Crain's Chicago Business | Retiring in their 30s. Yep, they're doing it. Crain's Chicago Business ... company that produces automotive design software. "It's in line with what I was interested in, but working in a cubicle isn't very desirable," he says. "The best course of action is to reach financial independence so I can do whatever I choose in ... |
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Retiring in their 30s. Yep, they're doing it. - Crain's Chicago Business
If you graduated from a Louisiana university in 2012, you would owe on average nearly $23,000 in student loan debt. Based on national figures compiled by the Project on Student Debt, about 70 percent of 2012s U.S. graduates had an average student loan debt of $29,400.
According to the Child Welfare League of America, 10,119 minors were victims of abuse or neglect in Louisiana in 2013. Of these children, 87.2 percent were neglected, 18.8 percent were physically abused and 6.9 percent were sexually abused.
Many people rely on their parents for financial support throughout college, and if you are one of the many young adults in America who have experienced parental abuse or neglect, you know how painful financial dependence can be. You also know just how hard it is for an abused or neglected 18-year-old to break away from that dependence.
When you turn 18, you reach the age of majority and are no longer required to live as a minor under parental control. However, when it comes to applying for federal financial aid, you are not considered fully independent until the age of 24. Students are automatically considered dependents unless they fight and prove they are completely independent from their parents.
To declare yourself as an independent on the FAFSA, you must file a Dependency Review Form and provide documentation explaining your situation.Your case is then reviewed by a committee or financial aid office at your college. Most students will not qualify for a change in status because the circumstances need to be extreme, such as provable abandonment or abuse, to be considered for independent status.
Proving independent status is an arduous task, requiring police and medical reports showing abuse or evidence that parents are dead, in jail or in rehab as well as letters from teachers and friends parents who can corroborate your story, said freelance writer Samantha Stainburn in her article for The New York Times.
If you spent your entire adolescent life aching for the day you get to leave your parents house without looking back, the FAFSA helps ruin your light at the end of the tunnel. Many abused and neglected minors do not have the paperwork to prove their situation, so the inability for many students to become legally independent at 18 helps continue a cycle of extensive and unending mistreatment.
If you are 16 or 17 and wish to be emancipated in Louisiana, you must obtain parental approval, get married with parental approval or go through a lengthy court process. If you go through the court, you must file an affidavit, statements proving independence, verification of employment and another affidavit from either your parents or other close adult who believes emancipation would be in your best interest. You will be charged a fee ranging from $150 to $200, and you will then have to attend a preliminary hearing and a final court hearing, in which a judge will determine whether or not you are suited for emancipation.
Becoming emancipated will take months, and it could take even longer if you or your parents disagree with the ruling. If you are emancipated and your parents do not approve, they can appeal the court and lengthen the process even more.
If you are someone who becomes emancipated, it is harder for you to make a successful life for yourself. It will be hard to begin college because you will have to support yourself before you even graduate high school, and you may get so wrapped up in paying your bills that you find you cannot fit higher education into your life at all.
Young adults need to be able to live on their own without having to fight the system just to survive.
If our young people are doing well, then our country is doing well. It is time to invest in our youth and let them know that, no matter where they come from, they have the ability to stand on their own and become whatever they want to be.
Lynne Bunch is an 18-year-old mass communication freshman from Terrytown, Louisiana.
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Opinion: Young adults need an easier path to financial independence - LSU Now
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.
IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm.[1][2]
IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonization has occurred. Standards that were issued by IASC (the predecessor of IASB) are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards".
In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.
Criticisms of IFRS are (1) that they are not being adopted in the US (see GAAP), (2) a number of criticisms from France and (3) that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect at all during 6 years in Zimbabwe's hyperinflationary economy. The IASB offered responses to the first two criticisms, but has offered no response to the last criticism while IAS 29 was as of March 2014 being implemented in its original ineffective form in Venezuela and Belarus.
Financial statements are a structured representation of the financial positions and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management's stewardship of the resources entrusted to it.[3]
To meet this objective, financial statements provide information about an entity's:
This information, along with other information in the notes, assists users of financial statements in predicting the entity's future cash flows and, in particular, their timing and certainty.[3]
The following are the general features in IFRS:
Fundamental qualitative characteristics of financial information include:
Enhancing qualitative characteristics include:
The elements directly related to the measurement of the statement of financial position include:
The financial performance of an entity is presented in the statement of comprehensive income, which consists of the income statement (Statement of Profit/Loss) and the statement of other comprehensive income[16] (usually presented in two separate statements). Financial performance includes the following elements (which are recognised in the income statement or other comprehensive income as required by the applicable IFRS standard):
Results recognised in other comprehensive income are limited to the following specific circumstances:
The statement of changes in equity consists of a reconciliation of the changes in equity in which the following information is provided:
Statement of Cash Flows
Notes to the Financial Statements: These shall (a) present information about the basis of preparation of the financial statements and the specific accounting policies used; (b) disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and (c) provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.[28]
An item is recognized in the financial statements when:[29]
In some cases specific standards add additional conditions before recognition is possible or prohibit recognition altogether.
An example is the recognition of internally generated brands, mastheads, publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38.[30] In addition research and development expenses can only be recognised as an intangible asset if they cross the threshold of being classified as 'development cost'.[31]
Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities,[32] this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources embodying economic benefits will be required.[33]
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international.
Par. 102. A financial concept of capital is adopted by most entities in preparing their financial statements. Under a financial concept of capital, such as invested money or invested purchasing power, capital is synonymous with the net assets or equity of the entity. Under a physical concept of capital, such as operating capability, capital is regarded as the productive capacity of the entity based on, for example, units of output per day.
Par. 103. The selection of the appropriate concept of capital by an entity should be based on the needs of the users of its financial statements. Thus, a financial concept of capital should be adopted if the users of financial statements are primarily concerned with the maintenance of nominal invested capital or the purchasing power of invested capital. If, however, the main concern of users is with the operating capability of the entity, a physical concept of capital should be used. The concept chosen indicates the goal to be attained in determining profit, even though there may be some measurement difficulties in making the concept operational.
Par. 104. The concepts of capital in paragraph 102 give rise to the following two concepts of capital maintenance:
(a) Financial capital maintenance. Under this concept a profit is earned only if the financial (or money) amount of the net assets at the end of the period exceeds the financial (or money) amount of net assets at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power.
(b) Physical capital maintenance. Under this concept a profit is earned only if the physical productive capacity (or operating capability) of the entity (or the resources or funds needed to achieve that capacity) at the end of the period exceeds the physical productive capacity at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period.
The concepts of capital in paragraph 102 give rise to the following three concepts of capital during low inflation and deflation:
The concepts of capital in paragraph 102 give rise to the following three concepts of capital maintenance during low inflation and deflation:
Par. 105. The concept of capital maintenance is concerned with how an entity defines the capital that it seeks to maintain. It provides the linkage between the concepts of capital and the concepts of profit because it provides the point of reference by which profit is measured; it is a prerequisite for distinguishing between an entity's return on capital and its return of capital; only inflows of assets in excess of amounts needed to maintain capital may be regarded as profit and therefore as a return on capital. Hence, profit is the residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income. If expenses exceed income the residual amount is a loss.
Par. 106. The physical capital maintenance concept requires the adoption of the current cost basis of measurement. The financial capital maintenance concept, however, does not require the use of a particular basis of measurement. Selection of the basis under this concept is dependent on the type of financial capital that the entity is seeking to maintain.
Par. 107. The principal difference between the two concepts of capital maintenance is the treatment of the effects of changes in the prices of assets and liabilities of the entity. In general terms, an entity has maintained its capital if it has as much capital at the end of the period as it had at the beginning of the period. Any amount over and above that required to maintain the capital at the beginning of the period is profit.
Par. 108. Under the concept of financial capital maintenance where capital is defined in terms of nominal monetary units, profit represents the increase in nominal money capital over the period. Thus, increases in the prices of assets held over the period, conventionally referred to as holding gains, are, conceptually, profits. They may not be recognised as such, however, until the assets are disposed of in an exchange transaction. When the concept of financial capital maintenance is defined in terms of constant purchasing power units, profit represents the increase in invested purchasing power over the period. Thus, only that part of the increase in the prices of assets that exceeds the increase in the general level of prices is regarded as profit. The rest of the increase is treated as a capital maintenance adjustment and, hence, as part of equity.
Par. 109. Under the concept of physical capital maintenance when capital is defined in terms of the physical productive capacity, profit represents the increase in that capital over the period. All price changes affecting the assets and liabilities of the entity are viewed as changes in the measurement of the physical productive capacity of the entity; hence, they are treated as capital maintenance adjustments that are part of equity and not as profit.
Par. 110. The selection of the measurement bases and concept of capital maintenance will determine the accounting model used in the preparation of the financial statements. Different accounting models exhibit different degrees of relevance and reliability and, as in other areas, management must seek a balance between relevance and reliability. This Framework is applicable to a range of accounting models and provides guidance on preparing and presenting the financial statements constructed under the chosen model. At the present time, it is not the intention of the Board of IASC to prescribe a particular model other than in exceptional circumstances, such as for those entities reporting in the currency of a hyperinflationary economy. This intention will, however, be reviewed in the light of world developments.[40]
IFRS financial statements consist of (IAS1.8)
Comparative information is required for the prior reporting period (IAS 1.36). An entity preparing IFRS accounts for the first time must apply IFRS in full for the current and comparative period although there are transitional exemptions (IFRS1.7).
On 6 September 2007, the IASB issued a revised IAS 1 Presentation of Financial Statements. The main changes from the previous version are to require that an entity must:
The revised IAS 1 is effective for annual periods beginning on or after 1 January 2009. Early adoption is permitted.
In 2012 the US Securities and Exchange Commission Staff issued a 127-page report of potential issues with IFRS that would need to be addressed before adoption by the United States.[41] The staff of the IFRS Foundation provided a detailed answer on the main criticisms in the SEC staff report.[42]
A number of criticisms were voiced in the beginning of 2013 in the French media to which the IASB Board member Philippe Danjou responded in his document 'An Update on International Financial Reporting Standards (IFRSs).' [43]
It is widely acknowledged that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect during the six years it was implemented during hyperinflation in Zimbabwe. [7][citation needed] This led people[who?] to ask the purpose of IAS 29.[citation needed] As of March 2014, IAS 29 was being implemented in its original ineffective form[citation needed] in Venezuela and Belarus. It was suggested to the IASB in 2012[by whom?] that IAS 29 should be corrected to require daily indexation which would result in effective constant purchasing power accounting and would stabilize the non-monetary economy during hyperinflation. The IASB has offered no response to date (March 2014) to this criticism and has not yet altered IAS 29 to require daily indexation.
IFRS are used in many parts of the world, including the South Korea, European Union, India, Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, Chile, Philippines, South Africa, Singapore and Turkey, but not in the United States. Please refer to PricewaterhouseCoopers' "IFRS by country" publication for a detailed explanation of the level of IFRS adoption per country.[44] 140 Jurisdiction profiles are available online.[45]
It is generally expected that IFRS adoption worldwide will be beneficial to investors and other users of financial statements, by reducing the costs of comparing alternative investments and increasing the quality of information.[46] Companies are also expected to benefit, as investors will be more willing to provide financing.[46] Companies that have high levels of international activities are among the group that would benefit from a switch to IFRS. Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard.[47] However, Ray J. Ball has expressed some skepticism of the overall cost of the international standard; he argues that the enforcement of the standards could be lax, and the regional differences in accounting could become obscured behind a label. He also expressed concerns about the fair value emphasis of IFRS and the influence of accountants from non-common-law regions, where losses have been recognized in a less timely manner.[46]
To assess progress towards the goal of a single set global accounting standards, the IFRS Foundation has developed and posted profiles about the use of IFRSs in individual jurisdictions. These were based on information from various sources. The starting point was the responses provided by standard-setting and other relevant bodies to a survey that the IFRS Foundation conducted. Currently, profiles are completed for 124 jurisdictions, including all of the G20 jurisdictions plus 104 others. Eventually, the plan is to have a profile for every jurisdiction that has adopted IFRSs, or is on a programme toward adoption of IFRSs.[48]
The Australian Accounting Standards Board (AASB) has issued 'Australian equivalents to IFRS' (A-IFRS), numbering IFRS standards as AASB 18 and IAS standards as AASB 101141. Australian equivalents to SIC and IFRIC Interpretations have also been issued, along with a number of 'domestic' standards and interpretations. These pronouncements replaced previous Australian generally accepted accounting principles with effect from annual reporting periods beginning on or after 1 January 2005 (i.e. 30 June 2006 was the first report prepared under IFRS-equivalent standards for June year ends). To this end, Australia, along with Europe and a few other countries, was one of the initial adopters of IFRS for domestic purposes (in the developed world). It must be acknowledged, however, that IFRS and primarily IAS have been part and parcel of accounting standard package in the developing world for many years since the relevant accounting bodies were more open to adoption of international standards for many reasons including that of capability.
The AASB has made certain amendments to the IASB pronouncements in making A-IFRS, however these generally have the effect of eliminating an option under IFRS, introducing additional disclosures or implementing requirements for not-for-profit entities, rather than departing from IFRS for Australian entities. Accordingly, for-profit entities that prepare financial statements in accordance with A-IFRS are able to make an unreserved statement of compliance with IFRS.
The AASB continues to mirror changes made by the IASB as local pronouncements. In addition, over recent years, the AASB has issued so-called 'Amending Standards' to reverse some of the initial changes made to the IFRS text for local terminology differences, to reinstate options and eliminate some Australian-specific disclosure. There are some calls for Australia to simply adopt IFRS without 'Australianising' them and this has resulted in the AASB itself looking at alternative ways of adopting IFRS in Australia.
Brazil has already adopted IFRS for all companies whose securities are publicly traded and for most financial institutions whose securities are not publicly traded, for both consolidated and separate (individual) company financial statements.[49]
The use of IFRS became a requirement for Canadian publicly accountable profit-oriented enterprises for financial periods beginning on or after 1 January 2011. This includes public companies and other "profit-oriented enterprises that are responsible to large or diverse groups of shareholders."[50]
In 2002 the European Union agreed that from 1 January 2005 International Accounting Standards / International Financial Reporting Standards would apply for the consolidated accounts of the EU listed companies.[51]
In order to be approved for use in the EU, standards must be endorsed by the Accounting Regulatory Committee (ARC), which includes representatives of member state governments and is advised by a group of accounting experts known as the European Financial Reporting Advisory Group. As a result, IFRS as applied in the EU may differ from that used elsewhere.
Parts of the standard IAS 39: Financial Instruments: Recognition and Measurement were not originally approved by the ARC. IAS 39 was subsequently amended, removing the option to record financial liabilities at fair value, and the ARC approved the amended version. The IASB is working with the EU to find an acceptable way to remove a remaining anomaly in respect of hedge accounting. The World Bank Centre for Financial Reporting Reform is working with countries in the ECA region to facilitate the adoption of IFRS and IFRS for SMEs.
Whilst the IASB set the effective dates for the new consolidation standards IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities at 1 January 2013, the ARC decided to delay the mandatory effective date for the companies listed in the European Union by one year. The standards therefore only became effective on 1 January 2014.[52]
The European Commission has launched a general analysis of the impacts of 8 years of use of international financial reporting standards (IFRSs) in the EU for preparers and users of financial statements from the private sector. The study will include an overall assessment of whether the Regulation 1606/2002 of the European Parliament and the Council ('IAS Regulation') has met the two-fold initial objectives of ensuring a high degree of transparency and comparability of the financial statements of European companies and an efficient functioning of the market, in comparison with the situation before IFRS implementation in 2005. It will also include a cost-benefit analysis and an assessment and analysis of the benefits and drawbacks brought by the IAS Regulation for different stakeholder groups.[53]
Ghana transitioned from the Ghana Accounting Standards (GAS) to adopt the IFRS on January 1, 2007.[54] As of 2008 and beyond, a legislative injunction has been imposed on the Bank of Ghana to prepare financial statements in accordance with IFRS; thereby making it mandatory for all public entities in the country.[55]
The Institute of Chartered Accountants of India (ICAI) has announced that IFRS will be mandatory in India for financial statements for the periods beginning on or after 1 April 2016 in a phased manner. There is a roadmap issued by MCA for adoption of IFRS.
Reserve Bank of India has stated that financial statements of banks need to be IFRS-compliant for periods beginning on or after 1 April 2011.
The ICAI has also stated that IFRS will be applied to companies above INR 1000 crore (INR 10 billion) from April 2011. Phase wise applicability details for different companies in India:
Phase 1: Opening balance sheet as at 1 April 2011* i. Companies which are part of NSE Index Nifty 50 ii. Companies which are part of BSE Index Sensex 30
a. Companies whose shares or other securities are listed on a stock exchange outside India
b. Companies, whether listed or not, having net worth of more than INR 1000 crore (INR 10 billion)
Phase 2: Opening balance sheet as at 1 April 2012*
Companies not covered in phase 1 and having net worth exceeding INR 500 crore (INR 5 billion)
Phase 3: Opening balance sheet as at 1 April 2014*
Listed companies not covered in the earlier phases * If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of immediately following financial year.
On 22 January 2010, the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of INR 10billion will prepare and present financial statements using Indian Accounting Standards converged with IFRS. According to the press note issued by the government, those companies will convert their first balance sheet as at 1 April 2011, applying accounting standards convergent with IFRS if the accounting year ends on 31 March. This implies that the transition date will be 1 April 2011. According to the earlier plan, the transition date was fixed at 1 April 2010.
The press note does not clarify whether the full set of financial statements for the year 201112 will be prepared by applying accounting standards convergent with IFRS. The deferment of the transition may make companies happy, but it will undermine India's position. Presumably, lack of preparedness of Indian companies has led to the decision to defer the adoption of IFRS for a year. This is unfortunate that India, which boasts for its IT and accounting skills, could not prepare itself for the transition to IFRS over last four years. But that might be the ground reality. Transition in phases Companies, whether listed or not, having net worth of more than INR 5billion will convert their opening balance sheet as at 1 April 2013. Listed companies having net worth of INR 5billion or less will convert their opening balance sheet as at 1 April 2014. Un-listed companies having net worth of Rs5billion or less will continue to apply existing accounting standards, which might be modified from time to time. Transition to IFRS in phases is a smart move. The transition cost for smaller companies will be much lower because large companies will bear the initial cost of learning and smaller companies will not be required to reinvent the wheel. However, this will happen only if a significant number of large companies engage Indian accounting firms to provide them support in their transition to IFRS. If, most large companies, which will comply with Indian accounting standards convergent with IFRS in the first phase, choose one of the international firms, Indian accounting firms and smaller companies will not benefit from the learning in the first phase of the transition to IFRS. It is likely that international firms will protect their learning to retain their competitive advantage. Therefore, it is for the benefit of the country that each company makes judicious choice of the accounting firm as its partner without limiting its choice to international accounting firms. Public sector companies should take the lead and the Institute of Chartered Accountants of India (ICAI) should develop a clear strategy to diffuse the learning. Size of companies The government has decided to measure the size of companies in terms of net worth. This is not the ideal unit to measure the size of a company. Net worth in the balance sheet is determined by accounting principles and methods. Therefore, it does not include the value of intangible assets. Moreover, as most assets and liabilities are measured at historical cost, the net worth does not reflect the current value of those assets and liabilities. Market capitalisation is a better measure of the size of a company. But it is difficult to estimate market capitalisation or fundamental value of unlisted companies. This might be the reason that the government has decided to use 'net worth' to measure size of companies. Some companies, which are large in terms of fundamental value or which intend to attract foreign capital, might prefer to use Indian accounting standards convergent with IFRS earlier than required under the road map presented by the government. The government should provide that choice.[56]
The minister for Financial Services in Japan announced in late June 2011 that mandatory application of the IFRS should not take place from fiscal year-ending March 2015; five to seven years should be required for preparation if mandatory application is decided; and to permit the use of U.S. GAAP beyond the fiscal year ending 31 March 2016.[57]
Montenegro gained independence from Serbia in 2006. Its accounting standard setter is the Institute of Accountants and Auditors of Montenegro (IAAM).[58]:2 In 2005, IAAM adopted a revised version of the 2002 "Law on Accounting and Auditing" which authorized the use of IFRS for all entities.[58]:18 IFRS is currently required for all consolidated and standalone financial statements, however, enforcement is not effective except in the banking sector.[58]:18 Financial statements for banks in Montenegro are, generally, of high quality and can be compared to those of the European Union.[58]:3 Foreign companies listed on Montenegro's two stock exchanges (Montenegro Stock Exchange and NEX Stock Exchange) are also required to apply IFRS in their financial statements.[59] Montenegro does not have a national GAAP.[58]:18 Currently, no Montenegrin translation of IFRS exists, and because of this Montenegro applies the Serbian translation from 2010.[60]:20 IFRS for SMEs is not currently applied in Montenegro.[60]:20
In Nepal the Accounting Standards Board (ASB) is in charge of standard setting. Nepal closely models its Financial Reporting Standards (FRS) according to the IFRS, with appropriate changes made to suit the Nepalese context. It has issued Nepal Financial Reporting Standards in 2013. The 2013 version of standards almost resembles IFRS with slight modification.
All listed companies must follow all issued IAS/IFRS except the following: IAS 39 and IAS 41: Implementation of these standards has been held in abeyance by State Bank of Pakistan for Banks and DFIs IFRS-1: Effective for the annual periods beginning on or after 1 January 2004. This IFRS is being considered for adoption for all companies other than banks and DFIs. IFRS-9: Under consideration of the relevant Committee of the Institutes (ICAP & ICMAP). This IFRS will be effective for the annual periods beginning on or after 1 January 2013.
The government of Russia has been implementing a program to harmonize its national accounting standards with IFRS since 1998. Since then twenty new accounting standards were issued by the Ministry of Finance of the Russian Federation aiming to align accounting practices with IFRS. Despite these efforts essential differences between Russian accounting standards and IFRS remain. Since 2004 all commercial banks have been obliged to prepare financial statements in accordance with both Russian accounting standards and IFRS. Full transition to IFRS is delayed but starting 2012 new modifications making Russian GAAP converging to IFRS have been made. They notably include the booking of reserves for bad debts and contingent liabilities and the devaluation of inventory and financial assets.
Still, several differences between the two sets of account still remain. Major reasons for deviation between Russian GAAP and IFRS / US-GAAP (e.g. when the Russian affiliate of a larger group need to be consolidated to the mother company) are the following:
In Singapore the Accounting Standards Committee (ASC) is in charge of standard setting. Singapore closely models its Financial Reporting Standards (FRS) according to the IFRS, with appropriate changes made to suit the Singapore context. Before a standard is enacted, consultations with the IASB are made to ensure consistency of core principles.[61]
All companies listed on the Johannesburg Stock Exchange have been required to comply with the requirements of International Financial Reporting Standards since 1 January 2005.
The IFRS for SMEs may be applied by 'limited interest companies', as defined in the South African Corporate Laws Amendment Act of 2006 (that is, they are not 'widely held'), if they do not have public accountability (that is, not listed and not a financial institution). Alternatively, the company may choose to apply full South African Statements of GAAP or IFRS.
South African Statements of GAAP are entirely consistent with IFRS, although there may be a delay between issuance of an IFRS and the equivalent SA Statement of GAAP (can affect voluntary early adoption).
(1) Phase I companies: listed companies and financial institutions supervised by the Financial Supervisory Commission (FSC), except for credit cooperatives, credit card companies and insurance intermediaries:
(2) Phase II companies: unlisted public companies, credit cooperatives and credit card companies:
(3) Pre-disclosure about the IFRS adoption plan, and the impact of adoption
To prepare properly for IFRS adoption, domestic companies should propose an IFRS adoption plan and establish a specific taskforce. They should also disclose the related information from 2 years prior to adoption, as follows:
2008
2009~2011
2012
2013
2014
2015
(1) More efficient formulation of domestic accounting standards, improvement of their international image, and enhancement of the global rankings and international competitiveness of our local capital markets;
(2) Better comparability between the financial statements of local and foreign companies;
(3) No need for restatement of financial statements when local companies wish to issue overseas securities, resulting in reduction in the cost of raising capital overseas;
(4) For local companies with investments overseas, use of a single set of accounting standards will reduce the cost of account conversions and improve corporate efficiency.
Above is quoted from Accounting Research and Development Foundation, with the original "here" (PDF).(18.9 KB) .
The Banking Regulation and Supervision Agency and Capital Markets Board of Turkey translated IFRS into Turkish in 2002. Banks and Turkish companies listed on the Istanbul Stock Exchange are required to prepare IFRS reports since then. The Turkish Accounting Standards Board (called the Public Oversight Authority after 2011) also translated IFRS in 2005. The new Commercial Code came into force in 2012. The Public Oversight Authority is the only authorized board regarding auditing and financial reporting standards. Most businesses authorized by the Council of Ministers in addition to banks and Turkish companies listed on the Istanbul Stock Exchange are required to prepare IFRS reports since 2012.
Zimbabwe also adopted IFRS.
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At the beginning of a new year, many of us look to get a fresh start in areas of our lives.
Among other endeavors, we try to get organized, sleep more, lessen the red wine consumption, eat better, start or restart a fitness regimen and develop business goals.
It's safe to say a good number of us use this time to finally get ourselves on more solid financial footing. It's time to take a big picture look also known as financial planning.
Financial planning is a great way to get your financial house in order. The process starts with identifying life priorities and is designed to help identify gaps in your financial picture.
Once these exposures are identified, you can work with your financial adviser to address them.
Unfortunately, many financial advisers and planners offer what is known as financial planning lite. It's a very cursory attempt at financial planning, often offered as an up-front enticement to convince a prospective client to let the adviser manage his or her investment portfolio.
This lite' version of planning typically deals only with the client's basic goals and investment outlook.
So, what should a true, value-added financial plan include?
For most people, a thorough financial plan will have many of the following components. (This is not an exhaustive list; some situations may require additional analysis).
Household budget This calculates the difference between household income and expenses.
Emergency savings plan Three to six months, or more, of cash in a savings account is important to cover emergencies, such as an unexpected job loss.
Statement of financial position Also known as the net worth statement, this calculates the difference between what you own and what you owe.
Financial independence analysis This determines at what age you may have the option to continue working or not, given different savings and Social Security strategies, and your vision of an ideal retirement.
Tax planning Careful planning throughout the year can help reduce the taxes you pay as you strive to achieve financial goals.
Education planning Save for your education or that of a loved one.
Estate planning It is critical to put into place the correct documents and to title assets properly to ensure the orderly disposal of your estate upon your passing. Your estate plan also may include strategies to minimize potential federal estate taxes.
Lifetime gifts to individuals and bequests to charity Structuring the gifting of vehicles and assisting in deciding how to attain the most impact per-dollar gifted.
Insurance planning Examining the sufficiency, quality and cost-effectiveness of existing insurance coverage and identifying if there is a need for coverage where none exists. Coverages to consider are life, long-term care, disability, auto, homeowners, umbrella and others.
Contingency risk analysis Examining the need for identity theft protection, financial emergency kit, prepaid legal services, prenuptial agreement and other risk management vehicles.
Employee benefits analysis Evaluating the benefits available through your employer and choosing those most appropriate for your needs.
All components of your plan should be integrated with each other and with your investment plan. In addition, your financial plan should be collaborative between you, your family, financial adviser and other advisers (accountant, attorney).
Most importantly, the plan should be aligned with your priorities. For many, life is a series of trade-offs, so your plan should help make financial decisions that are in line with the values that matter to you.
Because it's not just about money, it's about your life.
Lisa Strohm is founder and CEO of The Athena Network, a financial and life management firm based in Upper Saucon Township, providing investment advice and financial planning offered through Good Life Advisors LLC, a registered investment adviser. (The Athena Network and Good Life Advisors are separate entities.) She provides fee-based financial planning and investment management for women, their spouses and extended families. She can be reached at 484-224-3439 or lisa.strohm@the-athena-network.com.
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'Financial you' hits all bases, aligns with priorities, values - Lehigh Valley Business
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Staff Editorials
By The Editorial Board - February 20, 2017
There are 57 days until Tax Day, a date which holds varying levels of significance to different students.
To the sophomore who is working two jobs to pay for their tuition and groceries, finances are in the forefront of their mind. To the junior whose family is fortunate enough to pay for their full tuition up front, their biggest financial concern may be splitting the tip at Thai Time.
Yet, no matter where you lie on the spectrum of financial responsibility, as a student, you are likely on the path to financial independence. After college, many graduates will feel the full force of repaying loans, filing taxes, paying insurance and the other fiscal joys that come with adulthood. Despite the attention needed to start preparing for this impeding leap, students tend to treat financial planning as an afterthought.
BU students come from an array of backgrounds and operate on different levels of financial independence throughout their college careers. Some are glued to their online bank portal, tracking every dollar and saving into a long-term retirement account, while others avoid opening it like it contains an active wasps nest.
Most of us lie somewhere in between, with good intentions about our financial futures but without full awareness of the financial options available to us. After all, who has time to think about building credit, investing in the market and growing a savings account when we are meant to juggle a full academic course load?
Our school is rich with opportunity to prepare students in their academic disciplines. General education requirements require us to learn outside our major, and even prepare us to lead healthy, active lives. However, there is no such requirement when it comes to financial planning an aspect of life that every student will face. Such a program would undoubtedly benefit BU graduates, enabling them to avoid potentially long-term financial mistakes.
Its heartening to see that the University has taken steps to provide financial planning services in partnership with Visions Federal Credit Union through the Fleishman Center. For the motivated student, this is an accessible way to start preparing for the future.
However, if the University is to make teaching fiscal responsibility a priority, we suggest it does more. A mandatory financial lecture or seminar as part of general education requirements would act as a smart investment in BU students. The course would not have to be intensive, but rather meant to inform students of their options in navigating finances and connect them with resources to do so. A weekly one-credit class would do the trick.
It doesnt make sense that financial planning is not a part of our countrys secondary schooling or higher education curricula. As students face increasing economic uncertainty, BU has the opportunity to adapt accordingly.
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Q: Being somewhat late to the retirement preparation game, Im trying to put as much as I can into a rather aggressive set of mutual funds so as to maximize my return. I still have twenty years or so to go, but I kind of just got started. What else do I need to be thinking about?
Byron Moore(Photo: Submitted)
A: Playing the entire game and finishing well.
Two weeks ago, 111 million people watched the Atlanta Falcons play 3 really good quarters of football against the New England Patriots. Unfortunately for them, the game lasted four full quarters. And an overtime. Looking dominant in the first two quarters, and still confident after three, the Falcons allowed the Patriots to claw their way back to tie the game by the end of regulation play.
In overtime, it only took eight plays for quarterback Tom Brady to take his team 75 yards to score the winning touchdown. The Pats were victorious. The Dirty Birds were gassed.
It doesnt matter who is in the lead after one, two or three quarters of a football game. It only matters what the score is at the end of the game. Not a bad financial lesson to remember.
Whether in football, a foot race, a military battle or a financial life, it is the amateurs that start out at a full sprint. The pros understand that winning is about position, pace and power. In that order.
If youre building a skyscraper, you start with the foundation phase. Next you have a building phase. Finally, you enjoy the occupation phase. Thats what you were working towards all along. If you start on the building phase first, because you are behind or late to the game, youll lose even more time later when the building you thought would last begins to fall apart because the foundation was never laid.
Youll be ahead at the end of three quarters, only to lose the game.
So what do I mean by position, pace and power?
Position. The first thing a master chess player does is put all his pieces in position to protect his own king and put the other player in check mate. There is a constant awareness of playing both offense and defense. Moves are being made with both the beginning of the game and the end of the game in mind.
So position means to strategize with a comprehensive financial plan, protecting yourself and your financial assets now and in the future, and coordinating your assets so as to maximize their productivity later (at the end of the game).
Pace. Pace means to maximize the amount of your assets with a savings and investment plan. This is what it sounds like you are intent on doing now, but perhaps without an appreciation for the length of the race. This is where the inexperienced believe they need to start, naively skipping the position phase. If this is you, go back. Youre not saving yourself time, but costing it when you can least afford the loss.
Power. Power means to optimize with a retirement income plan. For most of us, the purpose of a financial plan is to attain financial independence that state in which we go to work because we want to, not because we have to. Work becomes a choice, not a chore. We no longer have to work, because our money can work for us.
Few who are not retired appreciate how wide the gap is between accumulating assets and turning those assets into income during retirement. Spend too freely from your pile of assets and you may run out of money during retirement. But if you are not able to generate a sufficient income in retirement, are you really financially independent?
Power is the natural result of proper positioning and patient pacing. Power should result in a balance of sufficient income, sufficient liquidity and sufficient safety nets to let you sleep well at night. Power is what the whole game is about.
If you want to run with the rest of the amateurs, sprint your guts out and forget how long this race really is.
But if you want to play the game like a pro, prioritize these practices:
Position. Pace. Power.
BYRON MOORE:The power and peril of compound interest
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Byron Moore: Position, Pace and Power perform like a pro - Monroe News Star
MANILA - Financial independence is the ability to live comfortably on ones savings without having any debt. One may raise his eyebrows and just shrug off the idea of financial freedom as something unattainable.
What makes it difficult for an individual to become free financially depends on several factors. If you would like to live comfortably and provide everything that your family needs, you must learn how to make things work for you.
1. Create a plan.
This means being able to visualize what you want to achieve. Financial experts can help you determine how much you need to achieve financial independence. The plan differs with every individual. But what is certain is that when you make your plan early on in life, it will produce a better outcome.
2. Learn how to budget your expenses.
Set a certain amount for the things that you need to spend on monthly. Then save the money that is left. There should be no thinking of having some cash to spend on beer or for a night out. Think of it as your way of abstaining yourself from every little money-sucking activity.
3. Use plastic wisely
When credit cards were first introduced, it was meant to be a way of helping out consumers buy things that are necessary when they do not have enough money to spend on. However, the evil minds started to use it as a means of acquiring things more than they can actually afford. Save money on credit cards by paying your dues on time.
4. Provide safety nets.
Set an amount that will serve as part of your emergency fund or for insurance. It may be best to open up an account for that. You should be able to have the amount of money needed if you suddenly need to have an appliance fixed or other unexpected expenses.
5. Eliminate debt.
More than having housing loans or car loans, people have just gotten into this hype of acquiring so many things without realizing that the things that they have bought may not have any use to them at all. Imagine how malls would encourage their customers to buy things at a discounted price.
6. Consider your career choice.
Any form of additional income should be taken as an opportunity to increase your stakes at financial independence. Of course, choosing to put up your own business may have risks, but if your heart is it, there should be no stopping you from taking that step.
7. Consider your living space
You may be living in a huge apartment where half of your salary goes to every month. You may want to consider moving into a small, inexpensive one so you can save a few hundred pesos to add to your emergency funds.
8. Consider investing in stocks, bonds or real estate.
Let experts tell you how things work and be diligent enough to do your homework. Remember to deal with credible people so you will not fall for investment scams.
To become financially independent means you have to be careful with every step you take. There is always a bit of sacrifice on matters that we want to achieve. But with these little sacrifices come big outcomes.
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For questions and more information, you may contact Armando "Butz" Bartolome by email: philfranchiseguru@gmail.com or on Twitter https://twitter.com/philfranguru. His website is http://www.gmb.com.ph
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In Jurez, Mexico, where cartels have left families mourning loved ones and women fending for their families, the Centro Santa Catalina provides opportunity for about 20 women to utilize various creative and management skills to help them generate a survival income.
When farms throughout Mexico started closing after the North American Free Trade Agreement came into effect in the late 1990s, men migrated into the cities to find work.
"The men couldn't get jobs because they had a sixth-grade education and weren't used to living in the city," Dominican Sr. Maureen Gallagher said. "The women stayed at home with the children, and sometimes there wasn't enough money for food."
The "colonia" where the women live, Colonia Pnfilo Natera, is built on what was once the city's garbage dump, with homes constructed out of scrap materials; many lack electricity, water and basic city services. For most of these women, Centro Santa Catalina is their only source of income.
As the marketing director for the sewing cooperative across the border from El Paso, Texas, Gallagher helps the women sell their projects, including aprons, table runners, purses, shawls, laptop holders and "Mexican prayer flags." In addition to the sewing co-op, the center also provides tutoring, spirituality classes and a garden for the women to grow and share vegetables.
GSR: How did Centro Santa Catalina begin?
Gallagher: It was started by Sr. Donna Kustusch, an Adrian Dominican sister, and she started it in '96 or '97. She was a professor in the religion department at Sienna Heights College, and she had decided she had to walk the talk. She brought students down for immersion in Ciudad Jurez and later decided that's where she'd start her ministry helping economically poor women. That eventually led to a prayer group with some of the women, and from the prayer group, the center developed for women who were mostly migrants from the rural areas.
Sister Donna said, 'Aside from praying, what can we do to help you?' They said they really needed money, so they decided to start a co-op.
Sr. Maureen Gallagher, left, selling products the women at Centro Santa Catalina have sewn. (Provided photo)
The idea was that they would have a business and be able to stay in Mexico which is what they wanted to do and support their families and have a decent life. At this time, the co-op has its own president, vice president, secretary, and they make their own decisions. The only problem is with selling the products, because we have to sell them in the U.S., and the women don't speak English. And only five of them have visas, but they can only go 40 miles within the U.S.
I'm the marketing director, and [along with two other sisters] we help them find places where they can sell. If we have a place in El Paso, then women come and sell things themselves so they can learn the process. Right now, we're trying to make the co-op independent, so that they run the co-op, take care of all the money they get, and continue it on their own once we leave [ideally by 2020].
Tell me about other programs offered at the center.
In Juarez, there aren't enough schools for the children in elementary grades they go either in the morning or afternoon so we've trained 10 women to be tutors. The nice thing about that is most of them got their GEDs through the center; we paid for them to get it.
This past year, we hired a director the plan was for a Mexican woman to take over the center so that it would be owned and run by Mexicans. We hired a director, and through her intercession, we've been able to send the tutors to a class where they are now certified teacher aides, so if something should happen to us or to the center, they have a skill they can market.
We also have a youth program for teenagers, and we're starting a garden program, and the idea is that that eventually becomes a co-op for them to share vegetables.
We don't charge the families anything to send their children to tutors; it's a two-way thing. They're getting help with their homework, but they're also being kept off the streets while their parents are working.
All the money goes into a bank, and at the end of the month, they have to decide how much money they need for repairs, new products and materials. Then they share equally what's left over with the 18 women that make up the co-op. Average is $160 [U.S. dollars, per person] when you don't have a big sale, and that's really just for survival. As marketing director, I try to find more places for them to sell.
Two of the women work on sewing projects at the co-op. (Provided photo)
Tell me about the women you work with.
Juarez was a place where two cartels were fighting, and during that time, it was around 2010, every one of our women in the co-op had either a relative or a family member killed. It was total anarchy.
Many of them are battered women. One of our women in the co-op has four or five children and just left her husband. She had left him before, but she financially couldn't continue, so she invited him back. When the co-op started picking up and we were getting more money, she felt she could get rid of him again, so she kicked him out of the house. She had to get another job in a factory, so she works two jobs. He put her in the hospital five years ago because he beat her so badly.
Of the 18 women, I know three of them definitely can't read or write. One is now the vice president of the co-op and the mother of five children.
Another one who came to the co-op, Victoria, was there for a three-month trial period to see if she can sew. She couldn't do anything, but the women didn't want to let her go because she had no income. She was a widow, and her children had all moved back with their children and were really taking advantage of her. So the co-op hired her as the ironer, and she's the world's best ironer. She can't read or write, but the women try to help her. They have that community spirit of helping one another.
I've seen the women grow unbelievably. We went through a bad time at the center, when a woman got angry at our director, Rosa, because Rosa had bought heaters for the classrooms. This woman thought they should've gotten the money in their salary instead of the heaters, and a group of women had locked us out of the center.
But while we worked with the [El Paso and Juurez] dioceses and lawyers, the tutors and co-op members who didn't turn against us took it upon themselves to continue the center [for kindergarten classes]. They were able to find a house that they rented and got donations of chairs and tables from neighbors. When we came back to tell them what we had figured out, they said, 'Well, we have a house, and we're going to continue' [holding classes there until the end of the school year]. They could not have done that five years ago. We looked at them as they grew in confidence and authority and ability to take hold of their own lives, which is absolutely amazing and confirming that what the center had done was help these women grow.
How has this work changed you as a person?
It's helped me understand other people and other cultures. I had a hard time learning Spanish because I ministered for 40 years in Chicago, so my background had no different cultures it was just Chicago, Chicago, Chicago. But then I came down here, and I learned the Mexican culture is a beautiful culture, and I picked up many things, like hugging people that was not part of my background in Chicago.
I'm definitely a different person. I'm not quite as confident that I have all the answers. My background is teaching, and as teachers, we have a set way of doing things and think our way is the best way. I'm an Irish Catholic, Southside Chicagoan, and we have all the answers. But I've learned we don't.
Victoria irons the finished products to make them ready for sale. (Provided photo)
[Soli Salgado is a staff writer forGlobal Sisters Report. Her email address isssalgado@ncronline.org. Follow her on Twitter:@soli_salgado.]
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Kim Krushell got acrash course in money management as a little girl. It had nothing to do with her own piggy bank. She learned by witnessingthe struggles of her own mother and grandmother.
My mother went through a divorce. My stepdad got a lawyer and she got emotional, and financially it was really hard on her, Krushell recalled. It took her a lot of years to come back from that.
Krushell also saw her grandmother experience a divorce after 36 years of marriage.
I got to see what happens when her credit card was cut right in front of me as a kid.
As a result, Krushell is an equal partner in her household finances and has becomea passionate advocate for womens financial literacy.
Women unfortunately do live in more poverty. Women are more challenged with finances so we really do need that extra leg up, and need to have those conversations about what we need to do with our finances.
READ MORE: Why women need to plan their finances differently than men
Krushelland a group of dedicated volunteers have launched Women and Money, an initiative to educateCanadian women about finances; everything from buying a house to estate planning. In early February, Women and Money hosted a workshop to connect Edmonton women withfinancial experts. In the future, the group hopes to launch webinars and other events across the country.
Men take advantage of what the banks offer. They take advantage of a lot of free seminars and this is why my girlfriends who are in banking were saying, You know, we need to do something different. We need to reach out to women in a different way,' Krushell said. That is what Women and Money is really about.
2017Global News, a division of Corus Entertainment Inc.
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Charles Kehoe Published 12:51 p.m. ET Feb. 16, 2017 | Updated 6 hours ago
Tom Keller(Photo: Provided)
Losing a spouse is one of lifes most emotionally-devastating events, and many financial advisors recommend not making major financial decisions during that first year of grieving. But after a period of time, financial decisions will need to be made.
Seventy percent of widows retain a new financial advisor within the first year of their spouses death, according to a Fidelity Investments survey. Why? For some women, the answer may be that the death of a spouse is a financial Independence Day a chance to finally make financial decisions on her own instead of agreeing to a husbands wishes.
Regardless of how widows feel about their familys past financial decisions, its predicted that women over the next few decades will inherit close to $30 trillion in intergenerational wealth transfers. Whether women act as partners in family financial decision-making or just go along for the ride, they need to educate themselves about money because women tend to outlive their husbands.
Here are five areas to address when a widow needs to begin effectively stewarding her financial portfolio:
Take an inventory of bills and create a plan to cover expenses for the first six to 12 months, limiting big decisions during this time. This allows for time to analyze the decisions that may eventually need to be made to develop new financial goals and objectives.
Review whether to stay in a current residence or move to a home requiring less maintenance and upkeep after one year has passed. This can be a difficult decision, since most widows choose to stay in the homes where their children grew up and their best memories will always be. Consider that just because a move may make economic sense, it may not be the best decision for the widow emotionally or for the long term.
Update ownership of all investments and the beneficiary list on retirement accounts. If assets outside of retirement accounts are owned, consider titling those assets in a living trust or transfer on death designation so beneficiaries will receive assets without going through probate court upon your own death someday. This step is often overlooked, yet it can save heirs time and money.
Re-evaluate your investment portfolio to match needs and risk tolerance. Widows may have a different level of risk compared to their spouses investment philosophy.
Work with a CPA or trusted family member during tax time the year after a spouse has passed. This is a good way to ensure that investments and insurance have been changed to the surviving spouse. Tax documents help confirm whether the assets have been moved and more important if an account was missed during the inventory phase. Sometimes widows are surprised by the number of open accounts. These can include investments, bank accounts and credit cards.
Whether a loved one has battled disease for a long period of time or was taken quickly doesnt matter when a widow is grieving. The length and depth of grief can vary significantly from one person to another, and its important not to begin making important financial decisions until a widow is emotionally strong and clear-minded enough to make decisions that she will not regret later.
Time helps heal our emotional losses as we adjust to a new life without a loved one, and the security of knowing you are making good financial decisions in the wake of a death will only make the transition smoother.
Tom Keller is a certified financial planner with Kehoe Financial Advisors of Cincinnati, a 35-year-old financial advising and services practice. Kehoe assists clients in developing and implementing financial strategies to help meet retirement, estate and business planning objectives, business continuation and succession planning. For more information, go to http://www.kehoe-financial.com or call (513) 481-8555.
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Surviving widowhood: Five tips to avoid financial hardship - Cincinnati.com
Sheroesfounded in 2014 has now gone on to become a career platform for women and has been built as a community for women to find diverse resources, opportunities and support related to their careers and aspirations. Sheroes Founder Sairee Chahal, a Woman Entrepreneur herself, is leading the way for many women as they plunge into the world of entrepreneurship.
The gap between the availability of smart, qualified individuals and organisations on the lookout for such candidates is not exclusive to females. However, couple that with research that says there are only 24% of women in Indias workforce of which a mere 5% are at senior levels and 48% drop out of workplaces and you have an almost alarming need to cater to the needs of women specifically.
Sheroes has done just that and also serves womens startup and operational requirements, We have moved the needle from women being pink content category to a real, professional network for women, says Sairee Chahal the founder of CEO. Sairee started her career at college and is a serial entrepreneur who co-founded SAITA Consulting in 2006. Her drive to create opportunities for women professionals, Workflex and Social Entrepreneurship led her to launch Sheroes.
Sairee quips, Lets face it, were still a patriarchal country so this is still early days even for a platform like ours.
Using the platform is simple, women log on to Sheroes and get a profile and dashboard and can use any of the services for free. Companies use the platform to build programs, hire or put their brands out which is also their monetisation model. With a user-base expanding of about 20000 locations, Sairee believes that organisations will have to design themselves to cater to the large pool of talent that is mostly a young workforce. Family-friendly policies, safer workplaces, progressive outlooks, breaking down of patriarchal attitudes and stereotypes will all have to be a part of the story that plays out.
Running as a consumer-tech platform, the biggest challenge that Sheroes faced was establishing itself as a category. If you went out four years ago and said women and careers everyone thought you were an NGO, Sairee says, adding that people often synonymised it with telling women to make papads or teaching them how to weave. There was nothing for the urban educated woman, she remarks, even now one of the most commonly asked questions she gets is if she runs this as CSR.
Having managed to bring a shift in the face of continuing invisible barriers, Sheroes has managed to raise a series A round of funding from Lumis Partners, HR Fund and Quint Media. Sairees suggestion to aspiring entrepreneurs is to stay persistent and not get into it for the sake of money but rather for being passionate about something. She adds, If you want to make money, go get a corporate job.
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The path to financial independence has come relatively quickly for the Elahmad family, but their road to success was built on hard work and perseverance, as well as a community willing to give them opportunities.
Khaled Elahmad, his wife and their four daughters moved to the community last February, after they were sponsored by the Syrian refugee committee from St. Johns United Church.
While the family continues to overcome language and cultural barriers, Elahmad and Nisrin are determined to provide a better life for their children.
In September, he landed a job at Peter Thompson & Sons, an Alliston company that manufacturers hardwood flooring. The position was a perfect fit for Elahmad, who used to work at a window-manufacturing factory in Lebanon.
His first task was to grade lumber, but his skills didn't go unnoticed for long. He was soon promoted to the dimension department, where a keen eye is needed to sort materials for different types of flooring.
The company has since hired two more Syrian refugees Joseph Talia, who lives in Alliston with wife Nadi and their four girls; and Mohammed Aldiri, who lives in Shelburne with his wife and their seven children.
They are all such hard workers, said human resources manager Amanda Labatte-Dawe. It also made perfect sense to hire Khaled because he had the experience.
The downside of working full time is that Elahmad and Talia can no longer attend English classes, which are only available during the day. However, Aldiri, who speaks a little English, is helping them learn on the job by teaching them some words and phrases.
The Canadian dream is well within grasp for the Elahmads, but the same can't be said for many of the Syrian refugees who came to this country.
According to the federal government, only half of privately sponsored refugees, and just 12 per cent of government-sponsored refugees, find employment during their first year in Canada.
With the Elahmads youngest daughter now old enough to attend school, Nisrin has been able to start planning for her own career. Recently she was invited to put on an interactive cooking demonstration at the churchs Ladies Laugh, Lunch and Learn, a monthly event that brings people of all cultures together to talk and enjoy a meal.
During the hour-long demonstration, Nisrin showed lunch-goers how to make two staples of Syrian cuisine: tabbouleh, a fresh salad of parsley, tomatoes, bulgar, lettuce and cucumber; and falafels, which are small deep-fried patties made with chickpeas, fava beans and spices.
In the year that I have known Nisrin, I have learned that she really loves to cook and that her food is very good, said Sharron Smith, chair of the churchs refugee sponsorship committee.
Nisrin, who used to cook at a hotel in Lebanon after fleeing Syria in 2012, wants to start her own catering business and is planning to start selling food later this year at the summer farmers market in downtown Alliston.
Smith said the church committee plans to sponsor another family once the federal government agrees to allow more refugees into the country, and to also do some family reunification.
To celebrate the one-year anniversary of the refugee families living in Alliston, the church is holding a Come and Go tea Feb. 26 from 2-4 p.m.
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Syrian refugee families achieve financial independence in Alliston - Simcoe.com
By David A. Singer By David A. Singer February 13 at 8:00 AM
On Tuesday, Federal Reserve Chair Janet L. Yellen will testify before the Senate Banking, Housing and Urban Affairs Committee.On Jan. 31, Rep. Patrick T. McHenry (R-N.C.), vice chairman of the House Financial Services Committee, wrote a scathing letter to Yellen. Citing the clear message by President Donald Trump to put America first, he called on her to cease all international negotiations on regulations covering bank capital, systemic risk and other areas, and suggested that the Fed had no authority to engage in such activities.
[Is Trump an authoritarian at heart? It matters less than you think.]
McHenry went on to call the Feds activities secretive, and suggested that its participation in international forums was killing American jobs. Hisletter echoes the heated rhetoric by President Trump during the campaign in which he said that Yellen should be ashamed of herself for keeping interest rates low for political reasons.
Such intervention by elected leaders is alarming for two reasons. First, research suggests that it is an America first strategy for the Fed to coordinate international financial regulation. Second, the Fed is an independent agency, and congressional leaders have generally refrained from directly threatening a sitting chair. I will explain below.
The Feds ability to negotiate international regulations helps ensure U.S. financial stability and competitiveness
One of the Feds key responsibilities is ensuring the stability of the financial system. It sets regulations for bank holding companies, which include most of the largest financial institutions in the United States, as well as many state-chartered banks and foreign banks with U.S. affiliates. Its independence enables the Fed to commit to a prudent set of policies without having to renege when politically expedient, thereby keeping inflation low and financial institutions resilient which, in a global economy, requires international cooperation.
[3 lessons from Republicans failed attempt to silence Elizabeth Warren]
In my book, Regulating Capital: Setting Standards for the International Financial System, I chronicle 40 years of the Feds efforts to work with its foreign counterparts to set international standards for the worlds largest financial institutions.
Why create international standards? The financial system has become increasingly globalized, which means that the collapse of a major bank in London, Paris or Tokyo could cause U.S. banks to falter. International standards help level the playing field. Applying stringent regulations to U.S. banks would do little good if foreign banks were permitted to engage in risky behaviors. Without international standards, tightening U.S. regulations could give foreign banks a competitive advantage, thereby shifting capital and jobs overseas.
My research shows that the Fed has had tremendous influence over international standards on bank capital since the 1980s, ensuring that domestic efforts to prevent another financial crisis are not undercut by lax regulations in other parts of the world.
[Democratic and Republican appointees to the Fed arent that different after all]
The original cooperative agreement was the 1988 Basel Accord, an international agreement on bank capital and was the Feds solution to a thorny problem. The 1980s were a time of rampant bank failures. The Fed needed a way to shore up the banking system without jeopardizing the United States competitive advantage internationally. The Basel Accord allowed the Fed to enforce more stability-enhancing regulations domestically with the confidence that other countries would do the same.
My research builds on previous work by Thomas Oatley and Ethan Kapstein, who each emphasize U.S. regulators power to use international standards to force other countries to adjust their regulations.
The Feds international negotiations are not rogue or opaque. Although Congress did not have the perfect foresight in 1913 to explicitly mention international regulatory coordination in the Federal Reserve Act, it did specify in Section 13 of the Act that forging relationships with foreign central banks was critical for U.S. financial stability. Today, the Fed cooperates with nearly 30 countries on the Basel Committee on Banking Supervision and more than 30 countries on the Financial Stability Board.
Decisions by these bodies are not legally binding. Each countrys regulators must implement and enforce any regulatory standards that might emerge from international negotiations.
Contrary to McHenrys assertion in his letter, the Fed is transparent about its international activities. Its website contains extraordinarily detailed information about proposed rules. Moreover, it actively invites comments from affected banks and other institutions at each stage in an international negotiation.
The Feds independence enables it to focus on long-term U.S. financial health rather than short-term political positioning
The second area of concern is the integrity of the Feds monetary policymaking. Like most central banks in developed countries, the Fed is an independent government agency whose funding is not appropriated by Congress. The Feds members are nominated by the president, confirmed by the Senate and receive 14-year terms that cannot be cut short by anyone except the member. The chair is appointed to a four-year term with the possibility of reappointment. Yellens term as chair expires in January 2018.
All this insulates the Fed politically which helps ensure that interest-rate policy is designed for the countrys long-term health rather than short-term political gains by one side or another. Otherwise, elected leaders might pressure the Fed to lower interest rates in the months before an election, triggering a temporary boost to the economy and an uptick in the stock market. That would come at a cost. The Fed would lose its credibility, inflation would become increasingly difficult to manage and the value of the dollar could gyrate wildly.
Zimbabwes 90 sextillion percent inflation in 2008 is an extreme example of the effect of political interference on monetary policy.But research shows that central bank independence has beenhighly correlated with inflation in developed and developing countries since the 1950s.
All political threats to the Fed are serious. Its independence is a congressional creation, which means that Congress could take it away. But keeping the Fed independent and actively engaged in international coordination is the best way to maintain a stable and internationally competitive financial system in the 21st century.
David A. Singer is associate professor of political science at Massachusetts Institute of Technology and the author of Regulating Capital: Setting Standards for the International Financial System (Cornell University Press, 2010).
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Congress could limit the Fed's independence and hurt the US economy - Washington Post
Court Rejects Order Forcing Parents to Pay Tuition Inside Higher Ed One of the attorneys said that if Ricci wants financial support from her parents, she should also be open to her parents' guidance and counseling. By accepting legal independence from her parents, she was accepting financial independence as well, the ... |
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Court Rejects Order Forcing Parents to Pay Tuition - Inside Higher Ed
IRVINE, CA / ACCESSWIRE / February 10, 2017 / MoneyNing.com published a new blog addressing the question of how to change money management since the recent election. Financial blogger David Ning urges readers not to be reactive, but to follow sound financial practices, including living within ones means and protecting assets. Since the results of the presidential election in November became known, financial information site MoneyNing.com has been receiving an increased number of questions regarding how the election affects their personal money management strategy.
The question was addressed in a recent blog post aptly titled, "How to Change Money Management After the Election." The bottom line, according to the blog poster and site founder David Ning, is straightforward: "don't."
"First of all," says Ning, "it's important for people to understand that policies come and go, but the basics of financial management remain the same. Planning ahead is good, but there's no crystal ball that can predict the outcome of any particular policy changes that may be implemented by the new administration. So for individuals, it's important to stay focused on the basics of financial management."
Living within ones means is the first step. Ning advocates assessing income and expenses to make sure people spend less than they earn. An honest look at where people are spending money can be shocking, but is vital to getting spending under own control to begin building wealth from there.
One of the best ways to cut costs is to make sure to get the best value for your money. Often consumers can save by buying in bulk, or at least in multiples. This even applies to household expenses like cable TV and internet service. For example, Verizon offers bundled services, which means that by getting television and internet services both through them, there is a much lower price than paying for the two services separately. Sometimes there may be a landline phone thrown in, or for a very low monthly fee.
Several additional principles are addressed in the blog post, which also admits that fine tuning may be necessary. It is important to be aware of changes to laws that affect each individual, but staying the course once there is a solid financial plan still seems to be the best advice available.
About MoneyNing:
MoneyNing.com is a financial information website aimed at making the path to financial independence "fun, entertaining, and informative." Founder David Ning takes a three-pronged approach, encouraging readers to take control of their finances, become debt free, and build wealth over time. Visit MoneyNing.com for financial education, moneysaving tips, and guidance on improving your money mindset.
Contact MoneyNing (Astute Actions Inc.):
David Ning 714-261-1980 david@moneyning.com 113 Weathervane Irvine, CA 92603
SOURCE: MoneyNing.com
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How to Modify Money Management After the Presidential Election - Yahoo Finance
Inside Higher Ed (blog) | How to Prioritize Financial Goals When You Can't Do It All Inside Higher Ed (blog) The one caveat I'll make to allowing your personal disposition to hold sway over the math is for a very risk-averse person: you will have to start investing eventually, even conservatively, if you want to reach financial independence. You will ... |
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How to Prioritize Financial Goals When You Can't Do It All - Inside Higher Ed (blog)
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Bobbi Rebell
NEW YORK, Feb 6 (Reuters) - The Bank of Mom & Dad is busy these days.
Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade.
All told, that adds up to $253 billion worth of financial assistance.
David Lynch, managing director and head of branches for TD Ameritrade, says the generation of young adults aged 18 to 34 faces a different set of financial challenges - most notably, sizeable student loans and stagnant wages.
In other words, these are hardly slackers with their hands out looking for a free ride. In fact, millennial parents tend to view parental support as a tool toward their financial independence - and not a way to delay adult financial responsibilities.
In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrade's research, although a quarter say they feel embarrassed for the handout.
Chelsea and Kirk Johnson of Lehi, Utah, consider themselves financially independent, yet they borrowed $5,000 from Kirk's parents for a down payment for a new home.
Chelsea, 26, estimates that they are subsidized by about $7,000 annually from their parents, including babysitting, various family meals and a trip to Disneyland.
But they have also drawn up a contract to re-pay the money for the down payment, so that it can be used for Kirk's five siblings, as needed.
John Tarnoff, author of "Boomer Re-invention: How to Create Your Dream Career After 50," is not surprised that millennials are leaning on their parents to get "launched."
As long as grandparents are in sound financial shape for their own retirement, Tarnoff noted they can be in a great position to support millennial offspring.
His advice is to take unexpected occurrences into account, including losing a job early or a debilitating health-related event. The older generation may be in a bit of denial about their own needs, Tarnoff added.
In addition, be sure to be using the money you gift or lend as a teaching tool so that the younger generation stays on a path to independence.
That opinion is shared by Kirk's mom, April Johnson, who sees any financial support she gives her children as an investment in their future.
"Sometimes it just takes another year or two to get over the hump," April said. "We talk to them about it as we go." (Editing by Lauren Young and G Crosse)
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Millennial Parents Still Like to Tap the Bank of Mom & Dad - WealthManagement.com
Forbes | Getting To Know You Tuesday: Elliot Dole Forbes The advice I received is that financial independence comes first. Tax management is part of that, but it is critical for people to understand the risks involved and make informed and, ideally, unemotional decisions. Ask for and pay for (GASP) help. The ... |
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wtvr.com | Find out if you qualify for free tax preparation and financial advice wtvr.com The program promotes financial independence and utilizes the Earned Income Tax Credit (EITC), a benefit for working people with low- and moderate-incomes. Research shows that the EITC is one of the best ways to lift people out of poverty, said United ... |
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Find out if you qualify for free tax preparation and financial advice - wtvr.com