PRO14: Wins for Ulster and Edinburgh | Rugby Union News

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first_img– Advertisement – The Fiji prop and hooker David Cherry crossed the line in each half as the Edinburgh pack did the damage.The fog made visibility extremely difficult for the majority of the second half but Edinburgh had built a commanding lead before the conditions deteriorated.Richard Cockerill’s side lost their first three games of the Guinness PRO14 season before bouncing back to beat Scarlets last week and they made it a Welsh double as Cardiff suffered a third consecutive defeat following their flying start to the campaign. John Cooney scored 15 points in Ulster’s win – Advertisement – Michael Lowry takes on the Glasgow defence Michael Lowry takes on the Glasgow defence

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UK FRC blasts IASB ‘wholly inadequate’ prudent accounting standards

first_imgMcLaren continued: “Investors rely on financial reporting to hold management to account – to assess the delivery of the business model and the creation of long-term shareholder value.“By describing prudence merely as taking a cautious approach to accounting, the IASB has missed the point – prudence requires a greater readiness to recognise losses than profits.”She said it was “particularly odd” the IASB acknowledged that this was reflected in current accounting standards yet omitted it from its draft Framework.The IASB launched its project to update and finalise its conceptual framework – the building blocks of its standard-setting activities – in 2011.Since then, it has issued a discussion paper and, more recently, an exposure draft.The framework defines the objective of general purpose financial reporting and details the two fundamental qualitative characteristics of useful financial information – relevance and faithful representation.Sitting below these characteristics are four so-called enhancing qualitative characteristics – comparability, verifiability, timeliness and understandability.The notion of prudence was originally in the 1989 iteration of the framework. The board removed it in 2010 but now proposes to reintroduce due to pressure from some investors.In the UK, an investor coalition that includes the Local Authority Pension Fund Forum, Threadneedle Investments and the UK Shareholders’ Organisation, has demanded that the IASB bring back prudence as an overriding accounting principle.The investor group recently wrote: “Prudence should be restored as the overriding accounting principle so that capital and performance are not overstated. The breakdown of realised and unrealised income should be visible to all.“They [IASB] are developing standards that suit the profession, but they are not setting standards with any consideration as to how they might be audited.“These changes are not just vital for effective stewardship by executives, directors and shareholders – they are necessary to bring the accounting framework back into line with existing legal requirements for capital protection as originally set out in the EU’s second directive.”The IASB tentatively voted to remove prudence from the framework during a May 2005 board meeting when it seemed likely the US would adopt IFRS as the reporting basis for public companies.A staff meeting paper from that meeting read: “Reliability is said, in FASB Concepts Statement 2, to comprise representational faithfulness, verifiability and neutrality, with an overlay of completeness, freedom from bias, precision and uncertainty.“It is said in the IASB Framework to comprise faithful representation, substance over form, neutrality, prudence and completeness.”The staff added that, although “the inclusion of neutrality [was] a non-issue”, it clashed with the accounting traditions of prudence and conservatism.Meanwhile, a decade on, the FRC now wants the IASB to make an explicit reference to “asymmetric prudence” – or a lower threshold for the recognition of liabilities and losses than for assets and gains – in the main framework text.The FRC said: “The effect of these changes is significant. In the 1989 text, the avoidance of understatement of assets, etc, was a check on the exercise of prudence—which naturally we would support.“But, in the text proposed in the Exposure Draft, it is placed as part of prudence itself. The result is that the idea of prudence loses any sense of direction and is indistinguishable from the idea of neutrality.“However, it is perverse to accept that a concept plays a role in accounting standards while omitting a discussion of it from the Conceptual Framework.“To do so is to accept that the Conceptual Framework is incomplete and that the IASB will have recourse to undefined and unspecified ideas in the future development of accounting standards.”This latest hard line from the FRC has left some IASB critics unconvinced.Leading UK accounting academic professor Stella Fearnley told IPE: “We don’t need statements or mantras about neutrality or bias.“A simple definition of prudence is all that is required so that assets are not overstated and liabilities are not understated.“Equally, profits should not be booked until they are realised, and losses should be booked as soon as they are expected.“From a public policy perspective, you have to ask why has it taken the FRC as long as it has to even get this far. We have the second-largest capital market in the world, and yet we seem unable to address this issue.”LAPFF chairman councillor Kieran Quinn added: “The Opinion of George Bompas QC is clear and covers the specific purpose of accounts, for which the correct model of prudence is the appropriate method to get the numbers right.“The standard setters are failing. Until the standard setters get the purpose right, they force an unnecessary debate about different version of ‘prudence’ when we believe there is clarity.” The UK accountancy and audit watchdog, the Financial Reporting Council (FRC), has slammed the International Accounting Standards Board’s (IASB) position on prudent accounting as “wholly inadequate.”Long-standing critics of the UK’s accounting establishment have, however, dismissed this latest salvo in the war of words over the standard setter’s conceptual framework project as mere semantics.In a hard-hitting attack, Melanie McLaren, the FRC’s executive director with responsibility for codes and standards, said: “We have consistently made clear to the IASB that stewardship, prudence and reliability are fundamental to financial reporting.“Although the Exposure Draft goes further than the IASB has previously in recognising their importance, significant further development is essential if we are to be confident that future IFRSs are to be of high quality.”last_img

Belize poultry farmers on alert for Bird Flu.

first_imgMajor outbreak of highly pathogenic avian influenza in Mexico puts Belize on national alert.BELMOPAN, Belize, Thursday July 5, 2012– Poultry farmers in Belize, especially in border areas near Mexico, are being asked to step up their biosecurity measures as the Belize Agricultural Health Authority has placed a national poultry health alert following Mexico officially reporting a major outbreak of highly pathogenic H7N3 Avian Influenza (“Bird Flu”).The outbreak has hit three commercial poultry layer farms in the central Mexican state of Jalisco and Belizean authorities have announced that precautionary measures are being taken and border controls along the Belize/Mexico border are being strengthened.However, in a bid not to create panic and drive down sales, authorities are sending the message that poultry products are safe for human consumption.“The disease rarely affects humans and requires direct contact with sick birds. In humans, the disease causes conjunctivitis and mild flu symptoms. The outbreak in Mexico started on June 13, 2012. In total, over one million birds are believed to be susceptible across the three farms and over 200,000 have already died from the outbreak. A further 60,000 have been destroyed. The sick birds showed signs of weakness, poor alertness, difficulty in breathing, were lying on their side and had drooping wings prior to death,” stated officials.Other countries in the region, Guatemala in particular, have also called national alerts and are strengthening their surveillance and diagnostic programmes for Avian Influenza.Control measures being applied in Mexico include: movement controls on poultry and poultry products; official sampling in commercial poultry farms, backyard poultry farms, and poultry markets; assessment of biosecurity and good livestock practices; and depopulation of affected farms.This outbreak in Mexico is considered a threat to Belize and the region due to a previous major outbreak in Mexico (in the period 1993 – 1996) where the disease became endemic and also spilled over into Guatemala and El Salvador.The International Regional Organisation for Health is working with the veterinary services of its member countries to harmonize preparedness and response measures in the face of this outbreak. The Belizean public has been requested to assist increased surveillance by not importing poultry products and reporting any importation to the authorities.Caribbean 360 News Share 55 Views   no discussions Share Sharecenter_img Sharing is caring! NewsRegional Belize poultry farmers on alert for Bird Flu. by: – July 5, 2012 Tweetlast_img

Drug-rob suspect shot to death

first_imgIntelligence monitoring indicate Lizzomay have been actively selling illegal drugs, said Bonilla. Robbery suspect Johnny Lizzo dies on his electric tricycle loaded with several cases of soft drinks. Gunmen peppered him with bullets early evening on Jan. 18. BCPO Responding policemen recovered from thecrime scene six spent bullets shells and six deformed slugs of a .45 caliber.Bonilla said these will undergo ballistics examination. As for the suspect’s background, Bonillasaid Lizzo was charged with robbery in August 2017 and with theft last year. Bacolod City Police Office spokespersonLieutenant Colonel Ariel Pico said it was still too early to say what thegunmen’s motive was. But probers have not discounted the possibility that itmay have stemmed from a drug deal gone wrong./PN Police Station 6 commander PoliceCaptain Elmer Bonilla said Lizzo died instantly.center_img Lizzo was also listed a drug suspect bythe Police Station 6. He turned himself in, said Bonilla. Johnny Lizzo, a resident of Barangay 40,was driving an electric tricycle loaded with several cases of soft drinks whena sport utility vehicle stopped and opened fire at him then sped away. Probers found a piece of paper atLizzo’s e-trike showing a picture of the victim with the words, “Drugs forsale, Marijuana pa more.” But they could not yet confirm if Lizzo was carryingthe paper or if it was left by the assailants. BACOLO City – A robbery and drug suspectwas gunned down by unidentified assailants on Mabini Street, Barangay 30. last_img

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