IASB to consider further IAS 19 revisions to account for hybrid schemes

first_imgThe International Accounting Standards Board (IASB) is to review the IAS 19 employee benefits to consider the “infinite variations” provided by defined benefit (DB) and defined contribution (DC) hybrid schemes.The organisation will also re-visit issues that have arisen in the determination of a high-quality corporate bond yield used in pension fund discount rates.In a provocative speech at the National Association of Pension Funds (NAPF) Investment Conference in Edinburgh, chairman of the IASB Hans Hoogervorst said that, while he could understand pension funds’ view that accounting standards relied too much on fair value and failed to account for long-term perspectives, he nevertheless disagreed.He said pension funds were best served by accounting policies that reflected the economic reality as accurately as possible. This, he said, should allow funds to resolve funding issues, rather than allow problems to fester.Hoogervorst said the revisions to the IAS 19 standard brought in 2013 needed to bed in, but he added that hybrid systems being used by companies did not neatly fit in either the DB or DC sections of the regulations.“Pension schemes are being transformed in a very rapid fashion,” he said.“Hybrid schemes may be more affordable to companies, [but they] can have infinite variations, from the extremes of DB and DC, with differing degrees and forms of risk-sharing.“The somewhat binary approach of IAS 19 struggles to deal with this new, infinitely variable pension landscape.”Hoogervorst said the organisation was to begin a research project to develop accounting standards for all scheme types, using input from its insurance accounting standards.“It also makes sense to consider other issues that have arisen in practice, such as the problems of determining the high-quality bond yield,” he said.The research project, for which the IASB requested input from pension funds, could take several years, he said, as the organisation monitors the impact of its 2013 revisions.Hoogervorst said the current IAS 19 standard now reflected the funding position in company pension schemes more accurately.But he conceded that removing the criteria where actuarial fluctuations affected the profit and loss of a company meant some firms would now leave deficits to fester.“Should companies really be paying dividends when big pension deficits continue to eat away at their balance sheets?” he asked.“Arguably, the discipline of profit or loss would lead to more timely action.”In January, the IASB approved two revisions to the IAS 19 standard to account for surpluses on sponsor balance sheets and current service costs.Read Stephen Bouvier’s briefing on the amendments made to pension fund accounting standards during 2014last_img read more

Noose left in office of Black South Florida attorney

first_imgOn Tuesday a disturbing discovery was made after a noose was found in the building of a Black South Florida attorney’s door.It was found on the door outside Ronald Surin’s Champagne & Surin Law Office in Fort Lauderdale.Surin took to Facebook to share the news, he said  “I was busy and paid no attention until I shared it with my wife. I have been free for so long that no man can enslave my mind nor instill a spirit of fear in me!”Surin said the noose was made of a brown, leather type of material. He tossed it in the garbage and he says he thinks it could be a prank but wonders why it was placed there at all.Surin called police to file a report. He says  “I would advise people if they encounter any such items, or suspect any such treatment, that they need to make a record of it, take pictures and report it to the authorities, the police or even the FBI because those things constitute hate crimes, and they’re not acceptable,” Surin said.Surin said he plans to upgrade his security system, and the law firm will stay where they are.last_img read more

Sirens, Horns Will Salute Troops at Foofaraw September 8, 7:45 AM

first_imgFacebook24Tweet0Pin0Submitted by Port of OlympiaWhen you see lights flashing and hear sirens sounding on the Port of Olympia docks on September 8, 7:45 a.m. to 9:00 a.m., please do not be alarmed! It is not an emergency. It is the Port and local “First Responders” joining with the Olympia Yacht Club and Thurston County Chamber in honoring our Armed Forces with the 55th Annual Foofaraw.On Friday, September 8, the Thurston County Chamber and the Olympia Yacht Club will host over 225 active duty military men and women at Island Home, a private island owned by the Olympia Yacht Club.Boats are bid farewell by a contingent of local first-responders.As vessels carrying military members pass the Port, they will see the American flag flying above the marine terminal and the salute from members of the Port of Olympia staff and Harbor Patrol, Olympia Fire and Police Departments, Lacey Fire and Police Department, Thurston County Sheriff’s Department, ILWU Local 47, Weyerhaeuser and Brusco Tug & Barge.last_img read more

BIRDATTHEWIRE HEADS GRADE II, $200,000 SANTA MARIA STAKES GOING 1 1/16 MILES AT THE GREAT RACE PLACE SATURDAY

first_imgARCADIA, Calif. (Feb. 10, 2016) – Birdatthewire heads a competitive field of eight older fillies and mares this Saturday at Santa Anita in the 75th running of the Grade II, $200,000 Santa Maria Stakes at 1 1/16 miles on the main track.A 4-year-old filly by Summer Bird, Birdatthewire will be making her second start for trainer Tom Proctor. Previously trained by east coast based Dale Romans, Birdatthewire shipped west for the Grade I, seven furlong La Brea on opening day, Dec. 26, and was an impressive half-length winner, up late to take the prestigious stakes for 3-year-old fillies.Birdatthewire transferred to Proctor’s stable following the La Brea score and most recently ran in the Jan. 16 Grade II La Canada at the Santa Maria distance under new rider, Drayden Van Dyke to finish second despite being fanned wide throughout the first turn.“I was completely taken out by Santiago (Gonzalez, on Oscar Party whose rein broke going into the first turn), said Van Dyke immediately after the race. “I didn’t know what was happening. He came flying by me, which made my horse get really rank…I got stuck outside of him, and he was way out there.”Sometimes deemed difficult due to her quirky running style down the stretch, Birdatthewire will hope for a fast pace to run at and plenty of room out in the middle of the track Saturday. Owned by Forum Racing IV, Birdatthewire, whose last eight races have all been in graded stakes, will be reunited with rider Mike Smith, who was up for the La Brea win. She is 12-4-3-1 overall with $609,090 in earnings.The complete field for the Grade II Santa Maria, to be run as the 8th race on a nine race program Saturday, with jockeys and weights in post position order: Star Act, Tyler Baze, 120; Gas Total, Flavien Prat, 120; Birdatthewire, Mike Smith, 122; Big Break, Edwin Maldonado, 120; Kyriaki, Rafael Bejarano, 120; Living The Life, Gary Stevens, 120; Yahilwa, Joe Talamo, 120; Tara’s Tango, Martin Garcia, 120. First post time on Saturday is at 12:30 p.m. Admission gates open at 10:30 a.m.last_img read more