Guide to Analysing Companies

H
HURDLE RATE
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Ii
IBF
See international banking facility. 
IFA
Short for independent financial adviser; someone in the UK
who is recognised by the financial services authority
(fsa) as fit to give investors financial advice. ifas provide sup-
posedly independent advice but are paid via commission
from the institution whose product they recommend. The fsa
recognised the conflict inherent in this relationship but realised
that a complete separation from the product provider was un-
economic: few customers would be prepared to pay the true
cost of advice. So the fsa retained a system based on commis-
sion but made it as transparent as possible by requiring ifas
quoting for financial products to declare the commission that
would be paid to them.
IMF
See international monetary fund.
Impact day
The day when details of a new issue, or initial public of-
fering, of securities are announced. This is when the price
and number of the shares or bonds on offer to investors is
confirmed. At this point there is no going back if the market
moves against the offer. 
Impaired loan
A loan that may not be repaid in part or in full as scheduled;
one on which interest payments are in doubt. banks with
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loans they believe to be impaired must examine the borrower’s
business and financial strength, and assess the chances of the
loan being repaid. A borrower which subsequently fails to
repay the loan according to the terms of its contract is said to be
in default.
Income statement
US terminology for profit-and-loss account.