The start of this week saw a resumption of activities in China after authorities extended the Lunar New Year holidays over concerns about the coronavirus outbreak, including for thousands of Indonesian citizens who had chosen to stay put on the mainland.Private sector players began reopening their doors on Monday, a week after civil servants resumed their duties, according to the Indonesian Embassy in Beijing. People started to pack the streets of Beijing on the first day that shops and restaurants went back to business.Despite this facade of normality, however, Indonesian Ambassador Djauhari Oratmangun still urged all Indonesian citizens who had stayed in China to remain vigilant and take all necessary precautions to ensure they are unaffected by what the World Health Organization has labelled a global public health emergency.“We consistently call on Indonesians in Chi… China Indonesia health virus air-travel lockdown Wuhan-coronavirus Google LOG INDon’t have an account? Register here Log in with your social account Linkedin Facebook Topics : Forgot Password ?
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.
The hosts went 1-0 down in the 31st minute when their slack play at the back allowed Marouane Chamakh to score on his first Palace start. Charlie Adam equalised in the 58th minute, dispatching a shot beyond Julian Speroni from Jon Walters’ pass. Press Association Stoke came from behind with two goals in four minutes against Crystal Palace to ensure Mark Hughes’ first home game in charge of the Potters ended in a 2-1 victory. The hosts almost found an immediate reply as Crouch rose to get his head to Adam’s delivery and sent the ball against the bar. Palace were soon back on the attack, though, with Dean Moxey flashing an effort across the face of goal and narrowly wide. Jose Campana then looped a free-kick over the bar as the visitors finished the first half strongly. Stoke began the second period looking intent on getting themselves back in the game and within two minutes of the restart another good chance was missed by Crouch, with the striker completely miscuing an attempted header from a corner. Steven Nzonzi did not do much better in skewing a shot wide five minutes later, but Stoke kept up the tempo and Jon Walters’ produced an improved effort, lifting the ball over the bar. The equaliser duly arrived soon after as Walters received the ball from Crouch’s header and laid it to Adam, who placed it past Speroni into the net. Stoke’s momentum then swiftly yielded another goal as Huth and Shawcross made amends for their earlier sloppiness. Good perseverance in the box from the former saw the ball break for Shawcross to smash it home. Jason Puncheon went close to scoring a quick leveller, bursting into the box and unleashing a strike which Begovic slowed with a finger-tip at full stretch before smothering. Stoke then nearly added to their tally as Nzonzi lashed the ball against the post. Palace remained full of belief and after substitute Kevin Phillips had shot wide, Gayle was off-target with an ambitious volleyed attempt. Gayle also produced another unsuccessful shot in stoppage time as Stoke held on for the win. And Ryan Shawcross – who had been outmuscled by Chamakh in the build-up to the visitors’ goal – then netted what proved to be the winner in the 62nd minute, firing in when the ball ricocheted his way in the area. The result provided Hughes with his first points since being appointed as Stoke boss over the summer, and his first Barclays Premier League win since May 2012, when he was manager at QPR. Both Stoke and Palace were looking to bounce back from 1-0 defeats on the opening weekend of the season, and it was the home side who started the contest most brightly. Adam drilled a low shot from outside the box into the arms of Speroni in the sixth minute and the Potters continued to pressurise, winning three corners in quick succession but not being able to make anything of it. Dwight Gayle tried his luck at the other end in the 16th minute with a strike that Asmir Begovic got down to save, and Palace fans then appealed for a penalty when Joel Ward went down in the area under the attentions of Matthew Etherington, but referee Andre Marriner judged there had been no foul committed. Peter Crouch passed up an opportunity to put Stoke ahead in the 21st minute, nodding Etherington’s cross over the bar from inside the six-yard box. Palace had steadily been growing into the contest and just after the half-hour mark, they snatched the lead as Chamakh made the most of some poor Stoke defending. Alongside Shawcross, Chamakh chased a long ball which had been lofted forward by Damien Delaney, shrugged off the Potters defender with relative ease, cut inside – fooling Robert Huth – and slammed a shot past Begovic.