financial reporting – MMOG Accounts http://mmogaccounts.com/ Fri, 17 Sep 2021 17:15:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://mmogaccounts.com/wp-content/uploads/2021/06/icon-66.png financial reporting – MMOG Accounts http://mmogaccounts.com/ 32 32 Regulatory Update: NAIC Summer 2021 National Meeting | Knowledge https://mmogaccounts.com/regulatory-update-naic-summer-2021-national-meeting-knowledge/ https://mmogaccounts.com/regulatory-update-naic-summer-2021-national-meeting-knowledge/#respond Fri, 17 Sep 2021 15:59:07 +0000 https://mmogaccounts.com/regulatory-update-naic-summer-2021-national-meeting-knowledge/ The revised CFR Model Laws eliminate reinsurance guarantee requirements for certain reinsurers and limit the worldwide application of prudential group insurance measures to insurance groups domiciled in “reciprocal jurisdiction”. A reciprocal jurisdiction includes a non-US jurisdiction that has entered into a covered agreement with the United States (such as the European Union, or the EU, […]]]>


The revised CFR Model Laws eliminate reinsurance guarantee requirements for certain reinsurers and limit the worldwide application of prudential group insurance measures to insurance groups domiciled in “reciprocal jurisdiction”. A reciprocal jurisdiction includes a non-US jurisdiction that has entered into a covered agreement with the United States (such as the European Union, or the EU, and the United Kingdom, or the United Kingdom) as well as “qualified jurisdictions” that meet certain additional requirements. consistent with the terms and conditions of the covered agreements, including the fact that the jurisdiction “recognizes the US state’s regulatory approach to group supervision and group capital”. To date, Bermuda, Japan and Switzerland have been approved as reciprocal jurisdictions.

The NAIC previously adopted the Qualified and Reciprocal Jurisdiction Assessment Process to specify how qualified jurisdictions that meet the requirements of the revised CFR Model Laws are recognized as reciprocal jurisdictions. During the summer meeting, the NAIC adopted revisions to the Qualified and Reciprocal Jurisdiction Assessment Process that incorporate provisions to terminate the status of a qualified jurisdiction or reciprocal jurisdiction and create a process of reciprocal jurisdiction. passport to reciprocal jurisdictions, under which one state may defer to another state in determining the requirements applicable to reinsurers with reciprocal jurisdiction. The passport process is facilitated by the Reinsurance Financial Analysis Working Group (E) (ReFAWG). Ahead of the summer meeting, the ReFAWG outlined their draft review process for certified reinsurers and reciprocal jurisdiction reinsurers. Six letters of comment were received in response to this exposure, which the Reinsurance Working Group (E) sent back to ReFAWG to assess and recommend revisions. In response to the comment letters received, the revisions should focus on eliminating the submission of duplicate information for reciprocal jurisdiction reinsurers who are also licensed reinsurers and making deposits for licensed reinsurers and reinsurers of more consistent reciprocal jurisdictions.

In addition, the Mutual Recognition of Jurisdictions Working Group (E) voted to outline the draft assessment process for jurisdictions that recognize and accept the NAIC’s Group Capital Calculation (GCC) (referred to as ‘Recognize Jurisdictions’). and accept ”), which process will be similar to the process of evaluating qualified and reciprocal jurisdictions. A “recognize and accept” assessment is already part of the reciprocal jurisdiction review process, as any reciprocal jurisdictions designated by the NAIC through this review process are also automatically designated as “recognize and accept” jurisdictions. Likewise, under the terms of the covered agreements with the EU and the UK, all EU states and the UK are automatically designated as “recognize and accept” jurisdictions. The Mutual Recognition of Jurisdictions Working Group (E) will assess non-US jurisdictions under this “Recognize and Accept” process and a list of “Recognize and Accept” jurisdictions will be published through the NAIC committee process.

As of July 16, 2021, 42 U.S. jurisdictions have passed the 2019 revisions to the Model Credit for Reinsurance Law, while four jurisdictions are considering action. In addition, 15 states had adopted revisions to the Model Reinsurance Credit Regulations, and seven jurisdictions were considering action. The revised CFR model laws are due to be adopted by states by September 1, 2022, by which date the Federal Insurance Office (FIO) is due to complete its federal pre-emption reviews under the covered agreements with the EU and the UK. United. The NAIC encourages all states and jurisdictions to pass the revised CFR Model Laws as soon as possible and no later than July 1, 2022, to give the FIO time for its federal pre-emption analysis.



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City of Malibu: City Wins Award for Transparency and Excellence in Financial Reporting https://mmogaccounts.com/city-of-malibu-city-wins-award-for-transparency-and-excellence-in-financial-reporting/ https://mmogaccounts.com/city-of-malibu-city-wins-award-for-transparency-and-excellence-in-financial-reporting/#respond Fri, 17 Sep 2021 15:51:08 +0000 https://mmogaccounts.com/city-of-malibu-city-wins-award-for-transparency-and-excellence-in-financial-reporting/ September 16, 2021 The City of Malibu received a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its Complete Annual Financial Report (ACFR) for the 2019-2020 fiscal year. “Transparency, accountability and responsible management of taxpayer dollars are among the most important guiding principles […]]]>


September 16, 2021

The City of Malibu received a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its Complete Annual Financial Report (ACFR) for the 2019-2020 fiscal year.

“Transparency, accountability and responsible management of taxpayer dollars are among the most important guiding principles for a municipal government, and Malibu has kept this promise year after year,” said Mayor Paul Grisanti. “In addition, the excellent financial management of Malibu allows us to better finance the large projects that the community needs and to deal with disasters and economic downturns.

Malibu has already received the award 19 times. To see the ACFR 2019-2020 as well as the ACFR of previous years, visit http://malibucity.org/financialreports. The award is judged by an impartial panel of public finance professionals to meet the high standards of the ACFR program.

The GFOA is a non-profit trade association serving approximately 17,500 government finance professionals, and the Certificate of Achievement is considered the highest form of recognition in the field of government accounting and financial reporting. .

The GFOA created the Certificate of Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles. The program recognizes individual governments that succeed in preparing comprehensive annual financial reports that demonstrate the spirit of transparency and full disclosure. The goal of the program is not to assess the financial health of participating governments, but rather to ensure that users of their financial statements have the information they need to do it themselves.

For more information on the GFOA program and Certificate of Achievement for Excellence in Financial Reporting, visit https://www.gfoa.org/coa-award.


This press release was produced by the city of malibu. The opinions expressed here are those of the author.



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Three Valley Copper Announces OTCQB Application and Adoption of Long-Term Incentive Plan https://mmogaccounts.com/three-valley-copper-announces-otcqb-application-and-adoption-of-long-term-incentive-plan/ https://mmogaccounts.com/three-valley-copper-announces-otcqb-application-and-adoption-of-long-term-incentive-plan/#respond Fri, 17 Sep 2021 12:25:00 +0000 https://mmogaccounts.com/three-valley-copper-announces-otcqb-application-and-adoption-of-long-term-incentive-plan/ TORONTO, Sep 17, 2021 (GLOBE NEWSWIRE) – (TSXV: TVC) Three Valley Copper Corp. (“Copper from the Three Valleys“or the”Society“) announces that it has requested that its ordinary shares be traded on OTC Markets, level ‘QB’, a US trading platform operated by OTC Markets Group in New York. The OTCQB remains subject to the approval of […]]]>


TORONTO, Sep 17, 2021 (GLOBE NEWSWIRE) – (TSXV: TVC) Three Valley Copper Corp. (“Copper from the Three Valleys“or the”Society“) announces that it has requested that its ordinary shares be traded on OTC Markets, level ‘QB’, a US trading platform operated by OTC Markets Group in New York. The OTCQB remains subject to the approval of the OTCQB and the satisfaction of applicable registration requirements. As more information becomes available, the Company will keep its shareholders informed of the status of the application. .

The Company has already submitted its Form 211 to the Financial Industry Regulatory Authority (“FINRAWhich, if accepted, will qualify the Company’s shares for trading in the United States on the over-the-counter market. The Company will also approach the Custodian Trust Company (“Fault code) For DTC eligibility, which would greatly simplify the process of trading the common shares of the Company.

The OTCQB is the premier marketplace for early stage and developing US and international companies committed to providing a high quality trading and information experience to their US investors. Companies must be current in their financial reports to go through an annual management audit and certification process, including meeting a minimum bid price and other financial terms. The OTCQB quality standards provide a solid foundation of transparency as well as the technology and regulations to improve the information and trading experience for investors. The OTCQB is recognized by the Securities and Exchange Commission as an established public market providing public information for the analysis and value of securities. Investors can find information on the Company’s quotes and real-time markets, once listed, at https://www.otcmarkets.com.

The Company believes that trading on the OTCQB will provide additional liquidity and increase its visibility in the US capital markets. Three Valley Copper will continue to trade on the TSX Venture Exchange under its symbol “TVC”.

Long-term incentive plan adoption

The Company also announces that it has adopted the long-term incentive plan (the “LTIP”) Approved by the disinterested shareholders of the Company at its annual general and extraordinary meeting of shareholders held on June 2, 2021 (the“Meeting“).

Under the new LTIP, stock options, restricted stock units, deferred stock units and stock appreciation rights may be granted to directors, officers, employees, service providers and consultants. LTIP is intended to offer a broader range of incentives than the Company’s previous stock option plan to diversify and customize rewards for management and staff to promote long-term retention .

The number of common shares of the Company to be issued under the LTIP, at any time, must not exceed 10% of the total number of common shares issued and outstanding. The LTIP provides that up to 10% of the issued and outstanding common shares will be reserved for issuance under stock option grants on a “rolling” basis, in addition to a fixed maximum limit. 1,250,000 ordinary shares of the Company reserved for issuance at any time. under grants of restricted stock units, deferred stock units and stock appreciation rights.

The announcement of the adoption of the LTIP is made to meet the requirements of Policy 4.4 of the TSX Venture Exchange – Incentive stock options. Further details regarding the LTIP are included in the Company’s Management Proxy Circular, which was filed on SEDAR in connection with the Meeting. The LTIP remains subject to final approval by the TSX Venture Exchange.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 US and global titles. Through OTC Link® ATS and OTC Link ECN, PTC Market Group Inc. connects a diverse network of brokers who provide liquidity and execution services. The company makes it easy for investors to trade through the broker of their choice and enables companies to improve the quality of information available to investors. To learn more about how OTC Markets Group Inc. creates better informed and efficient markets, visit www.otcmarkets.com.

About Three Valley Copper

Three Valley Copper, headquartered in Toronto, Ontario, Canada, is focused on growing copper production and exploring its core asset, Minera Tres Valles. Based in Salamanca, Chile, MTV is 91.1% owned by the Company and MTV’s main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploration land. For more information about the Company, please visit www.threevalleycopper.com.

Caution regarding forward-looking information

Certain statements contained in this press release contain forward-looking information (collectively referred to herein as “Forward-looking statements“) within the meaning of applicable Canadian securities laws. The use of any of the words” expect “,” anticipate “,” continue “,” estimate “,” “believe”, “plan”, “intend” and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements relating to its application for FINRA to be listed on the over-the-counter market, the future trading of its ordinary shares on that market and the benefits for shareholders, and the DTC eligibility application.

While Three Valley Copper believes forward-looking statements to be reasonable, they are not guarantees of future results, performance or achievement. A number of factors or assumptions have been used in developing the forward-looking statements, including the OTC listing application pending approval. Although the Company believes that the expectations and assumptions on which these forward-looking statements and information are based are reasonable, one should not place undue reliance on forward-looking statements and information, as the Company cannot guarantee that they will prove to be correct. . Because forward-looking statements and information deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements if the assumptions underlying the forward-looking statements prove to be inaccurate or if one or more risks or other factors materialize. Readers are cautioned that the above list of risks and uncertainties is not exhaustive. Other risk factors that could affect the business or financial results of the Company are included in the Company’s Annual Information Form dated March 3, 2021 and can be found on the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.

Forward-looking statements speak only as of the date hereof, unless otherwise indicated, and Three Valley Copper assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events. or otherwise, except as expressly required by applicable Canadian securities laws.

For more information:

Michael staresinic
Chief Executive Officer
T: (416) 943-7107
E: mstaresinic@threevalleycopper.com

Renmark Financial Communications Inc.
Joshua Lavers: jlavers@renmarkfinancial.com
T: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

Source: Copper from the Three Valleys.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



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Navidea Biopharmaceuticals announces changes in the composition of the Board of Directors https://mmogaccounts.com/navidea-biopharmaceuticals-announces-changes-in-the-composition-of-the-board-of-directors/ https://mmogaccounts.com/navidea-biopharmaceuticals-announces-changes-in-the-composition-of-the-board-of-directors/#respond Fri, 17 Sep 2021 11:30:00 +0000 https://mmogaccounts.com/navidea-biopharmaceuticals-announces-changes-in-the-composition-of-the-board-of-directors/ DUBLIN, Ohio, September 17, 2021– (COMMERCIAL THREAD) – Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company specializing in the development of immunodiagnostic and precision immunotherapy agents, today announced that on September 14, 2021, at a meeting of the Board of Directors (the “Board”) of the Company which followed the Company’s Annual […]]]>


DUBLIN, Ohio, September 17, 2021– (COMMERCIAL THREAD) – Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company specializing in the development of immunodiagnostic and precision immunotherapy agents, today announced that on September 14, 2021, at a meeting of the Board of Directors (the “Board”) of the Company which followed the Company’s Annual Meeting of Shareholders in 2021, S. Kathryn Rouan, Ph.D. his retirement as Chairman and Director, and Claudine Bruck, Ph.D. retired as Director, both effective immediately.

Following the retirement of Dr. Rouan as Chairman, the Board appointed Alexander L. Cappello and John K. Scott, Jr., both of whom were current Board members, respectively Chairman and Vice Chairman of the Board. .

Also effective September 14, 2021, the Board appointed Mr. Cappello to the Audit Committee and, accordingly, the current members of the Audit Committee are Amit Bhalla (Chairman), Malcolm Witter and Mr. Cappello. On the same date, the board appointed MM. Cappello and Scott to the Compensation, Nomination and Governance (“CNG”) Committee and appointed Mr. Witter as Chairman, and therefore the current members of the CNG Committee are Mr. Witter (Chairman), Mr. Scott and Mr. Cappello.

Jed Latkin, CEO of Navidea, said: “We thank Kathy and Claudine for their service on the board and the valuable information they have provided over the years. With 60 years of combined experience in the clinical space, their contributions have helped shape both the diagnosis and therapeutic direction of the Company. We wish them the best in their future endeavors. “

About Navidea

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company specializing in the development of immunodiagnostic and precision immunotherapy agents. Navidea is developing several precisely targeted products based on its Manocept ™ platform to improve patient care by identifying disease sites and pathways and enable improved diagnostic accuracy, clinical decision making and targeted treatment. Navidea’s Manocept platform relies on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. The Manocept platform serves as the molecular backbone for tilmanocept Tc99m, the first product developed and marketed by Navidea based on the platform. Navidea’s strategy is to generate superior growth and return for shareholders by bringing innovative products to market and advancing the company’s pipeline through global partnership and commercialization efforts. For more information, please visit www.navidea.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements in large part on our current expectations and projections regarding future events and financial trends affecting the financial condition of our business. Forward-looking statements include our expectations regarding pending litigation and other matters. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to: our history of operating losses and the uncertainty of our future profitability; the end result of any pending litigation; our ability to successfully research and develop our drug candidates; the timing, cost and uncertainty of obtaining regulatory approvals for our drug candidates; our ability to successfully market our drug candidates; dependence on royalties and subsidy revenues; our ability to implement our growth strategy; expected trends in our business; our limited product line and distribution channels; technological advances and the development of new competitive products; our ability to comply with NYSE American continuous listing standards; our ability to maintain effective internal control over financial reporting; the impact of the current coronavirus pandemic; and other risk factors detailed in our most recent annual report on Form 10-K and other documents filed with the SEC. You are urged to carefully review and review the information in our documents with the SEC, which is available at http://www.sec.gov or to http://ir.navidea.com.

Investors are urged to take into account statements which include the words “will”, “may”, “could”, “should”, “plan”, “continue”, “designed”, “objective”, “plan”, “Future”, “believe”, “intend”, “foresee”, “anticipate”, “estimate”, “project” and other similar expressions, as well as the negative aspects of these words or other comparable words, uncertain stated prospective.

You are cautioned not to place undue reliance on forward-looking statements, which may prove to be inaccurate. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this report. In light of these risks and uncertainties, the forward-looking events and circumstances mentioned in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210917005043/en/

Contacts

Navidea Biopharmaceuticals, Inc.
Jed latkin
Chief Executive Officer
614-973-7490
jlatkin@navidea.com



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The role of accounting in the fight against the climate crisis https://mmogaccounts.com/the-role-of-accounting-in-the-fight-against-the-climate-crisis/ https://mmogaccounts.com/the-role-of-accounting-in-the-fight-against-the-climate-crisis/#respond Fri, 17 Sep 2021 10:42:22 +0000 https://mmogaccounts.com/the-role-of-accounting-in-the-fight-against-the-climate-crisis/ The UN COP26 climate summit demands more than warm words; world leaders must explain how they will reduce emissions and prepare their countries to face all the risks that the climate crisis will bring. Accountants have a central role to play over the next decade and beyond. Even for the most dismissive skeptics, the past […]]]>


The UN COP26 climate summit demands more than warm words; world leaders must explain how they will reduce emissions and prepare their countries to face all the risks that the climate crisis will bring. Accountants have a central role to play over the next decade and beyond.

Even for the most dismissive skeptics, the past six months have produced a series of compelling evidence that we will all suffer from climate change. From floods in Western Europe to wildfires in Turkey, Greece and the western United States, multi-year droughts in Australia causing an almost biblical mouse invasion and ongoing disasters in many of the world’s poorest parts of the world .

Slowly, a response is being built from politicians and businesses. For example, to date, 191 parties – 190 countries plus the European Union – have signed up to the goals of the Paris Agreement, a legally binding international treaty on climate change adopted at the UN COP21 in 2015. This aims to limit the rise in global temperatures to well below 2 ° C this century and to continue efforts to keep them below 1.5 ° C.

Unfortunately, in addition to being slow, this response is grossly insufficient. The historical report Climate Change 2021: The Basis of Physical Science, published by the Intergovernmental Panel on Climate Change (IPCC) in August, warned that in any future scenario that scientists consider likely, the goals of 1, 5 ° C and 2 ° C will be exceeded this century, unless much greater reductions in carbon emissions occur.

“It is widely accepted that the risk associated with climate change is a business and financial risk; there is the physical risk of climate change, for example the impact of weather events on a business, and there is also the risk of transition – the risk for a business to see the global economy evolve into a fully carbon-free world ” , explains public accountant Russell Picot, who retired as Chief Accounting Officer of HSBC Group in 2016. “It’s pretty clear that most, if not all businesses will be affected by one or other of these problems “.

“There is the broader societal aspect to this,” adds Picot, also special adviser to the Financial Stability Board’s Climate-Related Financial Disclosures Working Group and Senior Associate at the Cambridge Institute for Sustainability Leadership. “What will our customers and the general public find acceptable about the way we do business? “

And, of course, we must also expect changes from governments. “This problem cannot be solved by the market,” says Richard Spencer, director of sustainability at ICAEW. “There must be a political, legislative and regulatory response that bites too. “

The challenge facing organizations is how to respond to such a complex set of issues. As the recent IPCC report made clear, the focus has shifted from prevention to adaptation. “It’s about understanding how climate change is going to affect your specific business, what you need to do to mitigate those risks, and for us to make sure we have the resilience within our infrastructure to meet the challenges that change climate will bring, ”says Chris Tregenna, Group Treasurer at Pennon Group water company.

What finance teams need to do

What is increasingly clear is that finance teams have a central role to play both in quantifying the climate risks organizations face and in their communication to the company and other interested stakeholders. to make sure the problem is in place. “Companies recognize that they don’t really have a choice because their investors want to know, their employees want to know and their customers want to know,” says Richard Barker, professor of accounting and assistant dean at the University of Oxford, Said. Business school.

Ravi Abeywardana, CTO of the Climate Disclosure Standards Board (CDSB), believes the opportunity for accountants to apply their existing skills to help organizations create a more sustainable world is exciting. “We are at the heart of the business, generating numbers and providing insight, creating the ecosystem necessary to justify and implement adaptations. Over the next few years, accountants around the world have an immense responsibility and an immense opportunity to support the transition to a sustainable global economy.

It is important to understand that while good quality reporting in this area is necessary, it is by no means sufficient. “Good reporting needs to be rooted in good practice,” says Spencer. “Companies can’t just do what they’ve always done, but a little better; it’s just an efficiency game and it’s too late. We have to do things differently. “

The right standards and careful reporting will undoubtedly drive this change in behavior, however. IFRS requires the incorporation of important climate-related issues into financial reporting, and investors have made it clear that climate-related risks are important to their investment decision making. “Right now, listed companies as well as large private companies need to start mobilizing their resources to quantify climate risks in their annual reports, which include financial statements,” says Abeywardana.

“This is arguably the first and biggest step in changing the way our global economic system assesses business activity, to include environmental costs. This in turn helps them to provide decision-making environmental information to investors via the general financial report, thereby improving the efficient allocation of capital. Soon this requirement will extend to charities and public sector organizations.

The need for a common frame of reference

However, knowing exactly what to report and how to report it remains a tricky question. The uncertainty around the format that the standards should take and the absence of international standards remain points of friction. The increasing use of new voluntary sustainability reporting frameworks such as those of the Climate-Related Financial Reporting Working Group (TCFD) is to be welcomed, but their flexibility remains a double-edged sword; On the one hand, they allow organizations to focus on the areas and climate risks most relevant to their operations, on the other hand, critics argue that the immense field of interpretation leaves the door wide open to a possible greenwashing.

There is certainly no shortage of climate reporting initiatives; the trustees of the IFRS Foundation are setting up an international sustainability standards board whose first task will be to develop climate standards. Meanwhile, the European Commission continues to develop its own European sustainability reporting standards, the first set of standards to be adopted by October 2022. Some form of climate reporting is also on the agenda. of the United States Securities and Exchange Commission, although what and how they will do remains to be seen.

Former US Financial Accounting Standards Board (FASB) Chairman Bob Herz is both an expert advisor and a member of a G7. Impact working group formed under the UK Presidency of the G7, tasked with finding ways to improve transparency, integrity and trust in impact reporting and ways to accelerate capital mobilization to address global sustainability challenges. “I think one of our roles is to try to bring it all together and have a plan to move forward so that we have more consistent, more comparable and better defined standards,” Herz said. “At least there has to be a common baseline. “

It remains to be seen which of these competing approaches will dominate or if they awkwardly coexist. However, the lack of global consensus on climate reporting should not be used as an excuse to delay action, urges Picot. He chairs the Board of Directors of the HSBC Bank (UK) Pension Fund and is Director of the Universities Pension Scheme. Both organizations reported under TCFD.

As it stands, reporting on climate risks may not be based on a strict set of measurement rules and it is certainly not comparable to financial reporting standards, but the opportunities for the function financial statements are clear, says Barker: “You don’t get a well-developed model of carbon accounting and reporting without accountants being involved. The problems of capturing carbon emissions in your supply chain methodologically are bread and butter for accountants. It’s about measuring, capturing data and validating, so it’s just an extension of the business management accounting and reporting function.

At the same time, another issue that is surfacing is the extent to which companies are able to produce data on their Scope 3 emissions, i.e. the carbon emissions that emanate from their chain. supply. “What you count here is the entire value chain. The potential for expanding the role of accountants in all of this is huge, ”says Barker.

Despite the technical issues presented, Picot believes that a bigger issue is the challenge of communicating climate risks to stakeholders and explaining how your business plans to address them. “You need to make it clear to your stakeholders what you’re going to do and how your business will be successful in a low-carbon world – this is the opportunity. Companies that move early with credible plans will fare better than laggards. “

It’s an opportunity for the profession to play a bigger role on an issue that will only become more important, Barker believes, but there is also an undeniable sense of urgency as the broader implications of global warming become more evident. more apparent. “This is the biggest challenge facing humanity,” warns Barker, “and it has to happen quickly or we have huge problems.”




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Avery Aoki has been promoted to CFO of Outrigger Hospitality Group https://mmogaccounts.com/avery-aoki-has-been-promoted-to-cfo-of-outrigger-hospitality-group/ https://mmogaccounts.com/avery-aoki-has-been-promoted-to-cfo-of-outrigger-hospitality-group/#respond Fri, 17 Sep 2021 08:56:20 +0000 https://mmogaccounts.com/avery-aoki-has-been-promoted-to-cfo-of-outrigger-hospitality-group/ Outrigger Hospitality Group today announced the promotion of Avery Aoki from Vice President of Finance to Chief Financial Officer (CFO). He succeeds David Nadeau, who will help ensure a smooth transition for Outrigger’s finance team before he retires at the end of this year. As Chief Financial Officer, Aoki will be a key member of […]]]>


Outrigger Hospitality Group today announced the promotion of Avery Aoki from Vice President of Finance to Chief Financial Officer (CFO). He succeeds David Nadeau, who will help ensure a smooth transition for Outrigger’s finance team before he retires at the end of this year.

As Chief Financial Officer, Aoki will be a key member of Outrigger’s leadership team, advancing the company as a premier revenue operator and partner while supporting it in its mission to be The world’s leading seaside resort brand through tax support for new acquisitions and property increases.

For more than three decades, Aoki has had a remarkable career at Outrigger – joining the company in 1986 as a controller. In 1990 he was promoted to Director of Finance and then Vice President of Finance and Accounting in 1996. Aoki played a pivotal role in managing global accounting and financial operations as the Outrigger portfolio grew worldwide including working in the company’s Phuket office for nearly five years. He continues to provide invaluable leadership in creating and implementing greater efficiency in corporate operations in Hawai’i and Asia-Pacific, as well as in financial reporting, audits, transitions. , contract negotiations, financial modeling and analysis.

Born and raised in Hawai’i, he received his CPA in 1985 and also holds a Bachelor of Business Administration, majoring in Accounting and a Masters of Business Administration, both from the University of Hawai’i in Mānoa. .



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DIDBS – Audited annual financial statements for the year ended March 31, 2021 – SENS https://mmogaccounts.com/didbs-audited-annual-financial-statements-for-the-year-ended-march-31-2021-sens/ https://mmogaccounts.com/didbs-audited-annual-financial-statements-for-the-year-ended-march-31-2021-sens/#respond Fri, 17 Sep 2021 06:55:00 +0000 https://mmogaccounts.com/didbs-audited-annual-financial-statements-for-the-year-ended-march-31-2021-sens/ DIDBS – Audited Annual Financial Statements for the Year Ended 31 March 2021 Development Bank of Southern Africa Limited(reconstituted and incorporated in terms of section 2 of the Development Bank of Southern Africa Act, 1997)Registration number: 1600157FNJSE company code: DIDBSLEI code: 25490071AZ4HOFUNIH94(“DBSA” or the “Bank”) AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH […]]]>


                            

DIDBS – Audited Annual Financial Statements for the Year Ended 31 March 2021

Development Bank of Southern Africa Limited
(reconstituted and incorporated in terms of section 2 of the Development Bank of Southern Africa Act, 1997)
Registration number: 1600157FN
JSE company code: DIDBS
LEI code: 25490071AZ4HOFUNIH94
(“DBSA” or the “Bank”)

AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Overview
DBSA is a development finance institution; whose only shareholder is the Government of the Republic of South Africa.
This summary of the financial results for the year ended 31 March 2021 (the “results”) is published on the JSE Limited
(“JSE”) Stock Exchange News Service (“SENS”) to provide the information to the holders of the Bank’s listed debt
securities. The results are prepared in accordance with the requirements of International Financial Reporting Standards
(“IFRS”) and its interpretations as issued by the International Accounting Standards Board (“IASB”), the presentation
requirements of IAS 1 and the requirements of sections 27 to 31 of the Companies Act of South Africa (Act No.71 of
2008) (“Companies Act”), these being the relevant and corresponding sections specified in the Development Bank of
Southern Africa Act (Act No. 13 of 1997) (“DBSA Act”). The annual financial statements and annual report of the Bank
for the year ended 31 March 2021 (“annual financial statements” or “AFS”) are available on the DBSA website
https://www.dbsa.org/investor-relations

Audit of the annual financial statements
The annual financial statements have been audited by the Bank’s auditor, the Auditor-General of South Africa
(hereafter referred to as the “AG”). The AG in her audit report, which is available for inspection at the Bank’s Registered
Office and in the annual financial statements that will be available on the DBSA website, stated that her audit was
conducted in accordance with the International Standards on Auditing and has expressed an unqualified audit opinion
on the annual financial statements.

Context of the annual financial statements
The year ended 31 March 2021 was largely overshadowed by the global COVID-19 pandemic (the “pandemic”), which
resulted in intermittent lockdown measures to contain the spread of the virus. At the height of the pandemic, the great
shut down saw some 125 countries instituting some form of lockdown. Many countries were faced with finding a
balance between containment of the virus while continuing to support economic growth.

Monetary and fiscal policies remained accommodative in most economies in an attempt to respond to the pandemic.
This created a new challenge of significant sovereign debt from the large debts accumulated by countries in their fiscal
response to the pandemic. The same holds true for the South African economy. Following a sharp contraction in gross
domestic product (“GDP”) growth of 51.7% (seasonally adjusted and annualised) in the second quarter of 2020, the
economy recorded two consecutive quarters of economic growth of 67.3% and 5.8% in the third and fourth quarters
of 2020, respectively. Socio-economic hardships were exacerbated by job losses and small business shut-downs as a
result of the sharp GDP contraction. GDP growth recovered further in the first quarter of 2021 by 4.6%, largely driven
by, among others, improvement in the mining, finance, trade and transport and accommodation sectors. From a DBSA
point of view, the major impacts of the pandemic were felt in the disruption of the bond market and a significant
increase in the credit risk associated with the development loan book, in particular, the exposures to some resource
exporting countries.

Despite the impact of the pandemic, DBSA remained focused, in line with its mandate, on pursuing its growth strategy
designed to augment disbursements through emphasis on its catalytic role aimed at contributing to sustainable
infrastructure development beyond the confines of its own balance sheet. Through this strategy, the Bank aims to
crowd in third party funding through de-risking projects through early stage project preparation and structuring and
innovative solutioning.

Preparation of the annual financial statements
The annual financial statements have been prepared under the supervision of the Chief Financial Officer, Boitumelo
Mosako CA (SA). The directors take full responsibility for the preparation of this announcement and confirm that
financial information has been correctly extracted from the underlying audited annual financial statements for inclusion
in this announcement.

Basis of preparation

The annual financial statements have been prepared in accordance with the recognition, measurement and disclosure
requirements of IFRS, the Public Finance Management Act of South Africa (Act No. 1 of 1999) (“PFMA”), the Companies
Act, the DBSA Act and the JSE Debt Listings Requirements. Except for where indicated in the financial statements on
website, the accounting policies and practices applied during the financial year ended 31 March 2021 (“current year”
or “year under review”) are in all material respects consistent with those applied in the annual financial statements for
the financial year ended 31 March 2020 (“prior year”, “last year” or “2020 financial year”).

The annual financial statements are prepared on a historical cost basis except for the following assets and liabilities
that are stated at their fair value: derivative financial instruments, financial instruments held at fair value through profit
and loss, financial instruments designated at fair value through profit and loss, land and buildings, equity investments,
other financial assets, post-retirement medical aid benefit investment, funeral benefits and post-retirement medical
aid liabilities. The preparation of the annual financial statements requires management to make judgments, estimates
and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities,
income and expenses. Actual results may differ from these estimates.

Key impressions of the financial results and activities

Funding and liquidity management
The Bank’s liquidity and capital positions remain strong despite the Moody’s Investors Service downgrade of the Bank’s
long-term foreign currency issuer credit rating to a notch below that of the sovereign, and the Bank’s long-term national
scale issuer rating to Aa3.za, from Aa1.za. Notwithstanding the disruption of the local fixed income market, DBSA has
been successful in raising funding from international development finance institutions as well as international and local
commercial banks.

The Bank’s total debt funding decreased from R61bn as at 31 March 2020 to R59bn as at 31 March 2021. Despite a
reduction in debt funding, loan disbursement activities amounted to approximately R13.5bn. Repayments from the
loan book reached a record R19bn (comprising principal loan repayments of R11bn and interest repayments of R8bn).
The total liquidity position of the Bank substantially increased by R5.5bn, from R3.5bn as at 31 March 2020 to
approximately R9bn as at 31 March 2021, representing an increase of 160% in cash and cash equivalents year-on-year.

Capital adequacy
The Bank continues to have strong capital buffers for unexpected events. There was a significant increase in the Bank’s
equity base amounting to R1.4bn during the current year when compared to last year’s increase in the equity base of
R504m. The debt-to-equity ratio, including the R20bn callable capital as at 31 March 2021, improved to 101% (31 March
2020: 108%), well below the Bank’s regulatory debt-to-equity ratio cap of 250%. The Bank’s capital ratio, expressed as
a percentage of balance sheet shareholder capital to unweighted total assets, increased to 39% as at 31 March 2021
from approximately 37% as at 31 March 2020. Callable capital refers to shares authorized but not yet issued. The Bank’s
balance sheet equity position increased by R1.6bn during the current year, from R37.6bn as at 31 March 2020 to
R39.2bn as at 31 March 2021.

Loan asset quality and expected credit loss provisions (impairments)
In terms of IFRS 9, the Bank is required to consider forward looking information in the estimation of expected credit
losses on the development loan book. In doing so, DBSA is required to make reasonable forward-looking assumptions.
However, forecasting under the current environment is complex and expected credit loss provisions have a higher
variability potential because of the influence from the ongoing economic recession and recovery prospects.

Despite a marginal improvement in the macro-economic base compared to the prior year, the Bank experienced an
increase in expected credit loss provisions amounting to R1.2bn, on the back of marginal deterioration in the overall
risk of the loan book and average probability of default of the loan book increasing marginally when compared to the
prior year. The Bank increased its expected coverage levels on the loan book from approximately 11% as at 31 March
2020 to approximately 12% as at 31 March 2021. This resulted in the balance sheet provision for expected credit losses
(impairment provision) increasing by 12% to R11.4bn (31 March 2020: R10.2bn). However, when compared to the prior
year, the expected credit loss provision (impairments) charge in the income statement significantly decreased by 68%,
from R3.6bn in the prior year to R1.2bn in the current year.

The IFRS 9 stage 3 net non-performing loan ratio (net non-performing loans to net development loan book) decreased
from 2.9% as at 31 March 2020 to 2.6% of the total loan book as at 31 March 2021. The IFRS 9 Stage 3 gross
non-performing loan ratio (gross non-performing loans to total gross development loan book) increased from
approximately 7.2% as at 31 March 2020 to approximately 7.7% as at 31 March 2021. When compared to the six-month
period ended 30 September 2020, the gross non-performing loan ratio decreased from 8% as at 30 September 2020 to
7.7% as at 31 March 2021.

Total assets
The Bank’s total asset base remained at the R100bn level as at 31 March 2021 when compared to 31 March 2020,
despite loan repayments amounting to a record level of approximately R19bn as this was offset by currency movements
of R5bn and new disbursements amounting to R13.5bn for the year. Development loan disbursements decreased by
14%, from R15.6bn in the prior year to R13.5bn in the current year. As at 31 March 2021, the equity investment portfolio
decreased by 16%, from R5.9bn in the prior year to R5bn in the current year, as a result of currency movements of
approximately R619m, capital repayments of R236m and fair value adjustments of R349m.

Profitability & Efficiency
Despite a challenging environment which has been worsened by the outbreak of the pandemic, net profit for the year
increased by 182%, from approximately R504m in the prior year to R1.4bn in the current year. The net profit for year
ended 31 March 2021 arose from the core lending activities of the Bank. There was solid growth in net interest income
during the current year, amounting to 11% when compared to the prior year. Impairment charges reduced by 68%
when compared to the prior year when the Bank had made significant adjustments to accommodate the impact of the
pandemic, which resulted in a record impairment charge of R3.6bn in the 2020 financial year. In the current year,
impairment charges decreased to R1.2bn. DBSA lends in USD and Euro to fund projects outside South Africa.
Consequently, the Bank has a net foreign currency asset position and given the appreciation of the ZAR against the USD
and Euro during the year; foreign currency exchange rate losses amounted to R893m compared to foreign currency
exchange rate gains of R1.2bn in the prior year when the ZAR weakened against the USD and Euro. The Bank does not
fully hedge the foreign currency position and closely monitors and manages its exposure to foreign exchange rate risk
through the use of natural hedges and derivative hedging strategies. The Bank remains efficient in managing
operational costs and the cost optimization strategy continues to be effective. The total cost-to-income ratio for the
year ended 31 March 2021 decreased to 25% (28%: 31 March 2020) and the ratio continues to track in line with our
cost optimization strategy.

Development impact performance
DBSA successfully delivered infrastructure to the total value of R26.6bn, of which R8.2bn was infrastructure catalysed.
In addition, the Bank achieved R925m in projects prepared and committed and was able to unlock infrastructure within
under resourced municipalities amounting to R1.4bn. Projects approved for B-BBEE entities for project preparation
funding amounted to R2.1bn.

During the year under review, 6 909 learners benefited from 11 newly built schools and 33 125 learners benefited from
51 refurbished schools. Interventions at municipal level resulted in the successful completion of 13 projects. Overall,
R2.4bn of the Bank’s infrastructure spend benefitted B-BBEE companies, of which 39% have women ownership greater
than 30%. In absolute numbers, 1 031 small, micro and medium enterprises (“SMMEs”) benefited from the
infrastructure that has been delivered to date, of which 80 are women-owned SMMEs. The Bank’s comprehensive
response to the pandemic entailed support to the National Disaster Management Centre, the provision of isolation
pods, testing kits, mobile toilets, water tankers, energized boreholes, personal protective equipment and much more.

Statement of financial position as at 31 March 2021

in thousands of Rands 2021 2020

Assets
Cash and cash equivalents at amortised cost 8 978 608 3 458 836
Trade receivables and other assets 296 376 328 069
Investment securities 455 215 1 787 361
Derivative assets held for risk management purposes 750 831 812 053
Other financial assets 42 451 36 152
Development loans held at fair value through profit or loss 16 847 22 413
Equity investments held at fair value through profit or loss 5 007 459 5 993 951
Development bonds at amortised cost 1 279 235 1 288 278
Development loans at amortised cost 82 733 448 86 240 264
Property, equipment and right of use of assets 405 685 417 518
Intangible assets 81 569 80 220
Total assets 100 047 724 100 465 115

Equity and Liabilities
Liabilities
Trade, other payables, and accrued interest on debt funding 739 962 696 324
Repurchase agreements at amortised cost 868 042 587 338
Derivative liabilities held for risk management purposes 127 276 784 835
Liability for funeral and post-employment medical benefits 47 630 42 885
Debt funding designated at fair value through profit or loss 1 513 997 1 505 805
Debt funding held at amortised cost 56 982 792 59 040 495
Provisions and lease liabilities 114 485 229 856
Deferred income 503 086 –
Total liabilities 60 897 270 62 887 538

Equity
Share capital 200 000 200 000
Retained income 24 366 254 23 005 253
Permanent government funding 11 692 344 11 692 344
Other reserves 345 917 191 749
Reserve for general loan risk 2 545 939 2 488 231
Total equity 39 150 454 37 577 577
Total equity and liabilities 100 047 724 100 465 115

Statement of comprehensive income for the year ended 31 March 2021
in thousands of Rands 2021 2020

Interest income
Interest income calculated using the effective interest rate 8 161 023 8 019 931
Other interest income
180 080 266 386
Interest expense
Interest expense calculated using the effective interest rate (3 335 021) (3 392 585)
Other interest expense (114 441) (470 229)
Net interest income 4 891 641 4 423 503
Net fee income 187 858 255 513
Net foreign exchange (loss)/gain (892 773) 1 171 519
Net loss from financial assets and financial liabilities (354 454) (529 027)
Investment and other income 57 864 202 617
Other operating (loss)/income (1 001 505) 1 100 622
Operating income 3 890 136 5 524 125
Project preparation expenditure (37 802) (41 539)
Development expenditure (78 240) (47 192)
Impairment losses (1 164 724) (3 632 679)
Personnel expenses (835 131) (751 070)
General and administration expenses (286 813) (489 738)
Depreciation and amortisation (32 287) (29 321)
Profit from operations 1 455 139 532 586
Grants paid (32 510) (28 654)
Profit for the year 1 422 629 503 932

Statement of other comprehensive income for the year ended 31 March 2021
in thousands of Rands 2021 2020
Profit for the year 1 422 629 503 932
Items that will not be reclassified to profit or loss
Loss on revaluation of land and buildings (5 661) (15 661)
Movement in own credit risk for funding held at fair value through profit or loss
2 097 (31 794)
Remeasurement of funeral and post-employment medical benefit liabilities (3 920) 3 450
(7 484) (44 005)
Items that may be reclassified subsequently to profit or loss
Unrealised gain/ (loss) on cash flow hedges 344 362 (133 443)
(Gain)/loss on cash flow hedges reclassified to profit or loss (186 630) 78 839
157 732 (54 604)
Other comprehensive gain/(loss) 150 248 (98 609)
Total comprehensive income for the year 1 572 877 405 323

Condensed statement of changes in equity as at 31 March 2021
in thousands of Rands 2021 2020

Balance at beginning of the year 37 577 577 37 172 254
Profit for the year
1 422 629 503 932
Items that will not be reclassified to profit or loss
(5 661) (15 661)
Loss on revaluation of land and buildings
Movement in own credit risk for funding held at fair value through profit or loss 2 097 (31 794)
Remeasurement of funeral and post-employment medical benefit liabilities (3 920) 3 450

Items that may be reclassified subsequently to profit or loss
Unrealised gain/ (loss) on cash flow hedges 344 362 (133 443)
(Gain)/loss on cash flow hedges reclassified to profit or loss (186 630) 78 839
Balance at end of the year 39 150 454 37 577 577

Condensed statement of cash flows for the year ended 31 March 2021
in thousands of Rands 2021 2020
Cash flows from operating activities 4 451 262 3 613 758
Cash flow from development activities (1 977 432) (9 016 612)
Cash flow from investing activities 1 331 363 32 637
Cash flow from financing activities 2 352 357 5 838 680
Net increase in cash and cash equivalents 6 157 550 468 463
Effect of exchange rate movements on cash balances (637 778) 67 497
Movement in cash and cash equivalents 5 519 772 535 960
Cash and cash equivalents at the beginning of the year 3 458 836 2 922 876
Cash and cash equivalents at the end of the year 8 978 608 3 458 836

Events after the reporting period

DBSA appeared before the Standing Committee on Public Finance (“SCOPA”) in the South African Parliament on 1 June
2021. Subsequent to the appearance, SCOPA announced that a formal inquiry into DBSA will be instituted to consider
the submissions made by Mr. Holomisa and DBSA. DBSA awaits the dates and proposed terms of reference of the
SCOPA inquiry. DBSA welcomes the decision taken by SCOPA and is committed to participating and co-operating fully
with the SCOPA enquiry. The Bank’s position on the matter remains unchanged, being that DBSA strongly refutes all
allegations of mismanagement, corruption and maladministration. There were no other adjusting events that occurred
after the reporting date other than the impact of the pandemic.

Outlook
Despite the challenging economic environment, DBSA has a strong leadership and management team steering the Bank
through the challenging pandemic, whilst following the principles of good corporate governance. The Bank has a
resilient balance sheet and continues to play a significant role in infrastructure development through lending and non-
lending activities. The Bank’s continued success hinges on its ability to grow developmental impact using its own
balance sheet and partnering with others. Both domestic and global economic factors are critical to the achievement
of the Bank’s objectives. The Bank has a healthy pipeline of projects that form a solid springboard for success in the
future and will continue to focus on disbursing to infrastructure projects to grow developmental impact in line with its
mandate.

17 September 2021

Debt Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 17-09-2021 08:55:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.



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Attica Bank SA: 06/30/2021 Interim Financial Report https://mmogaccounts.com/attica-bank-sa-06-30-2021-interim-financial-report/ https://mmogaccounts.com/attica-bank-sa-06-30-2021-interim-financial-report/#respond Fri, 17 Sep 2021 06:32:06 +0000 https://mmogaccounts.com/attica-bank-sa-06-30-2021-interim-financial-report/ ATTIC BANK INTERIM MANAGEMENT REPORT OF THE BOARD OF DIRECTORS introduction Dear shareholders, We present to you the annual report of the Board of Directors for the financial year from 01/01/2021 to 06/30/2021. This report summarizes information on the Group and the “ATTICA BANK SOCIETE ANONYME BANKING COMPANY” Bank, financial information aimed at generally informing […]]]>


ATTIC BANK

INTERIM MANAGEMENT REPORT OF THE BOARD OF DIRECTORS

introduction

Dear shareholders,

We present to you the annual report of the Board of Directors for the financial year from 01/01/2021 to 06/30/2021. This report summarizes information on the Group and the “ATTICA BANK SOCIETE ANONYME BANKING COMPANY” Bank, financial information aimed at generally informing shareholders and investors of the financial situation and results, and overall development. and changes that occurred during the year under review (1/1 / 2021-30 / 06/2021) as well as important events and their impact on the accounts for this year. In addition, the main risks and uncertainties with which the Group and the Bank could be confronted in the future are described and the most important transactions executed between the Bank and the persons associated with it are listed.

For the first half of 2021, the financial context was as follows:

International economy: Slowdown in the recession at the start of 2021, mainly by the recovery in world trade

The COVID-19 pandemic continued to put pressure on global economic activity in the first quarter of this year, although less than in the previous quarter. The recession rate in OECD countries was 0.4% in the first quarter of 2021, compared to 2.9% a quarter earlier and 4.4% at the end of 2020. The change in GDP therein in the most developed economies (G7) amounted to -0.7%in the first trimester, compared to -3.2%in the previous quarter. In contrast, in the 20 largest OECD economies, the recession intensified to 3.4% from 0.7% a quarter earlier. The Chinese economy grew in the first quarter of 2021 with a rate of 18.3%, the highest in 30 years. As a result, the slowdown in global GDP decline came mainly from the more developed economies and China. De-escalationthe recession or the start of recovery in some countries is mainly due to the strong recovery in international trade.

Strong fiscal support measures continue to support economies, especially the more developed ones, where fiscal space is larger and borrowing costs remain very low. On the other hand, the impact of the support measures on their budget balances should bring them, again this year, close to the high deficit levels of last year. That implies a significant burden on public debt, and in countries where it is already high, can create a refinancing problem in the future. Inflation recovered in most OECD countries (3.3% in April) from low levels in early / mid 2020. This trend is due to weak base effects in 2020, but also to the sharp rise in commodity prices and resurgence in consumption demand with gradual opening up of economies.

Eurozone: decrease in recession, mainly due to lower negative impact of domestic demand

Euro area GDP fell 1.2% from January to March 2021, after a recession of 6.6% in 2020 and 4.7% in the last quarter. Domestic demand remained the main driver of the recession, but with a much more moderate negative effect than in the previous quarter (-2.9percentage points of GDP, compared to -5.5pp). This slowdown is mainly due to the lower negative impact of investments (-0.6pp of GDP, compared to -2.1pp), while household consumption reduced GDP by 2.9%, -4.0%a quarter earlier. To this also contribute net exports, which boosted it by 1.7%, against 0.8% in the period from October to December. As the recession in the eurozone de-escalation,employment continued to decline in the first quarter of 2021 at the same pace as in the previous quarter, by 1.8%, faster than the average in 2020 (-1.6%).Unemployment increased in the first quarter of 2021 to reach 8.5%, compared to 8.0% in the fourth quarter of 2020 and 7.8% compared to last year. According to the latest statistics available, presented by the European Commission, unemployment in the euro area in the first half of 2021 fell to 7.7% against 8.0% in the first half of 2020.

Restrictive interventions in the recession continued to act in the first quarter of this year, the contribution of public consumption to GDP being positive and stable from the third quarter of 2020 (+ 0.6%). Thanks to the support measures, the average primary deficit of the budget balance of

Last year, the government stood at 5.7% of GDP in 2020, compared to a primary surplus of 1.0% in 2019. In the first quarter of this year, the average level in the European area was 7, 6% of GDP. The most important fiscal interventions to deal with the pandemic, middle termhorizon, is the European Recovery Fund (NextGenerationEU) and the strengthening of the EU budget for the period 2021-2027.

INTERIM FINANCIAL REPORT

Page 5 of 83

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There is no “opt-out” for accounting and finance professionals https://mmogaccounts.com/there-is-no-opt-out-for-accounting-and-finance-professionals/ https://mmogaccounts.com/there-is-no-opt-out-for-accounting-and-finance-professionals/#respond Fri, 17 Sep 2021 05:00:00 +0000 https://mmogaccounts.com/there-is-no-opt-out-for-accounting-and-finance-professionals/ Like financial information, issues of environmental, social and governance (ESG) and sustainable development information are called upon to form an integral part of an accountant’s work. In a recent FM podcast, Association President and CIMA President Paul Ash said that with more companies integrating ESG into their strategies, the accounting profession must help organizations meet […]]]>


Like financial information, issues of environmental, social and governance (ESG) and sustainable development information are called upon to form an integral part of an accountant’s work.

In a recent FM podcast, Association President and CIMA President Paul Ash said that with more companies integrating ESG into their strategies, the accounting profession must help organizations meet their goals ESG.

“I don’t think they [management accountants] have an option… because there is no opt-out on ESG, ”said Ash, who is also the CEO of Emerge Earth, a company that aims to use artificial intelligence to deliver real-time carbon emissions data. Like it or not, ESG already defines us and our profession in so many ways. “

He added that management and accountants have “an extraordinary opportunity” to lead sustainability reporting.

Ash’s Interview is the latest episode in a five-part ESG podcast series, featuring perspectives from standard setters, an investor, and business leaders.

In recent years, the impact of businesses on the environment and on society has come under increasing scrutiny from investors and regulators. ESG and sustainable development reports are also moving from a voluntary basis to a mandatory basis. Globally, the EU is leading in this regard.

Earlier this year, the trading bloc announced a proposal to extend its sustainability reporting requirements to all large businesses and companies listed on EU regulated markets. Companies will be required to provide an audit (assurance) on their reported information. The first set of standards would be adopted by October 2022, and companies based in the EU or with significant market operations will need to prepare now to comply with the directive.

The IFRS Foundation has also proposed to create an International Sustainability Standards Council to develop globally accepted sustainability standards, in line with the market demand for a consistent and comparable set of sustainability information.

“Companies do not have the option of choosing whether these [sustainability issues] are real problems. The problems are there whether companies recognize them or not, ”said Jeffrey Hales, Ph.D., professor of accounting at the University of Texas at Austin and chairman of the Sustainability Accounting Standards Board (SASB) in an episode of the ESG podcast series. “Management accounting is actually part of this conversation because of the important role that management accounting plays in analyzing information. “

Matthew Hurn, OBE, FCMA, CGMA, the CFO of disruptive investments at Abu Dhabi-owned Mubadala Investment Company, said ESG shouldn’t be a checkbox exercise.

Hurn, who was also interviewed on the series, said that if organizations saw ESG simply as a compliance issue, it would miss the larger picture that organizations should live up to ESG values.

“[We] believe wholeheartedly in what we do. Part of our business has been investing in renewable space for over a decade, “Hurn said.” So [ESG] it resonates a lot with us. “

He added that much has been focused on the “E” aspect of ESG, and that it is now easy to obtain data such as carbon emissions, use of raw materials and the waste created.

Hurn urges companies to address ESG issues, and companies that fail to scale to become more sustainable in their practices may lose customers or investors.

“Has the bulb moment arrived?” Is it a fad? Is it going away? Hurn said. “If I look at my kids and their approach to life and the future, they’re not going to invest in most of the traditional businesses that you see listed today. They don’t resonate.”

Along with the growing awareness that companies need to change the way they operate, board members play a crucial role in bringing ESG issues to the fore, said Jeremy Osborn, FCMA, CGMA, Director of Commercial Relations and networks to the Value Reporting Foundation.

The Value Reporting Foundation was created by the merger of SASB and the International Integrated Reporting Council (IIRC) to improve the consistency of ESG and sustainable development reports.

In an episode of the ESG podcast series, Osborn said that integrated thinking can help boards and senior executives make decisions to create long-term value.

He gives the example of a company that decides to invest in capital to illustrate the application of integrated thinking. Integrated thinking includes six capitals – financial, manufactured, intellectual, human, natural and social and relational – in business considerations. If a company deciding on the location of a factory uses a traditional accounting approach, the answer might be to build the factory in region X.

“But when the same decision is subjected to a slightly different set of calculations and the organization considers what the impacts of that decision would be, for example, on the erosion of natural capital [and] what benefits would we create for the company that will help the staff and serve this factory… [then rather] than necessarily leading to the same conclusion that it should be located in region X, the answer could be region Y. “

Osborn added that by considering the other impacts a business can have on other stakeholders, rather than just its finances, an organization is able to optimize value creation. As a management philosophy, integrated thinking fits well with the current focus on ESG and sustainability, as it enables board members and senior management to manage resources and create value in as many capitals as is relevant to the organizations business model.

Ash said that as ESG reporting gains momentum, management accountants will need to collaborate with others to obtain reliable data on all aspects of ESG.

“Management accountants have always been at the center of any business activity, and I am very confident that this will continue to be the case.”

Alexis See Tho (Alexis.SeeTho@aicpa-cima.com) is a FM deputy editor of the magazine.



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