IASB green light to revamp IAS 19 disclosure requirements

first_imgThe board expects this process to encourage preparers to take a broader approach to the question of disclosures, which have tended to emerge on a piecemeal basis across the board’s many standards.IASB vice chair Sue Lloyd, however, signalled that she might issue a dissenting opinion on the proposals, citing in particular concerns that the proposals might not produce the behavioural change the board wanted to see.“I think it’s going to be really important that we find a way through the consultation process to assess not just do people like the words and ideas that we’ve written down, but really to find ways to try and work out whether the system is going to allow the approach that we’ve got here to work the way that we have designed it …”.Lloyd went on to explain that she was concerned that preparers might focus more on issues of recognition and measurement than on the judgements that are necessary when making disclosures so as to deliver useful information.EU adopts proposal package for new IFRS 9 rule bookMeanwhile, the European Union has formally adopted the package of proposals released on 28 April aimed at smoothing the transition of financial institutions across the bloc to the new IFRS 9, Financial Instruments, accounting rule book.In overview, the proposals are intended to relieve banks from the full force of accounting and regulatory rules during the coronavirus pandemic and stimulate lending to businesses and households.The new requirements took effect across the EU from 27 June.Among the measures, which were approved by the European Parliament plenary on 18 June, is the option for institutions “to fully add back to their Common Equity Tier 1 capital any increase in new expected credit loss provisions that they recognise in 2020 and 2021 for their financial assets that are not credit-impaired.Amendements to IFRS 17Separately, the IASB also also issued amendments to International Financial Reporting Standard 17, Insurance Contracts.IFRS 17 replaces IFRS 4, Insurance Contracts and is effective for annual reporting periods beginning on or after 1 January 2023.The release of the new standard, which applies to insurance contracts as opposed to insurers, is the first comprehensive international standard dealing with this area of accounting.The board introduced IFRS 4 as an interim solution. Its critics of existing literature have said it does not contain a single accounting model for insurance contracts, which results in a loss of comparability.Since publishing IFRS 17, the board has heard a number of criticisms from constituents.In response, it agreed to make a series of targeted amendments to:cut costs,make results easier to explain, andsmooth transition.Alongside the amendments, the board has released an overview of the changes and a feedback statement explaining how it responded to those concerns.Separately, the European Financial Reporting Advisory Group, which advises the EU on accounting matters, on Monday issued its formal endorsement advice in favour of adopting the package for use across the EU.To read the digital edition of IPE’s latest magazine click here. The International Accounting Standards Board (IASB) has given staff permission to start the process of balloting board members on an exposure draft to completely revamp the disclosure requirements in International Accounting Standard 19, Employee Benefits.In line with the proposals put to the board, interested parties will have 180 days to comment.The board’s work on defined benefit (DB) disclosure is based on draft guidance it released in 2018 to guide it in developing and drafting disclosure requirements.The focus of this guidance is on using specific disclosure objectives to tease out the most relevant information together with a catch-all or high-level disclosure.last_img read more

Thomas Thorkildsen leaves Flex LNG to rejoin Norway’s Hoegh LNG

first_imgLNG World News Staff For illustration purposes only (image courtesy of Höegh LNG)Norway’s floating storage and regasification unit (FSRU) giant Höegh LNG said on Thursday that Thomas Thorkildsen has rejoined the company as head of marketing for business development.Thorkildsen left Höegh LNG in January last year to join Oslo-listed Flex LNG, the shipping company controlled by billionaire John Fredriksen.Prior to that, Thorkildsen has spent the previous 13 years with Höegh LNG where, as head of business development, he was responsible for the development of the FSRU opportunities.However, according to a report by Reuters on Thursday, Flex LNG, which had previously planned to develop several FSRU projects, has dropped its interest in operating these types of vessels due to project failures and low return and is now focusing only on LNG carriers.Flex LNG also announced on Thursday that its current chief executive Jonathan Cook, had stepped down. Cook was founding partner of the US-based FSRU specialist Excelerate Energy.last_img read more

Korea Line’s LNG bunkering vessel to feature Wartsila cargo handling system

first_imgImage courtesy of WärtsiläFinland’s technology group Wärtsilä said Tuesday it had been selected to supply the cargo handling system for a new 18,000 cbm liquefied natural gas (LNG) bunkering vessel.The bunkering vessel is being built for Korea Line at Hyundai Mipo Dockyard in South Korea.Wärtsilä said in its statement that the order was placed in January 2020.The contract scope includes the engineering, design, procurement, and commissioning of the overall cargo handling system, including the cargo tank design.The equipment delivery is scheduled to start at the end of 2020, and the vessel is expected to be delivered in early 2022.The contract also includes an option for a second LNG bunkering vessel.When delivered, the bunkering vessel will be chartered by the Hague-based LNG giant Shell.last_img read more

Lucerne Golf Club Senior Scramble results

first_imgDEDHAM — Results from the Lucerne Golf Club’s Senior Scramble on Thursday are as follows:First: Mike Dore, Mark Johnson, Royce Morrison and Tom Winston (-5); second: Dennis Kiah, Ben Sawyer, Charlie Perkins and Bob Mc Kenney (-4); Mel Mc Lay, Kerry Woodbury, Dick Baker and Daryl Briggs (-2); Barry Harris, Ron Allen, Roger Chandler and Bob Francis (-1). Closest to pin: No. 2 Mike Dore (8.05) and No. 6 Tom Winston (9.1).This is placeholder textThis is placeholder textlast_img

Big Ten reverses course, announces plan to play football beginning Oct. 24 weekend; 8-game season for each team

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditROSEMONT, Ill. (AP) — Big Ten reverses course, announces plan to play football beginning Oct. 24 weekend; 8-game season for each team. September 16, 2020 Associated Press center_img Big Ten reverses course, announces plan to play football beginning Oct. 24 weekend; 8-game season for each teamlast_img

All set for JJTRC final leg

first_imgALL systems are in place or today’s final leg of the Jumbo Jet Thoroughbred Racing Committee (JJTRC) Triple Crown which gallops off at the Port Mourant turf club in Corentyne, Berbice.In an invited comment yesterday, organiser Nazrudeen Mohamed disclosed that close to 100 of the country’s top racehorses will be in action.The Triple Crown race promotion provides a bonus of $500 000 for whichever horse can complete three consecutive victories and, come this Easter, the mare Valentina, in the three-year-old Guyana-bred category, will be the only animal in the running for the Triple Crown bonus.The feature race will attract a total prize purse of almost $2M with the winner of that C Class and Lower race pocketing $1M.The winner of the three-year-old Guyana-bred race will pocket $400 000, the F Class winner $350 000, H Class $300 000, I Class $250 000, J Class; $230 000, K Class $220 000, L Class $200 000, L Class and Lower $140 000.The day’s event will be run under the auspices of the Guyana Horse Racing Authority (GHRA), therefore owners, groomsmen and trainers were asked to have their animals properly registered before today. Further, if this requirement is not met horses will not be allowed to participate in the day’s proceedings.On the other hand, outstanding individual performers including jockeys, trainers and stables will be presented with accolades, compliments of Ramesh Sunich of Trophy Stall, Bourda Market.Race time is 12:30hrs.last_img read more

Wisconsin headed to Crooked Stick

first_imgFreshman Thomas Welk made his tournament debut last weekend in Columbus for the Wisconsin men\’s golf team. Today, Welk and UW will look for more success as the Badgers head to the Crooked Stick Invitational in Indianapolis where they will face several Big Ten squads.[/media-credit]After a disappointing performance last weekend in Columbus, the Wisconsin men’s golf team is looking to bounce back Monday and Tuesday at the Crooked Stick Invitational in Indianapolis.The Badgers placed eighth out of 11 teams at the tournament, but with the combination of the tough Scarlet Course in Columbus and the youth of the team, the results were not unexpected.Freshman Thomas Welk, who made his tournament debut at the event, noted this was the toughest course he has played at yet, due to its total length, and “firm and undulating” greens, which made it difficult to keep approach shots on the green.“In the afternoon round we made some mistakes that we just couldn’t recover from,” head coach Jim Schuman said. “That just put us behind the eight ball, because it’s not a course you’re going to make up a ton of shots on. But there were some positive things for sure.”Eastern Michigan University was the winning team for the weekend, followed by Penn St. and Northwestern. Penn State’s Kevin Foley finished in first place overall in the individual race with an eight-under-par 205, which earned him Big Ten Golfer of the Week.Leading the Badgers was senior Jordan Elsen, shooting an eight over par for the tournament, good for 17th place. He also specifically mentioned the difficulty of the greens, calling them “rock hard.”“I played pretty well, but there were definitely things to improve on,” he said. “I hit a lot of shots thin, and with the greens, the long putting and approach shots were especially difficult.”The next stop for the Badgers is Indianapolis, at the Crooked Stick Invitational, where the going likely won’t get any easier.“It will probably play even tougher than Ohio State did,” Schuman said. “It might give us some room off the tee if we aren’t as accurate, but the greens will be very, very tough.”The Crooked Stick Golf Club has a bit of prestige and national recognition to it, as it played host to the 1991 PGA Championship, where John Daly was victorious. It also was the site of last year’s U.S. Senior Open, which was won by Fred Funk.Outside of the difficulty of the course, it will prove to be a good test leading up to the Big Ten Invitational, as five of the twelve competing teams are from the Big Ten — Illinois, Minnesota, Purdue and host Indiana in addition to Wisconsin.“The fields have been extremely strong and the courses very demanding,” Schuman said. “It’s great for our guys as far as their development, and will pay off down the road.”With Crooked Stick this week, the Badgers begin the busiest three-week stretch of the entire season. They return home from Indianapolis Tuesday night, only to turn around and take off for Purdue Thursday to play the Boilermaker Invitational next Saturday and Sunday.Then they travel to Minnesota for the Big Ten Championships the following Wednesday.Although the season has not gone as well as they would have hoped up to this point, they have kept a positive outlook on the remaining season. Schuman says the team’s attitude “has been admirable all season.”“The Big Tens is what we’re ultimately working towards as a team,” Elsen said. “If we can still go out there and put up some low numbers and have a good showing at the Big Tens, we can still qualify for Regionals.”As the season draws closer to the end, the Badgers’ strategy in preparation will continue as it has all season long. Schuman also noted that outside of practicing on the course, many of the courses have online previews that they can study, which gives them better insight as to what they may need to focus on during the week leading up to the event.General course layout, distances and elevations are just a few of the aspects they can learn.“It’s really just a long process,” Welk said. “Everyone’s learned a lot about their swings, and now it’s a matter of it all coming together at the right time for us.”last_img read more

Trojans ready to hit the diamond

first_imgFootball season is over and basketball is less than a month away from post-season play. Now it is time to focus on America’s pastime: baseball.  The 2012 USC baseball season is around the corner. The Trojans are preparing to take the field at Dedeaux on Feb. 17 and have their eyes fixed on Omaha, Neb. — a goal most believe to be nearly impossible for the USC baseball program.Rise of Troy · With the help of returners like redshirt senior Andrew Triggs, USC’s recruits will push the baseball program to new heights. – Carlos Acenas | Daily TrojanLed by coach Frank Cruz, the Trojans are primed to make a run for the Pac-12 title and, most importantly, improve upon last season’s lackluster record.In the offseason, USC has made significant moves to regain the respect it deserves. Not only did USC’s athletic director Pat Haden hire Cruz full-time in May 2011 after Cruz served as interim head coach for nearly two seasons, but the Trojans have also signed an impressive 2012 class.USC boasts a remarkable class of 2012 enrollees. In fact, it is the highest rated signing class for the Trojans in the past decade. The 19-man class consists of seven pitchers and 12 position players. Of the signees, several were drafted in the 2011 Major League Baseball draft.The 2012 class is a great addition to the already outstanding USC roster. Though losing key players, like infielder Ricky Oropesa (drafted by the San Francisco Giants in 2011), the 2012 USC roster will have the perfect mixture of veteran talent and young blood.Of the enrollees, USC signed left-handed pitcher Stephen Tarpley, outfielder and first baseman Ryan Garvey, right-handed pitcher Wyatt Strahan, third baseman Trent Boras and infielder Dante Flores.  The Trojans also signed two-time draftee and senior transfer right-handed pitcher Martin Viramontes on the 2012 enrollee roster.The 2012 class joins returning starter, right-handed pitcher Andrew Triggs, who was 5-4 in 2011 with a 3.67 ERA. Triggs allowed opponents 94 hits last season. Outfielder Garrett Houts is back for the 2012 season. Houts hit .324 during Pac-10 Conference play in 2011. Both Triggs and Houts provide leadership qualities, something that is vital to lead the Trojans to a conference title and, ultimately, the College World Series in Omaha.USC has not won a national championship in more than a decade — the last win occurred in 1998 under coach Mike Gillespie. It might seem hard to believe, but USC has all the pieces it needs to vie for a championship. Young talent, veteran leadership and solid coaching are all intact for the Trojans.With that said, it is not far-fetched to fantasize about the rise of the USC baseball program. Though other advertisements for athletic teams contain the obligatory message about the revival of a program, the USC baseball team without a doubt deserves just as much respect and publicity as the other athletic teams on campus.The resurgence of USC baseball is imminent and this prophecy could very well come true in 2012. Break out the sunscreen and baseball caps, ladies and gentlemen, Baseball season is here. “Armchair Quarterback” runs Tuesdays. To comment on this article, please visit dailytrojan.com or email Andie at ahageman@usc.edu.last_img read more

Gratulerer! EveryMatrix wins Norsk Tipping ‘Gaming Platform’ tender

first_img Submit Related Articles StumbleUpon Erik Nyman joins EveryMatrix as US lead August 6, 2020 Share MoneyMatrix boosts wire transfer options by integrating Klarna’s Sofort August 24, 2020 PartnerMatrix drives user engagement with two new deals August 13, 2020 Share Ebbe Groes, EveryMatrixIndustry platform and software provider, EveryMatrix has today announced that it has secured a ‘procurement’ with Norwegian state-owned gambling enterprise Norsk Tipping for the integration of its online gaming platform.Updating the market, EveryMatrix governance detailed that it had won the platform ‘contract’, following an open tender process against ten other industry services/provisions competitors.  Following the review, the EveryMatrix ‘CasinoEngine’ platform was selected by Norwegian State Lottery executives to service Norsk Tipping the exclusive legal provider of lottery, sports, and instant games in the Norwegian market.Detailing the platform agreement, Hans Erland Ringsvold, Head of VLT and iGaming in Norsk Tipping commented on EveryMatrix win; “EveryMatrix has done an excellent job by offering a rich and flexible solution that meets our present requirements. In conjunction with their competitive price model, EveryMatrix provides a solution catering for efficient integration to our different game vendors, scalability and redundancy, all operated in our own hosting environment.”A pleased Ebbe Groes CEO of EveryMatrix was delighted to continue the firm’s strong commercial momentum, which has seen the platform and software provider secure 26 new customers during 2016.“We have deployed important people and financial resources in the last two years to rebuild our gaming platform and improve our integration methods, always seeking the right balance between technology, product features, flexibility and a competitive price model.”“Norsk Tipping win is a confirmation of such. The team is proud of this win and we are delighted to be partnering with Norwegian State Lottery. We look forward to working with the team to deliver CasinoEngine platform and the most competitive casino product to their customers.”Further to its present agreement, EveryMatrix assumes responsibility for operational services and content provider support for a set contract period, which can be extended for up to 12 years.last_img read more