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Accounting Considerations in Credit Analysis of South & Southeast Asian Corporates Nov 04
Standard & Poors, Nov 2004
Abstract
(Editor's note: This article was written jointly with Ho Yew Kee, an associate professor with the National University of Singapore. He can be contacted at (65) 6874-3024.) Reflecting the substance of a business transaction rather than its form is an essential quality of a robust financial reporting and disclosure policy. The international accounting profession has long sought to promulgate principles that would express the financial condition and profitability of companies in a comparable and consistent manner. Accounting standards in South & Southeast Asian (SSEA) countries are often flexible in the ways revenue, expenses, assets, liabilities, and even cash flows are reported. While companies generally select the accounting policies that appropriately depict their respective business activities, it is not uncommon for...
Companies mentioned in this report are: Philippine Long Distance Telephone Co.,Tenaga Nasional Bhd.,Reliance Industries Ltd.,Double A (1991) Public Co. Ltd.,Genting Bhd.,Manila Electric Co. ,Singapore Telecommunications Ltd.,PT Antam (Persero) Tbk.,Star Cruises Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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