...BMAN 20081/20611 Financial Statement Analysis Glossary of terms |US term |UK/European term |Description | |10-Q |Quarterly report |Publicly available document, usually | | | |produced for the stock market, containing| | | |quarterly results | |10-K |Annual report |Required document produced yearly by a | | | |company, including the audited financial | | | |statements | |20-F |No equivalent |Required document that has to be filed | | | |with the US SEC (see below) if a company | | | |is listed on the US stock market as well | | | |as in another country (e.g. UK and US). | | ...
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...of the financial crisis exposed deficiencies in financial regulation and led to calls for regulatory reform. The Treasury Select Committee1 led the way, with its hearings into the collapse of Northern Rock exposing serious deficiencies in supervision and risk management.2 In October 2008, the Chancellor of the Exchequer asked Lord Turner, the newly appointed chairman of the FSA, to review the causes of the crisis and to make recommendations on the changes in regulation and supervisory approach needed to create a more robust banking system for the future. The Turner Review3, published in March 2009, made a 1 The Treasury Select Committee is a Parliamentary (House of Commons) committee that scrutinises the activity of the regulatory authorities in the UK. 2 See House of Commons Treasury Committee, The Run on the Rock HC 56-1 (Fifth Report of Session 2007-08). 3 FSA, ‘The Turner Review, A regulatory response to the global banking crisis’ (March 2009) at http://www.fsa.gov.uk/Pages/Library/Corporate/turner/index.shtml. See also the FSA publication that accompanied the Turner Review: FSA Discussion Paper 09/2 ‘A regulatory response to the global banking crisis’ (March 2009) at http://www.fsa.gov.uk/pubs/discussion/dp09_02.pdf. For a more detailed discussion of both see I MacNeil ‘The Trajectory of Regulatory Reform in the UK in the Wake of the Financial Crisis’, 11(4) European...
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...Introduction 写这个东西，赠与友人，可以算一个 200 小时一级攻略吧，如果你说你没有 200 小时，请不要 follow 本攻略，定有他方神明可以医治，什么 7 天跳龙门，15 天攻克 cfa 之类。。 写得这个东西也不是知识点完全总结，自认也没有能力写个知识点完全总结，更多的是把学习方 法写下来，帮助友人节省时间，少肥高效建设社会主义。 增加一点 qualification，让您有信心多读两句，证明以下内容不是 100% bullshit， 本人数学小 master，金融从业两年，主要接触 portfolio management，market risk，derivative 一类的 bullshit， 对 fsa，corporate finance，ethics，fixed income， economics 所知甚少，cfa 零散准备 300+小时， 一级刚刚通过 10A0B0C Ethics: Step 1： 背 把我写的东西死记硬背下来（1 个小时吧） 先把所有 ethics standard 的点背上来吧，七大条，专职投资客成员冲突（professionalism, duty to employer, investment, integrity of capital market, duty to client, cfa member, conflict of interest） 底下小条也要背啊，具体说就是，说话办事发毒品（misconduct, misrepresentation, knowledge of law, independence and objectivity）, 草私（market manipulation, material nonpublic information）， 平和中秘密表现（fair dealing, suitability, loyalty, preservation of confidentiality, performance presentation）长官忠于钱（duty as supervisor, loyalty, additional compensation arrangement） 勤交 保（diligence and reasonable basis, communication with client, record retention） 介绍工作优先 （referral fee, disclosure of conflict, priority of transaction），其实这段可以编个黑帮小故事的。 Step 2： 读 这一部分目的，是对每一小条有基本理解，可以粗略读读 handbook，每一小条前面的 principal， （5 小时左右），也可以听听金程讲的(20 小时左右)，视勤勉程度而定，勤快就自己读，懒就听 人讲 Step 3：练 Handbook 这个地方只有 case，读着容易让人走神，不如金程百题来得过瘾，做每一个小条的题， 错了纠错，for example, independence and objectivity, 我的感觉是为了保持独立客观公正性，对 ibd 部门的客户，要保持距离，不能 cover，但实际做题发现是可以 cover 的，只需 disclose，这种违 反常识的条目，要粗条记忆 这个部分大概 10 小时时间，大概能总结 30 条左右考点微妙的变化（视前例），但是成效斐然， ...
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...All CFA Institute members and candidates are required to comply with the Code and Standards Basic structure for enforcing the Code and Standards The CFA Institute Bylaws primary principles Based on two Fair process to member and candidate Confidentiality of proceedings Rules of Procedure Maintains oversight and responsibility The CFA Institute Board of Governors Through the Disciplinary Review Committee (DRC) Is responsible for the enforcement of the Code and Standards Conducts professional conduct inquiries Structure of the CFA Institute Professional Conduct Program Professional Conduct program (PCP) The CFA Designated Officer Selfdisclosure An inquiry can be prompted by several circumstances Directs professional conduct staff Written complaints Evidence of misconduct Report by a CFA exam proctor jim do Interviewing The Professional Conduct staff conducts an investigation that may include cf a. 1. Code Of Ethics And Standards Of Professional Conduct Collecting documents and records in support of its investigation Conclude the inquiry with no disciplinary sanction Issue a cautionary letter If finding that a violation of the Code and Standards occurred, the Designated Officer proposes a disciplinary sanction ay to Process for the enforcement of the Code and Standards When an inquiry is initiated Upon reviewing the material obtained during the investigation, the Designated Officer may .c Requesting a written explanation from the...
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...I. History of London Stock Exchange A. Early days (1693—1801) 1. Coffee House The early history of the London securities market can be traced back to the seventeenth century. A broker called John Castaing began to issue a list of stock and commodity prices called “The Course of the Exchange and other things” at his office in what was known as Jonathan’s Coffee-house. It is the earliest evidence of organized trading in marketable securities in London. 2. Royal exchange This is something similar to the exchange that we see today. The Royal Exchange not only housed brokers but also merchants and merchandise. However, this was the birth of a regulated market and, as such, had its teething problems in the shape of unlicensed brokers. B. Opportunities (1801—1914) 1. Establishment On 3 March, 1801, the first regulated institution of the London Stock Exchange was formed and the modern Stock Exchange was born. 2. First codified rule book In February 1812, the General Purpose Committee confirmed a set of recommendations, which later became the foundation of the first codified rule book for the Exchange. With its new governmental commandments and increasing trading volume in place, the Exchange was progressively becoming an accepted part of the financial life in the City. The government used the Exchange's organized market to raise the enormous amount of money in the wars against Napoleon. C. During the Wars (1914 —1945) 1. The...
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...tRESEARCH ON LAPSE IN LIFE INSURANCE WHAT HAS BEEN DONE AND WHAT NEEDS TO BE DONE? MARTIN ELING MICHAEL KOCHANSKI WORKING PAPERS ON RISK MANAGEMENT AND INSURANCE NO. 126 EDITED BY HATO SCHMEISER CHAIR FOR RISK MANAGEMENT AND INSURANCE DECEMBER 2012 Research on Lapse in Life Insurance—What Has Been Done and What Needs to Be Done? Martin Eling, Michael Kochanski This version: 2012/12/23 _________________________________________________________________________________________ Abstract The intention of this paper is to review research on lapse in life insurance and to outline potential new areas of research in this field. We consider theoretical lapse rate models as well as empirical research on life insurance lapse and provide a classification of these two streams of research. More than 50 theoretical and empirical papers from this important field of research are reviewed. Challenges for lapse rate modeling, lapse risk mitigation techniques, and possible trends in future lapse behavior are discussed. The risks arising from lapse are of high economic importance. As such, lapsation is of interest not only to academics, but is also highly relevant for the industry, regulators, and policymakers. JEL classification: G22; G28 Keywords: Lapse; Surrender; Lapse Modeling; Life Insurance _________________________________________________________________________________________ 1. Introduction Today’s insurance policies allow policyholders to choose among...
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...Business Analysis & Valuation Project The objective of this project is to apply financial statement analysis techniques in a typical (equity) investment decision-making context. You should assume that you are required to make an investment recommendation to a fund manager. The fund manger wishes to add a stock to a diversified portfolio. The investment manager has a strategy of maximizing investor returns over the long term. Consistent with the course objectives, the project is an essential part of the course and aimed at developing your understanding of, and practical skills in financial statement analysis and valuation. It is also designed to enhance teamwork, and analytical and communication skills. To maximize the benefits of the project, you are required to progressively complete the project as the techniques are examined in the course. The project comprises two components: (1) an industry and company analysis, (2) a detailed project report, and Getting Started (Weeks 1-2) By the end of Week 2 you are required to: (1) Form groups of ideally 4 or 5 members. For part-time students who have difficulties in finding common free time for group meetings, groups of 2 or 3 are acceptable. (2) Select a company that is listed on the Australian Securities Exchange (ASX). Your companies must have at least three years of annual reports available – it is your responsibility to pick a company with the required information available); (3) Enroll your group members online through Blackboard...
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...being practiced in the United States. The IASB or International Accounting Standards Board makes the final decision on the practice of the International Finance Reporting Standards or IFRS and the standards used by over one hundred and fifteen countries. Fair market value is the price charged during a specific date in the selling of a good or service. This is also called market to market accounting. FASB has a new Accounting Standards Codification System which has Topic 820 revised from Financial Accounting Standards No. 157: Fair Value Measurement to Fair Value Measurement and Disclosure. (Metzger, 2013) The IASB has revisions pending in their Fair Value Measurement guidelines but both entities have two approaches for their valuation techniques. Income approach will convert future amounts like cash flow and earnings to a single current amount. The cost approach is the amount required to replace the asset. The value has been separated into a three level hierarchy. Level 1 is for quoted prices for identical assets or liabilities. Level two are non-quoted prices for a similar product in the market. Level 3 is used for unobservable inputs where there is almost no market activity for the asset. There will continue to be differences between the two methods including spelling, jurisdictions, documentation requirements, and reference location within their respective codes. Fair value will be measured differently for assets, equity instruments, and liabilities and the...
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...Briefing Note Introduction In 2007 to mid-2009, the world has suffered the worst financial crisis since the Great Depressions in 1920s. This followed by a wave of economic downturn. Learnt from the crisis, it is suggested that a forceful response by regulators, may help prevent deteriorating further. The objective of this note is to identify the crisis effects on both the financial system and the economy and to provide implications on further financial regulations. Effects Financial System: Many institutions collapsed in the USA and Europe within the period. Figure 1 directly shows a considerable rise of the number of bank failure particularly from 2008 to 2010 in the U.S. This deteriorated the macro-structure of many developed countries. Firms called for ‘bailouts’ or recapitalization from governments to help stabilize the financial system. Or, others were closed, forcibly merged with stronger counterparts, or recapitalized using taxpayer’s money. More effects are given below: 1. Banks have been hit hardly by deteriorating capital & liquidity problems and worsening market confidence. * Global banking sector lost almost half of the capital base at the beginning of the crisis in 2007 (Lybeck, 2011). * Low central-bank interest rate: concerns over deflation by monetary policy makers resulted in long-term low interest rates. Figure 2 presents that in the U.S., a slump of 4% in Federal Funds Rate to nearly zero in 2010 while Bank of England has held rates...
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...IFRS VS.GAAP Tyana Campbell ACC/291 November 12, 2014 Habib Ousmane Diallo The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS uses fair-value accounting of assets and liabilities. GAAP also known as Generally Accepted Accounting Principles which is a common set of accounting principles, standards and procedures that companies use to compile their financial statements. Generally an accepted accounting practice is a combination of authoritative standards and the commonly accepted ways of recording and reporting accounting information. Some differences between IFRS and GAAP is that IFRS is considered more of a principle based accounting standard used in more than 110 countries where as GAAP is considered more rule based and is used generally within the United States. By being more principle based, IFRS represents and captures the economics of a transaction better than U.S. GAAP. Under GAAP, the research is more focused on the literature whereas under IFRS, the review of the facts pattern is more through. Investopedia states another difference between...
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...Santander UK plc 2011 Half Yearly Financial Report Intentionally left blank Santander UK plc Half Yearly Financial Report for the six months ended 30 June 2011 Contents Chief Executive Officer’s Review and Forward-looking Statements Chief Executive Officer’s Review 2 Forward-looking Statements 5 General Information 5 Business and Financial Review – Interim Management Report Business Review - Summary 6 Business Review – Divisional Results 9 Other Material Items 18 Balance Sheet Business Review 20 Risk Management 39 Principal Risks and Uncertainties 110 Related Party Transactions 111 Gender Diversity 111 Board of Directors 111 Financial Statements Independent Review Report to Santander UK plc 112 Primary Financial Statements 113 Notes to the Condensed Financial Statements 117 Shareholder Information Risk Factors 152 Glossary of Financial Services Industry Terms 163 Directors’ Responsibility Statement 177 1 Business Review and Forward-looking Statements Chief Executive Officer’s Review Overview Santander UK has delivered profit in the first six months of 2011 maintaining its strong track record of profitability and balance sheet strength. In line with other UK banks, a further provision for payment protection insurance remediation has also been made, resulting in statutory profit after tax attributable to equity shareholders declining by 51% to £413m. Santander UK’s trading profit before tax was £1,142m, 2% lower than the first half of 2010, impacted...
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...Personal FinanceIt is important to plan the finance for any regular expenditure suchas the basic needs of any person like food, clothes, accommodation,bills etc.To be able to for fill all your personal needs you must have some kindof personal income, which will cover these expenses.The sources of personal income might be:Salary or wages =============== A regular earned income from employment, for these earnings the employee and the employer both have to pay a deduction to the government such as income tax and N.I. contribution. Overtime An extra earned income for the additional hours of work Commissions ----------- An employee can get a percentage of the selling price of product from his/her employer. Bonus ----- Bonus is an earning for good performance at work place. Interest -------- Interest using your money to create more money, expressed as a rate per period of time, usually one year, in which case it is called an annual rate of interest. Winnings -------- You may win money from playing the lottery or gambling on sport events. Gifts ----- Money received from a friend or relative on a special occasion such as birthday. Sale of personal items ---------------------- Earned income from selling personal items Gross and net pay ----------------- Gross pay is the total amount of money earned by an employee before any deduction is made. Net pay is the amount of money an employee receives after deduction have been made for income tax, national insurance and any voluntary contribution...
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...OVERVIEW……………………………………………2 - History of Japanese Economy - Japanese Financial & Banking System - Mitsubishi UFJ Financial Group BANK OF TOKYO MITSUBISHI UFJ………………16 - Structure - Rating - Capital - Competition - Services BANK MANAGEMENT ANALYSIS…………...……29 - Asset Management - Liability Management - Risk Management - Other Developments (Social Responsibilities) REPORTS ANALYSIS………………………………..35 - Financial Sheets - Financial Ratios FORECASTING……………………………………….38 - Forecasted Financial Sheets CONCLUSION………………………………………...40 I. OVERVIEW A) History of Japanese Economy The Japanese economy is the 3rd largest economy in the world, coming right behind the American economy and the economy of China. It’s one of the most studied economies among all due to its rapid growth in different eras. Its economy first interacted with Europe in the 16th century, and the Europeans were admirers of the country as it was one of the richest in metals and became a major exporter of copper and silver. In 1603, which is the beginning of the Edo period, the interaction between the Japanese and Europeans was extremely intense, and that, however, exposed Japan to Christianization waves, which lead Japan to enter a period of isolation in order to avoid such religious waves. Significant expansion of domestic industries increased during this phase. The construction trade grew along with banking dealing activities. The Edo period ended in 1868, and by that time Japan...
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...OVERVIEW……………………………………………2 - History of Japanese Economy - Japanese Financial & Banking System - Mitsubishi UFJ Financial Group BANK OF TOKYO MITSUBISHI UFJ………………16 - Structure - Rating - Capital - Competition - Services BANK MANAGEMENT ANALYSIS…………...……29 - Asset Management - Liability Management - Risk Management - Other Developments (Social Responsibilities) REPORTS ANALYSIS………………………………..35 - Financial Sheets - Financial Ratios FORECASTING……………………………………….38 - Forecasted Financial Sheets CONCLUSION………………………………………...40 I. OVERVIEW A) History of Japanese Economy The Japanese economy is the 3rd largest economy in the world, coming right behind the American economy and the economy of China. It’s one of the most studied economies among all due to its rapid growth in different eras. Its economy first interacted with Europe in the 16th century, and the Europeans were admirers of the country as it was one of the richest in metals and became a major exporter of copper and silver. In 1603, which is the beginning of the Edo period, the interaction between the Japanese and Europeans was extremely intense, and that, however, exposed Japan to Christianization waves, which lead Japan to enter a period of isolation in order to avoid such religious waves. Significant expansion of domestic industries increased during this phase. The construction trade grew along with banking dealing activities. The Edo period ended in 1868, and by that time Japan...
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...these Additional Terms will prevail. If words beginning with a capital are not defined in these Additional Terms, they shall have the same definition as in the Barclays Wealth Terms. The following sections of the Barclays Wealth Terms are relevant to the services provided under the Agreement: • Section A, • Section B, • Section D, • Section E, and • Section F. Your classification under the Financial Service Authority (FSA) Rules For the purposes of the FSA Rules, we will treat you as a retail client unless we agree with you otherwise. This does not necessarily mean that you are ‘eligible’ for the purposes of the Financial Services Compensation Scheme or the Financial Ombudsman Service. As a retail client, where you meet the requirements to be recategorised, you have the right to request to be treated as an elective professional client either generally or in respect of a particular service, type of transaction or product. Such request must be made in writing, and we will consider any requests received on a case by case basis against the criteria set out in FSA Rules. We will inform you of any limitations that such a re-categorisation will entail, together with the scope of that re-categorisation. If, following such a request, you are classified as an elective professional; you must keep us informed of any change in your circumstances that could affect your classification. If we notify you that we will treat you as a professional client, you may request to be treated as a retail...
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