“But it is important to air these issues and start a debate. We want to see the IASB or the International Financial Reporting Standards Interpretations Committee look at this question and reach a position on it.”IPE has also learned that Jardine Lloyd Thompson (JLT) has raised the possibility of using a yield-curve valuation method.Executive director Hugh Nolan said: “We don’t see this becoming mainstream because of the potential risks, and smaller companies might find that the expenses outweigh any gains. As a result, the population of sponsors that might seek to benefit from this approach is very limited.”The IASB published its revisions to IAS 19 on 16 June 2011. The changes focus on three areas of pensions accounting – recognition, presentation and disclosure.As a result, from this year, DB sponsors must apply the net interest approach to disaggregate and present items of pension expense.They must also report service cost as a component of profit or loss, net interest income/expense on the total DB asset/liability, and pension plan remeasurements as a component of other comprehensive income.But new doubts over the wording in paragraph 85 of IAS 19 have brought into question the basis on which companies should calculate the net interest income/expense line item.Until now, the mainstream understanding has been that sponsors will calculate the net interest cost/credit by multiplying the balance sheet liability/asset by the discount rate.In its November client briefing, Mercer notes that, although this “simplified approach” is one possible interpretation of the standard, another is to use “a full-yield curve valuation using market-implied discount rates for each individual future year.”The impact of any change in the net interest calculation under current market conditions could lead to a substantial reduction in a DB sponsor’s P&L charge.“While the yield curve is upward sloping,” Mercer said, “a yield curve valuation may also lead to a lower service cost as it will use, on average, the higher discount rates at the longer end of the curve.”On the current shape of the yield curve, any entity adopting the alternative approach could expect to use a one-year forward rate running at less than 1%, with typical discount rates of around 4.5%.The approach is not, however, without its opponents.Simon Robinson, an employee benefits consultant with Aon Hewitt, told IPE: “IAS19 is quite vague in this respect, which is why some people are interpreting it as allowing this approach.”Robinson, who also chairs the Association of Consulting Actuaries’ Accounting Committee, added: “Looking at paragraph 85, it says the discount rate should reflect the timing of the projected benefit payments, but then goes on to say a practical approach is to use a single weighted average discount rate.“So it appears to suggest that the theoretically correct approach is to use more than one discount rate, but a practical expedient is to use a single discount rate.”Early signals suggest any DB sponsor planning to adopt the new approach could run into opposition from their auditors.Audit sources close to the issue, who spoke to IPE on condition of anonymity, signalled a lack of support for the idea among auditors.Securities regulators have also put pensions accounting under the enforcement spotlight.A spokesman at the European Securities and Markets Authority told IPE that, although enforcers have not yet addressed the specific question of yield curve valuations, “employee benefits are included as part of European Common Enforcement Priorities for 2013 year-end”. Mercer has raised a question mark over the calculation of net interest costs on defined benefit pension funds under International Accounting Standard 19 (IAS 19), Employee Benefits.In an online update to clients, the consultancy said it might be appropriate in some circumstances for DB sponsors to calculate their profit or loss charge on the basis of a one-year forward rate in place of the more traditional approach of using the IAS 19 discount rate.In current market conditions, a company showing a deficit on its DB fund could expect to reach a better P&L result were it to make the switch.Deborah Cooper, a partner with Mercer’s UK retirement resource group, told IPE: “On the one hand, this is a legitimate reading of the standard, but, on the other, practice is entrenched, and there is a lot of inertia against any change.
Plateau Rocks proved too hot for neighbours, Nasarawa Babes from Lafia to handle yesterday on the Day Five of the ongoing phase two of the Zenith Bank Women’s Basketball League in Asaba. The Jos girls dismantled Nasarawa 55-39 to put their dream of a Final Eight ticket back on track.All efforts by players of Nasarawa to measure up fell flat.The day however did not belong to Plateau alone.Oluyole Babes of Ibadan, who were beaten by host, Delta Queens on Wednesday, got back to the groove to snatch a 38-31 hard-fought victory from GT 2000.The match was keenly contested by the ladies from Ibadan made sure of victory and continue their push for a place in the play offs in Lagos. Another team from the South western part of the Atlantic Conference, Sunshine Angels also moved closer to a place in the Final Eight with a 52-23 defeat of Coal City Queens.Meanwhile, top players like Chioma Udeaja, Nkeshi Akashili and Upe Atusu have continued to show why they have been around for long.First Bank and Nigeria senior national team forward, Udeaja who had a brilliant season in 2014 where she won the most valuable player award can be referred to as the mother of allplayers in the league with her exposure and years of experience in the game for both club and country.Akashili, four-time most valuable player (MVP) has won the Zenith Bank league title with two teams- four titles with First Deepwater and one with First Bank Basketball Club.Akashili has won various laurels with the Nigeria senior national team one bronze and a silver at the 2011 and 2015 All Africa Games in Mozambique and Congo and an Afrobasket bronze medal in 2015 stood out among the pack.Upe began her career in the Zenith Bank League at the start of the 2009 season with First Deepwater where she spent four seasons before joining forces with First Bank basketball club. She blossomed under the tutelage of Coach AAderemi and Lateef Erinfolami.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
A question addressed to the Onondaga County DA began: “It’s no secret you’re one of the biggest SU fans out there …” I was shocked: I wondered what kind of narrative they were pursuing. Is it: Will this accident affect the way you paint your face Orange on Saturday, DA? Is it: Will you forgive Boeheim and root for the Orange, DA? Is it: Will you forget about the incident and focus on the game, DA?On the phone a day later, Brian Hernandez, Jimenez’s son, didn’t want to feed into the same story he’d seen written over and over again. He knows about the crash. He was told all the details. He wanted someone to ask about his Dad. It’s OK to show support for both of these people. John Violanti, a faculty expert on police stress at the University at Buffalo, said Boeheim, based on a National Comorbidity study, runs just about an eight-to-12 percent risk of developing post-traumatic stress disorder — commonly known as PTSD. But it can be triggered by the simplest of reminders. Traumatic stress for Boeheim could appear anytime from immediately after the crash to five months later, Violanti said. This also extends to the three others in the car with Jimenez at the time of the crash, who seemingly provided similar help.Scott Sabella, an assistant professor in UB’s department of counseling, school and educational psychology, with a background in family coping, said there’s no greater aid than a close support group, one that the Boeheim’s should feel and the family of Jimenez should see with the help of a now-closed GoFundMe campaign that raised nearly $13,000. For Boeheim’s recovery, it requires that he veer off cognitive dissonance or inconsistent thoughts about his own self-image, Sabella said. All the reports and members of the community told him he did everything he could. His next step to healing is to believe they’re true.“Based upon what we know today,” SPD Chief Kenton Buckner said on Thursday, “we have a tragic accident that resulted in a gentleman’s death that happened to involve a high-profile individual.”Alexandra Moreo | Senior Staff PhotographerBut that tragic accident caused loss, the worst pain that a family can feel, Sabella said. For the family of Jimenez, acceptance won’t do them any good. They know they did nothing wrong. Now they are simply left with a void. On the way to the Carrier Dome on Saturday, I was in another Uber, gripped in another conversation about Syracuse. “I hope (the fans are) respectful to Boeheim,” my driver said. “I hope they don’t cheer. He’s not that type of person. He doesn’t want that.” Finally, someone looked beyond basketball. That’s not what this was about, not ever. After the game, Boeheim was asked how he felt. But he — as he should have — said it didn’t matter.The moment of silence for Jimenez, before the game, came at the tail-end of thundering cheers as Syracuse introduced Boeheim out of the tunnel. Boeheim offered just his arm and a slight grin at the crowd that had been there to support him, and always has. It became clear what would be the lasting memory of that game, a hero’s welcome for Boeheim, a crowd behind their coach grieving.“This is never going away,” Boeheim said. “Tuesday it’s not gonna be any better. It’s not gonna be any better next week. It’s not gonna be any better next month. It’s not gonna be any better next year. But it doesn’t matter how I feel. It matters how the family feels.”For Boeheim, each trip by the home crowd will bring the reminders: of the community support, of the people who love and trust he did no wrong. But for the family of Jimenez, the gripping pain with extend to its barbeques, baseball games and fishing trips, attempting to fill a gaping hole. Don’t forget about their side of this tragedy.Michael McCleary is the sports editor for The Daily Orange where his column appears occasionally. He can be reached at firstname.lastname@example.org or @MikeJMcCleary.CORRECTION: In a previous version of this post, Scott Sabella’s title was misstated. The Daily Orange regrets this error. Comments Published on February 27, 2019 at 12:28 am Facebook Twitter Google+ UPDATED: February 27, 2019 at 7:56 p.m.Friday, I was riding an Uber back to my apartment after having dinner with my family. My driver and I started to discuss Syracuse. Syracuse basketball, that is. But in this city, if you mention something about a game between the Orange and the Duke Blue Devils, no one asks you to clarify what sport you’re talking about.In this unfortunate case, our conversation was obliged to shift. Two days earlier, late at night on Wednesday, Syracuse head coach Jim Boeheim struck and killed a man, Jorge Jimenez, on Interstate 690. It’s an event Boeheim has said will stay with him forever. It won’t get easier, he said, no matter how much time passes.My driver started to complain. He mentioned he heard Jimenez’s family spoke out that day about Boeheim’s decision to coach. Well, what was he supposed to do? The driver asked, as if he knew the answer before doubling back.“Well, I guess if I killed someone, I wouldn’t go to work a few days,” he concluded.AdvertisementThis is placeholder textBoeheim described the pain as “unimaginable.” Of course it is. Someone lost their father, their friend, their neighbor, and another is left with the fact that he might have ripped all of that away. From the moment after impact Wednesday, Boeheim seemed to do all the right things, according to the Syracuse Police Department. After the Duke game, he made the proper remarks. People let him know that, as they always will. But as the story developed, it revealed harsh realities about what happens when one side of an accident contains “the most beloved person in central New York,” as Onondaga County District Attorney William Fitzpatrick referred to Boeheim. Perpetrated by some shoddy reporting and sometimes uneven fan culture, the online coverage of this incident from both the media and the viewing public almost squashed the victim’s side of the narrative. We should not blame Boeheim: This was an unfortunate tragedy, and he should be commended for everything he’s done in response. We should understand he and his family’s pain. But we must not forget that someone lost their life, someone lost their friend, someone lost their Dad. When assessing the I-690 tragedy, out of respect for the Boeheim and Jimenez families, leave Syracuse basketball fandom out of it.As the news broke Thursday, “Boeheim” made its way into every headline, including those of The Daily Orange’s. It always will. That is not an exploitation of his status as much as it is an acknowledgment of his figure. But at the SPD press conference on Thursday, the 43-year Hall of Fame basketball coach’s eminence seemed to overshadow the details of the crash. Question after question came, which echoed the bevy of tweets that came out in support of Boeheim, and some, even, attaching a fake allegiance to an unnamed victim.
One of the most successful young Bosnian skiers in the category of alpine skiing, Šejla Merdanović, has received huge support from the Embassy of Norway for her training and preparations.The Norwegians secured 30.000 BAM for this project. The funding is planned to cover the costs of her ski training in Norway. From February 2013, the fifteen-year old Šejla Merdanović will be staying in Norway in three periods. During her stay in Norway she will be lodging at some of the best ski camps.Šejla Merdanović is the absolute winner of the B&H Cup in her category for the last seven years. She is also a member of the children’s A team representation of B&H in alpine skiing.