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

Sandfish: Expensive, endangered and ecologically essential

first_imgBY ROSSEA LEDESMA Through science, the institution aims to replenish their numbers in the wild and promote a healthier environment where the sandfish are grown. Production of sandfish, from the hatchery to the farm, is being optimized at one of the leading institutions in sandfish research – the Southeast Asian Fisheries Development Center Aquaculture Department (SEAFDEC/AQD) based in Tigbauan, Iloilo. Aside from their economic value, sandfish also play an important role in keeping the marine environment healthy.  Sandfish regularly bury into the sediments every day from late afternoon until the early morning, as documented in a study by SEAFDEC/AQD sandfish expert Dr. Jon Altamirano and his team published in Fisheries Research in 2017. This “plowing” behavior helps mix available nutrients and oxygenate the sediments. Thankfully, sandfish is among the easiest to propagate of the tropical sea cucumbers because of established hatchery production techniques; thus, providing hope to alleviate the threat to their numbers in the wild. Because of these environment-friendly behaviors, sandfish and other sea cucumbers are often referred to as the earthworms of the sea. Because of the high demand for these expensive invertebrates, their natural population have drastically decreased in the recent decades. These creatures live in shallow sand flats and seagrass beds where gleaners can easily pick them up from among their close relatives, the starfishes and sea urchins. SANDFISH, or Holothuria scabra, is one of the most threatened tropical sea cucumbers because of its high price, reaching up to $1,600 per kilogram (approximately P80,800) when processed and dried into trepang or beche-de-mer which are used in exotic Asian cuisine and medicinal products. Sandfish also feed by grazing on the surface of the sediments, ingesting everything that can fit through its mouth – from small animals and plants, decaying matter, and even bacteria and sand particles. In effect, they re-work and transform all these materials in their gut and discharged as “useful” feces. The release of sandfish, which began in 2015, was part of SEAFDEC/AQD’s successful community-based sea ranching project which also released abalone beginning 2011 after years of social preparation. Just off the shores of Molocaboc Island in Sagay, Negros Occidental, overharvesting reduced stocks to a mere three sandfish per hectare prior to 2015. That number has grown by fortyfold since SEAFDEC/AQD released hatchery-grown sandfish in the area in 2015. A buried sandfish emerging to feed at the sea ranch site in Molocaboc Island, Sagay City, Negros Occidental. JP ALTAMIRANO A box of dried sea cucumbers sold at a store in Hong Kong for HK$4,280. JP ALTAMIRANO In another research published in 2012 by SEAFDEC/AQD’s visiting scientist Dr. Satoshi Watanabe and his team, sandfish juveniles in tanks grew much better when fed with detritus (organic matter from decomposing plants and animals) and shrimp feces collected from tiger shrimp culture ponds.  Studies like this show that sandfish may also potentially help minimize wastes accumulation in some aquaculture systems./PNlast_img read more

John Wildhack and Herman Frazier discuss fall sports and COVID-19 testing

first_imgThe Daily Orange is a nonprofit newsroom that receives no funding from Syracuse University. Consider donating today to support our mission.Director of Athletics John Wildhack and senior Deputy Athletics Director Herman Frazier addressed police brutality, fall sports and the start of voluntary offseason workouts at a news conference Thursday afternoon.Some Syracuse athletes returned to campus and began voluntary offseason workouts last Monday, placed in quarantined “pods” of less than 10 for practice to prevent the spread of the coronavirus. Meanwhile, even more athletes nationwide have spoken out about systemic racism and police brutality amid nationwide protests.Wildhack and Frazier discussed those topics, along with other outlooks for COVID-19 testing, during the news conference. Here are three takeaways:Systemic racism and national protestsAdvertisementThis is placeholder textBoth Frazier and Wildhack opened with a statement about the recent protests against police brutality and systemic racism in the wake of the killings of Ahmaud Arbery, George Floyd and Breonna Taylor. Unlike his statement June 2 on Twitter, Wildhack said “Black Lives Matter” in his Thursday statement and condemned the police brutality and systemic racism that has existed in America for “more than 400 years.” Wildhack said he’s committed to action and not just to words, but when pressed about Syracuse’s three-year partnership with controversial opponent Liberty, he and Frazier both said that SU hadn’t considered Liberty’s stance on racial and social issues when scheduling them as an opponent for 2019-21.“There are a number of ACC schools who have scheduled games with Liberty,” Wildhack said. “We are in no conversations to play beyond the current contractual agreement.”Frazier spoke of his difficulties growing up in inner-city Philadelphia during the 1960s and 70s, saying that he has seen and felt the frustrations for decades. While many athletes waited until after their careers to speak up about racial and social injustices, he said he’s encouraged by the athletes and young people getting involved and speaking out during their careers. “I have spoken to many colleagues and friends over the last several days and I believe that meaningful change along with educational issues is paramount as we go forward,” Frazier said.SU football coach Dino Babers said Thursday morning that his players are “energized” to get involved, and Frazier said that Wildhack hosted a Zoom meeting with many Syracuse athletes — channeling their concerns about systemic racism and support for the Black Lives Matter movement. Wildhack said that there are considerations of making Election Day a no practice day for all of SU Athletics on Nov. 3, but no definitive answers as of now. Multiple schools, including Georgia Tech, said there would be no athletic activities that day. Babers said he was hesitant to cancel a Tuesday practice in November, but he and Wildhack both want to encourage students to vote. Wildhack said the department is looking for other ways to get involved, including voter registration drives. “Over the last several weeks, I’ve spoken with head coaches, many of our staff, alumni and our student-athletes,” Wildhack said. “There are a few common themes. We need to acknowledge where we failed, we need to listen, we need to learn.” Positive COVID-19 testsAll players who returned for workouts June 8 were required to provide routine temperature checks in the two weeks prior to their arrival, Frazier said. Once the players returned to Syracuse, every athlete was tested Tuesday morning. SU is still awaiting the saliva test results, but Wildhack said the university will not disclose the total number of positive tests or the names of athletes who test positive. “We’re going to do everything we can to respect the privacy rights of our student-athletes,” Wildhack said.  Any positive test will be relayed to the Onondaga County Health Department, Wildhack said. He claimed that the number of athletes who tested positive would be “a news item.”Wildhack and Frazier both said they would like to see the Atlantic Coast Conference release COVID-19 testing guidelines, including protocols on when athletes should be tested throughout the week, for all 14 schools to follow.As of now, Frazier said athletes will be tested during the week of athletic competitions and before any game, match or meet. SU Athletics has named Frazier the infection control officer, leaving him in charge of overseeing the COVID-19 safety regulations, as well as testing and quarantining procedures.Frazier said that he also managed Syracuse athletes during the mumps outbreak of the 2017-18 academic year and has previously overseen the entire U.S. Olympic team.“In these instances, I look at this like a hospital administrator,” Frazier said. “Sometimes, the person isn’t necessarily a doctor, but someone who’s been in charge of day-to-day operations as an administrator.”Unclear details for fall sportsWildhack was unable to offer any details about what the fall Carrier Dome seating arrangement could look like due to the uncertainty surrounding COVID-19’s spread throughout central New York. He said the ACC athletic directors have a number of contingency plans in place that include a delayed start or a truncated season, but those plans aren’t needed yet.Several models are being consulted that relate to how many fans will be able to enter the Dome when the season begins, as well as what safety measures could be in place, Wildhack said. Everything from temperature checks to masks could be required, but the precautions will depend on what local and state officials allow by September. Wildhack said he hasn’t received word from health experts that playing in an indoor stadium could cause increase the transmission of COVID-19 than an outdoor one.Premium seats and season ticket holders, including students with season tickets, are SU Athletics’ top priorities for the coming season, Wildhack said. While a season without fans is on the table, Wildhack is optimistic that fans will be able to attend games. “There’s a lot of communication within the ACC,” Wildhack said. “You can’t state anything definitively because there’s still so much that you don’t know.” Facebook Twitter Google+ Published on June 11, 2020 at 4:48 pm Contact Anthony: amdabbun@syr.educenter_img Commentslast_img read more

Clippers hold off Cavaliers, inch closer to clinching playoff berth

first_imgThe Clippers, among a quartet of tightly teams jockeying for the fifth through eight seeds, hung on in the final seconds after leading by six points with just under two minutes to play. Patrick Beverley split a pair of free throws with six seconds left, giving the Clippers a two-point lead.Clarkson took the inbounds pass and dribbled as the clock ticked down.“I thought it was in,” he said. “It happens. It’s part of the game. I was open and we got a good shot.”Kevin Love scored 22 points for Cleveland, which trailed 94-83 early in the fourth quarter. Clarkson and rookie Collin Sexton each had 20.Cleveland trailed 108-102 with just under two minutes to play, but baskets by Clarkson and Larry Nance Jr. cut the lead to two with 37 seconds left. PreviousLos Angeles Clippers’ JaMychal Green goes to the basket against Cleveland Cavaliers’ Brandon Knight in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Cedi Osman falls to the floor after being fouled by Los Angeles Clippers’ Lou Williams (23) in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer) SoundThe gallery will resume insecondsLos Angeles Clippers’ Lou Williams (23) drives against Cleveland Cavaliers’ David Nwaba in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Larry Nance Jr. celebrates after making a three-point basket in the first half of an NBA basketball game against the Los Angeles Clippers, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Garrett Temple, right, kicks the ball away from Cleveland Cavaliers’ Jordan Clarkson in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Lou Williams (23) goes to the basket against Cleveland Cavaliers’ David Nwaba in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Collin Sexton passes against Los Angeles Clippers’ Ivica Zubac in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Shai Gilgeous-Alexander defends against Cleveland Cavaliers’ Ante Zizic in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ David Nwaba, left, knocks the ball away from Los Angeles Clippers Montrezl Harrell in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Larry Nance Jr. misplays a rebound in the second half of an NBA basketball game against the Los Angeles Clippers, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Danilo Gallinari (8) goes to the basket against Cleveland Cavaliers’ Cedi Osman in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Lou Williams shoots a three-point basket against Cleveland Cavaliers’ David Nwaba in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Larry Nance Jr. dunks against Los Angeles Clippers’ Danilo Gallinari in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Shai Gilgeous-Alexander drives against Cleveland Cavaliers’ Collin Sexton in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Jordan Clarkson reacts after missing a game winning 3-point shot as time expired in the second half of an NBA basketball game against the Los Angeles Clippers, Friday, March 22, 2019, in Cleveland. The Clippers won 110-108. (AP Photo/David Dermer)Cleveland Cavaliers’ Jordan Clarkson reacts after missing a winning three-point basket as time expired in the second half of an NBA basketball game against the Los Angeles Clippers, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Los Angeles Clippers’ Danilo Gallinari dunks in the second half of an NBA basketball game against the Cleveland Cavaliers, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)Cleveland Cavaliers’ Jordan Clarkson drives on Los Angeles Clippers’ Landry Shamet in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. The Clippers won 110-108. (AP Photo/David Dermer)Los Angeles Clippers’ Danilo Gallinari drives on Cleveland Cavaliers’ Cedi Osman in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. The Clippers won 110-108. (AP Photo/David Dermer)Los Angeles Clippers’ Landry Shamet drives on Cleveland Cavaliers’ Jordan Clarkson in the second half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. The Clippers won 110-108. (AP Photo/David Dermer)Los Angeles Clippers’ JaMychal Green goes to the basket against Cleveland Cavaliers’ Brandon Knight in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)NextShow Caption1 of 20Los Angeles Clippers’ JaMychal Green goes to the basket against Cleveland Cavaliers’ Brandon Knight in the first half of an NBA basketball game, Friday, March 22, 2019, in Cleveland. (AP Photo/David Dermer)ExpandCLEVELAND — The Clippers’ latest victory in a torrid March came the hard way.While happy to leave town on a high note, Coach Doc Rivers knew his team caught a break Friday night in a 110-108 victory over the Cleveland Cavaliers that was in doubt until Jordan Clarkson’s 3-point attempt from the top of the key hit off the back rim as time ran out.“We were supposed to foul on that last play, but didn’t,” Rivers said. “And we just got lucky they missed the shot.”Danilo Gallinari led the Clippers with 27 points. Shai Gilgeous-Alexander scored 16, while Lou Williams added 15 for the Clippers, who are 9-1 this month and closing in on securing a playoff spot in the Western Conference. Beverley missed a 3-point attempt, but the Clippers grabbed the rebound and Landry Shamet made one of two free throws with 13 seconds to play.Love scored in the lane with 10 seconds left to cut the lead to one before Beverley’s free throw.The Clippers didn’t lead until early in the third. Beverley’s tip-in midway through the period broke a 73-all tie.The Clippers play their next three games on the road, including a meeting with Milwaukee, which has the league’s best record.“We treat every game as a business trip,” Beverley said. “You can have fun in the summertime. Right now, we’re going for the highest seed we can get.”Cleveland scored 40 points in the first quarter. The Cavaliers had won four straight at home, including victories over Detroit and Milwaukee. The Pistons were playing without Blake Griffin, while Giannis Antetokounmpo sat out for the Bucks.Sexton had scored more than 23 points in seven straight games, surpassing a mark for rookies last accomplished by Tim Duncan in 1998.TIP-INSClippers: Gallinari scored 11 of the team’s 24 points in the first quarter. … Montrezl Harrell took an elbow in the face from Sexton in the first quarter, but remained in the game and scored 14 points. … Shamet had 15 points.Cavaliers: Guard Matthew Dellavedova missed his eighth straight game with a concussion. … Nance, who missed five games with a bruised rib before returning Wednesday, was hit in the chest taking a charge in the second quarter.COACHING LOOPRivers has kept in contact with Tyronn Lue, who was fired as Cavs head coach on Oct. 28. Lue, an assistant on Rivers’ staff in Boston, has attended a few Clippers practices.“He wants to get back in and he deserves to be back in,” Rivers said. “He’s feeling great. He wouldn’t tell you this, but maybe this happened at the perfect time for his health.”Lue missed several games last season because he wasn’t feeling well. He coached Cleveland to the NBA title in 2016 and three straight NBA Finals appearances.ZOT! ZOT!Rivers was in a good mood during his pregame press conference after UC Irvine upset Kansas State in the NCAA Tournament earlier in the day in San Jose. His son, Spencer, played seven minutes for the winners.Related Articles Kristaps Porzingis ruled out as Clippers, Mavericks set for Game 5; Follow for game updates What the Clippers are saying the day after Luka Doncic’s game-winner tied series, 2-2 Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img Clippers hope they can play to their capabilities, quell Mavericks’ momentum Clippers vs. Mavericks Game 5 playoff updates from NBA beat reporters “OK, what do you guys want to talk about, the Anteaters?” Rivers said as he walked into the interview room.TOUGH WEEKLove didn’t play Monday after taking a hard fall last Saturday. He returned Wednesday but banged heads with Milwaukee’s Eric Bledsoe.Love’s problems continued in the second quarter when he was hit in the groin area by Gallinari’s forearm. The five-time All-Star spent a couple of moments on the floor in pain but stayed in the game.“I’ve got to be a little bit more lucky, I guess,” he said. “Even tonight, I got hit in a spot you don’t want to get hit. I’m still here. I feel good.”UP NEXTThe Clippers face the Knicks on Sunday morning at Madison Square Garden. For Lakers’ LeBron James, Jacob Blake’s shooting is bigger issue than a big Game 4 victory last_img read more