance Sheet Reporting of IFRS:-............................................................................................. 3911. Learning and Experience ........................................................................................................... 4012. Bibliography .............................................................................................................................. 41SKIPS Page 3
  4. 4. 1. Acknowledgement:-To acknowledgement is a way of showing your gratitude towards persons who havecontributed to your success in one or other way. I take this opportunity to express ourheartfelt gratitude to one and all that have helped us make this project a reality. It not justgives one the opportunity to learn things first hand, but also a chance to experience and applythe theoretical knowledge one acquires through the PGDM course.I would like to thank our director Dr. Shantanu Mehta for his valuable support and co-operation.I am thankful to my project guide Dr. Shantanu Mehta who has given us support andguidance throughout the project.I would like to thank all the faculty members of St. Kabir Institute of Professional Studieswho have encouraged me and helped me in carrying out this project in other way.Last but not the least; I give my sincere thanks to my friends and family members for theirsupport and encouragement.SKIPS Page 4
  5. 5. 2. Preface:-―THE MAN WHO HAS NO IMAGINATION HAS NO WINGS‖Human being enters the world with a raw brain and mind. Until he works out with hisimagination, he cannot reach the soaring heights of success. Study of management will beworthwhile only if it is coupled with the practical studies and imagination power.Practical training, which is a part of management studies intends to provide a student withsufficient knowledge to develop an equation to connect theory and practical aspects andthereby gives an opportunity to test and verify application of theory and comprehendsinteraction between management concepts and practice.As a partial fulfilment of the Course PGDM, the students are required to undertake a projectthat would help them to enhance their knowledge. As part of my PGDM course I have toundergo this Capstone Project.It is with great sincerity and enthusiasm that I take up the challenge that this field has placedbefore me and hope to succeed with guidance from my professors and company guide.SKIPS Page 5
  6. 6. 3. Executive SummaryThe new millennium has thrown open new prospects of growth and economic development.Financial Reforms and opening of the Economy to Foreign Forces have thrown up newchallenges and opportunities. New economy stocks of knowledge based industries andservices have shot into prominence.This Project Include the details about SNL financial, Its current Industry Coverage,Company’s different departments in detail, Details about the department in which currently Iam working, Different products of the company, Different solutions provided by the companyto their clients and different International Financial Reporting Standards.The project starts with the introduction of the SNL Financial. It gives the reader insight intothe history of company and present status of the company. In addition to this, it also gives abrief view of business model and core tenets of the SNL Financial.The next section describes detail about the current industry coverage by SNL Financial. Howmany sectors they covers overall and what are their products & services for their clients in therespective sectors are covered in this section.In the next section I covered the details about the department in which I am working in. Thisdepartment is European Financial Institutions Group (EFIG). I covered the all details fromthe beginning till present.In the last section I focused on the International Financial reporting Standards .I covered thedifferent IFRS standards and explain them in details and Importance of implementing theseIFRS standards.SKIPS Page 6
  7. 7. 4. About SNL Financial:-SNL Financial is the premier provider of breaking news, financial data and expert analysison business sectors critical to the global economy: Banking, Insurance, Financial Services,Real Estate, Energy and Media & Communications. SNLs information service providesinvestment professionals, from leading Wall Street institutions to top corporate management,with access to an in-depth electronic database, available online and updated 24/7.SNL Financial collects, standardizes and disseminates all relevant corporate, financial,market and M&A data — plus news and analysis — for the industries they cover: banking,financial services, insurance, real estate, energy and media/communications.SNL Financial was originally founded as "S&L Securities" in New Jersey in 1987 with aninitial focus on the savings and loan industry. But state law would not permit theincorporation of a non-bank with "S&L" in the official company name. So they replaced the"&" with an "N" to create "SNL." And their universe soon expanded overll beyond savings &loans to the various business sectors they cover today.Since their founding, SNL has continuously expanded their global operations, as well as thescope and depth of their coverage and products — all without compromising the standards ofquality and customer service that drive their success. Throughout their organization, SNL hasinfused 4 core tenets -- Accuracy, Relevance, Completeness and Timeliness -- and they standbehind our published information with a unique Accuracy Guarantee.As a result, leading investment banks, investment managers, corporate executives, ratingsagencies, government agencies, consulting firms, law firms and media such as The New YorkTimes, The Wall Street Journal, USA Today, Washington Post, Forbes and Fortune rely onSNL Financial for the best possible information on the companies in their sectors.SKIPS Page 7
  8. 8. SNL’s Four Core Tenets:- 1. Accuracy: Information you can trust, and we guarantee itSNL news and data are compiled by trained sector experts, and carefully checked andrechecked before publication. We are so confident in our accuracy that we put our moneywhere our mouth is. We’re the only information provider with an accuracy guarantee: we payclients $50 (or make an equivalent charitable donation) for each error found and reported tous. 2. Relevance: Sector-specific standardization and granularityOne financial format doesn’t fit all, so SNL creates a unique data template for each sector.We standardize and analyze data in an industry’s own language, formats and fields. Theresult: a more relevant picture, providing sector-specific metrics that are more meaningful,and the ability to make apples-to-apples comparisons. 3. Completeness: The deepest and broadest spectrum of informationSNL has built a platform and process to ―deep dive‖ into business sectors with fragmenteddata sources, unique metrics and/or regulatory reporting requirements. We have developedproprietary techniques to locate information that is otherwise difficult or even impossible tofind. No source is more complete, from asset-level data to M&A history to ownershipinsights. 4. Timeliness: the latest news and data, linked and updated in real timeSNL integrates news, data and analytics in real time, all updated 24/7 and provided to clientslong before comparable but less complete information is available from other sources.Everything is cross-linked for easy drill-down. Go from an analytical report directly to acompany’s financial profile or news article. Tie any Excel spreadsheet to the SNL databasefor instant updating.SKIPS Page 8
  9. 9. 5. Current Industry Coverage by SNL Financial:- Financial Institution • Banks and Thrifts • Insurance • Financial Technology Energy • Power • Gas • Coal Real Estate • REITs • Homebuilders • Gaming/Lodging Media & Communication • Media • Communication European FIG5.1 SNL Financial Institutions:-SNLs database includes detailed profiles on more than 20,000 U.S. financial institutions,including all publicly-traded banks & thrifts, privately-held institutions and credit unions.100% of investments banks with any substantive industry practice are SNL subscribers, as arethe largest commercial banks, top equity research analysts, leading M&A advisors, and morethan 600 asset managers, hedge funds and private equity firms. a. SNL Financial for Banks & Thrifts:-For more than 20 years, SNL has been recognized as the gold standard for banking data, newsand insight. Clients ranging from de novo banks to super-regional institutions use SNL on adaily basis to make important strategic decisions. SNLs leadership in the sector comes notonly from the quality and timeliness of our data, but from our interactive platform that makesthe data so easy to use.SKIPS Page 9
  10. 10. Coverage and clients:-SNLs database includes detailed profiles on more than 20,000 U.S. financial institutions,including all publicly-traded banks and thrifts, privately held institutions and credit unions.SNL is the trusted information partner for 49 of the 50 largest commercial banks in the U.S.as well as hundreds of regional and community banks. 100% of the investment banks withany substantive financial institution industry practice are SNL subscribers.The most comprehensive banking data is also the easiest to use:-Nobody drills down like SNL. And nobody makes drilling down easier. SNLs in-depth data,news and analytics are all cross-linked for rapid access and manipulation. Quickly make peercomparisons based on industry-specific benchmarks such as asset quality or capital. Accesscomprehensive company data related to corporate governance, institutional ownership andcorporate subsidiaries. See snapshots of SEC filings and financial trends, M&A activity andmarket share. Stay up-to-date on company and industry information via our exclusive newsarticles, "Data Dispatches," CEO interviews and research. Use our Excel add-in to downloadalmost 15,000 bank-related fields.More timely data with guaranteed accuracy:-SNL goes to the market faster with accurate data than any other provider. We publish SECfilings within 8 hours of release, regulatory data within 48 hours and FDIC Branch Depositdata within 72 hours. For the top 100 publicly-traded banks, we typically publish financialdata within 1 hour of the earnings release. You can have complete confidence in our databecause we guarantee accuracy and pay cash rewards to any client finding an error. b. SNL Insurance:-With SNL, you can access insurance information like never before. Evaluate every U.S.insurance company, public and private, from every possible angle. In one complete package,get easy access to various financial reports and metrics for Property & Casualty companies,Life, Accident & Health companies, Life Separate Account statements and Health firms.SNL puts the whirlwind of insurance information under your control:-SNL brings you easy access, order and transparency. SEC Filings. Statutory Data. M&Acapital markets and market share information. Key ratios and sector-specific reports.SKIPS Page 10
  11. 11. Comprehensive and proprietary news. SNL gives you all the tools you need to analyze everyinsurance company in the U.S. from top to bottom.SNL presents insurance information the SNL way:-SNL takes the large and complicated insurance data set and makes it simple. Get snapshots,ratios and preformatted analyses in seconds, not hours. With unique features like bottom-upgroup analysis, Loss Reserve and ratings data. Key ratios. Reinsurance relationships.Investment portfolio analysis. Loss triangles. Market share. All seamlessly linked with SNLsproprietary news, analytics, public company data and M&A data.A single resource you can trust:-Our coverage consolidates data from a wide range of sources and makes it accessible to youaround the clock, online. SNLs insurance offering is guided by the same hallmarks for whichSNL is famous for in other business areas: accuracy, relevance, completeness and timeliness.Thats why top insurance executives, investment banks, money managers and legal pros allrely on SNLs unmatched expertise, and why over 93% of SNL clients renew theirsubscriptions every year. c. SNL Financial Services:-SNL provides 360-degree coverage of the financial services industry. Many portfoliomanagers use SNL as their exclusive, one-stop information provider for one or more of the 6sectors SNL covers. Whether youre a sector specialist or a generalist, SNLs sector-specificformats, fields and financials give you the most relevant views.Serving and covering the financial services community:-Industry leaders make SNL their preferred source for complete, accurate and timely financialdata on financial services companies. Cross-sector coverage has a dual purpose: to vetexternal investments or acquisition opportunities and to benchmark internal performanceagainst your peers. SNL offers detailed financial and industry-specific information, whichincludes news, investor presentations and transcripts, for the following types of firms:SKIPS Page 11
  12. 12.  Asset Managers (13,000+ public and private)  Broker/Dealers (4,900 public and private)  Exchanges (NYSE Euronext, NASDAQ OMX Group, CME Group, TMX Group, IntercontintentalExchange)  Specialty Lenders (6,800 public and private)  Mortgage REITs (50 SEC filers)  Business Development Companies (41 SEC filers)  Financial Technology Companies (103 SEC filers)Data, news and analytics are cross-linked:-Dozens of preformatted snapshots show you financial trends, M&A activity, business profilesand market share. Breaking news items and historical archives all have links to relevantcompany profiles, articles and reports. Make meaningful peer comparisons, perform in-depthanalysis and generate customized reports using a point-and-click menu. Set up your ownproprietary models and link them to the SNL database.5.2. SNL Real Estate:-SNL Real Estate combines real-time news, in-depth data and expert research on real estatecompanies around the world. Access detailed news, pricing, financial and property datathrough SNL’s robust Web- and Excel-based platforms. From the North American REIT(public and private), REOC, homebuilding and gaming sectors, to the listed property marketsin Europe, Asia and the Emerging markets, SNL is the trusted solution for global real estateinvestment.SNL Real Estate is the best single source for real estate industry intelligence across the world.Even in complex global markets, SNL overcomes challenges such as country-to-countryreporting differences to provide our hallmark levels of accuracy, completeness and sector-specific standardization. And SNLs coverage is truly global: we provide market intelligenceon more than 700 companies in 38 countries, numbers that continue to grow.SKIPS Page 12
  13. 13. The data, news and analytics you need, all connected:-The real estate industry has unique financials that dont lend themselves to the usual standardformats. We track EPS, FFO, AFFO, NAV, revaluation gains, same-store figures, operatingpartnership units, joint venture debt, builder deliveries and other data specific to this sector.You need financial, operational and asset-level detail. We provide the data and tools you needto analyze that data. Every companys property portfolio is tracked at the asset level allowingyou to view properties by geography, property type, size, tenants and other metrics uniquelyrelevant to the real estate industry.Make SNL in your own image:-When it comes to financial modelling, one size does not fit all. With SNL Real Estate, youdont have to forfeit or modify the Excel-based models that have been working for you. WithSNLxl, our powerful Excel add-in tool, you can tie your Excel models into SNLs database tofacilitate automatic round-the-clock updates to the data you need. Create customized modelsfor faster, more in-depth analysis and update them automatically with the latest informationfrom SNL. Dont have time to create a template? Call upon our template team who areexperts in creating models and templates to your specific needs. This service is included inyour subscription free of charge.5.3. SNL Energy:-SNL redefines the energy information market by integrating news, data and analytics in realtime on a Web-based platform. Industry-leading access to comprehensive financials, breakingnews, proprietary regulatory research, market pricing and fundamentals of supply anddemand set the standard for intelligence on the power, natural gas, coal and renewablemarkets, driving critical energy investment decisions. a. SNL Energy for Electric Power:-SNL Energy provides in-depth company and asset-level coverage of the North Americanpower industry. We combine diverse information sources into a cohesive, instantly accessibledecision-support platform. Whether you are a strategic or financial analyst, SNL Energy’sflexible product gives you the ability to tailor information to your needs.SKIPS Page 13
  14. 14. Integrated data, news and analytics:-Standardized briefing books combine financial and operational data, documents and newsinto a useful summary of companies and power plants. Our Excel Add-in provides immediateaccess to robust data and templated reports, including an extensive library of customizableExcel templates for power industry analysis and benchmarking. Our power sector coverageincludes the following:  Electric Utilities Operational Statistics (3,200+ IOU, Municipals, Public Authorities, & Cooperatives EIA 861)  Energy Holding Companies Financial Results (200+ SEC Filers)  Regulated Energy Company Financials (1,100+ FERC Form 1, RUS 7 & 12 Filers)  Market Prices (SNL Indexes, CME/NYMEX, 9 ISOs)  Power Plant Financials and Operations (9,000+ Plants)  Project Development Tracking  Mergers & Acquisitions  Supply and Demand Fundamental Statistics b. SNL Energy for Natural Gas:-SNL Energy’s in-depth financial coverage of U.S. interstate pipelines and natural gas utilitiesis unrivaled. We combine information from multiple federal and state sources including EIA,FERC, CME/NYMEX, SEC, state public utility commissions (PUCs) as well as proprietarySNL assessments into a cohesive, instantly accessible decision support platform. Whetheryou’re a strategic or financial analyst, SNL Energy’s flexible product gives you the ability totailor information to your needs.Integrated data, news and analytics:-The Company Briefing Book combines financial and operational data, documents and newsinto a summary of key statistics and trends. Our Excel Add-In provides immediate access torobust data and templated reports, including an extensive library of customizable Exceltemplates for natural gas industry analysis and benchmarking.SKIPS Page 14
  15. 15. Data accuracy guarantee.As the leading provider of energy industry intelligence and data, SNL continually improvesthe process of gathering, vetting and scrubbing data. As a result, we are the only provider thatguarantees data accuracy.Our natural gas sector coverage includes the following:-  Interstate Pipelines (120+)  Natural Gas Utilities (100+)  Holding Company Financials  Market Prices (SNL Daily Indexes, CME/NYMEX Futures and Swaps)  Gas Pipeline, Storage and LNG Terminal Development Tracking  FERC Quarterly Index of Customers  EIA Monthly Fuel Purchase Transactions  3rd Party Capacity Release c. SNL Energy for Coal:-SNL Energy provides in-depth coverage of U.S. coal producers and mines. We combineinformation from multiple federal sources including EIA, FERC, MSHA, and SEC as well asproprietary SNL models, into a interactive decision support platform. Whether you’re asupplier, buyer or analyst, you can tailor SNL Energy’s information for your businessobjectives.Integrated data, news and analytics:-Our Company Briefing Books combine financial and operational data, documents and newsinto a summary of key statistics and trends. The Coal Mine Briefing Book highlights coalproduction and mine operational details. Our Excel Add-in provides immediate access torobust data and templated reports, including an extensive library of customizable Exceltemplates for coal industry analysis and benchmarking.Data accuracy guarantee.As the leading provider of coal industry intelligence and data, SNL continually improves theprocess of gathering, vetting and scrubbing data. As a result, we are the only provider thatguarantees data accuracy.SKIPS Page 15
  16. 16. SNLs coal sector coverage includes the following:-  Coal Producers Operational Statistics (1500 +)  Holding Company Financials  Market Prices (SNL Indexes, CME, Emission Prices)  MSHA Mine Statistics (3,500+ mines)  EIA Monthly Fuel Purchase Transactions (between Mines and Power Plants)  SNL Modeled Mine-to-Plant Transportation Costs5.4. SNL Media & Communications:-SNL is the first single source for in-depth analysis and proprietary data on the constantly-evolving media and communications business. Boundaries between sectors are blurring, sowe cover them all and connect the dots in real time, tracking both quantitative impact andqualitative implications.SNL provides a universal source for the latest and most comprehensive research on eachMedia & Communications sector. Our seasoned analysts follow all of the major industrysectors, including Broadcast, TV Networks, Wireless & Wireline, U.S. Multichannel, GlobalMultichannel, TV Programming, Filmed Entertainment and Internet Media.Proprietary insider intelligence compiled from multiple sources:-Gain access to financial and operational insight that isn’t available anywhere else. We’re theonly information provider that offers detailed research and analysis on media andcommunications companies and integrates them with breaking news stories and acomprehensive database of financial and operational information. We gather exclusiveintelligence from our own surveys, insider contacts and top management interviews, andcombine it with data collected from company-reported financials and regulatory databases, togive you the complete picture on any market or company, from top to bottom.SNL platform makes your job easier:-SNL interactive platform lets you query our databases with single-click ease. Click on acompany name for complete profiles from financials to earnings estimates to capitalstructure. Use drill-down tabs for sector-specific operational metrics. Sort companies basedon rankings and subscriber counts for each metric.SKIPS Page 16
  17. 17. 5.5. Euro Financial Institutions Group (EFIG):-  More than 2000 public and private companies  Banks, Insurance Companies, Broker/Dealers, Specialty Lenders, Financial Technology  Mergers & Acquisition (M&A) deals  High demand from clients  All investment banks with a focus on this industry  Covered companies and banks  Hedge funds, mutual funds, other investors  Cross functionality and depth data  Product Development  Client Training  Excellent Client SupportReasons to Enter in the European Market:-  High number of Banks  Heavily Regulated  Rich Data  Complex Financial, Metrics, Ratios  Good Potential Market  Giant Banks (Branches All Over the World)  High Demand From Clients  Adding New Values to Existing ClientsSKIPS Page 17
  18. 18. Data Sets Provided By SNL:- Financial Data  Financial Statements  Dividends  Funding  Segment  NCOs & Asset Quality Non Financial Data  Institutional Data  Shares Data  Branches & ATMsApplications & Forms:- Applications  WEST  Extractor  Dash Board  Document Viewer Forms  Financial  Institution  Funding  EE&CC  Segment  DividendsSKIPS Page 18
  19. 19. Data Sources and Product:- Data Sources  Filings with the government and regulatory agencies  Press releases of the companies  Newspaper articles  Faxes and Surveys  Individual contacts at firms with which SNL has clients, potential clients and coverage Product  SNLi  SNLxlExpectations:-  Understand unique characteristics/procedure  Data quality and error checks  Provide most accurate and timely information  Flexibility/Time Adjustments  Leave Requests  Regular Allocation  Project DeadlinesChallenges Ahead:-  Backfill of approx 900 Banks  Extraction  Procedures  Accuracy & Timeliness  Product Enhancement  Error ChecksSKIPS Page 19
  20. 20. Important Dates:- Mid-2000s: Bank Research begins scoping the global market and collecting documents. Summer, 2008: Executive Team asks James and his group to begin researching International FIG. April, 2009: Reid accompanies James on a trip to Europe to hear from prospective users firsthand of the need to make such a large investment. July, 2009: SNL’s Board approves the project. August, 2009: SNL hires first 18 accounting EFIG analyst trainees. Hiring in other groups follows. January, 2011: Product release.Why Europe?  We’ve decided to start with Europe for the first phase of our global coverage.  We want to focus on a market that we feel we know better and that we believe will be easier to cover and sell into.  After Europe, we will assess moving into Asia.What people in Europe have been telling us…  Virtually everyone we spoke with entered all of their own data by hand.  Competing products are inaccurate and unreliable.  They have trouble understanding the accounting intricacies and comparing different banks across different countries.  They are really excited about SNL entering this market.In their own words… “There is a massive need for SNL data in Europe.” – Nicolas Guillaud, Corporate Development, BNP Paribas in Paris “It’s a good idea because there’s nothing like it in the UK or Europe. The US is miles easier to cover because of SNL.” – Mark Conrad, Associate Partner at Algebris Investments in LondonSKIPS Page 20
  21. 21. “What I should be able to download in 5 minutes takes a week… or a day at least.” – Hendrick Becker, VP of Lazard Investment Banking in Frankfurt “Five years ago, French analysts only covered French banks. Now I’m covering Deutsche Bank… If you managed to do this, I’m sure people would buy it. There is nothing like it – it just does not exist. That’s something we need.” – Alain Tchibozo, European Banks Analyst at Mediobanca in London “In Europe, we’re like you were in the ’80s before SNL.” – Carlos Egea, European Bank Strategist at Morgan Stanley in LondonCurrent data providers in Europe:-  Thomson / Reuters : 800 lb gorilla. Comprehensive coverage & long data history, but poor data quality and not enough industry specific fields.  Capital IQ : Starting to make inroads with better perceived data quality than Thomson. Still not enough industry focus.  BankScope (Fitch / BVD : Bank specific. Long history in the market. But, horrendous data quality and application.  Factset : Haven’t heard much of them. Purchased Thomson / Reuters data.  Merger Market : Popular news / rumors product. Poor data quality.  Bloomberg : Used the same way in Europe that it is here.Full Coverage:-  350 public (listed) banks  400+ of the largest private (non-listed) banks and captive subsidiariesLight Coverage:-  Approximately 100 listed insurance companies and 300+ financial service companies  Geographic coverage of Europe is comprehensive: including the entire EU, emerging markets, Russia and Turkey.  We have hired to date 9 translators in London, India and Pakistan. We hope to hire 8 more.  We will cover at least the following languages in house: French, German, Italian, Spanish, Swedish, Norwegian and Danish. We will rely on freelancers for other languages.SKIPS Page 21
  22. 22.  Google Translate and other technology will aid in the process.  5-year historic backfill of annual, interim and quarterly financials.  450+ items in a standardized IFRS template, plus 75+ calculated ratios.  More fields manually entered than in SNL’s U.S. Bank/Thrift GAAP template.  No source of regulatory data.  Like-for-like comparisons across Europe; some comparisons v U.S. GAAP.  5-year historical backfill of bank deals.  5-year historical backfill of capital offerings.  Equity and Debt league tables.  Current outstanding debt and equity issuances.  No regulatory source for bank branch locations or market share.  Manual entry of branch locations for 750 covered banks in Europe.  Depository branches are being entered, along with other bank offices.  When possible, branches are linked to subsidiary/brand.  Daily summaries from 160 European news sources: financial press, national and regional newspapers, industry publications and websites.  Daily Dose and other proprietary features and blogs.  News coverage on banks, but also insurance and financial service companies.  Translated news flow via in-house and freelance reporters located across Europe.The European FIG Product - Other Content:-  The product will also contain:  Country macroeconomic data and banking stats  Company documents  Intra-day prices  Conference call transcripts  Executive and Board of Director profiles  Company events Company corporate structures Consensus estimatesSKIPS Page 22
  23. 23. The European FIG Product - Going Global:-The internationalization of SNL  Default Currency (conversion in SNLxl and SNL.com)  Alerts by Time Zone  Newsletters in A4  Global indices and interest rates  Country codes  Date and time format  Number format  Local terminology/languageEuropean FIG Overview - Launch Partnerships:- a. Launch partners commit to confidentiality and agree to meet with us each month to provide feedback and insight and lend their industry expertise. b. In return they get beta (early) access, and the option to subscribe within 90 days after full launch at a pre-determined price. Benefit to SNL = access to market expertise, soft-commitments to help with building sub value 6. Different Products of SNL:- SNL Unlimited News IR solutions Data Feeds Data Publications Performance Grants Support/Training Center for Financial EducationSKIPS Page 23
  24. 24. 7. Different Solutions Provided By SNL:- Investment Banking and M&A Community Banking Investment Management Private Equity Corporations Consultants Government Agencies Universities Low & Accounting FirmsSKIPS Page 24
  25. 25. 8. International Financial Reporting Standards (IFRS)8.1 What is IFRS?International Financial Reporting Standards (IFRS) are a set of accounting standardsdeveloped by the International Accounting Standards Board (IASB) that is becoming theglobal standard for the preparation of public company financial statements.8.2 How widespread is the adoption of IFRS around the world?Approximately 120 nations and reporting jurisdictions permit or require IFRS for domesticlisted companies, although approximately 90 countries have fully conformed to IFRS aspromulgated by the IASB and include a statement acknowledging such conformity in auditreports. Other countries, including Canada and Korea, are expected to transition to IFRS by2011. Mexico will require IFRS for all listed companies starting in 2012. Japan hasintroduced a roadmap for adoption that it will decide on in 2012 (with a proposed adoptiondate of 2015 or 2016) and is permitting certain qualifying domestic companies to apply IFRSfrom fiscal years ending on or after March 31, 2010. Still other countries have plans toconverge their national standards with IFRS.8.3 Advantages of converting to IFRS:-By adopting IFRS, a business can present its financial statements on the same basis as itsforeign competitors, making comparisons easier. Furthermore, companies with subsidiaries incountries that require or permit IFRS may be able to use one accounting language company-wide. Companies also may need to convert to IFRS if they are a subsidiary of a foreigncompany that must use IFRS, or if they have a foreign investor that must use IFRS.Companies may also benefit by using IFRS if they wish to raise capital abroad.8.4 Disadvantages of converting to IFRS:-Despite a belief by some of the inevitability of the global acceptance of IFRS, others believethat U.S. GAAP is the gold standard, and that a certain level of quality will be lost with fullacceptance of IFRS. Further, certain U.S. issuers without significant customers or operationsoutside the United States may resist IFRS because they may not have a market incentive toprepare IFRS financial statements. They may believe that the significant costs associated withadopting IFRS outweigh the benefits.SKIPS Page 25
  26. 26. 9. Different Standard of IFRS:-IFRS 1--FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIALREPORTING STANDARDS:-Objective:-IFRS 1 First-time Adoption of International Financial Reporting Standards sets out theprocedures that an entity must follow when it adopts IFRSs for the first time as the basis forpreparing its general purpose financial statements.Definition of first-time adoption:-A first-time adopter is an entity that, for the first time, makes an explicit and unreservedstatement that its general purpose financial statements comply with IFRSs.An entity may be a first-time adopter if, in the preceding year, it prepared IFRS financialstatements for internal management use, as long as those IFRS financial statements were notmade available to owners or external parties such as investors or creditors. If a set of IFRSfinancial statements was, for any reason, made available to owners or external parties in thepreceding year, then the entity will already be considered to be on IFRSs, and IFRS 1 doesnot apply.This would mean that an entitys first financial statements should include at least:-  Three balance sheets (statements of financial position)  Two statements of comprehensive income  Two separate income statements (if presented)  Two statements of cash flows  Two statements of changes in equity and  Related notes, including comparative informationSKIPS Page 26
  27. 27. IFRS 2--SHARE-BASED PAYMENT:-Definition of Share-based Payment:-A share-based payment is a transaction in which the entity receives or acquires goods orservices either as consideration for its equity instruments or by incurring liabilities foramounts based on the price of the entitys shares or other equity instruments of the entity. Theaccounting requirements for the share-based payment depend on how the transaction will besettled, that is, by the issuance of (a) equity, (b) cash, or (c) equity or cash.Scope:-The concept of share-based payments is broader than employee share options (ESOP). IFRS2 encompasses the issuance of shares, or rights to shares, in return for services and goods.Examples of items included in the scope of IFRS 2 are share appreciation rights, employeeshare purchase plans, employee share ownership plans, share option plans and plans wherethe issuance of shares (or rights to shares) may depend on market or non-market relatedconditions.IFRS 2 applies to all entities. There is no exemption for private or smaller entities.Furthermore, subsidiaries using their parents or fellow subsidiarys equity as considerationfor goods or services are within the scope of the Standard.IFRS 2 does not apply to share-based payment transactions other than for the acquisition ofgoods and services. Share dividends, the purchase of treasury shares, and the issuance ofadditional shares are therefore outside its scope.Recognition and Measurement:-The issuance of shares or rights to shares requires an increase in a component of equity. IFRS2 requires the offsetting debit entry to be expensed when the payment for goods or servicesdoes not represent an asset. The expense should be recognized as the goods or services areconsumed. For example, the issuance of shares or rights to shares to purchase inventorywould be presented as an increase in inventory and would be expensed only once theinventory is sold or impaired.SKIPS Page 27
  28. 28. As a general principle, the total expense related to equity-settled share-based payments willequal the multiple of the total instruments that vest and the grant-date fair value of thoseinstruments. In short, there is truing up to reflect what happens during the vesting period.However, if the equity-settled share-based payment has a market related performance feature,the expense would still be recognized if all other vesting features are met. The followingexample provides an illustration of a typical equity-settled share-based payment.IFRS 3 --BUSINESS COMBINATIONS:-Definition of a business combination:-A business combination is a transaction or event in which an acquirer obtains control of oneor more businesses. A business is defined as an integrated set of activities and assets that iscapable of being conducted and managed for the purpose of providing a return directly toinvestors or other owners, members or participants.Acquirer must be identified:-Under IFRS 3, an acquirer must be identified for all business combinations.IFRS 3 does not apply to the formation of a joint venture, combinations of entities orbusinesses under common control. The IASB added to its agenda a separate agenda projecton Common Control Transactions in December 2007. Also, IFRS 3 does not apply to theacquisition of an asset or a group of assets that do not constitute a business.Method of Accounting for Business Combinations:-Acquisition method:-The acquisition method (called the purchase method in the 2004version of IFRS 3) is used for all business combinations.Steps in applying the acquisition method are:  Identification of the acquirer – the combining entity that obtains control of the acquiree,  Determination of the acquisition date – the date, on which the acquirer obtains control of the acquiree,SKIPS Page 28
  29. 29.  Recognition and measurement of the identifiable assets acquired, the liabilities assumed and any non-controlling interest (NCI, formerly called minority interest) in the acquiree,  Recognition and measurement of goodwill or a gain from a bargain purchase,  Measurement of acquired assets and liabilities, Assets and liabilities are measured at their acquisition-date fair value (with a limited number of specified exceptions).IFRS 4 --INSURANCE CONTRACTS:-Scope:-IFRS 4 applies to virtually all insurance contracts (including reinsurance contracts) that anentity issues and to reinsurance contracts that it holds. It does not apply to other assets andliabilities of an insurer, such as financial assets and financial liabilities within the scope ofIAS 39 Financial Instruments:Recognition and Measurement:-Furthermore, it does not address accounting by policyholders.Definition of insurance contract:-An insurance contract is a "contract under which one party (the insurer) accepts significantinsurance risk from another party (the policyholder) by agreeing to compensate thepolicyholder if a specified uncertain future event (the insured event) adversely affects thepolicyholder.Accounting policies:-The IFRS exempts an insurer temporarily from some requirements of other IFRSs, includingthe requirement to consider IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors in selecting accounting policies for insurance contracts. However, the standardprohibits provisions for possible claims under contracts that are not in existence at thereporting date requires a test for the adequacy of recognized insurance liabilities and animpairment test for reinsurance assets requires an insurer to keep insurance liabilities in itsbalance sheet until they are discharged or cancelled, or expire, and prohibits offsettingSKIPS Page 29
  30. 30. insurance liabilities against related reinsurance assets and income or expense fromreinsurance contracts against the expense or income from the related insurance contractChanges in accounting policies.IFRS 4 permits an insurer to change its accounting policies for insurance contracts only if, asa result, its financial statements present information that is more relevant and no less reliable,or more reliable and no less relevant. [IFRS 4.22] In particular, an insurer cannot introduceany of the following practices, although it may continue using accounting policies thatinvolve them: measuring insurance liabilities on an undiscounted basis, measuringcontractual rights to future investment management fees at an amount that exceeds their fairvalue as implied by a comparison with current market-based fees for similar services usingnon-uniform accounting policies for the insurance liabilities of subsidiaries.Re-measuring insurance liabilities:-The IFRS permits the introduction of an accounting policy that involves re-measuringdesignated insurance liabilities consistently in each period to reflect current market interestrates (and, if the insurer so elects, other current estimates and assumptions). Without thispermission, an insurer would have been required to apply the change in accounting policiesconsistently to all similar liabilities. [IFRS 4.24]IFRS 5 --NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUEDOPERATIONS:-Held-for-sale classification:In general, the following conditions must be met for an asset (or disposal group) to beclassified as held for sale: management is committed to a plan to sell the asset is available forimmediate sale an active programme to locate a buyer is initiated the sale is highly probable,within 12 months of classification as held for sale (subject to limited exceptions) the asset isbeing actively marketed for sale at a sales price reasonable in relation to its fair value actionsrequired to complete the plan indicate that it is unlikely that plan will be significantlychanged or withdrawn.SKIPS Page 30
  31. 31. The assets need to be disposed of through sale. Therefore, operations that are expected to bewound down or abandoned would not meet the definition (but may be classified asdiscontinued once abandoned).However, all classification, presentation and measurement requirements of IFRS 5 apply to anon-current asset (or disposal group) that us classified as held for distribution to owners.Disposal group. A disposal group is a group of assets, possibly with some associatedliabilities, which an entity intends to dispose of in a single transaction. The measurementbasis required for non-current assets classified as held for sale is applied to the group as awhole, and any resulting impairment loss reduces the carrying amount of the non-currentassets in the disposal group in the order of allocation required by IAS 36.Measurement:-The following principles apply:-At the time of classification as held for sale:- Immediately before the initial classification ofthe asset as held for sale, the carrying amount of the asset will be measured in accordancewith applicable IFRSs. Resulting adjustments are also recognized in accordance withapplicable IFRSs.After classification as held for sale:-Non-current assets or disposal groups that are classifiedas held for sale are measured at the lower of carrying amount and fair value less costs to sell.Impairment. Impairment must be considered both at the time of classification as held for saleAt the time of classification as held for sale:-Immediately prior to classifying an asset ordisposal group as held for sale, measure and recognize impairment in accordance with theapplicable IFRSs (generally IAS 16, IAS 36, IAS 38, and IAS 39). Any impairment loss isrecognized in profit or loss unless the asset had been measured at revalued amount under IAS16 or IAS 38, in which case the impairment is treated as a revaluation decrease.After classification as held for sale:-Calculate any impairment loss based on the differencebetween the adjusted carrying amounts of the asset/disposal group and fair value less costs toSKIPS Page 31
  32. 32. sell. Any impairment loss that arises by using the measurement principles in IFRS 5 must berecognised in profit or loss (IFRS 5.20), even for assets previously carried at revaluedamounts. This is supported by IFRS 5 BC.47 and BC.48, which indicate the inconsistencywith IAS 36Assets carried at fair value prior to initial classification:- For such assets, the requirement todeduct costs to sell from fair value will result in an immediate charge to profit or loss.Subsequent increases in fair value:- A gain for any subsequent increase in fair value less coststo sell of an asset can be recognised in the profit or loss to the extent that it is not in excess ofthe cumulative impairment loss that has been recognised in accordance with IFRS 5 orpreviously in accordance with IASIFRS 6 ----- EXPLORATION FOR AND EVALUATION OF MINERALRESOURCES:-Exploration for and evaluation of mineral resources mean the search for mineral resources,including minerals, oil, natural gas and similar non-regenerative resources after the entity hasobtained legal rights to explore in a specific area, as well as the determination of the technicalfeasibility and commercial viability of extracting the mineral resource.Exploration and evaluation expenditures are expenditures incurred in connection with theexploration and evaluation of mineral resources before the technical feasibility andcommercial viability of extracting a mineral resource is demonstrable.IFRS 6 permits an entity to develop an accounting policy for recognition of exploration andevaluation expenditures as assets without specifically considering the requirements ofparagraphs 11 and 12 of IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors. [IFRS 6.9] Thus, an entity adopting IFRS 6 may continue to use the accountingpolicies applied immediately before adopting the IFRS. This includes continuing to userecognition and measurement practices that are part of those accounting policies.SKIPS Page 32
  33. 33. IFRS 6 requires entities recognizing exploration and evaluation assets to perform animpairment test on those assets when facts and circumstances suggest that the carryingamount of the assets may exceed their recoverable amount. [IFRS 6.18]Entities shallmeasures the impairment in accordance with IAS 36 Impairment of Assets once it isidentified.IFRS 6 also provides guidance on how to identify cash-generating units.IFRS 6 requires disclosure of information that identifies and explains the amounts recognisedin its financial statements arising from the exploration for and evaluation of mineralresources, including:(i) its accounting policies for exploration and evaluation expenditures including therecognition of exploration and evaluation assets.(ii) the amounts of assets, liabilities, income and expense and operating and investing cashflows arising from the exploration for and evaluation of mineral resources.IFRS 7 ----- FINANCIAL INSTRUMENTS-DISCLOSURES:-Disclosure Requirements of IFRS 7:-IFRS requires certain disclosures to be presented by category of instrument based on the IAS39 measurement categories. Certain other disclosures are required by class of financialinstrument. For those disclosures an entity must group its financial instruments into classes ofsimilar instruments as appropriate to the nature of the information presented.The two main categories of disclosures required by IFRS 7 are: I. Information about the significance of financial instruments. II. Information about the nature and extent of risks arising from financial instrumentsSKIPS Page 33
  34. 34. I. Information about the significance of financial instruments:-Balance Sheet:-Disclose the significance of financial instruments for an entitys financial position andperformance. This includes disclosures for each of the following categories:Financial assets measured at fair value through profit and loss, showing separately those heldfor trading and those designated at initial recognition, held-to-maturity investments, loans andreceivables, available-for-sale assets, financial liabilities at fair value through profit and loss,showing separately those held for trading and those designated at initial recognition, financialliabilities measured at amortized cost, other balance sheet-related disclosures:Special disclosures about financial assets and financial liabilities designated to be measuredat fair value through profit and loss, including disclosures about credit risk and market risk,changes in fair values attributable to these risks and the methods of measurement.Reclassifications of financial instruments from one category to another (e.g. from fair valueto amortized cost or vice versa) Disclosures about de-recognitions, including transfers offinancial assets for which derecogntion accounting is not permitted by IAS 39 Informationabout financial assets pledged as collateral and about financial or non-financial assets held ascollateral reconciliation of the allowance account for credit losses (bad debts) by class offinancial assets information about compound financial instruments with multiple embeddedderivatives breaches of terms of loan agreementsIncome Statement and Equity:-Items of income, expense, gains, and losses, with separate disclosure of gains and lossesfrom: [IFRS 7.20(a)]  Financial assets measured at fair value through profit and loss, showing separately those held for trading and those designated at initial recognition.  Held-to-maturity investments.  Loans and receivables.  Available-for-sale assets.  Financial liabilities measured at fair value through profit and loss, showing separately those held for trading and those designated at initial recognition.  Financial liabilities measured at amortized cost.SKIPS Page 34
  35. 35. Other income statement-related disclosures:-Total interest income and total interest expense for those financial instruments that are notmeasured at fair value through profit and loss, fee income and expense, amount ofimpairment losses by class of financial assets, interest income on impaired financial assets.Other Disclosures:- accounting policies for financial instruments information about hedge accounting, including: description of each hedge, hedging instrument, and fair values of those instruments, and nature of risks being hedged for cash flow hedges, the periods in which the cash flows are expected to occur, when they are expected to enter into the determination of profit or loss, and a description of any forecast transaction for which hedge accounting had previously been used but which is no longer expected to occur if a gain or loss on a hedging instrument in a cash flow hedge has been recognized in other comprehensive income, an entity should disclose the following: the amount that was so recognized in other comprehensive income during the period, the amount that was removed from equity and included in profit or loss for the period, the amount that was removed from equity during the period and included in the initial measurement of the acquisition cost or other carrying amount of a non-financial asset or non- financial liability in a hedged highly probable forecast transaction for fair value hedges, information about the fair value changes of the hedging instrument and the hedged item hedge ineffectiveness recognized in profit and loss.Information about the fair values of each class of financial asset and financial liability, alongwith: comparable carrying amounts description of how fair value was determined the level ofinputs used in determining fair value reconciliations of movements between levels of fairvalue measurement hierarchy additional disclosures for financial instruments whose fairvalue is determined using level 3 inputs including impacts on profit and loss, othercomprehensive income and sensitivity analysis information if fair value cannot be reliablymeasured.SKIPS Page 35
  36. 36. The fair value hierarchy introduces 3 levels of inputs based on the lowest level of inputsignificant to the overall fair value:Level 1 - quoted prices for similar instrumentsLevel 2 - directly observable market inputs other than Level 1 inputsLevel 3 - inputs not based on observable market dataNote that disclosure of fair values is not required when the carrying amount is a reasonableapproximation of fair value, such as short-term trade receivables and payables, or forinstruments whose fair value cannot be measured reliably. II. Nature and extent of exposure to risks arising from financial instruments:-Qualitative disclosures:-The qualitative disclosures describe: risk exposures for each type of financial instrumentmanagement’s objectives, policies, and processes for managing those risks changes from theprior periodQuantitative disclosures:-The quantitative disclosures provide information about the extent to which the entity isexposed to risk, based on information provided internally to the entitys key managementpersonnel. These disclosures include:summary quantitative data about exposure to each risk at the reporting datedisclosures about credit risk, liquidity risk, and market risk and how these risks are managedas further described below:-Concentrations of risk:- I. Credit RiskCredit risk is the risk that one party to a financial instrument will cause a loss for the otherparty by failing to pay for its obligation.Disclosures about credit risk include: maximum amount of exposure (before deducting thevalue of collateral), description of collateral, information about credit quality of financialassets that are neither past due nor impaired, and information about credit quality of financialSKIPS Page 36
  37. 37. assets whose terms have been renegotiated for financial assets that are past due or impaired,analytical disclosures are required, information about collateral or other credit enhancementsobtained or called II. Liquidity Risk:-Liquidity risk is the risk that an entity will have difficulties in paying its financial liabilities.Disclosures about liquidity risk include: a maturity analysis of financial liabilities descriptionof approach to risk managementIII. Market Risk:-Market risk is the risk that the fair value or cash flows of a financial instrument will fluctuatedue to changes in market prices. Market risk reflects interest rate risk, currency risk and otherprice risks.Disclosures about market risk include: a sensitivity analysis of each type of market risk towhich the entity is exposed additional information if the sensitivity analysis is notrepresentative of the entitys risk exposure (for example because exposures during the yearwere different to exposures at year-end).IFRS 7 provides that if an entity prepares a sensitivity analysis such as value-at-risk formanagement purposes that reflects interdependencies of more than one component of marketrisk (for instance, interest risk and foreign currency risk combined), it may disclose thatanalysis instead of a separate sensitivity analysis for each type of market riskIFRS 8 --OPERATING SEGMENTS:-Operating Segments:-IFRS 8 defines an operating segment as follows. An operating segment is a component of anentity: that engages in business activities from which it may earn revenues and incur expenses(including revenues and expenses relating to transactions with other components of the sameentity) whose operating results are reviewed regularly by the entitys chief operating decisionmaker to make decisions about resources to be allocated to the segment and assess itsperformance and for which discrete financial information is available.SKIPS Page 37
  38. 38. Reportable segments:-IFRS 8 requires an entity to report financial and descriptive information about its reportablesegments. Reportable segments are operating segments or aggregations of operating segmentsthat meet specified criteria: its reported revenue, from both external customers andintersegment sales or transfers, is 10 per cent or more of the combined revenue, internal andexternal, of all operating segments; orthe absolute measure of its reported profit or loss is 10 per cent or more of the greater, inabsolute amount, of (i) the combined reported profit of all operating segments that did notreport a loss and (ii) the combined reported loss of all operating segments that reported a loss;or its assets are 10 per cent or more of the combined assets of all operating segments. If thetotal external revenue reported by operating segments constitutes less than 75 per cent of theentitys revenue, additional operating segments must be identified as reportable segments(even if they do not meet the quantitative thresholds set out above) until at least 75 per cent ofthe entitys revenue is included in reportable segments.IFRS 9 --Financial Instruments:-IFRS 9 Is a Work in Progress and Will Eventually Replace IAS 39 in its EntiretyInitial measurement of financial assets:-All financial assets are initially measured at fair value plus, in the case of a financial asset notat fair value through profit or loss, transaction costs.Subsequent measurement of financial assets:-IFRS 9 divides all financial assets that are currently in the scope of IAS 39 into twoclassifications – those measured at amortized cost and those measured at fair value.Classification is made at the time the financial asset is initially recognized, namely when theentity becomes a party to the contractual provisions of the instrument.SKIPS Page 38
  39. 39. 10. Balance Sheet Reporting of IFRS:- IFRS Reporting ASSETS LIABILITY Cash & Cash Equivalent Held for Trading Assets Held for trading Liability 1. Bank Loans, 1. Bank Deposits, 2. Customers Loans, 2. Customers Deposits, 3. Debt Securities, 3. Debts 4. Equity Securities, 4. Subordinated Debts, 5. Derivative, 5. Derivatives 6. Others. 6. Securities Sold, not Purchased FVTPL Assets FVTPL Liability (Fair Value through Profit & Loss) (Fair Value through Profit & Loss) 1. Bank Loans, 1. Bank Deposits, 2. Customers Loans, 2. Customers Deposits, 3. Debt Securities, 3. Debt Securities, 4. Equity Securities, 4. Subordinated Debts 5. Embedded derivatives, 5. Embedded derivatives, 6. Others. 6. Others. AFS Assets 1. Bank Loans, 2. Customers Loans, 3. Debt Securities, 4. Equity Securities, 5. Others, Amortized Assets Amortized Liability 1. Bank Loans, 1. Bank Deposits, 2. Customers Loans, 2. Customers Deposits, 3. Debts Securities, 3. Subordinated Debts, 4. Others 4. Debts Securities, 5. Others HTM Assets 1. Debt Security, 2. Others. Other Assets Other LiabilitySKIPS Page 39
  40. 40. 11. Learning and Experience:- I did my capstone project at SNL financial which is one of the well knownInformation provider Firm. I learned how to apply theoretical knowledge in practical life.Two months of training has given me lots of insight into practical aspects of business. As thebanking and finance industry is rapidly growing in India, it becomes necessary to haveknowledge of it. This training has been the immense professional value to me as it has givenme practical exposure to the corporate world. Working with the staff and at the same timeinteracting with the customers has shown the two contradictory faces of work. I also learnedhow to deal with customers each having different mindset. During this executive training, I have learned how to faced challenges duringjobs and convert them into opportunities. I have learned about corporate etiquettes and howto familiarize with their environment. I have learned how to handle objection which areraised by client and also learned about marketing & selling tips. I also got platform todevelop a network which will be useful in enhancing career prospects. Apart from this, while working with the SNL Financial, I realize theimportance of time management, the essence of time that I might often forget in our dailyacademic schedule.SKIPS Page 40
  41. 41. 12. Bibliography:-The list of reference books for IFRS are as follows:-1. International Financial Reporting Standards (IFRSs) - Published by Taxmann Publications P Ltd.2. A Guide through International Financial Reporting Standards July 2008- Published by IASB.3. The IFRS Manual of Accounting authored by the UK Accounting Consulting Servicesteam of PricewaterhouseCoopers LLP and published by CCH.4. International GAAP® 2009 by Ernst and Young Published by Wiley.Websites:- www.snl.com www.wikipedia.org www.rbi.gov www.ifrs.org www.sebi.gov.in www.kpmginstitute.comSKIPS Page 41

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