RE:RE:RE:RE:even Bruce Campbell-stone castle investment not talking MBAPerhaps. I'm not an accountant, so I'm not sure the limitations of IFRS on the classification of capital gains and management fee gains as revenue and not other income... Certaintly if they can make a steady stream of income from management fees, that should be part of "regular business operations revenue" and not other income. But what I do know is that public accounting isn't designed for investors.
For example, the JVs assets and liabilities should be off balance sheet, especially if the debt is non-recourse to CIBT. They should only fair value the equity in each JV as an asset with notes about the liabilities. How it is structured now with minority interest makes it very difficult to determine the cash levels owned by CIBT shareholders, the recourse debt level, the cash flow to shareholders, the rental income to shareholders etc... I've gone the reports over a bunch of times, and I get confused...