Accounting roundup: Rulemakers risk running out of time, IASB chair warns

first_img“And then to think that they will not even be applying IFRS 9 is just intolerable. So, any risk of disrupting implementation risking delay of the standard [is] very hard to accept.” Hans HoogervorstThe IASB issued the new accounting standard in May 2017. Since then, the board has heard from stakeholders about issues arising out of its implementation of the new standard – in some cases asking for amendments.IASB project manager Andrea Pryde said that staff planned to ask the board whether any of those concerns warranted changes to the IFRS.However, board member Nick Anderson said “there was a real prospect of generalist investors returning to the sector”, and warned that the “prospect of further changes and delay will only be met with dismay by investors” who had waited long enough.According to paragraph 11 of agenda paper 2, the board would only agree to make an amendment if it would not impair the quality of information in the accounts, reduce comparability or increase complexity.UK questioned over potential EFRAG conflictMeanwhile, former MEP Sharon Bowles has opened up a new front in her battle against conflicts of interest by quizzing the UK government on the steps it takes to ensure that its representatives work in the public interest rather than for any private or proprietary interest.Bowles, who now sits in the upper house of the UK parliament, has queried whether the UK’s representative on the European Financial Reporting Advisory Group (EFRAG), Jed Wrigley, “manages the money of (1) public investors invested in funds managed by Fidelity International, or (2) the private shareholders of Fidelity”.Wrigley has worked for Fidelity since 1993, and currently works for Eight Roads, the US investment giant’s proprietary investing division. According to his biography on EFRAG’s website, he is responsible for portfolio governance and oversight. Neither Fidelity nor its US operation has responded to a request for comment.PIRC flagged concerns over bakery chain in 2015IPE has obtained copies of advisory notices issued by corporate governance adviser Pensions & Investment Research Consultants (PIRC) detailing concerns it raised over troubled bakery chain Patisserie Valerie dating back several years.The company suspended trading in its shares last month after fraudulent accounting irregularities emerged in early October. The company’s finance director was subsequently arrested. At a shareholder meeting this morning the company managed to secure funding to keep it operational, according to reports.The PIRC documents show that the advisory group repeatedly encouraged shareholders to vote against the company’s annual report. In a PIRC alert from 5 February 2015, it warned: “[Patisserie Valerie] does not provide a remuneration committee report nor does it provide one for the audit committee. Board and committee meetings’ attendance is not disclosed.”PIRC repeated its warning in January this year about the company’s remuneration report.FRC urges overhaul of annual reportsThe UK’s Financial Reporting Council (FRC) this week launched a “major project to challenge existing thinking about corporate reporting”, aimed at making companies’ annual reports more relevant for shareholders and other stakeholders.The accounting watchdog said the project would consist of a review of financial reporting and what it called “different types of corporate communications” in order to assess whether they met the needs of investors.The FRC said it would set up a 15-member committee to advise on the project and has invited interested parties to come forward. The International Accounting Standards Board (IASB) risks failing to have its new insurance contracts accounting rules in place before the next wave of turmoil hits financial markets, the board’s chairman warned last week.Hans Hoogervorst’s comments came as the board heard that its official advisory body on the new insurance accounting standard, IFRS 17 Insurance Contracts, had received 81 submissions raising queries on the new rules. Hoogervorst said: “There has been an explosion of corporate debt, and there has been an explosion of low-quality – but still investment-grade – BBB debt. In the search for yield there is a lot of debt being sold of non-investment grade.“A year ago the International Monetary Fund warned that even insurance companies in their search for yield were more and more investing in non-investment grade debt.last_img read more

Sars hoping for Munster Success

first_imgThrow in in Walsh Park, Waterford, is at 2 o’clock tomorrow, and Tipp FM’s live coverage comes in association with Arrabawn Tyone Mill, Nenagh. Thurles Sarsfields are hoping to everything goes to plan when they take on Ballygunner – whom they defeated by a single point last year.Both clubs are on a four-in-a-row run in their respective counties.Sars coach Paddy McCormack says they want to represent Tipperary well at Munster level…last_img

Razor Clam Dig Starts Wednesday at 4 Beaches, including Long Beach

first_imgFacebook95Tweet0Pin0Submitted by The Washington Department of Fish and WildlifeState shellfish managers have approved a five-day razor clam dig set to begin Wednesday (April 12) on morning tides at four ocean beaches, including Long Beach, Twin Harbors, Copalis and Mocrocks. The Washington Department of Fish and Wildlife (WDFW) approved the opening after marine toxin tests showed that clams at all four beaches are safe to eat.Dan Ayres, WDFW coastal shellfish manager, noted that the upcoming dig marks the first time Long Beach will open for clam digging this season. Marine toxin levels at the beach had exceeded state health standards since last fall, but not anymore, Ayres said. “We know that people have been waiting to dig razor clams at Long Beach for a long time, and we’re pleased we can finally add that beach to the line-up,” Ayres said. “Toxin levels there and at the other three beaches are all well within state health standards.” Long Beach and Twin Harbors will both be open for five straight days of digging, while Copalis and Mocrocks will open on alternating days. All four beaches will be open on morning tides, with no digging allowed after noon. The upcoming dig is approved on the following beaches, dates and morning low tides: April 12, Wednesday, 8:08 a.m., 0.0 feet; Twin Harbors, Long BeachApril 13, Thursday, 8:43 a.m., 0.0 feet; Twin Harbors, Copalis, Long BeachApril 14, Friday, 9:18 a.m., 0.1 feet; Twin Harbors, Mocrocks, Long BeachApril 15, Saturday, 9:55 a.m., 0.3 feet; Twin Harbors, Copalis, Long BeachApril 16, Sunday, 10:36 a.m., 0.5 feet; Twin Harbors, Mocrocks, Long BeachAll diggers age 15 or older must have an applicable 2017-18 fishing license to harvest razor clams on any beach. Licenses, ranging from a three-day razor clam license to an annual combination fishing license, are available on WDFW’s website at https://fishhunt.dfw.wa.gov and from license vendors around the state.Ayres noted that Long Beach has also been added to a dig tentatively scheduled later this month along with the other three beaches. Final approval of that dig will depend on the results of future marine toxin tests, which generally take place about a week before the dig is scheduled.Pending favorable test results, the proposed dig will be held on the following beaches, dates and morning low tides:April 24, Monday, 5:38 a.m., 0.5 feet; Twin Harbors, Long BeachApril 25, Tuesday, 6:24 a.m., -0.3 feet; Twin Harbors, Long BeachApril 26, Wednesday, 7:09 a.m., -1.1 feet; Twin Harbors, Long BeachApril 27, Thursday, 7:55 a.m., -1.5 feet; Twin Harbors, Mocrocks, Long BeachApril 28, Friday, 8:42 a.m., -1.8 feet, Twin Harbors, Copalis, Long BeachApril 29, Saturday, 9:32 a.m., -1.7 feet; Twin Harbors, Mocrocks, Long BeachApril 30, Sunday, 10:24 a.m., -1.3 feet; Twin Harbors, Copalis, Long BeachMay 1, Monday, 11:20 a.m., -0.8 feet; Long BeachFor more information about future razor clam digs see WDFW’s website at http://wdfw.wa.gov/fishing/shellfish/razorclams/current.htmlDuring all upcoming digs, state wildlife managers urge clam diggers to avoid disturbing snowy plovers and streaked horned larks. Both species nest in the soft, dry sand on the southern section of Twin Harbors beach and at Leadbetter Point on the Long Beach Peninsula. The snowy plover is a small bird with gray wings and a white breast. The lark is a small bird with a pale yellow breast and brown back. Male larks have a black mask, breast band and “horns.”To protect these birds, the department asks that clam diggers avoid the dunes and areas of the beach with soft, dry sand. When driving to a clam-digging area, diggers should enter the beach only at designated access points and stay on the hard-packed sand near or below the high tide line.More details on how to avoid disturbing nesting birds can be found on the WDFW’s website at http://wdfw.wa.gov/fishing/shellfish/razorclams/last_img read more