International Financial Reporting Standards
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Search complete. 133 mentions across 54 episodes found for "International Financial Reporting Standards".
Sep 12, 2026
Aswath DamodaranHOST
So long-term debt and short-term debt are both interest-bearing debt.
Aswath DamodaranHOST
Now, starting in 2019, IFRS and GAAP is requiring companies to take their lease commitments and convert them to debt and shorten the balance sheet.
Aswath DamodaranHOST
I've been doing this for 30 years of converting lease commitments to debt.
Aswath DamodaranHOST
I continue to do it for companies where IFRS and GAAP don't apply.
Aswath DamodaranHOST
So my definition of total debt includes long-term and short-term debt, all interest-bearing debt and lease debt.
Aswath DamodaranHOST
You know what it doesn't include? Non-interest-bearing debt, things like accounts payable, supplier credit, those going to working capital, and those are not treated as part of debt in all of my debt calculations.
Adam CoffeyGUEST
So the finance leader of today heading into tomorrow has got to have a higher level of technical acumen, be willing to learn.
Adam CoffeyGUEST
Yes, I've got GAP or IFRS.
Adam CoffeyGUEST
I've got standards and things that I have to do.
Adam CoffeyGUEST
There's audits, but that's all tactical stuff.
22 MINS LATER
Adam CoffeyGUEST
they're going to find them.
Adam CoffeyGUEST
So understand what they are.
Adam CoffeyGUEST
And you know, hey, a part of getting properly prepared for an exit is understanding, look, are my financials in order? Are we getting credit for all of the adjustments that we should be getting under IFRS or GAAP, you know, here in the States and, you know, Is the picture correct? And then when we know it's correct, you know, and I'm going to do a sell side QV to understand what a buyer is going to see when they come in and do diligence.
Adam CoffeyGUEST
And then I'm going to understand value.
Nick KirwanGUEST
We have achieved the leverage ratio target at 30 June, while ensuring that our solvency cover remained in the upper half of our operating range at 169%.
Nick KirwanGUEST
IFRS operating profit was 25% higher at 563 million, supported by asset growth and cost savings, which reached 210 million on a cumulative run rate basis.
Nick KirwanGUEST
Adjusted IFRS shareholders' equity was 2.7 billion, benefiting from strong growth in operating profit that now covers recurring uses, offset by the negative hedge-related market impacts.
Nick KirwanGUEST
In line with our previous practice, we have declared an interim dividend of 28.05 pence per share, up 2.6% year-on-year.
Nick KirwanGUEST
Overall, we remain on track to deliver all the targets at the end of this year.
Nick KirwanGUEST
I'm very pleased with the step-up achieved in our operating cash and earnings performance over the last two years.
Nick KirwanGUEST
In line with what I indicated back in March 2025, this has provided us the headroom to reduce leverage, improving the quality of our capital, and has lifted IFRS operating earnings to more than cover our recurring uses.
Nick KirwanGUEST
I will now take you through the financial results in more detail, starting with the performance of our main businesses.
Duarte da SilvaSOUNDBITE_SPEAKER
And guess what? Every single gold company uses a different, uh, view on the long-term gold price.
Duarte da SilvaSOUNDBITE_SPEAKER
So that also makes, uh, IFRS a complete nonsense because there's, you can't compare, uh, one reserve to another because they've used a different currency, they've used a different gold price, and I can't understand why the accountants let the geologists run the way that this is done.
Duarte da SilvaSOUNDBITE_SPEAKER
So I, I do get annoyed, and I do get frustrated because when I look at the wealth that is there, and actually what has been done about it is nothing short of criminal by not one party, but by several parties.
Duarte da SilvaSOUNDBITE_SPEAKER
I know everyone loves to blame government for everything that's gone wro- wrong in this country, and, and I'm not gonna defend them because they've done plenty wrong.
Soufyan HamidGUEST
And we think of deferrals that way.
Soufyan HamidGUEST
And then, as so many times I saw in an EXCO meeting, people talk about different IFRS rules.
Soufyan HamidGUEST
And that's not the goal.
Soufyan HamidGUEST
That's the complexity I'm referring to.
Soufyan HamidGUEST
And we think of deferrals that way.
Soufyan HamidGUEST
And then, as so many times I saw in an EXCO meeting, people talk about different IFRS rules.
Soufyan HamidGUEST
And that's not the goal.
Soufyan HamidGUEST
That's the complexity I'm referring to.
Brett SchaeferHOST
I think a lot of listeners will look at this chart and just ask what exactly is going on.
Brett SchaeferHOST
I have the GAAP operating margin or whatever, maybe it's IFRS.
Brett SchaeferHOST
It's gone from 2% over the last 12 months back in 2024, 2025.
Brett SchaeferHOST
Now it's down to negative 1%.
Aswath DamodaranHOST
There's a statement of cash flows.
Aswath DamodaranHOST
Which do you think accountants treasure the most? All the IFRS, GAAP rules.
Aswath DamodaranHOST
Which of these three do you think gets the most emphasis from accountants? One of the accountants can help me out.
Aswath DamodaranHOST
Which of those three? Balance sheet.
17 MINS LATER
Aswath DamodaranHOST
And when in doubt, you know what accountants do? They write more rules.
Aswath DamodaranHOST
They're rule driven.
Aswath DamodaranHOST
You don't believe me? Pick up IFRS, pick up GAAP.
Aswath DamodaranHOST
Just look at the rule number.
Aswath DamodaranHOST
Let's say you own 60% of another company.
Aswath DamodaranHOST
If you do, both GAAP and IFRS require you to consolidate that holding.
Aswath DamodaranHOST
What does that mean? In your income statement, you have to act like you own 100% of the company, 100% of its revenues, and 100% of its operating income.
Aswath DamodaranHOST
On your balance sheet, you have to show 100% of the assets of the company, even though you own only 60%.
Billy GreenGUEST
And that's what adjusted EBITDA fulfills for us.
Billy GreenGUEST
We naturally disclose both adjusted EBITDA and GAAP IFRS operating profit.
Billy GreenGUEST
But for leverage purposes, we use adjusted EBITDA.
Billy GreenGUEST
So that's what leads you to the 3.1 that we use to track.
Billy GreenGUEST
Those differences fall into two categories.
Billy GreenGUEST
And those of you who work with covenants on a regular basis will recognize that these are reasonably standard adjustments that are usually made in many covenant situations.
Billy GreenGUEST
Firstly, in terms of the net debt definition, Covenants in terms of external lending often include items that are correctly presented off balance sheet under IFRS.
Billy GreenGUEST
Letters of credit is one example.
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