Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York An 33-year-old Peconic man was killed when crashed the truck he was driving in Hampton Bays over the weekend.Southampton Town Police said the driver of a Dodge Ram 1500 with a Illinois registration struck a tree off the roadway on Flanders Road, west of Red Creek Road, shortly before 8 a.m. Sunday.The victim, who was identified as Julio Tocay, was pronounced at the scene.Southampton Town Detectives are continuing the investigation and ask anyone with information regarding this incident to call them at 631-702-2230.
In 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.
Manchester United have granted Wayne Rooney a testimonial with all the profits going to charity following a campaign by supporters to honour the striker’s long service to the club.Rooney will play in a testimonial match for a Manchester United XI against a yet-to-be-named opponent at Old Trafford on August 3, 2016.Details of the players and managers who will be involved on the day are expected to be revealed over the next few weeks.The 30-year-old has vowed to donate all the profits from the match to the NSPCC, Alder Hey Childrens’ Hospital, Claire House Hospice, and the Manchester United Foundation through the newly-formed Wayne Rooney foundation.Rooney’s representatives said United awarded the striker the testimonial following a meeting between “like-minded individuals and Manchester United fans” who wrote to executive vice-chairman Ed Woodward asking that a testimonial be awarded following the player’s 11-year spell at the club.”I would like to thank everyone involved in making this testimonial become a reality,” the United and England captain said. “Most of all I want to thank the fans for all their incredible support for me and the team since I joined the club.”The match night will obviously be special for me and my family but I hope it will be a night of celebration for all involved and that we can also deliver one or two surprises.”Most of all I hope the fans will come out in force and help raise as much money as possible for these amazing charities, all of which are very close to my heart for different reasons.”Since joining United from Everton in 2004, Rooney has won the Premier League five times, the League Cup twice and the Champions League on one occasion.The striker has also gained a host of individual accolades and is now just 13 goals short of Sir Bobby Charlton’s all-time scoring record. “I am delighted that United fans will be able to celebrate Wayne’s amazing years at the club in this way,” Woodward said. “From his sensational debut hat-trick to the latest of his 236 goals, he has been a central figure in what has been one of the most successful periods in the club’s history, winning everything from the Club World Cup, through the Champions League and League Cup to his five Premier League titles.”Wayne has selected good causes very close to his heart and the club is delighted to play its part, in providing Old Trafford as a fitting stage for such a game.”Rooney’s agent Paul Stretford added: “When I told Wayne that the a group of fans had come together to form a testimonial committee in his honour and had been granted the rights by the club he immediately insisted that all money raised should go to charities working for disadvantaged and sick children.”I wasn’t surprised because it is typical of Wayne as a man and as father. On Wayne’s behalf we are now working hard to make the event a huge success, memorable for the fans, and creating real benefits for those who depend on Wayne’s charities.” –