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Open Courses September 2010
Open Courses August 2010
Accounting Standards Board Considering a New Category for Financial Assets – Held to Bankruptcy?
No Chance European Bail Out Package Will Succeed
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Quickstep provides training and consulting services to the funds industry. We deliver bespoke training solutions that change behaviour. Ultimately, we maximise the contribution your people can make to your organisation.
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Open Courses September 2010
Quickstep Consulting and the Summit Finuas Network bring you the following courses at the Clarion Hotel, IFSC, Dublin, in September:
21st: US GAAP vs IFRS for Investment Funds. For information click here, and to book, click here.
22nd: Hedge Fund Industry Developments – Guide to Sound Practices. For information click here and to book, click here.
24th: UCITS for Hedge Funds. For information click here and to book, click here.
Due to the highly interactive, participative nature of these programmes the maximum number of participants is 12. If you’d like to request further information or register your interest for future courses, call Alan Farrell on 01 8058568 or email here.
Open Courses August 2010
Quickstep Consulting and the Summit Finuas Network bring you the following courses at the Clarion Hotel, IFSC, Dublin, on 26th August:
Introduction to Hedge Funds and Hedge Fund Accounting
For more information and to book, click here.
Due to the highly interactive, participative nature of the programme the maximum number of participants is 12. If you’d like to request further information or register your interest for future courses, call Alan Farrell on 01 8058568 or email here.
Accounting Standards Board Considering a New Category for Financial Assets – Held to Bankruptcy?
Meanwhile, in an alternative reality………Reports that the EU has been lobbying the IASB to introduce a new category for financial assets remain unconfirmed. In the run up to the Stress Tests on European banks, it was alleged that top EU economists and accountants were pushing for an addition to the existing categories of financial assets (Held-for-Trading and Held-to-Maturity). The EU has strenuously denied that it attempted to introduce a new category called ‘Held-to-Bankruptcy’. Although it did say that, if there was such a category, sovereign debt issues would have to undergo stringent tests before qualifying as Held-to-Bankruptcy. As one would expect, banks’ exposures to, and losses on, Held-to-Bankruptcy assets need not be reported.
In lieu of the Held-to-Bankruptcy category failing to get the thumbs up, the EU simply decided that the Stress Tests would look only at the bank’s trading book and not at the held-to-maturity book. In other words, the stress tests ignored most sovereign debt held by the banks. Seriously!
Only that last bit is true, by the way. It is worth remembering the words of Marx (Groucho): The key to success in business is to develop a reputation for honesty and integrity. Once you learn to fake that you got it made.
No Chance European Bail Out Package Will Succeed
This article will not put a smile on your face but it is interesting. And if we have learned anything (which we probably have not) it is this: bury your head in the sand and, well, you suffocate. And also get sand in your ears which is not nice. A word of warning. Those chaps at zerohedge.com have a tendency towards profanity. Quickstep Consulting takes no responsibility for the content of other websites.
