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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson Block",
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  "presentationDate": "2019-08-13 00:00:00",
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  "notes": "The slide uses a quote from IMF Bentham to challenge the narrative that BUR's accounting is mandated by standards rather than being a strategic choice.",
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      "text": "Lest there be any doubt about whether BUR is truly a martyr to a cruel accounting standard that mandates it produce Fair Value Gains in each period, following our report, at least two litigation funders made clear that BUR’s accounting is a choice.",
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      "text": "The accounting treatments adopted by IMF and some of its competitors vary materially. IMF's litigation funding assets are classified as intangible assets and therefore, in accordance with IFRS, are recognised at cost throughout the life of the investment.",
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      "text": "Lest there be any doubt about whether BUR is truly a martyr to a cruel accounting standard that mandates it produce Fair Value Gains in each period, following our report, at least two litigation funders made clear that BUR's accounting is a choice.",
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      "kind": "quote",
      "text": "There are fundamental differences between IMF Bentham and other funders. Our investors understand and value this and our investor base now includes some of the largest, most sophisticated institutional investors in the world.",
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      "kind": "quote",
      "text": "\"There are fundamental differences between IMF Bentham and other funders. Our investors understand and value this and our investor base now includes some of the largest, most sophisticated institutional investors in the world.\" — Andrew Saker, CEO and MD of IMF Bentham.",
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      "text": "11 https://www.imf.com.au/newsroom/press-releases/press-releases-full-post/press-releases-2019/08/08/imf-bentham-responds-to-share-price-movement-of-rival-burford-capital-limited\n12 https://www.lcmfinance.com/shareholders/accounting-model/",
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      "kind": "title",
      "text": "Accounting treatment of Litigation Finance Assets",
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