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September 29, 2020

Investors demand action on IFRS failings after problems at online gambling firm

first_imgTen leading UK institutional investors have gone public and issued a plea for the UK authorities and the European Commission to rethink what they say are “fault lines” in International Financial Reporting Standards (IFRS).At issue for the investors is whether accounts prepared under IFRS are founded on the principle of prudence and deliver a true and fair view of a company’s financial position, concerns raised again after recent accounting problems at an online gambling firm.In a press notice accompanying the statement, the investors said: “The importance of this matter was highlighted just last week when Betfair plc admitted it had paid illegal dividends out of capital.”The investors, who include the in-house asset manager of the Universities Superannuation Scheme (USS), RPMI, the Environment Agency Pension Fund and the Local Authority Pensions Fund Forum (LAPFF), say they are “concerned that a faulty accounting framework, which has contributed to market instability and economic hardship in recent years, has not been properly addressed”. They go on to demand that the UK regulator, the Financial Reporting Council, revises its formal guidance on the true and fair view to address their concerns.They also called on the European Commission to “confirm the meaning of the true and fair view with regard to the vital goal of capital maintenance as defined in EU company law”.The investors argued: “We believe the reason IFRS has become disconnected from requirements for true and fair accounts as set out in EU Company Law is that IFRS accounts have different goals.”“Accounting requirements in EU Company Law are there to ensure directors are able to fulfil their legal duties to protect capital,” they continued, referencing duties under the 2006 UK Companies Act.Recent woes at Betfair have lent urgency to investor concerns. Although Betfair reports under UK GAAP rather than IFRS, the problem, the investors argue, is the same in that its accounts fail to depict a true and fair view.Despite reporting £134.7m (€158m) of potentially distributable reserves (retained profit) on its balance sheet in 2010, it was not in fact a true profit for the purposes of the Companies Act.Betfair is now in a position where, since 2011, it has paid out over £80m in dividends and share buy-backs that it did not in fact have.UK investor dissatisfaction with the accounting framework is longstanding. Last year, the LAPFF, USS and others asked George Bompas QC for his opinion on the legality of accounts prepared under IFRS.Bompas concluded that it was “questionable whether statutory accounts prepared in accordance with international accounting standard […] will always give a true and fair view.”The Association of British Insurers, the Investment Management Association and National Association of Pension Funds have also pointed to the true and fair view override, as well as the concept of capital maintenance, as further areas of major concern for investors.Investors argue that statutory accounts are used as the basis for both executive remuneration and distributions to shareholders. And if accounts prepared under IFRS permit management to recognize unrealized gains as income, a company could end up insolvent.The IASB removed references to prudence, or caution, from its conceptual framework in 2010. It substituted instead the concept of neutrality.The move was supposed to bring the IASB’s conceptual framework closer to the US GAAP framework, which makes no reference to prudence.The IASB has in the past defended the move vigorously. In a speech to the Federation of European Accountants, IASB chairman Hans Hoogervorst argued that IFRSs are inherently prudent.Major bank disasters, such as the collapse of The Royal Bank of Scotland, IFRS supporters note, happened with the pre-2010 framework in place.At the heart of the debate over prudence, and the parallel issue of whether accounts prepared under IFRSs show a true and fair view, is the conflict between long-term company owners or shareholders and other investors with a short-term horizon.The IASB has in recent months, however, appeared to soften its rhetoric on prudence. In May, IPE obtained leaked documents showing sympathy among IASB quarters for the concerns of long-term shareholders over what they say are major shortcomings in financial reporting.Following that meeting, IASB members duly voted at their May 2014 meeting to reintroduce the notion of prudence into its conceptual framework.The IASB is expected to release an exposure draft for public comment of a proposed update to its conceptual framework during the first quarter of next year. The project was originally slated for completion by mid-2015.last_img read more

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September 20, 2020

Koke says he hopes Griezmann will stay at Atletico Madrid

first_imgKrasnodar, June 12: Atletico Madrid midfielder Jorge “Koke” Resurreccion Merodio said on Tuesday that he hoped his French teammate Antoine Griezmann stays with the team, praising him as a complete player.Griezmann had said he plans to decide his sporting future before Thursday, when the 2018 FIFA World Cup begins in Russia.”Antoine has a contract and I hope he stays with us, but it is his decision,” Koke said at a press conference, following Spain’s practice in the southern Russian city of Krasnodar.”I want him to stay because of the level he is at and for everything he does for the team. It is his decision. If he stays it will be a joy and if not, life goes on,” the 26-year-old Spaniard added. IANSlast_img

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August 28, 2020

Dauda Lutterodt backs Black Stars provisional list for Brazil

first_imgDauda Lutterodt assistant coach of the local Black Stars has thrown his weight behind Black Stars coach, Kwesi Appiah on his choice of players that made the provisional list for the 2014 FIFA World Cup in Brazil.The coach, who spoke with JOY Sports after the release of the list at the Ghana FA secretariat, said the gaffer had his reasons to omit some big names as John Mensah, Richard Kingson.On Monday Appiah, released a 26-man list of players that will fight for places in the final 23-man squad that will make it to the World Cup next month, with some notable names missing.Forward Mahatma Otto who has been in a scintillating form for Norwegian side Sogndal was a notable omission on the list.But Lutterodt insisted that the task of choosing a player into a team was a very tasking one and the coach had to take so many things into consideration before arriving at his final list.“I keep saying that the most difficult job in the world is the job of coaching. It’s a very tasking job and it is even more so in this country.“Let us all wish him (Appiah) well. Whatever list he comes out with, he has his reasons. The most difficult list that he is yet to bring out is the list of 23. Everybody may be good enough in all the departments and he has to take a decision.“If they ask all of you to bring a list, you will each bring a different list. So, the list he has brought is okay,” he noted.The experience coach pointed out that Appiah has both technical and psychology reasons to have invited each of the players in the list. “For Appiah to have dropped any player, he has the reasons for dropping that player. You don’t know those reasons, I don’t know those reasons.”He said from his understanding of the coach who according to him, loves to win, he wouldn’t drop any player if he believes such player will help him succeed.last_img read more

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August 17, 2020

Lakers considering Rajon Rondo

first_imgThe Lakers liked Ennis’ progression after acquiring him from the Houston Rockets for 32-year-old guard Marcelo Hueretas averaged a career-high 7.7 points on 45.1 percent shooting and 2.4 assists in 17.8 minutes through 22 games.The Lakers also have considered free agent shooting guard Ben McClemore, who played four seasons with the Sacramento Kings.Ring chasingThe idea no longer seems like a fantasy. After hoping to join a playoff team in recent seasons, Nick Young may soon have his wish.The Golden State Warriors have considered Young as “one of a couple of options” to sign with their $5.2 million trade exception, according to league sources familiar with the situation.Young might have some say in the manner after also fielding interest from Oklahoma City and New Orleans. After opting out of his $5.7 million player option with the Lakers, Young hopes to land a more lucrative deal.Young met with the Warriors, Thunder and Pelicans on Saturday, though no offers have been made yet. Newsroom GuidelinesNews TipsContact UsReport an Error The Lakers entered the free-agency period without any intention of making any bold moves.As they have narrowed their list of needs on outside shooting, backcourt depth and veteran leadership, the Lakers have considered a surprising option.The Lakers have had continued conversations with Rajon Rondo’s representatives about possibly signing the 10-year NBA veteran to a one-year deal, according to a league source familiar with the situation.After Rondo’s representative initiated contact with the Lakers shortly after free agency began on Friday, the Lakers have had follow-up conversations. They plan to have more talks today after performing what a source called “due diligence” on Rondo.center_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe Lakers see Rondo as a “great fit,” according to a source, because of his basketball IQ, recently successful outside shooting (37.6 percent last season) and for playing a mentorship role for rookie guard Lonzo Ball. Former Lakers guard Kobe Bryant, who had Lakers general manager Rob Pelinka as his agent, often praised Rondo for his championship experience with the Boston Celtics (2006-15), his passing ability and smarts.Still, acquiring Rondo carries some risk. Despite his noted improvement, Rondo was never known as an elite shooter after shooting 30.3 percent from 3-point range through 10 NBA seasons. Rondo has also had reported clashes with coaching staffs in Dallas (2014-15), Sacramento (2015-16) and Chicago (2016-17). Though the Bulls waived Rondo last week, teammates praised him for how he mentored the younger players.The Lakers have considered other options in bolstering their backcourt.They reportedly met on Sunday with free-agent guard Dion Waiters, who averaged 15.8 points while shooting 42.4 percent from the field and 39.5 percent from 3-point range last season in Miami. Though Waiters made $2.9 million, he will likely spark a significant raise after having a breakout season with the Heat.The Lakers were also among the teams that expressed interest in Tyler Ennis after free agency, according to a league source familiar with the situation. It’s not currently clear which of the other NBA teams also reached out. Discussions were considered preliminary, the source added.last_img read more

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January 3, 2020

The Warm Up – Sunday, March 22

first_imgJoin Max Rushden and Barry Glendenning for an entertainingly irreverent take on football fandom.This week, the lads are joined by snooker legend, and man of many waistcoats, John Virgo!last_img

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December 3, 2019

Video: Robot Jellyfish Takes to the Air


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