scomac wrote:The CEO is in the news today pumping his stock by means of complaining about how rigorous Canadian accounting standards are versus the US standard: "We'd be making billions if we could file in the US!"
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I was in my bank the other day and had a chat with my banker, who is a financial adviser. He showed me the S&P 500 P/E ratio said by him to be the lowest in history (meaning, the stocks in the US are exceptionally cheap and therefore a screening buy). I didn't have a close look but simply asked him a very basic question i.e. how much of that is due to accounting change? The case of MFC is a classical case not to mention those of the US banks in particular. Obviously, he was dumb-founded. My question will likely give him a wakeup-call in reading into the P/E and earning reports for the US.
Anyone ever analyse the big differences between International Financial Reporting Standards, the Canadian GAAP and those of the US?