THE COMPLEXITY OF REPORTING
The Standard Bank* trading update highlights the complexity of reporting in general, but perhaps even more so for banks. They have not only EPS and HEPS, but they also have normal and diluted version. Then to add another whole mix, there is also the International Financial Reporting Standards (IFRS) and normalised numbers, leaving us with eight different sets of numbers (four each for EPS and HEPS). So which do we use? Well, I take IFRS (as that’s the official reporting standard) diluted (as that includes all share to be issued) HEPS value and this number will be about f lat for the year ending 2014.