July 29, 2021
  • 10:03 pm Sovereign Trust Insurance Plc (SOVREN.ng) 2007 Annual Report
  • 10:03 pm Tullow Oil Plc (TLW.gh) 2007 Annual Report
  • 10:02 pm Sterling Bank Plc (STERLN.ng) 2009 Annual Report
  • 10:02 pm Sasini Limited (SASN.ke) 2009 Annual Report
  • 9:59 pm A CAP Resources Limited (ACAP.bw) HY2010 Interim Report

first_imgThe International Accounting Standards Board (IASB) has approved proposals from its interpretations committee to make two amendments to International Accounting Standard 19, Employee Benefits (IAS 19).The move came during a 22 January meeting of the board in London.Board members also voted to issue the two amendments for public comment as a single exposure draft.The amendments cover: the effect of actions by the trustees of a defined benefit (DB) pension scheme to limit a sponsor’s ability to recognise a plan surplus in its accounts; andhow a plan sponsor calculates current service cost and net interest costs following remeasurement of its net DB liability following a plan amendment or curtailment.The impact of the plan surplus amendment could be most keenly felt in the UK, staff acknowledged in a meeting paper presented to the board.Staff acknowledged that the amendment could be of interest in the UK, where trustees can enjoy “unilateral powers to buy annuities (without changing a pension promise)”.The accounting rules for DB pension obligations under International Financial Reporting Standards (IFRS) are set out in IAS 19.The first of the two amendments discussed by the IASB on 22 January concerns a document known as IFRIC 14, a guidance document that explains how DB sponsors should apply the so-called asset-ceiling under IAS 19.The document was originally published in 2007 by the IFRS Interpretations Committee’s predecessor, the International Financial Reporting Interpretations Committee, or IFRIC.At issue is paragraph 58 of IAS 19, which limits the measurement of a DB asset to the “present value of economic benefits available in the form” of refunds from the plan or reductions in future contributions to the plan.Interacting with this requirement in IAS 19, IFRIC 14 deals with the interaction between a minimum funding requirement and the restriction in paragraph 58 on the measurement of the DB asset or liability.When a DB plan sponsor applies IAS 19, it must first measure the DB obligation using the projected unit credit method, on the one hand, and fair value any plan assets on the other.This calculation will produce either a DB asset or liability at the balance sheet date.Where a plan is in surplus, the sponsor recognises the lower of any surplus and the IAS 19 asset ceiling – that is, the economic benefits available to the sponsoring entity from the surplus.However, a constituent has asked the committee to consider whether preparers should take account of events that might disrupt the plan unfolding in line with the IAS 19 assumptions when they apply IFRIC 14.An example would be the trustees of a DB scheme whose future actions could reduce the ability of a sponsor to recognise an asset.For example, the trustees of a plan might have the power to augment members’ benefits or wind up the plan and purchase annuities.The committee previously discussed the issue during its March, May, July and September meetings last year.As for the impact of the proposed amendment, staff noted in their meeting paper that if a plan is closed to accrual of future benefits, “the impact of this issue could be significant”.This is because, staff continued, the “economic benefits from reductions in future contributions are not available (i.e. economic benefits are available only from a refund of a surplus)”.Outreach conducted by staff on the likely impact of the changes has “implied that this issue could have significant impacts on some cases and that diversity in practice exists”.Separately during the meeting, the IASB also tentatively agreed with the recommendation from the IFRS IC to amend IAS 19 to clarify the treatment of plan amendments, curtailments and settlements.The board confirmed DB sponsors should determine current service cost and the net interest for the remaining period after a plan remeasurement has occurred using the assumptions arising in the remeasurement.In addition, the board agreed that a sponsor should base the calculation of the net interest charge for the rest of the reporting period on the remeasured net defined benefit liability or asset.It also clarified the treatment of current service cost arising either before or after a remeasurement.The board said service cost arising in the current reporting period before a plan remeasurement occurs remains a component of current service cost and not past service cost.Service cost under IAS 19 is the cost borne by an employer of providing a retirement plan.The net interest charge is calculated by multiplying the net DB asset or liability by the sponsor’s chosen discount rate.Subject to confirming that the board and the IFRS IC have complied with formal due process requirements, the board will issue the proposed amendments in a combined exposure draft for public comment.last_img read more

READ MORE

first_imgJames Sowole in AkureThe Ondo State Commissioner for Sports and Youths Development, Mr Saka Yusuf Ogunleye has blamed Osun United thugs for the injuries inflicted on supporters of Sunshine Stars last weekend in Ijebu Ode.Over 20 indigenes of the state who are supporters of the state-owned Sunshine Stars Football Club were attacked by irate football fans loyal to Osun State owned Osun United Football Club during the ongoing AITEO Cup match at the Ijebu Ode Stadium, in Ogun State. Ogunleye who addressed the press in Akure on Monday alongside his Information and Orientation counterpart, Mr Yemi Olowolabi, alleged that the supporters of Sunshine Stars were injured by suspected thugs from Osun State.He said about 40 vehicles with the inscription of Osun logo were mobilised to the stadium, adding that many of those who attacked Ondo people were suspected loyalists of the All Progressives Congress (APC) in Osun State, going by the clothes many of them wore.He said trouble started after the match ended 3-1 in favour of Sunshine Star FC, stressing that the Ondo team was caught unawares, thereby making many of them to sustain various degrees of injuries.Ogunleye who said he was physically present at the stadium during the attack, alleged that Osun State Governor, Mr Rauf Aregbesola called an Oba when those who perpetrated the attack were arrested by the Police.Two of the victims of the attack, Messrs Ayodele Folorunsho and Felix Olowa who sustained injuries on their heads, recounted at the press conference that various weapons including cutlasses and stones were used freely on them.The duo said they lost many of their personal belongings including mobile phones, shoes and clothes to the attack.Speaking, the commissioner for Information and Orientation, Mr Olowolabi said the attack on Ondo people was unfortunate and called on the Osun State Governor, Mr Rauf Aregbesola to call his people to order.Also, he called on well-meaning traditional rulers and eminent personalities in Yoruba land to call Aregbesola to order to avoid dispute between the two neighbouring states.He informed that many of the victims of the attack were already receiving medical treatment in various hospitals across the state.Although Olowolabi did not link the attack to the recent attack on the Osun State Commissioner for Regional Integration, Mr Bola Ilori, he decried the situation and stressed the need for peace to reign between the two states.Ilori, an indigene of Ondo State, but a serving commissioner in Osun State was last Thursday attacked at the International Events Centre, Akure, during the public hearing onrestructuring and true federalism organised by the APC.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

READ MORE

first_img (Getty Images) https://images.daznservices.com/di/library/sporting_news/8c/5d/paul-goldschmidt-072619-getty-ftrjpg_15lsarry23x3s14zp6ksxgumv9.jpg?t=753350428&w=500&quality=80 1. DodgersPrevious: 1 The Dodgers somewhat disappointingly standing pat at the deadline despite having some needs — namely bullpen — is confusing. Still, they’re the best team in baseball and not by much, especially now that the Astros acquired a former Dodger to reinforce their rotation.Max Muncy notched his first career walk-off hit on Sunday. Despite being 14-10 in July, the Dodgers still have the best record in baseball — tied with the No. 3 team on this list by winning percentage.MORE: Ranking the 5 most frustrated fan bases after trade deadline2. AstrosPrevious: 3The Astros pulling off the shocker of the deadline, because what else is new?This is a team that got Justin Verlander at the waiver deadline in 2017, got Gerrit Cole before the 2018 season and got Zack Greinke, a third ace for a third straight season. Not to mention, they also traded for Aaron Sanchez, who responded by pitching six no-hit innings for Houston in their combined no-hitter vs. Seattle on Saturday.I don’t know about you guys, but there’s something exceptionally frightening about the Astros trading for Greinke and Sanchez, knowing their track record for improving pitching over the last four years or so.3. YankeesPrevious: 2The Yankees stood pat at the deadline, which they are totally within their right to do. But all the reports leading up to the deadline — ones like these — were proven to be entirely false.They’re still a deep team with a lot of good players seemingly, maybe, potentially one day returning from the IL — Luis Severino, Dellin Betances, Jordan Montgomery (maybe?) — so it’s not surprising to see them not make a move. But, at one point, the Yankees have to make a move, right? Passing on Dallas Keuchel, Patrick Corbin and others this offseason is more telling than passing on guys at the deadline.With more pitching available this offseason — headlined by Gerrit Cole — what the Yankees do in October will directly influence what they do this December.RIVERA: A pressing post-deadline question: Are the Yankees trying to win?4. BravesPrevious: 5The Braves did well to not sit on their hands and make some moves for bullpen help, something they really needed. None of the three guys they traded for are slouches, either — Shane Greene is in the middle of a career year (early results with Atlanta notwithstanding), Mark Melancon is a proven bullpen arm and Chris Martin is a 10 K/9 guy. Atlanta could have used some more veteran pitching help, but shoring up the bullpen was priority 1A, and it was a job well done.5. TwinsPrevious: 4The Twins really needed to be in the market for another starting pitcher especially given the recent struggles of Jake Odorizzi. They did well to add some arms to a bullpen that sorely needed them, acquiring Sergio Romo and Sam Dyson prior to Wednesday’s deadline.Minnesota can still bop, but their recent average-ness is concerning. In their last 30 games they’re just 16-14 and 12-9 since the All-Star break.  21. RockiesPrevious: 20The Charlie Blackmon trade rumors resulted in nothing, as Colorado gets to gaze upon Chuck Nazty’s beard for at least another two seasons.22. RedsPrevious: 22Trevor Bauer being traded isn’t all that surprising. Bauer being traded to Cincinnati is. Bauer helps round out a rotation that features Luis Castillo and Sonny Gray, both having great seasons.23. PiratesPrevious: 23Holding onto Felipe Vazquez is the right move despite Pittsburgh’s tailspin, and not budging off their price is admirable business, too. That said, recent trade history isn’t exactly glowing for the Pirates’ front office.24. Blue JaysPrevious: 27The return for Marcus Stroman was light, and giving up Aaron Sanchez and two others for Derek Fisher means the Blue Jays had a really questionable trade deadline.25. White SoxCloser Alex Colomé stays put — somewhat surprisingly — despite Chicago being reportedly wooed by Philadelphia for his services.26. MarlinsPrevious: 26Trading Zac Gallen was the most intriguing deal of the deadline. Maybe Gallen turns out not to be as good as his early success indicates, but trading a young, controllable middle-of-the-rotation type guy for a Double-A lottery ticket, is strange — not bad — even for a rebuilding Marlins squad.27. MarinersPrevious: 28The Mariners traded Mike Leake, Roenis Elias and Hunter Strickland. Jerry Dipoto must have been doing backflips.28. RoyalsPrevious: 25The Royals did good not to ship off Whit Merrifield — KC need something to look forward to, after all.29. OriolesPrevious: 29It’s surprising that the Orioles didn’t make any moves at the deadline, but it’s hard to sell to a fanbase that you’re waving the white flag on a season where many white flags have already been waved. 30. TigersPrevious: 30The Tigers asking the moon for Matthew Boyd is … something else, especially when you consider how average he’s been of a starter his entire career. 6. CubsPrevious: 6The Cubs picked up arguably the best available bat on the market in Nicholas Castellanos, who should fit seamlessly into the Cubs lineup. The Albert Almora era is (seemingly) over in Chicago.Chicago North can’t seem to win on the road: they dominate at home (39-18 record at Wrigley) but are 12 games under .500 on the road (21-33). 7. AthleticsPrevious: 8The A’s continue their second-half surge and get reinforcements by way of Tanner Roark. While Roark’s numbers won’t blow anyone away, there’s something to be said about Athletics sorcery and witchcraft that will someone turn Roark into a 2.30 ERA, 0.900 WHIP, 12 K/9 pitcher.With Sean Manaea suffering another potentially minor setback in his rehab, the deal for Roark was probably an insurance measure. In any case, they’ll need Manaea back at some point to help with their wild-card push.8. IndiansPrevious: 7The end of the Trevor Bauer Era in Cleveland isn’t as detrimental as some might believe. In fact, the Indians made out like bandits in that deal, securing oft-traded Logan Allen, young slugger Franmil Reyes and more, all moves that help now and in the future.It’s always a bit irresponsible to rely on injured players to come back and be effective, but even with Corey Kluber’s early season struggles, his track record is safe to lean on a bit. With Justi- uh, Shane Bieber pitching as well as he has, Cleveland has making Beliebers out of some.MORE: It’s on Trevor Bauer to become attraction — not a distraction9. NationalsPrevious: 10The Nats brought in Roenis Elias, Hunter Strickland and Daniel Hudson to reinforce their bullpen. Elias is already on the IL with a hamstring injury, Hunter Strickland has only appeared in a handful of games in 2019 and Daniel Hudson was having an OK year with Toronto. Someone check the water in the Nats bullpen.If the Nationals are gonna go anywhere, it’s going to be on the strength of their top three starters, Max Scherzer, Patrick Corbin and Stephen Strasburg. All three have been very good to excellent this year, with little disparity between them. While they’re 3-7 in their last 10, Washington’s production should be more good — like they were for a month — than bad, like we’ve seen recently.10. RaysPrevious: 11The Rays have turned it back on again. It’s going to be very difficult for them to navigate their way to a wild-card spot without the likes of Blake Snell and Tyler Glasnow (both injured), with uncertainty surrounding Glasnow’s return this season.Bringing in Jesús Aguilar is a very, very Rays move. Let’s not forget Aguilar was an All-Star last year and one of the key cogs to the Brewers offense, and he’s already making his presence known with Tampa Bay.A little surprising to see the Rays not make the effort to find a quick, cheap rotation fix to ease the bullpen burden. But with reinforcements still in line via farm system, maybe it’s not yet time to hit the panic button.Middle of the pack (Getty Images) https://images.daznservices.com/di/library/sporting_news/18/2e/dave-roberts-073119-getty-ftrjpg_9xqpp33p33j3zq3doh17yzy9.jpg?t=1244448900&w=500&quality=80 What a weird trade deadline.There was a lot of smoke but not as much fire, probably as a direct result of the sole trade deadline this year. It’s a simple equation: One trade deadline plus two wild cards equals more teams staying in it. There were many arms reportedly available — Zack Wheeler, Noah Syndergaard, Matthew Boyd, Mike Minor, Madison Bumgarner chief among them — but the one that did move, no one expected to be moved.MORE: Here’s how to watch “ChangeUp,” an MLB whiparound show, for free on DAZNWe had a three-team trade. We had a buzzer-beater deal. The other trade that the Astros made has already paid dividends.Now, without further delay, the latest MLB Power Rankings with a trade deadline recap twist, brought to you by the good folks at Sporting News. As always, do not @ me. (Getty Images) https://images.daznservices.com/di/library/sporting_news/6e/e7/charlieblackmon-getty-ftr-042518jpg_1d70d9a273tt11fnd4jynfjlxu.jpg?t=-42527790&w=500&quality=80 (Getty Images) https://images.daznservices.com/di/library/sporting_news/ba/39/nicholas-castellanos-080519-getty-ftrjpg_1slgrud6kl39k1dxw3imp61yvg.jpg?t=1644965916&w=500&quality=80 11. CardinalsPrevious: 13The biggest trade St. Louis made actually came before the season. Since July 2, Paul Goldschmidt is slashing .301/.354/.680. The Cardinals are 17-11 in those games and have turned around their season.12. PhilliesPrevious: 14Jason Vargas was the big Phillies trade acquisition. The Mets must have known something to send Vargas to a team in front of them in the standings, right?13. GiantsPrevious: 16Are the Giants legit? They certainly think so, keeping Madison Bumgarner around and shipping off some smaller pieces (Drew Pomeranz and Sam Dyson) before the deadline.14. Red SoxPrevious: 12The Red Sox stood pat at the deadline. You get real 1997-into-1998 Marlins vibes from a team that just won the World Series last year.15. BrewersPrevious: 9Another year, another deadline passes with the Brewers doing seemingly nothing — except getting lefty starter/bullpen guy Drew Pomeranz. Uh … woohoo?MORE: Five World Series champions who had quiet deadline days16. RangersPrevious: 15Trading Chris Martin was fine, so was not trading Mike Minor. The Rangers are opening a new stadium in 2020, so they’d likely want to compete, and Minor will be a part of that.17. MetsPrevious: 21In: Marcus Stroman. Out: Jason Vargas. I’d say that’s an upgrade. The Mets are hot and with an improved rotation and a performing bullpen, watch out NL wild card.18. DiamondbacksPrevious: 17The D-Backs pulled off the stunner of the deadline, shipping Zack Greinke to the Astros. They also pulled off another surprise deal, acquiring Zac Gallen from the Marlins.19. PadresPrevious: 18The Padres getting MLB Pipeline No. 30 overall prospect Taylor Trammell from the Reds in the three-team trade for Trevor Bauer is surely exciting for San Diego — they must see superstar potential with Trammell.20. AngelsPrevious: 19Unsurprising to see the Angels make no trade deadline moves, even with the Jonathan Lucroy trade rumors (he’s on the open market now). They did trade for Max Stassi from the Astros, so, that’s a thing.MORE: Examining post-trade deadline MLB divisional and World Series oddsBottom thirdlast_img read more

READ MORE

last_img

READ MORE