IASB committee concedes defeat on contribution-based promises

first_imgThe International Accounting Standards Board’s interpretation’s committee has called a halt to efforts to come up with accounting guidance for companies with non-traditional defined benefit (DB) pension schemes.The plans – dubbed contribution-based promises, or ‘intermediate risk’ plans – have proved to be troublesome to account for under the projected unit credit model found in International Accounting Standard 19, Employee Benefits (IAS19).Since 2004, both the committee, known officially as the International Financial Reporting Standards Interpretations Committee, and the IASB have tried and failed to develop an appropriate accounting approach for this troublesome class of pension plan.The committee’s decision, which emerged during its 29 January meeting, means constituents must now wait for the IASB to add a pensions-accounting project to its work plan. Commenting on the news, Eric Steedman, a leading pensions consultant with Towers Watson, told IPE: “The Interpretations Committee has effectively said the issue is too big for them to solve expeditiously.“Unfortunately, for now at least, this leaves preparers with such plans to carry on ‘doing their best’ with a statement that does not really cater for their situation.”The IFRS IC’s predecessor, the International Financial Reporting Interpretations Committee, published the so-called IFRIC D9 approach for contribution-based promises in a consultation document back in 2004.The committee called a halt to that work, however, when, in 2006, the IASB launched its unsuccessful bid to develop a new accounting methodology to deal with intermediate-risk pensions, or contribution-based promises.But fresh life was breathed into that approach, when the IFRS IC decided to take another look at contribution-based promises accounting.Both D9, and the IASB’s contribution-based promises model, set out to address the accounting challenges that arise when IAS19’s projected unit credit measurement model and discounting approach is applied to non-traditional DB plans.One obstacle to good accounting that is often cited by critics of IAS19 is that the standard forces them to discount projected returns on a pool of equity assets using either a high-quality corporate bond or government bond discount rate.The mood around the committee table during the 29 January meeting was largely downbeat on the committee’s prospects for bringing the effort to a successful conclusion that preparers would welcome.Laurence Rivat, a senior audit partner with Deloitte in France, said she was unclear who would benefit from any guidance that the committee might come up with.Rivat reported that constituents had told her that any guidance that might emerge from the committee would not change what they “are currently doing”.She added: “What we really need is that the board take on a project to review fundamentally IAS19 to deal with those plans where there is risk-sharing between employees and employers.”Similarly, E&Y partner John O’Grady said: “I would be in favour of discontinuing this project because I don’t think we are able to control ourselves when it comes to scope. That has always been the problem with this.“We are trying to solve some fundamental problems with IAS19, which to me is a board project to sort out IAS19 to deal with the modern types of plans that are out there.”As for the long-term outlook for an IASB-level pensions project, IASB director Alan Teixeira said now might be a good time to accelerate the board’s apparent research project on pensions accounting.Speaking during a 16 September 2013 IASB meeting, Teixeira said the pensions research effort was “on the longer-term research plan” but had no staff allocated to it.He also noted that no standard setters had “expressed an interest in the project.”According to information posted on the IASB’s website, the board expects to hold a consultation on the shape of its future agenda in 2015.A feedback statement on the IASB’s 2011 agenda consultation bracket pensions accounting, share-based payments and income taxes together as longer-term priorities.last_img read more

5th Dist. gains early lead in ISSC Meet

first_imgBased on the latest medal tally, CDSA5 was on top with five golds, four silver and seven bronze medals, followed byCDSA 1 with 4-1-1, CDSA 4 with 3-3-2 and CDSA 2 with 0-1-1. ILOILO City – Congressional DistrictSports Association (CDSA) 5 gained the early edge at the start of the 2019Iloilo School Sports Council Meet at the Iloilo Sports Complex here. CDSA 5’s Rhealyn De Costa also nettedtwo golds in secondary girls shot put and discus throw. CDSA 1 also captured gold courtesy ofFranklin Catela in elementary boys high jump, edging Niño Calubayan of CDSA 4and John Ceriaco of CDSA 5. Daryl John Bantiling captures the gold medal in elementary boys long jump of the ongoing 2019 Iloilo School Sports Council Meet at the Iloilo Sports Complex. IAN PAUL CORDERO/PN CDSA 1 also won golds in secondaryboys and girls high jump from Hilario Tagat and Cathy Nebran.center_img CDSA 5 notched most of its medals inathletics with Daryl John Bantiling capturing a gold in elementary boys longjump, defeating CDSA 2’s Mark Bautista and Jay Christian Roguio of CDSA 4. CDSA 4 also had their share of goldhaul in athletics with Ashley Faith delos Reyes topping the elementary girlshigh jump defeating CDSA 5’s Liezel Chavez and Nicole Tanate. Peter Petipet of CDSA 4 also netted agold in secondary boys discus throw outdueling Seth Seduco of CDSA 1 and JronLangurayan of CDSA 5. The five-day ISSC Meet serve asqualifier for the Ilonggo athletes for the WVRAA Meet slated early next year./PNlast_img read more

Draw match between FC ”Široki Brijeg” i FC ” Žalgiris”

first_imgPlayers of FC ”Široki Brijeg” went to Novigrad, where they will participate at the Istria Winter Cup, and FC ”Željezničar” will also participate at the Cup.FC ”Široki Brijeg’’ played yesterday its first match against the first team of Lithuania FC  ”Žalgiris” which ended in a result 0:0.Tournament will last until 10 February, and in the group with FC ”Široki Brijeg” there is also FC ”Gyor” from Hungary and FC ”Wolsberger” from Austria.last_img

THREE DONEGAL TOWNS IN LINE TO BE NAMED GAELTACHT SERVICE AREAS

first_imgThree Co Donegal towns are among a list of places across the country which are set to be named as Galtacht Service centres.Letterkenny is in line to become a Gealtacht service area.Minister of State for Gaeltacht Affairs, Joe McHugh, named Letterkenny, Dungloe and Donegal Town, are to be named under the Gaeltacht  Act of 2012.Announcing the list at the Gaillimh le Gaeilge Christmas lunch, the Minister of State said the list is a step forward in the language planning process as it relates to Gaeltacht Service Towns. “I hope that all of the stakeholders will come together in these towns to prepare and implement a language plan.”The list is being published following the public consultation process conducted by the Department of Arts, Heritage and the Gaeltacht in which recommendations were sought in relation to the most appropriate towns to be selected as Gaeltacht Service Towns.Údarás na Gaeltachta or Foras na Gaeilge, as appropriate, will be working with the relevant organisations to prepare and implement language plans in these towns, depending on whether the town is situated in a Gaeltacht area or outside of the Gaeltacht.The Minister of State said: “It has been agreed with Foras na Gaeilge and with Údarás na Gaeltachta that the focus will first be on Galway City, Letterkenny and Daingean Uí Chúis.” Under the Gaeltacht Act 2012, Gaeltacht Service Towns are defined as those towns situated in or adjacent to Gaeltacht Language Planning Areas and which have a significant role in providing public services, recreational, social and commercial facilities for those areas.A total of 26 Gaeltacht Language Planning Areas have been recognised for the purposes of the Act.The purpose of the Gaeltacht Act is to identify how to foster and reinforce the positive impact these towns can have on the Irish language as the community and family language of the Gaeltacht. The Gaeltacht has a significant cultural and economic impact on the towns which serve it. Similarly, those towns have a significant impact on the Gaeltacht itself.THREE DONEGAL TOWNS IN LINE TO BE NAMED GAELTACHT SERVICE AREAS was last modified: December 20th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Donegal TowndungloeGaeltacht Service TownJoe McHughletterkennylast_img read more

NextGen Spacesuit Features Home Button for Assisted Return

first_img If only Sandra Bullock were wearing a self-return spacesuit on the Explorer,  Gravity may have turned out differently.The Charles Stark Draper Laboratory, Inc. (Draper, for short) recently filed a patent for a so-called “system and method for assisted extravehicular activity self-return.”Or, in English: a “take me home” button that guides explorers back to safety in case of an emergency.“Without a fail-proof way to return to the spacecraft, an astronaut is at risk of the worst-case scenario: lost in space,” Kevin Duda, space systems engineer at Draper, said in a statement.No matter how much training you receive, being thrust into the zero-gravity environment of space can be confusing, disorienting, and, sometimes, nauseating. Now, imagine doing a spacewalk with bile creeping up your throat.Losing your bearings—especially in the void of outer space—can make operating a jetpack and returning to shelter a challenge.“There is no gravity and no easy way to determine which way is up and down,” Duda said. “Our technology improves mission success in space by keeping the crew safe.”Designing their assisted EVA self-return strategy wasn’t easy, though. Draper engineers had to create a system that can autonomously determine a precise location without GPS; account for time, oxygen consumption, safety, and clearance requirements; and guide a disoriented and possibly unconscious person to safety.As described in a recent patent filing, the button is triggered directly (by the astronaut) or remotely (by another crew member or mission control staff). Once activated, the spacesuit’s built-in thrusters autonomously guide the user back to safety.“The current spacesuit features no automatic navigation solution—it is purely manual—and that could present a challenge to our astronauts if they are in an emergency,” Draper’s director of space systems Séamus Tuohy said.Which is why the company added built-in guidance, providing step-by-step directions using visual, auditory, and sensory cues. The spacesuit’s sensors, meanwhile, can be configured to fit individual cosmonauts’ needs—or those of first responders, skydivers, firefighters, and scuba divers.Not just for space, this research could be applied to fields operating within the Earth’s atmosphere, and even be combined with other smart tech to boost safety measures for emergency response workers and extreme sports enthusiasts. Stay on target Hubble Space Telescope Captures Star’s Eerie Gaseous GlowElon Musk’s Cheeky ‘Nuke Mars!’ Post Is Taking Over Twitter center_img Let us know what you like about Geek by taking our survey.last_img read more