Skiing and snowboarding are fantastic ways to enjoy winter, but there’s room on the snow for even more. Why not try something new this season? Like skijouring. It’s skiing… with a dog or horse involved… Don’t ask just watch.
The Foundry by Habitat Development GroupThe scaffolding is coming down and construction is nearing its end, with prospective renters invited to check out the finished product next month.The Foundry at Woolloongabba will be completed by the end of May, and only nine of the 88 one, two and three bedroom apartments remain on the market.A render of an apartment kitchen at The Foundry in WoolloongabbaMore from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours agoBrisbane-based Habitat Development Group is behind the project, which has seen strong interest from both owner-occupiers and investors. Sales and marketing manager Michael Schenk said potential renters would soon be able to walk through.A render of an apartment kitchen at The Foundry in Woolloongabba“We are having a renters’ open day May 12 … we have done a few on the Sunshine Coast but I don’t know of anyone who does it in Brisbane on this level,” he said.Inner Brisbane residential vacancy levels fell from 4 per cent to 3.5 per cent in the March quarter, according to the latest REIQ report.The report found the inner ring (0-5km radius) tightened and returned from the weak range to a healthy 3.5 per cent, reflecting “good rental options for tenants, and good opportunity for landlords to secure good tenants”.“It’s gratifying to see that all areas of the Brisbane rental market are operating in the healthy range,” REIQ CEO Antonia Mercorella a said. “The data shows a resilient market capable of absorbing the perceived oversupply.”The Foundry is being built on a site that was held by the same family for over 50 years. It had been home to light industry and mechanic workshops. Woollongabba as a whole is undergoing a revitalisation, with infrastructure upgrades and new residential and retail developments including South City Square and Boggo Road Village. A number of other development approvals are before council.Ray White Stones Corner agent Nick Papi-Morini said the lower body corporate rates and the large size of the two bedroom apartments at The Foundry were key selling points.
The Local Authority Pension Fund Forum (LAPFF) believes the European Commission has made a major concession in addressing investor concerns over International Financial Reporting Standards (IFRS).In a letter dated 17 May addressed to the European commissioner responsible for financial markets, Jonathan Hill, the LAPPF writes: “Your written answer to Syed Kamall MEP (E-106071/2015) confirms our belief on both points of law relevant to the endorsement criteria for IFRS – ‘the target’ (being a true and fair view of assets, liabilities, financial position and profit or loss) and ‘the purpose’ (being for creditor and shareholder protection).”The letter continues: “[It] represents a significant change to the landscape of accounting standard setting. Our evidence is that accounting firms, standard setters and regulators have been working on assumptions contrary to that.”This latest development in the long-running war of words follows a bid by commissioner Hill to reassure investors over the financial stability impact of IFRS, including the new financial instruments accounting standard IFRS 9. In a letter dated 10 May seen by IPE, he wrote: “We have analysed EFRAG’s advice, and we are satisfied the standard has been properly assessed against the endorsement criteria of the IAS-Regulation.“In particular, we believe the issues you previously raised in your letter to me of 23 September 2015 have been adequately addressed.”The spat over the purpose of and basis for financial reporting in the EU between some long-term UK investor interests and the wider accounting establishment dates back to the 2008 financial crisis.Since then, concerns have mounted that accounts prepared under IFRS – particularly by banks – could be defective.The LAPFF is among those long-term UK investors that have been vocal in their criticism that IFRS accounts let potentially insolvent financial institutions pay out dividends and bonuses.These investors have argued that dividends paid on the back of unrealised profits ultimately rebound on to shareholders and creditors.In December last year, the LAPFF called on the European Commission to clarify its position on IFRS 9.In particular, the LAPFF believes EFRAG has issued defective endorsement advice on the standard.The LAPFF first contacted the European Commission about the issue on 23 September.The local authority pension funds body warned that the EU Commission could in future face legal action were IFRS 9 to be endorsed.Meanwhile, this latter exchange of correspondence in the dispute leaves the LAPFF holding its line that IFRS 9 fails to meet the EU’s endorsement criteria.LAPFF chairman Cllr. Kieran Quinn wrote in the 17 May letter: “Given that, the only way IFRS 9 could ever comply with the criteria of EU law, having been designed on different premise, would be by accident.”The letter also reveals that the LAPFF continues to believe the EU’s advisory body on accounting matters, the European Financial Reporting Advisory Group (EFRAG), has misapplied the EU’s accounting endorsement criteria in its formal advice to the Commission.Cllr. Quinn said: “The EFRAG has instead operated by taking the assertions of the International Accounting Standards Board as if it defined the purpose of accounts, rather than the rule of law.”Of particular concern to the LAPFF is the EFRAG’s continued support in its 15 September 2016 advice for IFRS 9, despite the fact it could mean banks pay out dividends based on what the LAPFF calls “unreliable level 3 numbers (mark-to-model asset values)”.This means, the LAPFF argues, that the profit or loss and financial position (net assets) will not be correctly stated either.It also dismisses the EFRAG’s suggestion any deficiencies in IFRS 9 could be fixed through a footnote disclosure. “[W]ords might accompany the numbers as a note to the asset valuations,” it said, “but, whatever that note is intended to do, it does not compensate for the asset value, and the profit or loss and the financial position being wrong in the first place.”The LAPFF argues that, although the purpose of accounts is creditor and shareholder protection, commissioner Hill has, in his latest letter, applied a far looser criteria of the Capital Maintenance Directive (2012/30/EU), not the Accounting Directive (2013/34/EU).Moreover, the Capital Maintenance Directive requires shareholders to pay back illegal dividends.The European Union’s endorsement criteria for accounting standards are set out in the accounting directive.The IASB’s efforts to replace its existing financial-instruments accounting literature with IFRS 9 has proved to be controversial.In March, it emerged that the European Systemic Risk Board has not yet undertaken a study of the financial stability impact of the new standard.