XBRL is a standard for tagging financial information that separates technical and business specifications. It allows for disaggregation of financial reports into constituent semantic elements. XBRL adoption is growing globally with many countries and jurisdictions actively working on local taxonomies. CFA Institute supports XBRL to improve the usability of financial information for investors. Semantic finance may disrupt financial reporting by enabling machines to better process and understand financial data on the semantic web.
Gnosis Company Limited was formed in Y2004 by the partners who have strong experiences in the banking and finance industry and international advisory firms. Our clients could find their corporate solutions with our solid experienced advisory team who are ready to advise and walk along with them to make their business sustainable wealth and reach their vision. We also provide the proven training programs to transform you and your company to the next level of success.
Corporate Finance Modeling for Investment AnalysisRob Trippe
210+ page comprehensive body of knowledge on financial model development and conceptual techniques for investment analysis and corporate financial planning. Available as hard copy and as an extended live, in-class corporate seminar. It's all you need to know for great corporate financial model development and implementation. Live examples, case studies and Q&A included.
Gnosis Company Limited was formed in Y2004 by the partners who have strong experiences in the banking and finance industry and international advisory firms. Our clients could find their corporate solutions with our solid experienced advisory team who are ready to advise and walk along with them to make their business sustainable wealth and reach their vision. We also provide the proven training programs to transform you and your company to the next level of success.
Corporate Finance Modeling for Investment AnalysisRob Trippe
210+ page comprehensive body of knowledge on financial model development and conceptual techniques for investment analysis and corporate financial planning. Available as hard copy and as an extended live, in-class corporate seminar. It's all you need to know for great corporate financial model development and implementation. Live examples, case studies and Q&A included.
Beamonte Investments is one of the world’s leading investment and advisory firm. Beamonte Investments seek to create long-term value for its investors, the portfolio companies and the companies it advises. Beamonte Investments provides various financial advisory services, including investment banking advisory, financial and strategic advisory and fund placement services. Beamonte alternative businesses includes the management the private equity funds, real estate funds and credit oriented strategies.
Apresentação de Ricardo Lanfranchi, Head of Equities Sales, Barclays Capital, no Seminário “Targeting: Como conhecer e gerenciar sua base de acionistas?”, realizado pelo IBRI em 18/08/2009 em SP.
Sales – O Targeting “em ação”
Welcome to IFRS Newsletter—a newsletter that offers a summary of certain developments in International Financial Reporting Standards (IFRS) along with insights into topical issues.
iMediaWorks: Creating Digital Roadmaps for Brands Michelle Batten
Consumers are forcing brands to change their approach to consumer dialogue. Brands now need to create a new digital roadmap to reach and connect with their audience.
Beamonte Investments is one of the world’s leading investment and advisory firm. Beamonte Investments seek to create long-term value for its investors, the portfolio companies and the companies it advises. Beamonte Investments provides various financial advisory services, including investment banking advisory, financial and strategic advisory and fund placement services. Beamonte alternative businesses includes the management the private equity funds, real estate funds and credit oriented strategies.
Apresentação de Ricardo Lanfranchi, Head of Equities Sales, Barclays Capital, no Seminário “Targeting: Como conhecer e gerenciar sua base de acionistas?”, realizado pelo IBRI em 18/08/2009 em SP.
Sales – O Targeting “em ação”
Welcome to IFRS Newsletter—a newsletter that offers a summary of certain developments in International Financial Reporting Standards (IFRS) along with insights into topical issues.
iMediaWorks: Creating Digital Roadmaps for Brands Michelle Batten
Consumers are forcing brands to change their approach to consumer dialogue. Brands now need to create a new digital roadmap to reach and connect with their audience.
Volatility of Fair Value Accounting from a Reinsurer's Perspectivemfrings
At the October 2012 Society of Actuaries annual meeting, Michael Frings gave a presentation entitled “Volatility of Fair Value Accounting from a Reinsurer’s Perspective”. He described the sources of fair value volatility on income statement and balance sheets both in US GAAP and IFRS frameworks. He described the assumptions and interpretations which can lead to increased volatility. He outlined where volatility is viewed more or less favorably by financial analysts. He proposed solutions to the fair value volatility problem emphasizing that while there is no silver bullet, astute setup of the hedges, accounting, and reinsurance can reduce fair value accounting volatility. Michael’s presentation was well-received and he will present it again at a future SOA webcast on Fair Value Accounting Volatility planned for early 2013.
Usefulness of fair value accounting an appraisalRupesh Yadav
Financial statements are accounting reports prepared in order to communicate the information about financial performance, financial position and cash flow of a company to stakeholders. These statements should disclose information on the earning capability and financial position of a business firm indicating clearly its present and future ability to generate favourable cash flows which is the object of prime interest to all users of financial statements. Thus, the financial statements should report the true earning of the enterprise and its true asset and liabilities. But the historical cost based financial statement can never satisfy the true objective of preparing the same. In fact, they fail to reflect the ‘true and fair’ view of the financial state of affairs of the company. Under the historical cost based accounting system, the depreciation is, generally, undercharged; cost of inventory is undervalued, thus, overstating the earning of the concern.
The spring 2013 Insight newsletter from Quantifi, discussing the management of counterparty credit risk.
A conversation with Arne Loftingsmo, Portfolio Manager at KLP Kapitalforvaltning AS.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
6. XBRL in short
eXtensible Business Reporting Language
web standard derived of XML
disaggregates unwieldy information packages into
constituent semantic elements
separates technical and business specifications
open, royalty-free property of XBRL International
7. More XX‘s
Taxonomies
container of business logic
comparable to chart of accounts, but more
available for IFRS, US GAAP, many more
Extensions
8. Global reach
Central organisation XBRL International
Many local jurisdictions
local awareness
locally relevant taxonomies
quick adoption in many countries: USA, China,
India, Japan, NL, Germany, France
9. XBRL in Belgium
active jurisdiction since 2004 with 26 corporate
members (CFA Belgium?)
hosted by National Bank of Belgium
working groups on BE GAAP annual accounts,
permanent corporate data for CBE, communications
Contacts: xbrl.be@nbb.be
16. Some measurement
“units” ...
Equity method Cost with discount accretion, premium
Consolidation – recognition of individual assets amortisation and accrued interest plus or minus
and liabilities of the issuer of the equity some changes in fair value if some of the
instruments changes in fair value of the instruments are
Proportionate consolidation hedged under fair value hedge accounting
Fair value with gains and losses in earnings Cost plus accreted discount or amortised
Fair value with gains and losses in other premium with a separate line item for accrued
comprehensive income until realised interest
Fair value with gains and losses in other Lower of cost or market value
comprehensive income until realised except Carrying value less allowances for uncollectible
required impairment losses that are reported in amounts
earnings immediately For loans and receivables subject to troubled
Fair value with part of the gains and losses in debt restructuring, as specified in SFAS 15
earnings and part of the gains and losses in Accounting by Debtors and Creditors for
other comprehensive income (cash flow hedge Troubled Debt Restructuring
accounting) Carryover basis of the transferred assets
Cost less required impairment losses that are allocated on the basis of relative fair values of
reported in earnings the portions sold and retained
Cost with discount accretion, premium Not recognised unless an amount is receivable
amortisation, accrued interest and required
impairment losses in earnings
17. Fair value - why?
relevant for all economic decision making
no viable alternatives
most useful performance measurement
“approximately right” far superior to
“precisely wrong”
transparency about sources & assumptions
18. Known unknowns, etc
CPA’s CFA’s
domain domain
Cutoff
date
expected future expected future
development of development of
known business future business
19. Frequent objections
“not our job”
massive measurement errors
Profitable Downgrade Conundrum
abusing mixed attributes model
Fair values are -
hard to come by,
too expensive ...
23. Presentation
Method
Scope
First
The primary financial statements must provide the
information needed by equity investors, creditors,
and other suppliers of risk capital.
24. Presentation
Method
Scope
Second
The entity must be viewed from the perspective of
an investor in the company’s common equity.
25. Presentation
Method
Scope
Third
Fair value information is the most relevant
information for financial decision-making.
26. Presentation
Method
Scope
Fourth
Recognition and disclosure is based on the
information’s relevance to investment decision-
making, not on its measurement reliability alone.
27. Presentation
Method
Scope
Fifth
Complete recognition of all economic transactions
and events.
28. Presentation
Method
Scope
Sixth
Investors’ information requirements must
determine the materiality threshold.
29. Presentation
Method
Scope
Seventh
Financial reporting must be neutral.
30. Presentation
Method
Scope
Eighth
All changes in net assets must be recorded in the
“Statement of Changes in Net Assets Available to
Common Shareowners”.
31. Current
Net Change
Period Valuation
Estimates In Net
Accrual Adjustments
Assets
Transactions
Operating
Investing
Financing
Net Change
in Net Assets
before
Transactions
with Owners
Net Change
in Net Assets
32. Presentation
Method
Scope
Ninth
The cash flow statement provides information
essential to the analysis of a company and must be
prepared using the direct method only.
33. Presentation
Method
Scope
Tenth
Changes affecting each of the financial statements
must be reported and explained on a
disaggregated basis.
34. Reconciliation of Balance Sheet, Cash Flows,
Accruals, and Valuation Adjustments
Balance Balance
Cash Flow
Sheet: Valuation Sheet:
Statement,
December Accruals Adjustments December
Direct
31, 31,
Method
200X 200X + 1
36. Presentation
Method
Scope
Eleventh
Individual line items should be reported based
upon the nature of the items, rather than by the
function for which they are used.
37. Presentation
Method
Scope
Twelfth
Disclosures must give investors all of the
information they need to understand the items
recognised, their measurement properties and risk
exposures.
38.
39. Key principles of an XBRL
framework
CFA Institute supports XBRL from a user (of
financial statements) perspective
40. User awareness lacking
9%
high in EMEA at 66%!
CFA Institute works 32%
on raising awareness 59%
Investors Conference
with IASCF, EFFAS in
September
Up-to-date awareness
Aware
Not aware
41. First: Disclosure neutrality
Core taxonomy should be predefined by current
financial reporting standards, including GAAP and
other regulatory disclosure and reporting
requirements.
42. Second: Limited extensions
Taxonomy extensibility should maintain the level of
data comparability as defined by GAAP and other
regulatory requirements.
43. Third: Going global
Ultimately, companies should deliver required
financial reports to regulators using the established
XBRL framework
44. Fourth: Open Source
The general public should have equal access to the
XBRL tagged information
45. Fifth: Co-operation
Regulators should develop the necessary
infrastructure and protocol to ensure the timely
updating of the established XBRL framework as
outlined in the preceding four key principles
47. What is the Semantic Web?
The Semantic Web is ...
a vision for a future web of meaning
not separate, but an extension of the current web
a way for machines to better process & understand
data
a web on which machine reasoning can become
ubiquitous and powerful
describes a set of standards, ML & tools
48. Manual labour going strong
18%
37%
Manual extraction
high among specialist 34%
analysts
11%
Entirely manual
Mostly manual
Entirely 3rd party
Mostly 3rd party
49. Disruptive innovation?
worse performance near-term
different value proposition
cheaper, simpler, smaller, and more convenient
launched in new or insignificant markets
leading customers do not want it at first
50. Sustaining innovation?
better performance of established products
measured along historically established
mainstream dimensions
may be radical or discontinuous, but still
sustains established firms
52. Price discovery, ca. 1920
Valuation Expecta- Valuation Expecta-
concepts tions concepts tions
Bid Ask
Fundamental Fundamental
Information Information
53. Price discovery, ca. 2000
Valuation Expecta- Valuation Expecta-
Bid Ask
concepts tions concepts tions
Fundamental
information
54. Price discovery, ca. 2015
Bid Ask
Expectations Expectations
Valuation Fundamental
concepts information
55. The Mosaic Theory
Information
Public Non-Public
Status
Material
Non-material
56.
57. Cognitive Surplus
1'000'000
Mio hours spent
100'000
10'000
Mio hours
1'000
100
10
1
creating Wikipedia watching TV USA p.a. watching TV global p.a.