View Comments This is a timely reminder to start planning our viewing parties. Access Hollywood recently went behind the scenes at a photo shoot for NBC’s The Wiz Live! and we learned some interesting tidbits about the forthcoming telecast. “I’m a method actor and I’ve had this lion outfit on for about two weeks,” David Alan Grier revealed. “I actually went to the Central Park Zoo and I was put in a cage with lions, just to get their movements, eating raw meat, and I made it!” Oh-kay. Meanwhile, Ne-Yo is taking on the role of the Tinman and admitted: “It’s becoming real for everyone now.” Check out the video below and prepare to ease on down the road with newcomer Shanice Williams, Queen Latifah, Mary J. Blige, Uzo Aduba and more on December 3!
For credit unions, a popular tool to monitor credit risk is a standardized risk rating system, which can serve several purposes. These systems often determine credit approval processes, covenants placed on the borrower and how loans should be priced. They can also form the basis for broader risk management practices – for instance, setting the reserve, stress testing the loan portfolio, setting risk appetites and strategic planning. Unfortunately, there are no specific requirements for credit risk rating systems, though there are several expectations outlined in OCC guidance. That said, banks and credit unions have the ability to customize a rating system to best fit the unique risk characteristics of their institution.For most community banks and credit unions, internally-developed risk rating systems are used. These systems typically use a scorecard rating based on level of risk in Pass and Criticized categories. Some institutions may have one system for all loan types, while others may have different templates for various loan types.The goal of a risk rating system should be to assess a borrower’s potential future payment volatility by reviewing several characteristics. For instance, when assessing the current financial health of the borrower’s business, global cash flow, global debt service coverage, global debt to equity, financial statement strength and loan to value and collateral value for the loan should be considered. In addition, financial projections for the business and industry health should be reviewed and incorporated into the grade. The important item to remember here is to focus on future performance, not just historical data. continue reading » 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Broome County District Attorney Michael Korchak said Wednesday he is settling well into his new job. BINGHAMTON (WBNG) — 12 News checked in with newly sworn-in Broome County District Attorney Michael Korchak on his first, full day on the job. Korchak says his major focus is on the work ahead of him. He says his responsibilities moving from Broome County Chief Assistant District Attorney to district attorney have changed, saying, “Now I’m overseeing a lot more people and there’s a lot more moving parts and we have some people coming into the office, we had a couple people leave the office, so there’s a lot of changes that are taking place in the Broome County D.A.’s Office.” “It was a smooth transition with Steve Cornwell, he left me a great staff in place so I’m really looking forward to getting to the task at hand and that’s serving the people of Broome County as their D.A.,” said Korchak. “We have all these new laws that were implemented at the stroke of midnight on New Year’s, bail reform act, discovery reform act,” he said. “It’s finally over, I can finally settle into the job that I always wanted to do, and that’s serve the people of Broome County as their district attorney and help protect the community, work closely with law enforcement and do what we can for the crime victims in the area.” And he’s looking forward to the future.
NEW YORK (WBNG) — Governor Andrew Cuomo gave an update to New Yorkers on the state’s progress with COVID-19, saying the statewide rate of positive cases is at 1.51%. In the whole of the Southern Tier, reports showed a positivity rate yesterday of less than 1%. Governor Cuomo said, “New York had the highest positivity rate in the nation at the peak of this crisis — now we have the third lowest in the nation. New Yorkers should be very proud of that fact, but we also need to remain vigilant.” To see Governor Cuomo’s micro-cluster strategy, click here. Broome County’s rate of positivity went down to 2.31% as reported. The 7 day rolling average for Broome County as a yellow zone area is reported as 6%. Governor Cuomo said yesterday, focus zone areas in the state reported a rate of positivity of 3.1%, while the remainder of the state reported a rate of 1.36%. Governor Cuomo reported 1,125 hospitalizations due to COVID and 17 deaths in the state yesterday from the coronavirus. Two of those reported deaths occurred in Broome County.
Such chic people! The 2020 People’s Choice Awards is taking place tonight, November 15, and it has proven to be quite a stylish A-lister affair. With Jennifer Lopez being honored and Demi Lovato hosting, how could it not be? Broadcast live from Barker Hangar in Santa Monica, California, celebs hit the red carpet in their coolest, most beautiful looks. And though the night’s still young, we cannot get enough! – Advertisement – – Advertisement – The People’s Choice Awards has always been a head-turning event when it comes to celebrity style. Just last year, we saw lots of standout ensembles, including Zendaya’s cutout Christopher Esber gown, Gwen Stefani’s ruffled white Vera Wang number and Lucy Hale’s single-sleeve jumpsuit. Not to mention all the Kardashian sisters attended in their sexiest get-ups. While Kim dazzled in a two-tone Versace dress with sequins on one side and a snakeskin print on the other, Kourtney rocked a glitzy embellished pantsuit with a black bra peeking out and Khloé donned a form-fitting frock with a thigh-high slit. – Advertisement – So far, this year, it’s been equally as awe-worthy. Giuliana Rancic slayed, per usual, in a single-sleeve, animal print number and Lovato dazzled in an orange sequin-covered jumpsuit with matching her cocktail rings. To see these looks and more from the incredible People’s Choice Awards red carpet, keep scrolling. Listen on Spotify to Get Tressed With Us to get the details of every hair love affair in Hollywood, from the hits and misses on the red carpet to your favorite celebrities’ street style ‘dos (and don’ts!)- Advertisement –
The specialty goat cheese is available at markets across south east Queensland.“Now, nearly five years later we have 44 goats,” she said.They installed the necessary infrastructure for cheese making and milking and built a loyal customer base around south east Queensland with their well-received Frolicking Goat branded goats cheese.With their cheese winning awards and orders growing, she said they would need to move to a larger property outside of Brisbane to keep their business growing. “I can’t have silos for grain so it is very expensive for us to be in Brisbane,” she said. The specialty goat cheese has won several industry awards.Owners Lyndall Josey said she and her husband Peter Schwenke just wanted a relaxing Brisbane home they bought the property at 200 Kloske Road in Burbank 16 years ago.But when her husband wanted a career change from IT, he decided to learn the art of making goat cheese.“He had no farming background whatsoever,” Ms Josey said. After he learned the basics of making goat cheese, they bought one goat so they would have a steady supply of milk.More from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours ago SAY CHEESE: The owners transformed the acreage property into a small goat farm.CHEESE lovers, this house could be for you.An acreage home in Brisbane’s south east comes with one unique addition that is a real rarity in capital city property.With the entire infrastructure for goat farming and milking installed on the property, a new owner could be making their own goats cheese in no time. The goats do not come with the property.Although the goats were not for sale, the goat shed, milking area and hay shed was staying with the home.“It would suit any form of livestock,” she said. As well as the farming facilities, the 1.99 hectare property has a five-bedroom home with solar power and a backyard pool. Acreage with a difference.The property will be auctioned by Ray White Springwood on Friday, May 11 at 10am.
However, speaking in support of FRED 55, Aon Hewitt accounting specialist Martin Lowes said: “This strikes me as a very sensible departure from IFRIC 14, and they have clearly taken a pragmatic approach within the spirit of simplifying GAAP for smaller companies.”FRS102 is a simplified and localised version of the IFRS for SMEs.It takes effect for accounting periods beginning on or after 1 January 2015 and replaces the majority of today’s UK Financial Reporting Standards and UITF Abstracts.In effect, this means the majority of UK and Irish large and medium-sized entities – among them public benefit entities, retirement benefit plans and financial institutions – will apply the new standard.The source of the dispute between the experts are proposals in FRED 55 that the FRC hopes will address concerns over whether or not an entity that applies FRS102 should have regard to the principles in IFRIC 14.IFRIC 14 is a guidance document issued by the IASB in 2007.It deals with the interaction between a minimum funding requirement and the restriction in paragraph 58 of IAS19 on the measurement of the DB asset or liability.FRED 55 would kick in where an entity reports under FRS102 and has already booked a DB asset or liability on its balance sheet.As the proposals stand, an entity in that position would need to recognise no further liability in respect of an agreement to pay future deficit contributions (in excess of the accounting deficit) under a schedule of contributions.In addition, on a separate issue, FRED 55 confirms that entities should recognise the effect of restricting the recognition of surplus in a DB plan, where surplus is not recoverable, in other comprehensive income and not in profit and loss.The FRC has issued a number of editorial amendments and clarifications to FRS102 since it released the new standard on 14 March 2013.Entities that are not required to apply EU-endorsed IFRS, the FRS101 Reduced Disclosure Framework or the FRSSE must apply FRS102.Explaining the impact of the FRED 55 approach against full IFRS, Martin Lowes told IPE: “The FRC has proposed a few extra words to bring about some clarity.”The UK regulator, he said, has “clarified that if you have promised to pay future deficit contributions, you don’t need to look at whether you will build up a surplus in the future and then look at whether you can get benefit from that future surplus.”Instead, he said, DB sponsors “just need to look at whatever the pension surplus or deficit is at the balance sheet date”.But this clarification, Narayan Peralta argued, runs the risk of creating accounting arbitrage between FRS102 and IAS19R/FRS101.“This is unfortunate, as, faced with the option between FRS101 and FRS102, there is now a ‘pensions arbitrage’ if an entity faces no other material differences between the standards,” he said.Choosing FRS102, he explained, “could leave them with a significantly better balance sheet position”.For IFRS reporters who recognise an additional liability under IAS19, Peralta went on, “there will be a GAAP difference to their statutory accounts”.The FRC has previously said one of FRS102’s objectives is to “have consistency with international accounting standards through the application of an IFRS-based solution unless an alternative clearly better meets the overriding objective”.Practice around the asset ceiling in pensions accounting has gained added urgency since May this year, when the IFRS Interpretations Committee (IFRS IC) began looking at the issue.Specifically, the committee is mulling changes to IFRIC14 that could restrict the size of the balance-sheet asset a DB sponsor is able to recognise on its balance sheet asset. 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 IAS19 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, even though they might have taken no steps to do so at the entity’s balance sheet date.Neil Crombie, a senior consultant with Towers Watson, said: “We are surprised by the FRC’s decision to adopt the approach it has with FRED55 in that we would probably have expected an approach more consistent with the direction of travel on IFRIC 14.”As for concerns about accounting arbitrage, he said although he agreed there was now potential for inconsistency between IFRS and FRS102, “any decision to go for UK GAAP over IFRS will come down to a lot more than just pensions”.Interested parties have until 21 November to comment on the proposals.If adopted, the amendments will be effective for accounting periods beginning on or after 1 January 2015. The UK Financial Reporting Council (FRC) has issued proposals for public comment it hopes will clarify how defined benefit (DB) plan sponsors will account under UK and Irish Generally Accepted Accounting Principles (GAAP).In a statement, Roger Marshall, FRC board member and chairman of the FRC’s accounting council, said: “The proposed amendments are intended to resolve uncertainty over the application of FRS 102 in a proportionate and practical manner before FRS 102 becomes mandatory.”But expert practitioners who spoke to IPE.com about the move gave the proposals, referred to as FRED 55, a mixed reaction.In particular, KPMG director Narayan Peralta warned that the move risked accounting arbitrage between FRS102 and International Financial Reporting Standards (IFRS).
Coller Capital’s latest quarterly Global Private Equity Barometer suggests the world’s limited partner (LP) community is almost unanimous in its expectation that defined contribution (DC) pension schemes will become a source of private equity capital over the next five years.The findings, based on the private equity secondaries specialist’s survey of 114 investors worldwide, also show growing enthusiasm for private equity in general, and buy-and-build and private credit in particular – despite some concern over what the exit environment for private assets might look like in 3-5 years’ time.Almost nine out of 10 investors see DC providing private equity capital within five years, with 27% of European LPs believing DC schemes will provide “significant” capital to the asset class.Stephen Ziff, a partner at Coller Capital, said: “The backdrop to the finding about DC assets going into private equity is one of more capital in general moving into alternatives, and private equity in particular. “But in addition there has been a shift in the pensions landscape over the past several years, and GPs are certainly looking for new sources of capital. The industry is slowly starting to get to grips with the challenges, to varying degrees – particularly features of DC investments like liquidity and daily pricing.”The survey hints at more big shifts in the way funds are raised for private firms. Responses suggest a big increase in the number of investors making direct investments or co-investments for more than 25% of their private equity assets within five years – going from 23% of respondents to 38%.Credit also looks set to grow in importance alongside equity in private asset portfolios, with 34% of LPs expecting to increase their allocation over the next 12 months.“Credit is still attracting capital, reflecting this continuing disintermediation of the banks,” said Ziff – a trend reflected in another survey finding, that 65% of investors expect collateralised loan obligations (CLOs) and high-yield bonds to provide a larger share of buyout debt financing in the next three years.Investors are focusing their attention on the middle ground of growth equity, at the expense of both large LBO and venture capital.Two-thirds of survey respondents expect buy-and-build to outperform other buyout investments over the coming cycle.LPs also think further enhancement of GP operational skills – a crucial capability for buy-and-build – has the greatest potential to boost returns, relative to greater specialisation, improved understanding of macroeconomic cycles, new fund structures or wider adoption of ESG principles.“LPs recognise that the buy-and-build approach will become increasingly prominent in an era when you can’t just rely on financial engineering,” Ziff said.Meanwhile, almost half of the LPs surveyed say venture capital is now “irrelevant” to the funding of early-stage innovation.Ziff suggested this is down to the rise of new sources of funding – including crowdfunding, corporate venture within the cash-rich tech sector, and second-generation entrepreneurs who are seeding their next business with proceeds from their first.“But in the venture world itself,” he added, “a number of funds have moved from pure venture into growth equity financing and buyout without there being a steady stream of replacements.”Ziff said the survey highlights the “continued resurgence” in private equity, revealing an LP community looking to increase their allocations over the next 12 months and expressing positive expectations for returns over the next 3-5 years – higher than they were for the same period two years ago.The contrast with hedge funds, where one-third of respondents plan to reduce allocations – ostensibly in the light of the divestment decision recently taken by CalPERS – is clear from the survey.“Private equity is generating performance in a low-yield environment,” said Ziff. “The one note of caution is that LPs do have an eye on the exit environment looking 3-5 years’ out.”Almost 40% of the respondents – 41% of which were based in Europe, while 45% represented pension funds or insurance companies – expect the next “major downturn” to occur within three years, while there is near-unanimity on a major downturn within five years.Fieldwork for the Barometer was undertaken for Coller Capital in September and October 2014 by Arbor Square Associates.
The Resort home at Jensen.A SIX-BEDROOM, resort-style home has taken out the prestigious North Queensland Master Builders House of the Year award.The winner was announced at the Ville last night during the 2018 Housing and Construction Awards ceremony. The Resort home at Jensen.The home built by Dean Powell Constructions was a standout due to its exceptional street appeal and contemporary styling.The owners wanted a resort-style home that made use of innovative, easy-care finishes while taking advantage of the cooling breezes.They also wanted a resort-style pool, while the home, which is positioned on a large acreage block, had to suit an urban/country lifestyle. The Resort home at Jensen.The house was also made to be energy efficient through the use of solar power including battery storage, solar hot water, roof insulation, large eaves, tinted windows and louvres which minimise the need for airconditioning and artificial lighting.The large master bedroom has an ensuite bathroom and walk-in wardrobe while a formal lounge area overlooks the pool and garden to evoke a relaxed feel. The Resort home at Jensen.There is also a 150sq m rendered block shed in matching colours and finishes to the house.Dean Powell Constructions and their team of skilled tradesmen delivered the home on time to create a house that provides comfortable, North Queensland living. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020The Resort home at Jensen.Master Builders judge Martin Brooke said the home was a high-quality build that showed attention to detail.“It has a really impressive entrance and there was a really seamless transition between the indoor and outdoor areas,” he said.“I really liked that the outdoor area, while being open, was also sheltered so it was designed for North Queensland weather conditions. It was definitely liveable and was designed around the needs of the owners.”Upon entering the home you’re met with the statement foyer which sets the tone of the home.The house’s huge kitchen has a butler’s pantry and luxurious finishes while the dining and entertaining areas use natural ventilation to cool the home in North Queensland’s hot and humid climate.
61 Goldrush Close, GoldsboroughA NEW survey has revealed sellers hoping to spruce up a property and add value need not overspend on a new kitchen or bathroom.Tradie comparison site ServiceSeeking.com.au has revealed that shrewd property investors are spending much less on kitchen and bathroom renovations that most might think. The average quote for a kitchen renovation on the website is just $7685 and bathrooms is $8429.Typical kitchen renovations include adding new cupboard doors, benchtops and flooring, which might add $20,000 to $30,000 to the equity – double or triple the investment. On the other side of the coin, the research found small kitchen and bathroom renovations could be very lucrative for tradies. ServiceSeeking.com.au member Murray Pulldore said by focusing on these jobs, he had generated $500,000 of turnover. The average quoted price for a kitchen renovation in 2017/18 was $7685, down from $7795 in 2016/17.The median quoted price for a kitchen renovation in 2017/18 was $5520, down from $5500 in 2016/17.The average quoted price for a bathroom renovation in 2017/18 was $8429, up from $7059 in 2016/17.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago100 Collins Avenue, Edge Hill.The median quoted price for a bathroom renovation in 2017/18 was $8000, up from $5500 in 2016/17. The most spent on kitchen and bathroom renovations in 2017/18 was $15,000, with the least just $1000.Real Estate Institute of Queensland Far North zone chairman Tom Quaid said buyers were always impressed by a well set-out, modern cooking space.In Cairns, buyers are looking for plenty of bench space and a good pantry. Stone benchtops are still in demand and some timber benchtops are also desirable if they are custom-designed and built with quality materials.Big ovens even if you don’t need it or use it all that often, are also on the must-have list for prospective buyers.Cairns Property Office agent Robyn Hawley-Whitton recently sold a Goldsborough home with a well-appointed chef’s kitchen featuring an induction cook top, 900cm wall oven, plumbed fridge, dishwasher and servery. A waterfall custom-built desk could be used as extra breakfast bar seating or an office off the main cooking room. Stand-alone baths are rare but will also set a property apart, especially with a view of a garden or leafy area.