Understanding ESOPs (2): How Ocado magically palmed 63.6 mio GBP of Expenses

In one of our former blog posts we had a look at the accounting functioning of equity-settled stock option programs (HERE). Today we want to extend this framework for cash-settled programs – or more concretely: for programs that start out as equity-settled and become cash-settled on the way. It gets a bit more complex, though […]

Matthias MeitnerManaging Partner, VALUESQUE

European Banks and the Q3/20 IFRS 9 Overlay – Fundamental vs. Technical Input to Accounting

As a consequence of the experiences made during the great financial crisis 2008/09 the IASB changed financial instruments accounting away from the incurred loan losses approach to a forward looking expected loan losses approach. Concretely, the new IFRS 9 Financial Instruments applies a 3-stage model which requires to classify loans into performing, under-performing or non-performing based on […]

Matthias MeitnerManaging Partner, VALUESQUE

Brian Buss and Doug Bania of NEVIUM participated in The Art of Deal Making: Using External Expertise Effectively

Foreword by Andrew Chilvers For ambitious companies eager to expand into overseas markets, often the conventional route of organic business development is simply not fast enough. The other option to invest in or buy a business outright is far quicker but often fraught with unforeseen dangers. And even the biggest, most experienced players can get […]

Doug BaniaPrincipal, NEVIUM

Brian Buss and Doug Bania of NEVIUM participated in The Art of Deal Making: Using External Expertise Effectively

Foreword by Andrew Chilvers For ambitious companies eager to expand into overseas markets, often the conventional route of organic business development is simply not fast enough. The other option to invest in or buy a business outright is far quicker but often fraught with unforeseen dangers. And even the biggest, most experienced players can get […]

Brian BussPrincipal, NEVIUM

Matthias Meitner of VALUESQUE participated in The Art of Deal Making: Using External Expertise Effectively

Foreword by Andrew Chilvers For ambitious companies eager to expand into overseas markets, often the conventional route of organic business development is simply not fast enough. The other option to invest in or buy a business outright is far quicker but often fraught with unforeseen dangers. And even the biggest, most experienced players can get […]

Matthias MeitnerManaging Partner, VALUESQUE

Viraj Bhogle of KNAV participated in The Art of Deal Making: Using External Expertise Effectively

Foreword by Andrew Chilvers For ambitious companies eager to expand into overseas markets, often theconventional route of organic business development is simply not fast enough. The other option to invest in or buy a business outright is far quicker but often fraught with unforeseen dangers. And even the biggest, most experienced players can get it […]

Atul DeshmukhLead Partner, KNAV

SBM Offshore’s “Directional Accounting”: Read-Across to IASB’s Disclosure Project (and to IFRS 10/11)

In 2011, the International Accounting Standards Board (IASB) disclosed a whole package of new and revised standards that all addressed the topic ‘reporting entity’. Amongst these standards were the new IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements. One of the core messages of these two new standards was: The so far existent policy choice of […]

Matthias MeitnerManaging Partner, VALUESQUE

Grenke: More thoughts on Related Parties, Cash and the “Brink”-Problem

In our most recent blog post we have already given some first comments on the Viceroy-Grenke-case HERE. We think some more points are worth commenting, in particular to remind everybody that – despite the fact that we see most of the accusations as highly overdone – this short-seller attack is not something to take lightly. Related Parties […]

Matthias MeitnerManaging Partner, VALUESQUE

Viceroy’s Grenke-Cash Accusations – rather unlikely that they are true!

Yesterday, short-seller Viceroy attacked MDax-listed leasing company Grenke AG (HERE). Today it raised some more allegations (HERE). One important point relates to the accusations of accounting misstatement of the franchise business and consequences for the cash account. We would like to shortly comment on this below. The franchise model is Grenke’s way of entering new […]

Matthias MeitnerManaging Partner, VALUESQUE