ARG at Swissholdings

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

Published in: Economy & Finance, Business
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  • ARG at Swissholdings

    1. 1. Analysts @ as represented by Christian Dreyer, CFA
    2. 2. 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
    3. 3. Members‘ backgrounds Countries Industries Canada Analyst Societies France Consultants Japan (Investment) Netherlands Banking Spain Rating Agencies Switzerland Venture Capital UK US
    4. 4. Recent discussions ARG‘s own structure, objectives etc Convergence Employee benefits / IAS 19 Financial Instruments: Impairment & Hedging Financial Statement Presentation Liabilities / IAS 37
    5. 5. There is no such thing ...
    6. 6. 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
    7. 7. A stable platform? Research premium efficiency of cap. allocation Profitability Cost of Accessibility coverage
    8. 8. The Holy Grail
    9. 9. The Holy Grail
    10. 10. 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
    11. 11. Required information
    12. 12. Required information
    13. 13. Required information Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
    14. 14. Book vs Market CPA’s CFA’s domain domain Cut- off date expected future expected future development of development of known business future business
    15. 15. Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
    16. 16. Expectations rule! Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
    17. 17. Expectations rule! Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
    18. 18. Expectations rule! Resources Obligations Ability to generate inflows of resources Ability to convert resources into cash Short- & long-term Risk
    19. 19. Measuring value The unit is currency - but with what attribute?
    20. 20. ? 1€ + 1€ = 2€
    21. 21. Twelve Principles to enable financial reporting to more faithfully represent economic reality
    22. 22. Price discovery, ca. 1920 Valuation Expec- Valuation Expec- concepts tations concepts tations Bid Ask Fundamental Fundamental Information Information
    23. 23. Price discovery, ca. 2000 Valuation Expec- Valuation Expec- concepts tations Bid Ask concepts tations Fundamental information
    24. 24. Price discovery, ca. 2015 Expectations Bid Ask Expectations Valuation Fundamental concepts information
    25. 25. 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
    26. 26. Happy to discuss! Chris Dreyer CFA M +41 76 334 0800 christian@dreyer.ch http://iorp.eu

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