UK companies to keep EU accounting standards post-Brexit

first_imgThe UK parliament’s upper chamber has warned the country’s business minister to ensure the audit regulator is able to scrutinise international accounting standards after Brexit.In a scrutiny report assessing government proposals for a post-Brexit endorsement regime for the International Financial Reporting Standards (IFRS), a House of Lords committee said Greg Clark must “satisfy himself as to the Financial Reporting Council’s [FRC] ability to provide effective oversight of this important function.”The report was published last week, prior to the government’s decision to abolish the FRC and replace it with a stronger and more accountable body.A spokesperson for the business, energy and industrial strategy department told IPE: “We want to ensure that UK registered companies that currently use IFRS will not have to change their processes for preparing annual accounts on the UK’s exit from the EU. “The statutory instrument gives the government powers to adopt new international accounting standards for use in the UK.”The government published legislation to bring in the new endorsement mechanism on 31 January.An explanatory memorandum accompanying the draft legislation stated that UK’s overall policy objective was to remain aligned with IFRS rules as issued by the IFRS Foundation.BEIS said in an accompanying memorandum that it was “in the UK’s interest to maintain convergence with IFRS after EU exit” given that IFRS are “used globally, by over 140 jurisdictions including 15 of the G20 countries”.Nonetheless, the addition of UK parliamentary oversight after Brexit raises the prospect that IFRS changes and additions will face intense scrutiny before they are endorsed for use in the UK.Pre- and post-Brexit account rulesAs an EU member state, the UK currently relies on a single EU-wide endorsement mechanism to ratify international accounting standards across the 28-member bloc. IFRS rules are currently mandated for use by all EU listed entitles .When the IFRS Foundation, which oversees the rules, publishes a new accounting standard, the EU looks to endorse that standard under a process overseen by the European Commission.The EC also works closely with two consultative bodies during this process, the European Financial Reporting Advisory Group and the Accounting Regulatory Committee. The former is an expert technical advisory body, while the latter group represents individual member states and is chaired by the Commission.However, once the UK leaves the EU, it will need to put in place its own endorsement mechanism.Under the proposed regime, the government intends to establish a new endorsement body to operate independently of the FRC. In addition to acting as the UK’s accounting and audit watchdog, the FRC is also responsible for setting UK GAAP (generally accepted accounting principles) requirements. Baroness Sharon BowlesFollowing fierce criticism of the FRC and its oversight of the audit profession in the UK over the past two years, members of the House of Lords have identified the IFRS endorsement process as a critical area of public policy.One of those critics, Liberal Democrat peer Baroness Sharon Bowles, told IPE: “The government has more or less copied and pasted the EU’s endorsement criteria, which means that IFRS must conform to the principles of true and fair view.“While I accept that there is probably little choice but to do this, it is important to make sure that preparers and auditors assess the accounts against the specific requirements of the Companies Act 2006.”last_img read more

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Total cases top 25,000 statewide

first_imgStatewide—The Indiana State Department of Health has reported that 566 additional Hoosiers have been diagnosed with COVID-19 today.  A total of 25,127 Indiana residents have tested positive for the coronavirus.  To date, 150,510 tests have been reported to ISDH at a 16.7% positive rate and 33 new deaths were reported for a total of 1,444 Hoosiers have died to date.Locally, Decatur County has a total of 215 positive cases and 29 deaths, Franklin County has 106 positive cases and 7 deaths, and Ripley County has 104 positive cases and 6 deaths.last_img read more

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Ramdhani siblings show form in 2020 ACAC tourney

first_imgTHE Ramdhani siblings got 2020 off to a great start as they continued to show good form which started last year, following the Alberta Colleges Athletic Conference (ACAC) Badminton tourney which ended on January 19.The Guyanese pair of Badminton aces, brother Narayan and sister Priyanna, continued their 2019 form, as they put on a good showing at the Kings University in Edmonton Alberta, Canada where the event was hosted.Narayan, playing for the Kings University secured a pair of 3rd places in the Men’s Singles and Men’s Doubles. Ramdhani defeated John Li of the Northern Alberta Institute of Technology (NAIT), 21-16, 22-20 in the Quarter-Finals.He then suffered a loss to Raymond Kim also of NAIT 21-18, 21-17 in the Semi-Finals before beating Smit Patel two sets; 21-13, 21-16 to win the 3rd honours. Priyanna also bagged a 3rd place spot representing Olds College in the Women’s Singles event.In the Ladies’ Singles event, Priyanna gained a bye in the opening round before beating NAIT’s Kaitlyn Gee: 21-4, 21-7 in the Quarter-Finals. She lost to Johnna Rymes of Concordia, two sets 21-9, 21-4 in the semis but then fell at the hands of Cecilia Wolski 21-11, 21-13.President of the Guyana Badminton Association (GBA) and father of the stalwarts, Gokarn Ramdhani, in a quote said “We (GBA) are happy with them maintaining their continuous consistency to stay on top and especially playing with outside temperatures of -25oC.”He continued, “They are holding up expectations to keep their standards high for both of their respective learning institutions and more so for Badminton in Guyana,” he ended.last_img read more

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Miami-Dade passes Palm Beach County with most coronavirus deaths in Florida

first_imgPalm Beach County previously led the state of Florida with the most coronavirus deaths, but now Miami-Dade County has more deaths after the Florida Health Department announced that 48 additional fatalities were reported in one day in the state to reach a total of 419.Palm Beach County had reported 79, Miami-Dade spiked to 84 deaths, compared with 66 Thursday and 74 Friday morning. Broward County went from 67 coronavirus deaths to 72.Indian River County reported its first fatality on Friday morning.  Martin County reported 3 deaths. St. Lucie County has remained at 6 since Thursday with Okeechobee not having any fatalities.There are a total of 17,968 cases in the state as of Friday.Miami-Dade County leads with 6,300 positive cases,  and Broward County is second with 2,679 cases. Palm Beach County has 1,431 cases.last_img read more

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49ers report card: Why five turnovers didn’t ruin perfect record

first_imgClick here if you’re unable to view the video or photo gallery on your mobile device.CLICK HERE if you are having a problem viewing the video on a mobile deviceSANTA CLARA – Here is how the still-undefeated 49ers (3-0) rallied past the visiting Pittsburgh Steelers (3-0) in Sunday’s 24-20, home-opening win: PASS OFFENSE: BSan Francisco 49ers quarterback Jimmy Garoppolo (10) gets hit by Pittsburgh Steelers’ Bud Dupree (48) after releasing the ball in the first quarter of their game …last_img read more

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Latest Moon Theory Needs an Invisible Goddess to Work

first_img(Visited 528 times, 1 visits today)FacebookTwitterPinterestSave分享0 Now they say that the impactor didn’t only spin off a cloud that formed the moon; it made a donut cooked up by a goddess.For decades, secular planetologists told us they had the answer to how the moon formed. After the Apollo missions falsified all three leading theories of the day (fission, capture, and co-formation), a new consensus view latched onto a new kind of impact theory: a Mars-sized object hit the Earth at just the right angle to almost obliterate the Earth, which re-congealed; the remaining debris formed the moon. It didn’t matter that the model had to be tweaked and re-tweaked numerous times (e.g., 9 April 2015). At least they had a standard story to tell the public. They even had a name for the mythical earth smasher: Theia.Just when you thought it was safe to go out and enjoy the moon on a romantic evening, they’re swapping stories again. “First the Moon, Then Earth: New Theory Reverses Formation Story,” announces Elizabeth Howell at Space.com. Now what? Is everything they told us backwards? Well, yes. Believe it or not, the moon came first! This is a “dramatically different way of forming the moon,” according to UC Davis professor Sarah Stewart and Harvard grad student Simon Lock.Credit: Illustra MediaEarth’s moon formed inside a cloud of molten rock, and may have done so before our planet itself formed, a new theory suggests.Scientists call such a cloud a synestia, a doughnut-shaped ring of debris full of molten rock that forms in the aftermath of a protoplanet collision. In this case, it would have been a massive collision early in our solar system’s history. According to the new theory, the moon formed within a few dozen years after the crash, as the synestia shrank and cooled. The Earth subsequently emerged about 1,000 years after the moon.Now we have to learn a new word, synestia. It’s not synesthesia, a weird psychological disorder that makes some people smell color and see sound. Well, maybe it’s like that. The word is pretty weird [cue Twilight Zone theme]:In 2017, Lock and Stewart modeled the chain of events that would occur after Earth-size rocky planets smashed into other large objects, carrying lots of energy and momentum with them. The predicted result was a doughnut-shaped disk, according to press materials released that year. Their name for the newly described object, synestia, comes from the prefix “syn-” (together) and the Greek goddess “Hestia,” who represents architecture and structures.Don’t think for a moment that she is the goddess of intelligently designed architecture. To the theorists, Hestia is a blind goddess of lucky accidents that leave no trace:Synestias haven’t been spotted in the sky yet, but the authors suggest that’s because the objects are relatively short-lived. After formation, they may persist for only a few hundred years. Synestias that formed gas-giant planets or stars, however, may last longer due to their larger size, the authors said.What would motivate secular astronomers to come up with such a fact-free, occult cause for the moon? Wasn’t the old theory good enough? No. It never was.“Getting enough mass into orbit in the canonical scenario is actually very difficult, and there’s a very narrow range of collisions that might be able to do it,” Lock said in a statement from Harvard University….Lock said that the synestia theory is better than the older impact theory. One reason is that it better explains why the moon and Earth have similar isotopes, or element types: because they formed from the same cloud of molten material.The moon is also bereft of volatiles, which are substances such as hydrogen that have a low boiling temperature.Hestia to the rescue. Sarah Stuart and Simon Lock champion her cause. They believe their model gets the elements right, and allows for a wider range of collision angles to get the donut to form. “You just don’t think of a satellite forming inside another body, but this is what appears to happen,” Lock says, as he returns to the drawing board to solve all the new problems his theory creates.If you want to see a drawing of a synestia, Live Science (an affiliate with Space.com), has one. The two theorists say more about the inadequacies of the old “canonical” model:“The new work explains features of the moon that are hard to resolve with current ideas,” study author Sarah Stewart, a professor of Earth and planetary sciences at the University of California, Davis, said in a statement. “The moon is chemically almost the same as the Earth, but with some differences. This is the first model that can match the pattern of the Moon’s composition.“Don’t overlook the caveat in the article: “One caveat to the new hypothesis: Synestias remain theoretical objects that have never been observed in the universe.”So are Greek goddesses. There is an intelligent design theory that fits the observations. And the Architect is a He, not a she.last_img read more

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LA Art Show To Benefit St Jude Childrens Research Hospital

first_imgThe LA Art Show is pleased to announce its selection of St. Jude Children’s Research Hospital as benefiting charity of its opening night premiere party, 8-11 p.m., Wednesday, Jan. 14, 2015, in the South Hall of the Los Angeles Convention Center, 1201 S. Figueroa St.A Patron Reception will begin at 7 p.m., and the LA Art Show will be open to the public in the same location from Jan. 15-18.Amy Adams and Darren Le Gallo will host the benefit.St. Jude is leading the way the world understands, treats and defeats childhood cancer and other life-threatening diseases. Thanks to support from events like this one, families never receive a bill from St. Jude for treatment, travel, housing or food, because all a family should worry about is helping their child live.“We are excited to partner with St. Jude at the 20th Anniversary LA Art Show,” said Kim Martindale, general manager and producer of the LA Art Show. “By sharing their knowledge freely and exchanging ideas openly, St. Jude Children’s Research Hospital inspires more collaboration between doctors and researchers worldwide, and as a result, more lifesaving treatments for children everywhere.”More than 7,000 art patrons attended in 2014. Guests included: Leonard Di Caprio, Halle Berry, Olivier Martinez, Tim Robbins, James Franco, Barbra Streisand, James Brolin, Shepard Fairey, Mayor Eric Garcetti, Lily Collins, Michelle Monaghan, Debra Wilson, Princess Anita Theodora of Orange-Nassau, Gabrielle, Duchess of Schoeneberg, Councilmember Tom LaBonge, Kevan Hall, Hill Harper, Robert LaSardo, Bria Murphy, Willem van Gogh, James DuMont, Alex Lombard, Sue Wong, Michael Peer, Toni Garrn and Abdulla Ali Saboosi, Consul General for the U.A.E., among others.Patron tickets are $250, Vanguard tickets are $200 and Friend tickets are $125. The show is open to the public from Jan. 15-18, 2014. General admission is $20.For additional information, visit LAArtShow.com.last_img read more

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Six Tips for Mobile Marketing to Engage Customers

first_imgAugust 23, 2011 Enroll Now for Free 4 min read People love their smartphones. Whether you’re walking down the street or inside a shopping mall, sitting in a coffee shop or at the airport, half the people around you are looking down at their cellphones.Eighty-three percent of American adults own a cell phone, and 42 percent of them own a Blackberry, iPhone, or a similar smartphone, according to a recent Pew Internet Project report. The study also found that 87 percent of smartphone users access the Internet or email on their device. Two-thirds of smartphone users do so daily. Increasingly, just as how the home broadband connection remains always on, the mobile connection seems to be ever present.Today’s apps-savvy consumers want business information delivered concisely and available for reading on the fly. Thanks to the explosion of Internet-enabled mobile devices, you and your customers can communicate on the go. Here are six easy ways to deliver on mobile devices marketing that encourages customer interaction.1. Make Your Emails Mobile-FriendlyWhereas delivering email marketing that can be read on mobile devices used to be optional for a business, now it’s essential. Keep a message’s subject line short and place high up in the message your brand name, the offer, and the call to action.Related: Your Customers Are Talking. Are You Listening?Keep your email design simple and light on text, and offer a link to your company’s website or Facebook page so a reader can find out more.2. Give Mobile Customers What They Need Forty percent of U.S. smartphone owners compare prices on their mobile device while shopping inside a store, according to HubSpot, an Internet marketing firm in Cambridge, Mass. If you do not optimize your site for mobile users, you may miss sales opportunities. The most sought-after information (a company’s hours, locations, and directions) and popular features should be front and center where customers can easily find them. If mobile consumers cannot find the information they need to guide their purchasing decisions, they may click — but then take their business elsewhere.3. Invite List Sign-ups via Text Message and Quick-Response CodesCustomers entering into your retail establishment probably are carrying their cellphones on them. Build your contact list by inviting patrons to send a text message (if your email service provider offers this feature) or scan a QR code. Put a sign at your cash register to encourage such activity while the shopping experience is still fresh.Related: Three Ways to Spark Engaging Social ConversationsA savings coupon or special offer can sweeten the deal for any customers who sign up via text message or QR code. And you end up building your list without having to manually enter email addresses after deciphering handwriting on a sign-up sheet.4. Build Your Fan BaseYour socially active customers have a Facebook or Twitter app loaded on their smartphones. A sign or poster that encourages them to connect with you in the social media sphere can propel significant growth of your network — and expand your company’s visibility to the contacts of your new followers. Be sure to give customers a good (and fun) reason to like or follow you.5. Tap Location-Based ServicesIf you run a brick-and-mortar business or host an event, encourage people to check in on location-based services like Foursquare, Gowalla, or Where. You will gain information about your regular customers and how often they visit you. It also lets your customers share information and tips about your business with others. A unique special offer can encourage these regulars to check in more often.6. Encourage Reviews on the RunEncourage customers to share their thoughts about their experience while they are still at our place of business. Post a sign that says, “How’d we do? Let us know!” You can even direct customers to sites like Yelp, Where, Google Places, or TripAdvisor, where you would like them to offer reviews of your business. Make sure you post your company’s Twitter handle, so customers can include it in reviews and follow your business on Twitter for updates. Be sure you stay on top of any customer reviews posted about your company.More mobile technologies are springing up, enabling businesses and customers to stay connected, regardless of location. Remember: All these gadgets and apps can support your marketing but they should not drive it. You still need to focus your message on how your company provides great products and services. Know who and where your customers are. Then bring the goods to them. Mobile strategies let you package your marketing to better reach them.Related: Five Ways to Win a Sale Using Your Customer’s Mobile Opinions expressed by Entrepreneur contributors are their own. This hands-on workshop will give you the tools to authentically connect with an increasingly skeptical online audience. Free Workshop | August 28: Get Better Engagement and Build Trust With Customers Nowlast_img read more

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