IASB explores issues to include in discount-rate research paper

first_imgIn relation to the first of the four issues, IASB member Patrick Finnegan said the confusion of consistency with uniformity was a key issue.“Cashflow-based … and present-value measurement are similar, but they may not be identical,” he said. “That is different from the selection of a discount rate. There is always going to be differences in judgements … you’re never going to get uniformity.”Of particular interest to defined benefit plan sponsors, IASB vice-chairman Ian Mackintosh pointed to the problems that can arise when the notion of an entity-specific measurement is applied in practice.“I don’t assume the market value is a better indicator than the value in use,” he said.Vatrenjak responded: “I am not arguing to say we should scrap entity-specific [discount rates] because I for one see value in using entity-specific values, [as] it allows companies the opportunity to actually show what is unique about them, what is specific.“Let’s see if this really is a problem … [and] how that would be solved by simply tightening the description of this entity-specific measurement.”Until now, the IASB’s research effort on discount rates has operated at a low level.The board’s 2011 agenda consultation revealed moderate support among constituents for it to look into discounting under IFRS.The project is limited in scope, and the board has allocated just one full-time staff member to it.It is also possible that the board might issue its planned discussion paper on discounting and then make no changes.The discounting project is not only looking at pensions accounting under IAS 19 but at all IFRSs that require discounting.This includes IFRS 9, IAS 36 and IAS 37.The research project remains, however, at an early stage.Staff want to take soundings from the board on a draft discussion paper that looks at the measurement objective, components of present value measurement, measurement methodology, disclosures and terms and definitions.According to the staff’s draft research paper, they have identified three main aspects of present value measurement methodology in IFRS: how risk adjustments are reflected, how tax is accounted for and how inflation is accounted for.Developments on the research project will be of keen interest to DB plan sponsors looking increasingly at ever-more sophisticated approaches to discounting.Whereas a decade ago a sponsor might have discounted an IAS 19 liability using a simple index rate, preparers are increasingly looking to blended discount rates to reflect the different nature and duration of the different components of their IAS 19 liability.Under today’s accounting model, a DB sponsor must project its pension liability forward using the relevant plan assumptions and discount back using a AA-corporate bond discount rate to reach a net present value.There will be a concern in some quarters that, balanced against the fact the IASB might do nothing on discount rates, it is also possible the board could propose a move to a risk-free rate. This would bring with it the danger that sponsors would take a big hit to equity, which would, in turn, impact on lending if banks and rating agencies rely on the headline accounting numbers. The International Accounting Standards Board (IASB) has taken the first of its due-process steps toward the issue of a discussion paper on discounting practice, although it stressed the project was not about imposing a move to a fair-value or risk-free discounting approach under International Financial Reporting Standards (IFRS).At a recent IASB meeting, project manager Aida Vatrenjak said: “The project is not about fair values – it is not really about historical cost, although it was hard not to mention because it was glaring at me.“It really is about those measurements we use in IFRS described as ‘current value measurements’ but [which] are not a fair value.”Among to the issues to emerge at the meeting, intended to take soundings from board members, were defining the discounting issue as opposed to a wider financial reporting issue; the challenge of applying an entity-specific measurement; the notion of a risk premium; and the relationship between taxation and discounting.last_img read more

City duo could leave Manchester

first_img Manager Pellegrini admitted he must trim his squad before adding any further recruits, as City fight to comply with Financial Fair Play constraints. Porto capture Eliaquim Mangala could be City’s final summer signing unless the club can offload Sinclair and Guidetti, Pellegrini conceded. Manchester City have “too many players” and could allow John Guidetti and Scott Sinclair to leave before the end of the transfer window, according to Manuel Pellegrini. “It’s not finished, until the last day we can do different things,” said Pellegrini at the Premier League launch. “But if you ask me at this moment if I am happy with the squad, yes I am very happy with my squad. “We had a lot of problems also with Financial Fair Play with the restriction of the amount of players we can put in our squad. “So maybe I don’t think that we are going to sign another player because we cannot do it. “We have maybe too many players in the squad at this moment, players that need to play, that’s very important, especially for young players. “John Guidetti or maybe Scott Sinclair, they may need to play in a different team, so we’ll see from now until the end of the transfer window what happens with our squad. “But at this moment, yes we have too many players.” Pellegrini has added Bacary Sagna, Fernando, Willy Caballero, Frank Lampard and Bruno Zuculini to the champions’ squad, along with Mangala this summer. City expect to stay within the £49million spending limit imposed by UEFA for last term’s FFP breaches, while Pellegrini is also mindful of sticking to the reduced 21-man squad cap. Feyenoord are understood to be keen on completing a permanent deal for 22-year-old Sweden forward Guidetti, who enjoyed a loan stint with the Dutch club in 2011-12. Sinclair joined Manchester City from Swansea in 2012, but has made just three starts in his two years at the Etihad Stadium. The 25-year-old admitted after Sunday’s 3-0 Community Shield defeat to Arsenal that he would seek a move if he cannot secure regular first-team football. Refusing to prioritise the Champions League this term, Pellegrini said City cannot use FFP constraints as an excuse. “It’s easy to give excuses, but I don’t like to do that,” he said. “I’ll always field the strongest team and we want to win every time we play, and in every competition. “You don’t have five or six teams in any other major league where any one of them can win the title. “So the Premier League is still the most important league, and it’s important for us also.” City start the defence of their Premier League title by facing Newcastle at St James’ Park on Sunday. Pellegrini admitted he is yet to rule on whether to restore Joe Hart to his line-up after omitting the England goalkeeper from the Community Shield starting team. Argentinian keeper Caballero made his club debut in the Arsenal defeat at Wembley, after his summer move from Malaga. The City manager defended his rotation policy, claiming he has his players’ best interest in mind rather than sheer ruthlessness. “The best way to have high performance is to have two competitive players in each position,” said Pellegrini. “Nobody must be afraid of that: Joe Hart had a very good second part of the season last year. “He’s the best goalkeeper in England, but of course when he didn’t play well last year we played (Costel) Pantilimon. “It’s impossible for a player to play 60 games in a year, to play 18 games during December and January as we did last season. “It is sure that that player would be injured if that happened, so that’s why it’s so important to have two quality players in each position. “I always decide the best team for each game, this week the same, and on Monday we will review Newcastle and start that process again.” Press Associationlast_img read more

FAITHFULLY: Kielan Whitner relies on religion throughout his circuitous path to starting role at Syracuse

first_img Published on August 30, 2018 at 11:43 pm Contact Josh: jlschafe@syr.edu | @Schafer_44,Mountain View wouldn’t see a winning season in its first seven years. Former-head coach Tim Hardy left just months after naming Whitner a varsity starter during his freshman season. When his coach left, his friends followed suit.Whitner stayed.A two-star recruit, schools told him he wasn’t fast enough. Coaches valued other recruits more. He was undersized. Whitner committed to Appalachian State and finished his high school career without a single winning season.But then came the Syracuse offer which changed the course of his career. To attend a Power Five school, that he had always dreamed of, Whitner had to decommit.“When he had to call people and let them down, people that he didn’t want to let down, people that he genuinely liked and people that were very good to us … when he did that, that was rough,” said Whitner’s mother, Lisa. “He just wanted to go into his room and be by himself.”Whitner saw his first extended action of his college career against South Florida in a 45-24 loss. Then a true-freshman, he made several errors, including a personal foul call that all but solidified the outcome. The performance prompted an apology from Whitner on Twitter.After the game, Whitner found himself in what he called a tough place. Fans bombarded him on Twitter. Media dissected his errors. He turned to the Bible and found his favorite passage. Book 2 of Corinthians 12:8-10 reads:My power is made perfect in weakness“I just felt like you go through tough times, and that’s when you find, like, who you are as a person, and really build your strength through those tough times,” Whitner said.Less than a month later, Whitner registered a career-high nine tackles and forced a fumble against Louisville in a 41-17 loss. Syracuse finished the 2015 season 4-8. Scott Shafer was fired, resulting in more than half of Whitner’s freshman class leaving the program before their senior season.Whitner stayed.“At the end of the day you have to realize this is a business … they have to do what’s best for them and their family,” Whitner said. “I love coach Shafe and was sad to see him go. But at the same time, I was going to do everything in my power to be a guy for coach Babers and what they wanted a Syracuse football player to be.”Last year, Whitner observed senior linebackers Paris Bennett and Zaire Franklin. He hopes to mimic Bennett’s quick feet while also channeling the disruptive nature of Franklin in opposing backfields.His experience at multiple spots on the defense only helps when understanding his new position, Whitner said. He compared his role as a linebacker to that of a strong safety rolling down into the box.“He’s very, very intelligent and he cares,” head coach Dino Babers said. “The way he prepares and stuff, the things he does off the field, makes him a better him on the field.”Babers declined to name the starting linebackers during his last press conference of the preseason, leaving no clear indication that Whitner won the position battle.Regardless, Whitner is in a better place now. In his Twitter bio, he links to a different Bible passage. Matthew 6:33 reads:But seek first his kingdom and his righteousness, and all these things will be given to you as well.“All this adversity, there’s not really anything I can do worrying about it or anything like that, so I’ve been at a good place,” Whitner said. “I just feel like in everything I do in my life, it’s most important if I focus on what God wants to in that situation rather than my own personal gain.”Cover photo by Paul Schlesinger | Staff Photographer,Cancel replyYou must be logged in to post a comment. Mountain View wouldn’t see a winning season in its first seven years. Former-head coach Tim Hardy left just months after naming Whitner a varsity starter during his freshman season. When his coach left, his friends followed suit.Whitner stayed.A two-star recruit, schools told him he wasn’t fast enough. Coaches valued other recruits more. He was undersized. Whitner committed to Appalachian State and finished his high school career without a single winning season.But then came the Syracuse offer which changed the course of his career. To attend a Power Five school, that he had always dreamed of, Whitner had to decommit.“When he had to call people and let them down, people that he didn’t want to let down, people that he genuinely liked and people that were very good to us … when he did that, that was rough,” said Whitner’s mother, Lisa. “He just wanted to go into his room and be by himself.”Whitner saw his first extended action of his college career against South Florida in a 45-24 loss. Then a true-freshman, he made several errors, including a personal foul call that all but solidified the outcome. The performance prompted an apology from Whitner on Twitter.After the game, Whitner found himself in what he called a tough place. Fans bombarded him on Twitter. Media dissected his errors. He turned to the Bible and found his favorite passage. Book 2 of Corinthians 12:8-10 reads:My power is made perfect in weakness“I just felt like you go through tough times, and that’s when you find, like, who you are as a person, and really build your strength through those tough times,” Whitner said.Less than a month later, Whitner registered a career-high nine tackles and forced a fumble against Louisville in a 41-17 loss. Syracuse finished the 2015 season 4-8. Scott Shafer was fired, resulting in more than half of Whitner’s freshman class leaving the program before their senior season.Whitner stayed.“At the end of the day you have to realize this is a business … they have to do what’s best for them and their family,” Whitner said. “I love coach Shafe and was sad to see him go. But at the same time, I was going to do everything in my power to be a guy for coach Babers and what they wanted a Syracuse football player to be.”Last year, Whitner observed senior linebackers Paris Bennett and Zaire Franklin. He hopes to mimic Bennett’s quick feet while also channeling the disruptive nature of Franklin in opposing backfields.His experience at multiple spots on the defense only helps when understanding his new position, Whitner said. He compared his role as a linebacker to that of a strong safety rolling down into the box.“He’s very, very intelligent and he cares,” head coach Dino Babers said. “The way he prepares and stuff, the things he does off the field, makes him a better him on the field.”Babers declined to name the starting linebackers during his last press conference of the preseason, leaving no clear indication that Whitner won the position battle.Regardless, Whitner is in a better place now. In his Twitter bio, he links to a different Bible passage. Matthew 6:33 reads:But seek first his kingdom and his righteousness, and all these things will be given to you as well.“All this adversity, there’s not really anything I can do worrying about it or anything like that, so I’ve been at a good place,” Whitner said. “I just feel like in everything I do in my life, it’s most important if I focus on what God wants to in that situation rather than my own personal gain.”Cover photo by Paul Schlesinger | Staff Photographer Two gold chains hang from Kielan Whitner’s neck. One dangles a block letter 25 his father gave him, and a cross. The other, resting further down his torso, carries a Miraculous Medal formerly worn by Whitner’s great-grandfather.The back of the medal displays an “M” merged with a cross, surrounded by stars, which represents the 12 apostles. On the front is an image of the Virgin Mary bordered by a message inscribed:O Mary, conceived without sin, pray for us who have recourse to thee.The self-proclaimed “mama’s boy” is a regular at the Cathedral of the Immaculate Conception in downtown Syracuse. A senior at Syracuse, Whitner has had the same friends since grade school, and he’s never removed the rastafarian colored friendship bracelet on his left wrist, given to him on a mission trip in Haiti in summer 2015.AdvertisementThis is placeholder textIn Whitner’s freshman season at SU in 2015, he led all freshmen with 33 tackles. He entered 2016 fall camp as the starting strong safety, but finished the year with only three starts. In 2017, he switched positions to outside linebacker before moving back to safety in a supplemental role, tallying eight tackles on the season.This year, the senior is slotted as the starting weakside linebacker, his third position in four years.“You want to be that guy,” Whitner said. “Just, you know, being able to stay the course and contribute as much as I could to this team without trying to be selfish.”At the start of high school, Whitner and a group of friends agreed to attend Mountain View (Georgia) High School together. Built in 2009, the high school was new to Class 6A football.David Salanitri | Staff Photographercenter_img Commentslast_img read more

Dina Hegab clinches Syracuse win for 2nd day in a row

first_imgFor the second day in a row, Dina Hegab was in the spotlight late in the afternoon in Oxford, Mississippi. Hegab cruised through the first set at fifth singles, 6-1, but dropped the second 4-6 to Purdue’s Alex Sabe. As the other courts came to a close, the Orange were deadlocked with the Boilermakers, 3-3, and the Egyptian senior had bounced back in the third, gaining a 5-2 cushion. Sabe mounted a comeback attempt, winning two games in a row, but Hegab closed out the match, 6-4. After upsetting No. 9 Michigan on Saturday, No. 24 Syracuse (4-0) edged out Purdue (3-1), 4-3, on Sunday in the ITA Kick-Off Weekend championship match. The Orange started slow, dropping two of the three doubles matches, but showed off their added depth in singles to book a spot in next month’s ITA National Team Indoor Championship. “We always talk about how numbers don’t really matter,” Hegab said last week. “We just need to get our job done in whatever spot we play.” Purdue took the doubles point with ease and handed top-pair Gabriela Knutson and Miranda Ramirez their first loss of the semester. But Sofya Golubovskaya soon tied the score. The No. 92 singles player breezed by Ena Babic in straight sets 6-2, 6-1. AdvertisementThis is placeholder textPurdue grabbed the lead back at sixth singles. Golubovskaya’s doubles partner, freshman Sofya Treshcheva, lost in two sets 6-3, 6-2, to Caitlin Calkins. Trescheva had a disappointing weekend after starting the season with two wins. Her match Saturday against No. 9 Michigan went unfinished, with her trailing 5-4 in the third set when it was called. Guzal Yusupova and Knutson both won their first sets, but SU waited a while for its second point. Yusupova was rolled in the second set, 6-1, and trailed 5-0 at one point. Knutson, facing the No. 19 singles player in the nation, lost a close tiebreak, 7-5. The Orange found their second point in a comeback victory by Miranda Ramirez in third singles. She traded 6-4 sets with Seira Shimizu. Ramirez then locked down in the third set, never giving Shimizu a look and closing out the match 4-6, 6-4, 6-0. Yusupova followed soon after to give Syracuse its first lead of the afternoon. The Washington State transfer bounced back from her disappointing second set, controlling the third and earning a point for SU 6-4, 1-6, 6-3. Knutson had a chance to clinch the SU win, but she allowed Purdue’s Silvia Ambrosio to complete her rally, losing 4-6, 7-6 (7-5), 6-4. The loss didn’t matter, though, as Hegab once again came up clutch. Hegab is now 4-0 in singles this season, anchoring down the Orange at fifth singles. “Dina’s grown tremendously since she’s been here,” associate head coach Shelley George said last week. “… She leads by example and her teammates look up to her and count on her.” Comments Published on January 27, 2019 at 7:36 pm Contact Arabdho: armajumd@syr.edu | @aromajumder center_img Facebook Twitter Google+last_img read more

Bill Peters has resigned as head coach of Calgary Flames

first_imgA statement from Bill Peters, in the form of a letter to CGY GM Brad Treliving:: pic.twitter.com/YouP6ZABrm— Bob McKenzie (@TSNBobMcKenzie) November 28, 2019Peters, 53, had been the head coach of the Flames since April 23, 2018. Before joining Calgary, Peters served four seasons as bench boss of the Carolina Hurricanes. He was absent from the team in Wednesday’s 3-2 OT win against Buffalo. Bill Peters has resigned as head coach of the Calgary Flames, GM Brad Treliving said during a press conference on Friday.The decision came following a firestorm of allegations in which Peters was accused of using racial slurs and abusive behavior toward former players.Former NHLer Akim Aliu, who played under Peters at the AHL’s Rockford IceHogs during the 2009-10 season, tweeted Tuesday that the coach repeatedly used racial slurs toward him before a morning skate. Aliu’s tweet quickly prompted reactions from others who played under Peters, with accusations of physical and verbal abuse coming from two other players.MORE: What to know about Calgary Flames’ investigation into Bill PetersThe NHL denounced Peters’ behavior as “repugnant and unacceptable” on Tuesday morning but offered no further comment until the matter was looked into more thoroughly, followed shortly by Flames general manager Brad Treliving dousing rumors that Peters had already been fired. Treliving stressed the need for a “thorough” investigation before making a decision. In the end, it was Peters’ decision to step away from the Flames organization.On Wednesday, Peters issued an apology to GM Brad Treliving saying, “Please accept this as a sincere apology to you, and the entire Calgary Flames organization, for offensive language I used in a professional setting a decade ago,” read the statement, which he also sent to TSN’s Bob McKenzie and Sportnet’s Eric Francis at the same time as Treliving. “I know that my comments have been the source of both anger and disappointment, and I understand why.” last_img read more