The IFRS is pro cyclical and pro volatility. The non cash "writedowns" on derivatives required by these loony bin rules are a one off. They will be written the other way when int and $A go up. Again non cash. So when the int rate goes back up to 5.5% GMG will have a write up of $400 million on derivatives alone. In one half year. If the $A were to appreciate while the US hit the wall, could see half yearly book profit nearing $1 billion under these rules. Crazy? Sure, but no crazier than the writedowns on derivatives required. I can say they are nonsense, as an academic accountant, but GMG or any REIT arent allowed to. Its the law. The law is in this case, an ass.
But a smart punter can profit from the ignorance of the majority.
The IFRS is pro cyclical and pro volatility. The non cash...
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Last
$32.56 |
Change
0.290(0.90%) |
Mkt cap ! $61.93B | |||
| Open | High | Low | Value | Volume |
| $32.20 | $32.79 | $31.73 | $122.6M | 3.780M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | $32.54 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $32.63 | 423 | 1 |
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| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| GMG (ASX) Chart |