European Parliament censures IFRS accounting rules

first_imgA plenary session of the European Parliament has passed a potentially damaging report on the activities of the IFRS Foundation and the International Accounting Standards Board (IASB).The own-initiative report of the Parliament’s Committee on Economic and Monetary Affairs (ECON) lends weight to criticisms made by leading investors of the International Financial Reporting Standards (IFRS).Although the report is non-binding and lacks legislative force, it comes at a difficult time for the IASB as leading UK investors challenge the legality and financial-stability impact of its new financial-instruments accounting rules.Tim Bush, head of governance and financial analysis at Pensions & Investment Research Consultants in London, welcomed the report’s findings, which in the UK could pile further political pressure on the IASB and its supporters. “The Motion of the Parliament sets out the correct endorsement criteria, which, like the written answer from Lord [Jonathan] Hill, demonstrates that EFRAG (European Financial Reporting Advisory Group) and some member states of the Accounting Regulatory Committee have used the wrong criteria due to writing the law down wrongly.“Each link in the endorsement chain seems to have involved the UK Financial Reporting Council, its immediate alumni, or its secondees.”The ECON report also lends weight to the argument advanced by the Local Authority Pension Fund Forum (LAPFF) in the UK that the so-called true and fair view requirement for accounts under EU law applies to specific components of the accounts and not just to the accounts as a whole.Specifically, in accord with the LAPFF’s view, the ECON report states: “The annual financial statements shall give a true and fair view of the undertaking’s assets, liabilities, financial position and profit or loss.”The report further notes that “this purpose relates to the capital adequacy function of accounts … that both creditors and shareholders use … as the basis for determining whether a company is ‘net asset’ solvent and for determining dividend payments.”More damagingly for the IASB, the ECON report finds that the IASB’s understanding of the principles of prudence and stewardship is at odds with the legal position under European case law and the Accounting Directive.Major long-term investors have argued that the concept of prudence, or caution, plays an important role in ensuring that a distribution to shareholders is lawful and backed by real profits.These investors believe defective IFRS accounting rules, particularly IAS 39, which deals with financial instruments accounting, enabled major banks to book illusory profits in the run-up to the financial crisis of 2008.But, having distributed these profits, the banks were then forced to take a major hit to shareholder equity when losses suddenly mounted on impaired financial assets.The IASB has now finalised IFRS 9, a replacement standard for IAS 39, which it argues will force banks to set aside greater provisions against future losses.Meanwhile, contrary to the Parliament’s position that the principle of prudence “should be accompanied by the principle of reliability”, the IASB has recently tentatively voted to reject the reintroduction of prudence as a bias toward conservatism.The board, however, has yet to commit to paper its understanding of the relationship between prudence and its preferred accounting concept of neutrality as part of its conceptual framework project.Elsewhere in the report, the European Parliament calls on the IASB and EFRAG “to strengthen their impact analyses.”More action is needed, the MEPs warn, “notably in the field of macroeconomics, and to assess the different needs of the wide variety of stakeholders, including long-term investors and companies, as well as the general public.”The issue of macro-prudential impact of accounting standards was recently brought into sharp focus when it emerged that the European Systemic Risk Board had yet to carry out a stability assessment of IFRS 9.This picture emerged despite the production of a series of studies by academics at the University of Mannheim supporting the endorsement of IFRS 9 for use across the European Union by major banks.The ECON report now calls on the Commission “to remind EFRAG to strengthen its capacity to assess the impact of new accounting standards on financial stability”.In September last year, the LAPFF argued that EFRAG misapplied EU law in its endorsement advice on IFRS 9.Then, in December, both the LAPFF and EFRAG wrote to the EU’s internal market commissioner, Jonathan Hill, to clarify their position on IFRS 9.last_img read more

Proxy voting group Ethos nominates new presidents as Biedermann exits

first_imgEthos said Biedermann had decided the time was right to hand over the organisation to “the next generation”. His role had been criticised because his wife Yola is head of Ethos’ corporate governance department. The perceived “shortcomings in corporate governance” led the pension fund for the Swiss postal service to announce it would end its membership as per year-end 2018.In a statement issued earlier this year, the €15bn Pensionskasse Post said it might revise this decision if Ethos made changes to its management structure prior to the general assembly.Françoise Bruderer Thom, managing director of Pensionskasse Post, told IPE: “As Mr Biedermann will no longer stand for presidency either of the Ethos Foundation or Ethos Service, his conflicts of interest are resolved, which we welcome.”However, the pension fund would carefully review the proposals for the general assembly and then decide on how it would vote, as well as its further relationship with Ethos, she added.The two Ethos boards have decided to appoint different presidents, one for Ethos Foundation and one for Ethos Services.To replace Biedermann as chairman of Ethos Foundation, the members have put forward former social democrat MP Rudolf Rechsteiner, who is an expert on renewable energy and president of the charity Swissaid.Beth Krasna, an engineer at the university ETH Zurich and an expert in microfinance and corporate governance, has been proposed for election as president of Ethos Service.Swiss pensions journalist and commentator Peter Wirth suggested Rechsteiner could be a controversial candidate. “This proposal adds a political flavour which is problematic and which not all members will want to stomach,” he wrote in a recent newsletter. Dominique Biedermann, long-term president of the Swiss proxy voting service Ethos, will not stand for re-election at upcoming general meetings of the company and the Ethos foundation.In a statement Ethos – which is owned by Swiss pension funds – said the meetings on 14 June were “an important milestone in Ethos’ history”. “Dominique Biedermann, the last remaining Ethos founding member, will not stand for re-election after 21 years of continuous engagement in favour of Ethos’ development,” it said.  Biedermann will step down as president of Ethos Foundation and Ethos Services. The foundation was established by several pension funds in 1997 to represent them at shareholder meetings of listed Swiss companies. In 2000 it created Ethos Services to take over management and consulting services in socially responsible investment and active ownership. last_img read more

“We need a covenant of kindness” – DAT president

first_img 10 Views   no discussions LocalNews “We need a covenant of kindness” – DAT president by: – March 23, 2012 Sharing is caring! Tweet Sharecenter_img Share Share Celia Nicholas.Principal of the Dominica Community High School and president of the Dominica Association of Teachers (DAT) Celia Nicholas has called for a “covenant of kindness” on the island.The journalism club of the Dominica State College (DSC) on held a forum earlier this week under the theme “School Violence! Who Should Exercise What; Restraint and/or Respect” with a view to addressing the issue of violence within schools. The forum was organized to also provide an avenue for young people to voice their concerns on the issue.Nicholas, who was a panelist at that forum explained that while violence takes several different forms and dimensions, the cause of the violence and anger must be examined, “if we are going to source a remedy if a remedy”.She said although some people want to believe that everything is “ok” within the school system this is really not the case. “Everything is not ok because you go around in our society, you listen to the radio and there is so much anger which is expressed. You look at people’s body language and you see the anger and you have to ask yourselves what is this anger all about? We have to find out what where this anger is coming from”.Nicholas told the students that they should learn that there are various ways of solving problems as “being negative to each other and trying to hit, bad talk one another is not going to solve the problem”.She submitted that a covenant of kindness would help reduce the level of anger and negativity which is being displayed towards others.Paticipants at DSC’s Forum on Wednesday.“In Dominica we need a covenant of kindness towards each other; we have to understand that we say we live in a democratic society and all of us cannot be clones, we all have to be different. I don’t want everybody to agree with me but what I want is when I have given the opportunity to express that I’m respected, I am tolerated”. According to Nicholas, “We are at crisis point,” she stated since it is becoming obvious that people cannot settle their differences in an “amicable way”.She called on citizens to display an attitude of respect towards each other and to be cognizant of the language used when addressing others.“I am calling for a high degree of tolerance in our society, I’m calling for mutual respect; child to child, child to adult. I’m calling for us to assume our responsibilities and not look at others”. Nicholas also called on the media to highlight the good that our students are involved in as she has received several reports from teachers that there are “worthy activities” occurring at their schools to which members of the media are invited but fail to attend.She noted also that the majority of students are “doing well and are good human beings” however they are “bombarded with poor models” this may lead them to feel that they must behave in similar fashion to gain attention.She encouraged the students to let their peers know that they “were made for a purpose; that purpose is not to denigrate themselves, but to be a human person who has integrity and who can lead others to the guiding light”.Nicholas concluded by reminding the students that “you are shining lights, I want you to be shinning lights not only for yourself but for others”. Dominica Vibes Newslast_img read more

Turks and Caicos authorities seek to contain illness outbreak at resort hotels

first_img Share NewsRegional Turks and Caicos authorities seek to contain illness outbreak at resort hotels by: – May 25, 2012 Share Tweet 5 Views   no discussionscenter_img Sharing is caring! Share Photo credit: pelicannest.tcPROVIDENCIALES, Turks and Caicos Islands — Authorities in the Turks and Caicos Islands are mobilising resources to investigate and contain a situation that has seen an increase in diarrhoea and vomiting in some resorts on Providenciales.The Ministry of Health, Environmental Health Department, TCI Health Surveillance Team, Hotel Association and Tourist Board are working together to address this situation and to ensure that there is little or no disruption to residents, visitors and to business locally and overseas. Public health teams are assessing, identifying and reporting on the situation utilizing Caribbean Epidemiology Centre (CAREC) and Pan American Health Organization/World Health Organization (PAHO/WHO) guidelines. Their top priority is to protect the public as well as the tourism industry from any further illness by containing any outbreak.Public health professionals are working with hoteliers to gather data on the number of cases and to determine if there is any common cause. Samples have already been sent to a laboratory for investigation in the US and results are currently awaited. As a precaution, refresher hygiene training courses for all hotel staff are being arranged. Those persons experiencing diarrhoea, abdominal pain or vomiting should report to their nearest health care facility. The health surveillance team may also need to interview any person experiencing such signs and symptoms in order to help pinpoint the source of the outbreak. Information will be kept confidential; however, updates on the number of cases will be released as soon as they are confirmed.The Ministry of Health and Education (MOHE) has encouraged the general public to practice healthy hygienic measures at all times such as frequent hand washing, especially when preparing meals, before eating and after using the toilet. The MOHE will keep the public up to date on any further developments.The Tourist Board has reassured travellers that the TCI remains a safe place to visit. Caribbean News Nowlast_img read more

India likely to welcome Trump’s malaria drug use

first_imgTrump’s previous endorsement of hydroxychloroquine catalyzed a tremendous shift in the South Asian country, spurring the world’s largest producer of the drug to make much more of it, prescribe it for front-line health workers treating the virus and deploy it as a diplomatic tool, despite mounting evidence against using the drug for COVID-19. Researchers at the Microbiology Research Facility work with coronavirus samples as a trial begins to see whether malaria treatment hydroxychloroquine can prevent or reduce the severity of the coronavirus disease. REUTERS Trump said Monday that he was taking hydroxychloroquine as a measure of protection against the virus. The U.S. Food and Drug Administration, however, has cautioned against using it outside of hospitals because of the risk of serious heart problems. (AP)center_img NEW DELHI – United States President Donald Trump’s declaration that he was taking a malaria drug of dubious effectiveness to help fend off the coronavirus will likely be welcomed in India.last_img read more

Here is a 2018 Ripley County primary ballot preview

first_imgVersailles, In. — Here is a complete of candidates on the ballot in Ripley County:Detailed_Candidate_20180209_121037PM (1)last_img

Wuestefeld promoted to director of DNR Fish & Wildlife

first_imgStatewide—Amanda Wuestefeld, who has worked full-time in the DNR Division of Fish & Wildlife for more than 25 years, was promoted to division director this week. Wuestefeld replaces Mark Reiter, who retired in July.She is the first woman to hold the position for Indiana DNR Fish & Wildlife (DFW).For the past five years, Wuestefeld has served as the assistant division director. Before that, she served as the Hoosier Outdoor Heritage coordinator for eight years. In that capacity, she led the launch of the division’s first hunting recruitment program to introduce young adults to the sport.Wuestefeld, who holds a B.S. in Wildlife Science from Purdue University, also served as the DFW’s Go FishIN coordinator for eight years. In that role, she led a program responsible for teaching thousands of participants the sport of fishing and oversaw the development and 2005 opening of the Fishin’ Pond at the Indiana State Fair.She started her DNR career in 1991 while still a college student as an intermittent employee at Hardy Lake, bringing her combined part-time and full-time service at DNR to 28 years.“It has been an honor to work beside some of Indiana’s most dedicated staff at DNR and I look forward to this next chapter in my career to continue working to ensure great public access to our fish and wildlife resources,” Wuestefeld said.Wuestefeld grew up in the Commiskey in Jennings County, spending her leisure time fishing, hunting, camping, and boating.  A lifelong Hoosier, she has dedicated her life to conservation both personally and professionally through her love of the outdoors and enjoys sharing her passion for conservation with others. One of the ways she has done so is by mentoring young outdoor enthusiasts, including those new to hunting, fishing and even mushroom hunting.last_img read more

Dawson expects Bale to stay at Spurs

first_img “Gaz is a Tottenham player and the manager has come out and said he’s staying, and that’s great news,” Dawson told Sky Sports News. “To do what Gaz did last year was sensational – some of the goals he scored and the points he won for us. He helped us to get to 72 points and I’m sure he’ll be doing that again next year. “Gaz is a great lad, he keeps his head down and the way he has been playing, he is going to have speculation. His performances in recent years have been brilliant and that’s what happens. “He’ll concentrate and do what he does for Tottenham and hopefully keep scoring goals.” Manchester United, Barcelona and Real Madrid are reported to be interested in the Wales winger, but Spurs are unwilling to sell their prized asset. Dawson admits Bale’s form identifies him as a target for other clubs but insists he remains focused despite the attention. Tottenham defender Michael Dawson expects Gareth Bale to remain at White Hart Lane next season.center_img Press Associationlast_img read more

Monk looking to continue progress

first_img The Swans have made an impressive start to the new campaign, with draws against Chelsea and Sunderland sandwiching a comfortable home victory over Newcastle. And while Monk can be expected to make wholesale changes for York’s Liberty Stadium visit – the Minstermen are 80 league places below Swansea – it is another important game ahead of next Sunday’s appointment with Manchester United. “There is a lot of work to do with the group, but we are progressing nicely,” Monk told “The squad is good. The way we are playing and the commitment they show every day is what I want. I am excited by this group – I’m excited working with them and producing football like we’ve been doing since the start of the season. “Hopefully, we can continue that and improve it throughout the season. “It’s important to get the points on the board as soon as possible. We are a little disappointed not to have three from Sunderland, but it’s one point and it’s better than none and we are going in the right way. “We want to keep the momentum going. Our focus is on progressing, keeping the club growing, the squad growing and the quality of the football growing.” York have not beaten top-flight opposition since they knocked Everton out of the League Cup in 1996, but manager Russ Wilcox is undaunted by the challenge that awaits his players in south Wales. “Shocks do happen, and I’ve experienced both sides. We will go there with no fear, and the surroundings should inspire us,” Wilcox told “I am really looking forward to standing in the technical area at a Premier League ground and everybody expects us to get turned over, so we will be under no pressure. But there are always one or two upsets, so let’s make sure it is York’s turn.” Swansea manager Garry Monk says he wants to keep the momentum going when his unbeaten team host League Two opponents York City in the Capital One Cup on Tuesday.center_img Press Associationlast_img read more

Messi to sign for Liverpool? No chance, says Klopp

first_img(REUTERS) – Liverpool manager Juergen Klopp says he would be interested in adding Barcelona captain Lionel Messi to his Premier League-winning squad but there is no chance it would happen because of the astronomical amount of money involved.Messi stunned world soccer earlier this week when he expressed his desire to leave Barcelona after nearly two decades with the Catalan club.When asked if he would like to bring the Argentine forward to Anfield, Klopp said: “Interest? Yeah, who doesn’t want Messi in their team. The numbers are absolutely not for us. We don’t even start thinking about it. No chance! But… good player.”A study by French newspaper L’Equipe earlier this year said Messi earns 8.2 million euros per month from Barca, way more than Juventus forward Cristiano Ronaldo and Paris St Germain striker Neymar, who earn 4.5 million and 3 million respectively. Pep Guardiola’s Manchester City, who finished 18 points behind champions Liverpool last season, appear to be the favourites to sign the six-times world player of the year who has won every major title with Barcelona.Some of Messi’s best moments on the Camp Nou pitch came under the guidance of former Barca coach Guardiola.“It would make it even more difficult to beat them (City) which was already very difficult,” Klopp told a news conference ahead of Saturday’s Community Shield clash with FA Cup winners Arsenal at Wembley.“For the Premier League, it would be great having the best player in the world in the league. I’m not sure the Premier League needs a boost but it would be. “It would be interesting too because Messi has never played in another league apart from Spain. I would like to see it but I’m not sure if I will.”Both sets of players will take a knee at Wembley in support of the Black Lives matter campaign which has again been in the news after the police shooting of Jacob Blake in Wisconsin on Sunday — an incident that has provoked widespread protests in sports across the U.S.“I’ve followed it in America, racism, Black Lives Matter, all these things, dealing with it all will stay with us for a long time,” Klopp said. “As long as people don’t really get or understand it, we have to mention equality.” Klopp confirmed centre back Virgil van Dijk is fit to face Arsenal after recovering from a head injury sustained during Liverpool’s pre-season friendly with RB Salzburg.“He looks not good because he has the cut there, but apart from that it should be fine,” Klopp added.Jordan Henderson is also set to play but Trent Alexander-Arnold may miss out because of injury. “Trent’s very close but we have to make a decision about him tomorrow,” Klopp said.With the transfer window open until October, Klopp said Liverpool would “look constantly for improvement” but is satisfied with the size of his squad. “We will see how much we can and want to spend,” he said.last_img read more