tag:blogger.com,1999:blog-6833603047507248482024-03-13T06:59:45.559-07:00The ColomanThe Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.comBlogger66125tag:blogger.com,1999:blog-683360304750724848.post-15035687353236362842020-05-28T03:17:00.002-07:002020-05-28T03:20:28.306-07:00MCC Agreement with Nepal-Downloads and discussionNepal is in the process of passing MCC agreement through parliament. Here is the recorded video of online conference conducted on its detailed analysis.<div><br /></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="400" src="https://www.youtube.com/embed/S---Zl6RxKE" width="660" youtube-src-id="S---Zl6RxKE"></iframe></div><div><br /><div><br /></div><div>you can download the MCC files through following links:</div><div><a href="https://drive.google.com/file/d/1Na8QCzx6ItrlNZz2rlxS8EPooZscjUI2/view" target="_blank">MCA Agreement with Nepal (Nepali)-Draft</a><br /></div><div><a href="https://drive.google.com/file/d/11YbIA812f368E06zb3YS7c7ZRAcM6RYt/view" target="_blank">MCC Agreement with Nepal (English)-Draft</a></div></div>The Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-62008603798143640332018-05-15T06:33:00.008-07:002020-05-27T21:35:59.111-07:00Conceptual Framework for Financial Reporting 2018<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt;">Disclaimer:<o:p></o:p></span></div>
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<i><span style="font-family: "times new roman" , serif; font-size: 13.5pt;">-The Framework is not a Standard and does not override any specific IFRS. [SP1.2]</span></i><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><i><span style="font-family: "times new roman" , serif; font-size: 13.5pt;">-If the IASB decides to issue a new or revised pronouncement that is in conflict with the Framework, the IASB must highlight the fact and explain the reasons for the departure in the basis for conclusions. [SP1.3]</span></i><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "times new roman" , serif; font-size: 18pt;">The Framework</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "times new roman" , serif;">Scope</span></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;">The Framework addresses:<o:p></o:p></span></div>
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· 1. the objective of general purpose financial reporting<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· 2. qualitative characteristics of useful financial information<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· 3. financial Statements and the reporting entity<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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4. the elements of financial statements<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· 5. recognition and derecognition<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· 6. measurement<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· 7. presentation and disclosure<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· 8. concepts of capital and capital maintenance<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>Chapter 1: The Objective of general purpose financial reporting</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The primary users of general purpose financial reporting are present and potential investors, lenders and other creditors, who use that information to make decisions about buying, selling or holding equity or debt instruments, providing or settling loans or other forms of credit, or exercising rights to vote on, or otherwise influence, management’s actions that affect the use of the entity’s economic resources. [1.2]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The primary users need information about the resources of the entity not only to assess an entity's prospects for future net cash inflows but also how effectively and efficiently management has discharged their responsibilities to use the entity's existing resources (i.e., stewardship). [1.3-1.4]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The IFRS Framework notes that general purpose financial reports cannot provide all the information that users may need to make economic decisions. They will need to consider pertinent information from other sources as well. [1.6]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The IFRS Framework notes that other parties, including prudential and market regulators, may find general purpose financial reports useful. However, these are not considered a primary user and general purpose financial reports are not primarily directed to regulators or other parties. [1.10]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Information about a reporting entity's economic resources, claims, and changes in resources and claims</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Economic resources and claims</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information about the nature and amounts of a reporting entity's economic resources and claims assists users to assess that entity's financial strengths and weaknesses; to assess liquidity and solvency, and its need and ability to obtain financing. Information about the claims and payment requirements assists users to predict how future cash flows will be distributed among those with a claim on the reporting entity. [1.13]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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A reporting entity's economic resources and claims are reported in the statement of financial position. [See IAS 1.54-80A]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Changes in economic resources and claims</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Changes in a reporting entity's economic resources and claims result from that entity's performance and from other events or transactions such as issuing debt or equity instruments. Users need to be able to distinguish between both of these changes. [1.15]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Financial performance reflected by accrual accounting</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information about a reporting entity's financial performance during a period, representing changes in economic resources and claims other than those obtained directly from investors and creditors, is useful in assessing the entity's past and future ability to generate net cash inflows. Such information may also indicate the extent to which general economic events have changed the entity's ability to generate future cash inflows. [1.18-1.19]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The changes in an entity's economic resources and claims are presented in the statement of comprehensive income. [See IAS 1.81-105]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Financial performance reflected by past cash flows</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information about a reporting entity's cash flows during the reporting period also assists users to assess the entity's ability to generate future net cash inflows and to assess management’s stewardship of the entity’s economic resources. This information indicates how the entity obtains and spends cash, including information about its borrowing and repayment of debt, cash dividends to shareholders, etc. [1.20]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The changes in the entity's cash flows are presented in the statement of cash flows. [See IAS 7]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Changes in economic resources and claims not resulting from financial performance</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information about changes in an entity's economic resources and claims resulting from events and transactions other than financial performance, such as the issue of equity instruments or distributions of cash or other assets to shareholders is necessary to complete the picture of the total change in the entity's economic resources and claims. [1.21]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The changes in an entity's economic resources and claims not resulting from financial performance is presented in the statement of changes in equity. [See IAS 1.106-110]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Information about use of the entity’s economic resources</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information about the use of the entity's economic resources also indicates how efficiently and effectively the reporting entity’s management has used these resources in its stewardship of those resources. Such information is also useful for predicting how efficiently and effectively management will use the entity’s economic resources in future periods and, hence, what the prospects for future net cash inflows are. [1.22]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>Chapter 2: Qualitative characteristics of useful financial information</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The qualitative characteristics of useful financial reporting identify the types of information are likely to be most useful to users in making decisions about the reporting entity on the basis of information in its financial report. The qualitative characteristics apply equally to financial information in general purpose financial reports as well as to financial information provided in other ways. [2.1, 2.3]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Financial information is useful when it is relevant and represents faithfully what it purports to represent. The usefulness of financial information is enhanced if it is comparable, verifiable, timely and understandable. [2.4]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Fundamental qualitative characteristics</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Relevance and faithful representation are the fundamental qualitative characteristics of useful financial information. [2.5]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Relevance</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Relevant financial information is capable of making a difference in the decisions made by users. Financial information is capable of making a difference in decisions if it has predictive value, confirmatory value, or both. The predictive value and confirmatory value of financial information are interrelated. [2.6-2.10]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><span style="border: 1pt none; padding: 0in;">Materiality</span></b> is an entity-specific aspect of relevance based on the nature or magnitude (or both) of the items to which the information relates in the context of an individual entity's financial report. [2.11]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Faithful representation</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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General purpose financial reports represent economic phenomena in words and numbers. To be useful, financial information must not only be relevant, it must also represent faithfully the phenomena it purports to represent. Faithful representation means representation of the substance of an economic phenomenon instead of representation of its legal form only. [2.12]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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A faithful representation seeks to maximise the underlying characteristics of completeness, neutrality and freedom from error. [2.13]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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A neutral depiction is supported by the exercise of <b><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">prudence</span></b>. Prudence is the exercise of caution when making judgements under conditions of uncertainty. [2.16]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Applying the fundamental qualitative characteristics</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information must be both relevant and faithfully represented if it is to be useful. [2.20]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Enhancing qualitative characteristics</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Comparability, verifiability, timeliness and understandability are qualitative characteristics that enhance the usefulness of information that is relevant and faithfully represented. [2.23]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Comparability</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Information about a reporting entity is more useful if it can be compared with a similar information about other entities and with similar information about the same entity for another period or another date. Comparability enables users to identify and understand similarities in, and differences among, items. [2.24-2.25]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Verifiability</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Verifiability helps to assure users that information represents faithfully the economic phenomena it purports to represent. Verifiability means that different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation. [2.30]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Timeliness</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Timeliness means that information is available to decision-makers in time to be capable of influencing their decisions. [2.33]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Understandability</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Classifying, characterising and presenting information clearly and concisely makes it understandable. While some phenomena are inherently complex and cannot be made easy to understand, to exclude such information would make financial reports incomplete and potentially misleading. Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information with diligence. [2.34-2.36]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Applying the enhancing qualitative characteristics</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Enhancing qualitative characteristics should be maximised to the extent necessary. However, enhancing qualitative characteristics (either individually or collectively) cannot render information useful if that information is irrelevant or not represented faithfully. [2.37]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">The cost constraint on useful financial reporting</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Cost is a pervasive constraint on the information that can be provided by general purpose financial reporting. Reporting such information imposes costs and those costs should be justified by the benefits of reporting that information. The IASB assesses costs and benefits in relation to financial reporting generally, and not solely in relation to individual reporting entities. The IASB will consider whether different sizes of entities and other factors justify different reporting requirements in certain situations. [2.39; 2.43]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b>Chapter 4: The Framework: the remaining text</b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<span style="font-family: "" "times new roman" "" , serif;">Chapter 4 contains the remaining text of the Framework approved in 1989. As the project to revise the Framework progresses, relevant paragraphs in Chapter 4 will be deleted and replaced by new Chapters in the IFRS Framework. Until it is replaced, a paragraph in Chapter 4 has the same level of authority within IFRSs as those in Chapters 1-3.</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Underlying assumption</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The IFRS Framework states that the going concern assumption is an underlying assumption. Thus, the financial statements presume that an entity will continue in operation indefinitely or, if that presumption is not valid, disclosure and a different basis of reporting are required. [F 4.1]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">The elements of financial statements</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Financial statements portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics. These broad classes are termed the elements of financial statements.<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The elements directly related to financial position (balance sheet) are: [F 4.4]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· Assets<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· Liabilities<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· Equity<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The elements directly related to performance (income statement) are: [F 4.25]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· Income<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· Expenses<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The cash flow statement reflects both income statement elements and some changes in balance sheet elements.<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Definitions of the elements relating to financial position</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Asset.</span></b> An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. [F 4.4(a)]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Liability.</span></b> A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. [F 4.4(b)]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Equity.</span></b> Equity is the residual interest in the assets of the entity after deducting all its liabilities. [F 4.4(c)]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<i><u><span style="border: 1pt none; padding: 0in;">Definitions of the elements relating to performance</span></u></i><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Income.</span></b> Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. [F 4.25(a)]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Expense.</span></b> Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants. [F 4.25(b)]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The definition of income encompasses both revenue and gains. Revenue arises in the course of the ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent. Gains represent other items that meet the definition of income and may, or may not, arise in the course of the ordinary activities of an entity. Gains represent increases in economic benefits and as such are no different in nature from revenue. Hence, they are not regarded as constituting a separate element in the IFRS Framework. [F 4.29 and F 4.30]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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The definition of expenses encompasses losses as well as those expenses that arise in the course of the ordinary activities of the entity. Expenses that arise in the course of the ordinary activities of the entity include, for example, cost of sales, wages and depreciation. They usually take the form of an outflow or depletion of assets such as cash and cash equivalents, inventory, property, plant and equipment. Losses represent other items that meet the definition of expenses and may, or may not, arise in the course of the ordinary activities of the entity. Losses represent decreases in economic benefits and as such they are no different in nature from other expenses. Hence, they are not regarded as a separate element in this Framework. [F 4.33 and F 4.34]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Recognition of the elements of financial statements</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Recognition is the process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the following criteria for recognition: [F 4.37 and F 4.38]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· It is probable that any future economic benefit associated with the item will flow to or from the entity; and<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· The item's cost or value can be measured with reliability.<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Based on these general criteria:<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">An asset</span></b> is recognised in the balance sheet when it is probable that the future economic benefits will flow to the entity and the asset has a cost or value that can be measured reliably. [F 4.44]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">A liability</span></b> is recognised in the balance sheet when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which the settlement will take place can be measured reliably. [F 4.46]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Income</span></b> is recognised in the income statement when an increase in future economic benefits related to an increase in an asset or a decrease of a liability has arisen that can be measured reliably. This means, in effect, that recognition of income occurs simultaneously with the recognition of increases in assets or decreases in liabilities (for example, the net increase in assets arising on a sale of goods or services or the decrease in liabilities arising from the waiver of a debt payable). [F 4.47]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· <b><span style="border: 1pt none; padding: 0in;">Expenses</span></b> are recognised when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. This means, in effect, that recognition of expenses occurs simultaneously with the recognition of an increase in liabilities or a decrease in assets (for example, the accrual of employee entitlements or the depreciation of equipment). [F 4.49]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<b><i><span style="border: 1pt none; padding: 0in;">Measurement of the elements of financial statements</span></i></b><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Measurement involves assigning monetary amounts at which the elements of the financial statements are to be recognised and reported. [F 4.54]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a>The IFRS Framework acknowledges that a variety of measurement bases are used today to different degrees and in varying combinations in financial statements, including: [F 4.55]<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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· Historical cost<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a> Current cost<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/u/3/blogger.g?blogID=683360304750724848" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a> Net <span style="font-family: "times new roman" , serif;">realisable</span> (settlement) value<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Present value (discounted)<span style="font-family: "times new roman" , serif;"><o:p></o:p></span></div>
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Historical cost is the measurement basis most commonly used today, but it is usually combined with other measurement bases. [F. 4.56] The IFRS Framework does not include concepts or principles for selecting which measurement basis should be used for particular elements of financial statements or in particular circumstances.<br />
<br />
Source: IASplus</div>
The Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-27931081661413013412018-05-05T07:16:00.005-07:002020-05-27T21:37:35.149-07:00Equity Research, Brief process guide<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "times new roman" , serif;">Equity
research is a part of investment banking sector in nature. It’s a part of
intellectual and quantitative calculations and analysis. <o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;">Equity
research primarily means analyzing company’s financials, perform ratio analysis,
forecast the financials (financial modeling) and explore scenarios with an
objective of making BUY/SELL stock investment recommendation. Equity research analyst
discuss their research and analysis in their equity research reports (ER
Reports).</span></div>
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<a href="https://2.bp.blogspot.com/-JZmrWOxSjVs/Wu269E-cOBI/AAAAAAAAAhU/8XumMIGd6dU66YCfQOGqu8luZRHrLFudQCLcBGAs/s1600/Equity%2Bresearch%2Bprocess.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="384" data-original-width="703" src="https://2.bp.blogspot.com/-JZmrWOxSjVs/Wu269E-cOBI/AAAAAAAAAhU/8XumMIGd6dU66YCfQOGqu8luZRHrLFudQCLcBGAs/s1600/Equity%2Bresearch%2Bprocess.JPG" /></a></div>
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<span style="font-family: "times new roman" , serif;">Looking
into the table, it is clear that ER is all about making valuation
of listed companies <i style="mso-bidi-font-style: normal;">(i.e</i> whose shares
are listed/traded in stock exchanges).<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;"><br /></span></div>
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<span style="font-family: "times new roman" , serif;">First thing to consider is, which company’s stock we are looking to BUY or
SELL?<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;">Once we are done with the selection of company under consideration, we should
consider the macro-economic aspects like Economic growth rates, GDP, market size
and effect of inflations/interest rates over there. <o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;"><br /></span></div>
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<span style="font-family: "times new roman" , serif;">With the economic factors and aspects behind the business in
which the company is operating, it should move forward for the analysis of
financial statements. To start with, we have to analyze the historical
financial statements including significant disclosures and contingent aspects,
which will help us to build up a opinion regarding past performances, financial
positions and cash flow operating cycle. during fundamental analysis, we should
include precise and relevant information, reason is that a slight change in numerator
or denominator may impact a huge change in historical financial ratios. For example,
we should investigate the terms like shareholders fund, restricted
funds, regulatory funds/liability, funds collected and fund used, non-cash
items, tax expenses etc.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;"><br /></span></div>
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<span style="font-family: "times new roman" , serif;">Now, based
on management’s expectations, visions & missions, new expansions under
consideration, market reactions, historical records and trends, industry
competition, correlation with the industry movement, regression analysis, we need to prepare a projected financial statements/informations like Balance
sheet, Income statement, cash flows, funds flows, of the company. And is called
by “financial modeling” under ER.</span></div>
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<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "times new roman" , serif;">Don’t
be so confused with financial engineering and financial modeling at this step, because
both of the intelligence has different scopes, objectives, methods and users. financial
modeling is the core process of ER, result of which determine most of the investment
decisions. Now, while using it, there are different valuation approaches and models
with few limitation and strengths. But the thing we have to consider is the relevancy
and reliability of inputs and assumptions used for the inputs.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "times new roman" , serif;">For
example, when we are using discounted cash flow model, the major thing we have look carefully is, calculation of discount rates and estimation of cash flows over the
period under consideration and risk factors. after all, the reliability of output will depend on the
source and methods used to calculate the inputs.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "times new roman" , serif;">At
last but not the least, it’s up to the researcher for comparison of fair value data result of financial modeling with market data and to make a decision on BUY,
HOLD or SELL.<o:p></o:p></span></div>
<span style="font-family: "times new roman" , serif;"></span><br />
-Rohit Dhital,<br />
Chartered Accountant<br />
<i>rohit.dhital@gmail.com</i></div>
The Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-10191776755821456992018-04-10T07:27:00.006-07:002020-05-27T21:38:15.595-07:00Insurance contract liability under NFRS 4<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<b><span style="font-size: large;">Recognition and measurement of Insurance contract liability under NFRS 4, </span></b></div>
<div style="text-align: center;">
<b><span style="font-size: large;">For investment insurance companies in Nepal</span></b></div>
<div style="text-align: center;">
<br /></div>
<br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , serif;">When we go by the definition<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<strong><span style="background: white;">Insurance contract
means –</span></strong><span style="background: white; font-family: "times new roman" , serif;"> <o:p></o:p></span></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="background: white; font-family: "times new roman" , serif;">“A contract under
which one party (the <strong>insurer</strong>) accepts significant <strong>insurance
risk </strong>from another party (the <strong>policyholder</strong>)
by agreeing to compensate the policyholder if a specified uncertain future
event (the <strong>insured event</strong>) adversely affects the
policyholder.</span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="background: white; font-family: "times new roman" , serif;"><br /></span></i></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">Now, The
major judgement required in insurance contract arrangement is recognition and measurement
of insurance contract liabilities based on NFRS 4. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">Here are two basic area to be covered for recognition and measurement of the insurance contract liabilities while going
forward for the adaptation of NFRS 4:</span></div>
<div class="MsoNormal">
<b style="font-family: "Times New Roman", serif;"><br /></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , serif;">Liability Adequacy Test:<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif;">Para 15 of NFRS 4 says that:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">“<span style="mso-bidi-font-weight: bold;">An insurer shall assess at the end of each reporting period whether its recognized
insurance liabilities are adequate, using current estimates of future cash
flows under its insurance contracts. If that assessment shows that the carrying
amount of its insurance liabilities (less related deferred acquisition costs
and related intangible assets, such as those discussed in paragraphs 31 and 32)
is inadequate in the light of the estimated future cash flows, the entire
deficiency shall be recognized in profit or loss.”<o:p></o:p></span></span></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;"><span style="mso-bidi-font-weight: bold;"><br /></span></span></i></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">So, as said
in above para, insurance companies are required to assess the liabilities recognized
by making in-depth assessment of the assumptions and estimate of future cash
flows used by actuarial. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif;">Para 16 of NFRS 4 says that:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">If an insurer applies a liability
adequacy test that meets specified minimum requirements, this NFRS imposes no
further requirements. The minimum requirements are the following:<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";"> </span><span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"><span style="font-size: x-small;"> A. </span></span></span></span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">The
test considers current estimates of all contractual cash flows, and of related
cash flows such as claims handling costs, as well as cash flows resulting from
embedded options and guarantees.<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";"> </span><span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"><span style="font-size: x-small;"> B. </span></span><span style="font: 7.0pt "Times New Roman";"> </span></span></span></i><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">If
the test shows that the liability is inadequate, the entire deficiency is recognized
in profit or loss.<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;"><br /></span></i></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">Hence
after testing all of the above requirements, it should be closely considered
that, is there any error or changes in factors used for estimation of future
cash flows including cash flows resulting from embedded options and guarantees,
the entire resulting figure due to such inadequacy shall be immediate
recognized in statement of profit or loss.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">Besides
it, the standard itself states that, NFRS 4 do not imposes any mandatory
provision and guidelines regarding test of adequacy of insurance contact
liabilities to reflect the fairness.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><u><span style="font-family: "times new roman" , serif;">Unbundling of Deposit Component:</span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">Another big
hurdle for the adaptation of NFRS 4 is the <b style="mso-bidi-font-weight: normal;">“Unbundling
of deposit component”. </b>Let’s have brief view;<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif;">Para 10 of NFRS 4 States that:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">Some insurance contracts contain
both an insurance component and a <span style="mso-bidi-font-style: italic;">deposit
component. </span>In some cases, an insurer is required or permitted to <span style="mso-bidi-font-style: italic;">unbundle </span>those components:<o:p></o:p></span></i></div>
<div class="MsoListParagraph" style="margin-left: .25in; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></i><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">unbundling is required if both the
following conditions are met:<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo3; text-indent: -.5in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">I)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></i><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">the insurer can measure the deposit
component (including any embedded surrender options) separately (I. e. without
considering the insurance component).<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo3; text-indent: -.5in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">II)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></i><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">the insurer's accounting policies
do not otherwise require it to recognize all obligations and rights arising
from the deposit component.<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></i><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">unbundling
is permitted, but not required, if the insurer can measure the deposit
component separately as in (a)(i) but its accounting policies require it to recognize
all obligations and rights arising from the deposit component, regardless of
the basis used to measure those rights and obligations.<o:p></o:p></span></i></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></i><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;">unbundling
is prohibited if an insurer cannot measure the deposit component separately as
in (a)(i).<o:p></o:p></span></i><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-mckG0ca_N50/WszODujtYiI/AAAAAAAAAds/e60O89a4ReouKDp_Vdcp1cCKmScELB0mQCLcBGAs/s1600/Untitled-2%2Bcopy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="800" height="480" src="https://1.bp.blogspot.com/-mckG0ca_N50/WszODujtYiI/AAAAAAAAAds/e60O89a4ReouKDp_Vdcp1cCKmScELB0mQCLcBGAs/s640/Untitled-2%2Bcopy.jpg" width="640" /></a></div>
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif;"><br /></span></i></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><span style="mso-spacerun: yes;"> </span>Hence, when an insurer assesses separate
components <i style="mso-bidi-font-style: normal;">(Viz Insurance liability and
deposit liability component)</i> in any insurance contracts, and unbundling is
done, its accounting policies require it to recognize all obligations and
rights arising from the deposit component, regardless of the basis used to
measure those rights and obligations.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">It’s not
an easy task to unbundle the deposit component even though we have reliable
basis for its measurement, it shall be deliberately supported by the IT system and
data analytics. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">Thereafter,
once unbundling is done, an insurer shall apply NFRS 9 for classification, recognition
and measurement of deposit component and NFRS 4 for insurance component separately.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif;">The standard
also has given privilege on unbundling stating that “<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Unbundling is permitted, not
required” , </i></b>Hence, it’s a judgment from the insurer’s side whether to
unbundle the deposit component fulfilling 2 conditions as stated in para 10 by assessing the reliability of assumptions, observable inputs and other estimations
to be used for the measurement.<o:p></o:p></span></div>
<br />
<br />
<div>
<b><i>Article by: </i></b></div>
<div>
<b><i>Rohit Dhital, rohit.dhital@gmail.com</i></b></div>
</div>
The Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.com4tag:blogger.com,1999:blog-683360304750724848.post-80781955115028583962018-01-21T07:56:00.000-08:002020-05-27T21:39:00.161-07:00Expected Credit Loss Model: IFRS 9 at a Glance<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
The basic challenge to the Nepalese market for the Adoptation of IFRS is the hurdle which comes up with the new impairment models under IFRS 9, mainly to the financial institutions due to huge amount of data and lack of in-built models for the reliable projection and forecast of financial covenants. whatever may be the difficulties, It could not be used as an excuse for the reasonable and consistent application of impairment model as outlined by IFRS 9, Hence the initiation from market leaders is vital for the the timely adoptation of global standard.
Here is the basic introductory coverage for the impairment model outlined under IFRS 9:<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-H0rzjAycfNE/WmS7BeVWUHI/AAAAAAAAAZ8/mhPErTl2T5wXAMvsdPbTtJOxZ5fhV62AgCLcBGAs/s1600/ecl.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="380" data-original-width="571" height="424" src="https://4.bp.blogspot.com/-H0rzjAycfNE/WmS7BeVWUHI/AAAAAAAAAZ8/mhPErTl2T5wXAMvsdPbTtJOxZ5fhV62AgCLcBGAs/s640/ecl.jpg" width="640" /></a></div>
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The standard outlines a ‘three-stage’ model (‘general model’) for impairment based on changes in credit quality since initial recognition:</div>
<br />
<div style="text-align: justify;">
<b>Stage 1 </b>
It includes financial instruments that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. For these assets, 12-month expected credit losses (‘ECL’) are recognised and interest revenue is calculated on the gross carrying amount of the asset (that is, without deduction for credit allowance). 12-month ECL are the expected credit losses that result from default events that are possible within 12 months after the reporting date. It is not the expected cash shortfalls over the 12-month period but the entire credit loss on an asset weighted by the probability that the loss will occur in the next 12 months.. </div>
<br />
<div style="text-align: justify;">
<b>Stage 2 </b>
It includes financial instruments that have had a significant increase in credit risk since initial recognition (unless they have low credit risk at the reporting date) but that do not have objective evidence of impairment. For these assets, lifetime ECL are recognised, but interest revenue is still calculated on the gross carrying amount of the asset. Lifetime ECL are the expected credit losses that result from all possible default events over the expected life of the financial instrument. Expected credit losses are the weighted average credit losses with the probability of default (‘PD’) as the weight. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Stage 3 </b>
It includes financial assets that have objective evidence of impairment at the reporting date. For these assets, lifetime ECL are recognised and interest revenue is calculated on the net carrying amount (that is, net of credit allowance). The standard requires management, when determining whether the credit risk on a financial instrument has increased significantly, to consider reasonable and supportable information available, in order to compare the risk of a default occurring at the reporting date with the risk of a default occurring at initial recognition of the financial instrument.
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
And, the definition of default should be identified, that is consistent with the definition used for internal risk management purposes for the relevant financial instrument, and it should consider qualitative factors such as financial covenants and forecasts, wherever appropriate. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<i><span style="font-size: x-small;">Source: IFRS/NFRS 9,PWC Resources etc.</span></i></div>
</div>
The Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.com2Nepal28.394857 84.12400821.256389999999996 73.796859500000011 35.533324 94.4511565tag:blogger.com,1999:blog-683360304750724848.post-25362799264021217442017-10-28T04:16:00.003-07:002020-05-27T21:39:28.965-07:00Bonus Act 2030, Amendment 2074<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://drive.google.com/file/d/0B2awL8JVhDS0OWlpZXFUV1c0MDQ/view?usp=sharing" target="_blank">Click here to download</a><br />
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The Colomanhttp://www.blogger.com/profile/07471965042656117489noreply@blogger.com4tag:blogger.com,1999:blog-683360304750724848.post-7139833810662719662016-12-21T00:38:00.003-08:002016-12-21T00:40:30.315-08:00Domestic Tourism! Old HeritageHere comes heritage visit footage!!!! check it out<br />
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-11999003646954469572016-09-04T04:34:00.001-07:002016-09-04T04:34:58.843-07:00Top 6 Century Scores from Nepali Cricketers from NCT <div class="separator" style="clear: both; text-align: center;">
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Click on the video to watch full. scores are updated till post date. scores are sourced from ESPN cricinfo....!!!Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-33227621175647831772016-08-31T08:45:00.001-07:002016-08-31T21:46:05.896-07:00Paras Khadka Career Statistics HD<div class="separator" style="clear: both; text-align: center;">
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Here we brings career history of Nepali Cricket Team Skipper "PARAS KHDKA'' based on best scores achieved by him during international level matches. please click on the video to watch full.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-8841724566070888902016-05-08T23:46:00.001-07:002020-05-27T21:39:58.922-07:00KTM To Nijgarh Fast track to be made with Domestic investment<div class="separator" style="clear: both; text-align: center;">
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Government declared that KTM to Nijgarh fast track will be constructed using local investment. Yesterday during speaking on coming fiscal year policy & plan of government, president bhandari has disclosed it.<br />
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95 KMs road, which previously planned for handing over to a Indian company for construction.Due to high cost detail submitted by such Indian contractor the government was searching for appropriate alternative. after all as must of the citizens wanted, government choose the way in favor of promoting domestic resources.<br />
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The cost has been estimated at Rs 80 billions (Approx.) by the use of local investment instead of as submitted by Indian contractor amounting Rs112 billions (Approx.).Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-23635203860331398052016-05-08T22:11:00.002-07:002020-05-27T21:40:15.785-07:00NCELL Deposited Rs9.96 billion as capital gain tax<div class="separator" style="clear: both; text-align: center;">
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<span style="background-color: white; color: #444444; font-family: "georgia" , "times new roman" , "times" , serif; line-height: 20.7px;">Succumbing to steady pressure from various stakeholders, Ncell, a privately owned telecom company, on Sunday filed the tax return and paid 15 out of 25 percent of capital gains tax (CGT) on the behalf of its previous owner TeliaSonera.</span><br />
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Ncell has paid such 15% tax under section 95(ka) of Income tax Act, 2058.<br />
Referring to the schedule of income tax act, 25% tax will be leived on non-resident income sourced in nepal however 15% should be paid as advance tax during transaction date (with 25th of next month) which falls under primary liability of a company whose share has been transferred and remaining need to be paid at the time of final tax settlement with tax return by the Gainer.<br />
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<span style="background-color: white; color: #444444; font-family: "georgia" , "times new roman" , "times" , serif; line-height: 20.7px;">Chief of Large Taxpayer’s Office (LTO) Shova Kanta Poudel says:</span><br />
<span style="background-color: white; color: #444444; font-family: "georgia" , "times new roman" , "times" , serif; line-height: 20.7px;">“We will recover the remaining 10 out of 25 percent of CGT from TeliaSonera,” “We will reach out to them through Axiata, the current owner of Ncell.”</span><br />
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<span style="background-color: white; color: #444444; font-family: "georgia" , "times new roman" , "times" , serif; line-height: 20.7px;">The LTO had initially written to TeliaSonera, asking it to submit tax details, but the company argued the deal is not taxable in Nepal. Following such answer from TeliaSonera, the LTO asked Ncell to file tax return by May 7.</span><br />
<span style="background-color: white; color: #444444; font-family: "georgia" , "times new roman" , "times" , serif; line-height: 20.7px;">“As Ncell filed the TDS we have won the argument in principle,” said Poudel. “However, lot more needs to be done at operational level,” said the LTO chief, indicating to an investigation of Ncell’s declaration by the tax office.</span><br />
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<span style="background-color: white; color: #444444; font-family: "georgia" , "times new roman" , "times" , serif; line-height: 20.7px;">In a statement released on Sunday, Ncell said it has responded positively to the LTO directive and made a deposit of 15 percent of the gains of TeliaSonera arising from the sale of shares of offshore company Reynolds Holding--the 80 percent shareholder of Ncell--to Axiata.</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-36610039020694505282016-05-05T04:21:00.001-07:002016-05-08T21:48:32.086-07:00Justin being sued for $100,000<div class="separator" style="clear: both; text-align: center;">
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Justin Bieber is being sued for $100,000 upon the ground that he has destroyed a club goer's mobile phone.</div>
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According to Robert Earl Morgan, the 22-year-old destroyed his phone when the former tried to record footage of Bieber, who was attempting to chug beer at Cle nightclub in Houston, Texas last month, reports tmz.com.</div>
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According to the lawsuit filed by Morgan, jusitn became "enraged, grabbed his cell phone and smashed it to pieces".</div>
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Morgan is suing for such a large amount because the phone contained impossible to replace pictures, including those of his grandmother's 100th birthday party and up to 5,000 images and videos from his travels.</div>
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Morgan also claims that he lost a number of business contacts when the phone was destroyed.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-47719830476967664302016-05-05T04:10:00.000-07:002016-05-05T04:10:13.030-07:00Nepal's Leg-spinner to play for Hong-kong Blitz<div class="separator" style="clear: both; text-align: center;">
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Nepalese leg-spinner Sandeep Lamichhane has been recruited in Kowloon Kartoons team for upcoming DTC Hong kong T20 Blitz 2016, which is scheduled to be started from may 27 at tin kwong RD Recreation Ground. it's a 3 day T20 Tournament featuring 4 franchised team.<br />
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Lamichane plays for nepal U19's national cricket team.<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-37751674404538784162016-05-03T03:23:00.003-07:002020-05-27T21:40:52.455-07:00Lets Prepare for the big one<h1 class="rubric" itemprop="alternateName" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; color: #5b5b5b; font-family: Arial, sans-serif; font-size: 14px; line-height: 2rem; margin: 0px; padding: 0px; vertical-align: baseline;">
Big earthquakes on either side of the world cause concern about building protection.</h1>
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THE giant tectonic plates which make up Earth’s outermost layer are always on the move, sliding past and colliding with each other. This creates plenty of seismic activity, especially in the area around the Pacific Ocean known as the “Ring of Fire”, which accounts for some 90% of the world’s earthquakes. On April 14th a magnitude 6.2 tremor shook Kumamoto prefecture on the southern Japanese island of Kyushu. Then, in the early hours of the morning on April 16th, a magnitude 7.0 quake struck the same area. On the same day, on the opposite side of the ring, a coastal region of Manabí and Esmeraldas provinces in Ecuador was shaken violently by a magnitude 7.8 quake—15 times stronger in terms of the energy released than the second Japanese quake. In Japan more than 40 people died; in Ecuador the death toll is expected to exceed 525.</div>
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The greatest risk posed by earthquakes on land comes from buildings collapsing. Whether or not they fall down depends both on circumstance and on how they are built. This was evident in both disasters. In Ecuador, traditional homes made largely from bamboo withstood the quake better because of their flexibility. The more affluent, living in buildings made of concrete, were less lucky as walls, floors and roofs collapsed (as pictured above). In Mashiki, a town hard hit by the two Japanese earthquakes, dozens of traditional wooden homes collapsed, along with the community’s Buddhist temple and Shinto shrine. But among them stands a more recent house that remains unscathed, rather like a gleaming tooth among otherwise rotten gums. Inside, recounts its relieved elderly owner, her cups and saucers were flung around but the house stood firm.</div>
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That solitary house underlines one of the most successful ways to protect against seismic activity. The most important part of Japan’s approach remains its stringent building code, says Naoshi Hirata of the Earthquake Research Institute (ERI) at the University of Tokyo.</div>
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<span style="line-height: 2.3rem;">For decades Japan has tightened its construction codes—by now the world’s strictest—and supported other innovations in quake-proofing construction methods. All buildings constructed after 1981 had to be sturdy enough to withstand collapse in an earthquake with an intensity of “upper 6” or higher on the scale used by the Japan Meteorological Agency (which measures shaking at individual points whereas magnitude measures the size of an earthquake). The regulations were strengthened again after the quake that hit</span><span style="line-height: 2.3rem;"> </span><span style="font-weight: bold; line-height: 2.3rem;"> </span><span style="line-height: 36.8px;">Kobe in 1995, which had a magnitude of 6.8.</span></div>
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Those building regulations have sharply reduced both the rate of collapsed structures and the risk of fires spreading. When the March 2011 earthquake struck off the Pacific coast of Tohoku it was the ensuing tsunami that wrecked the coastal region, setting off a nuclear meltdown at the Fukushima Dai-ichi nuclear-power plant. Most newer buildings withstood the shaking, which was somewhat attenuated by the time the seismic waves reached land.</div>
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Ecuador introduced stricter seismic regulations of its own after the Haiti earthquake in 2010. But there are problems. Hugo Yepes, a geophysicist at the National Polytechnical University in Quito, complains that builders and developers have been largely ignoring them and that local officials have effectively “legalised” informal new neighbourhoods without insisting on anti-seismic standards. When visiting the area, Rafael Correa, Ecuador’s president, said building standards had to be applied with greater rigour to avoid a similar scale of destruction in the future.</div>
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<span class="caption-text" style="background: transparent; border: 0px; display: block; margin: 0px; padding: 0px 0px 0px 38px; vertical-align: baseline;">Tremorous timeline: An interactive map of global earthquakes over two decades</span></span></a></div>
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Yet, as the scene in Mashiki shows, even the world’s centre of excellence in earthquake technologies can still suffer a lot of damage. Around a fifth of buildings across Japan predate the stricter codes introduced in 1981. It was chiefly such buildings that collapsed in Kumamoto prefecture, many of them in the first quake.</div>
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The loss of life will inevitably direct attention towards the deadly consequences of a giant earthquake striking the Tokyo area. Another fearsome scenario is a shock from the Nankai Trough, a large offshore fault. A magnitude 9.1 earthquake and a resulting tsunami could kill 323,000 people in the very worst case scenario, Japanese government scientists said four years ago.</div>
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In the mid-1970s experts were also convinced that a large quake would hit part of the Nankai Trough in a region known as the Tokai area, stretching from Nagoya to Shizuoka. There, an elaborate system of seismographs and devices to measure minute swellings and shrinkage of local bedrock are still testament to a belief that reliable earthquake precursors can be found. Some experts even call for levels of wells to be monitored, since tectonic friction is thought to drain water from their depths.</div>
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Japan is not the only place to worry about a “Big One”. In Los Angeles, computer simulations of a magnitude 7.8 quake on the southern end of the San Andreas Fault suggest the city centre there would shake for 55 seconds, causing some 2,000 deaths and 50,000 injuries. The Los Angeles blueprint for survival, announced in 2015, seeks to solve what is that city’s greatest vulnerability: a lack of progress in reinforcing buildings. But determining who pays for the work is making just as little progress.</div>
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Quake watchers</div>
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Better building is not the only focus of activity. Japan has spent billions of yen in the Tokai region and elsewhere trying to forecast when and where quakes will hit, so as to be able to evacuate areas beforehand. The ERI, for example, forecast in early 2012 that a powerful earthquake had a 70% likelihood of striking under Tokyo within four years. (The Ecuadorean government is reportedly funding research by an “earthquake whisperer” who claims to be able to detect quakes at least three days in advance; there have been no published studies to support this remarkable feat.)</div>
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Many scientists are sceptical about the prediction business. All of Japan’s recent big earthquakes have occurred in regions other than the Nankai Trough zone or under Tokyo, which are said to be at greatest risk according to the government’s official models of earthquake-hazard areas. Government researchers’ models missed the 2011 Tohoku earthquake despite the fact that quakes and accompanying tsunamis have frequently struck there in earlier centuries. The Japanese government’s hazard map tends to lull people in supposedly lower-risk areas into a false sense of security, says Robert Geller, a professor of geoscience at the University of Tokyo.</div>
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The map assigned a relatively low probability to the likelihood of an earthquake on Kyushu. That may be one reason why the first nuclear plant in Japan to start operating since the very last one was shut down in 2013 following the 2011 disaster is located at Sendai in Kagoshima prefecture. This week the nuclear regulator declined to shut down that plant, which is nearly 100 miles away from the earthquakes’ epicentre, despite calls from citizens’ groups to do so. Yet if the system eventually succeeds in predicting just one big earthquake, argues Yukitoshi Fukahata of the disaster-prevention research institute of Kyoto University, the gain would be immense.</div>
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A well-functioning part of Japan’s regime is its real-time warning system, which sounds after a quake occurs but before seismic waves arrive at more distant places. It can give seconds or even over a minute for people to react and it too has significantly improved since 2011, scientists say. In the recent quake it meant that the Kyushu railway company was able to stop or slow nine <em class="Italic" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">shinkansen</em> high-speed trains just before the ground began shaking (only one empty train was derailed). The limitation of the system is that it gives little or no warning to those directly above an earthquake. At sea, much effort has also gone into building 150 new ocean-floor monitoring stations to detect tsunamis forming.</div>
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For now, a minute or so of warning is about the best anyone can expect in an earthquake zone. Designing buildings to be flexible enough to survive the violent side-to-side swaying that a tremor brings is therefore the priority—although, as Ecuador shows, the real difficulty is enforcing construction rules. Living on the Ring of Fire will remain a precarious business.</div>
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<a href="http://economist.com/">Economist.com</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-23302480803013130322016-05-03T03:16:00.002-07:002020-05-27T21:41:00.431-07:00What the Panama papers really reveal about David Cameron<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; color: #4a4a4a; font-family: Arial, sans-serif; line-height: 2.3rem; margin-bottom: 15px; padding: 0px; vertical-align: baseline;">
PART of the art of politics is crisis management: making embarrassments and other disadvantageous stories go away. But over the past week, David Cameron—whose antennae often seem as sharp as the best of them—has somehow managed to do the opposite. He has turned a pedestrian story about his personal finances into a rolling scandal.</div>
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How? The Panama papers leak revealed that the prime minister’s late father, Ian, had something called a “unit trust” fund, whereby a group of people pool their money (by buying shares, or units, of the total kitty) and use it to invest in a variety of securities, spreading the risk. Its incorporation offshore, initially in Panama, was seemingly motivated by administrative convenience rather than tax-dodging: the Camerons paid British taxes on their income from it. Millions of Britons use similar arrangements, albeit indirectly, through pension funds which invest in hedge funds prone to such practices. Nothing that has emerged suggests that the prime minister’s family broke any rules.</div>
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But concerned for his family’s privacy and anxious to keep his father from appearing in the Panama coverage alongside crooks and drug lords, Mr Cameron let the story run away from his control by insisting that it should be treated as a private matter. So Downing Street stonewalled journalists. And this created the impression that he had something to hide, fuelling speculation and delaying by several days his—probably inevitable—concession that he had held a stake in the “Blairmore” fund and had sold it just before becoming prime minister. The delay triggered a cycle: each disclosure begetting new yowls of outrage (some seemingly prompted more by the fact of his very considerable wealth than by any particular detail of his financial arrangements) and new prurient questions about his family’s money.</div>
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<span style="line-height: 2.3rem;">That much became clear today when, publishing his tax returns from 2009 to 2015 in a bid finally to get ahead of the story, the prime minister made it known that his mother had made him a gift of £200,000 after his father’s death in 2010, to balance out the latter’s estate among his four children. This was a tax-efficient move. As Jolyon Maugham, a tax barrister, has noted, the sums and the threshold in question are such that had Ian Cameron bequeathed a “balanced” inheritance directly to his children, the family would have had to pay a heap of inheritance tax. This practice, like the unit-trust investment, is unremarkable and involves no rule-breaking. In other words the Camerons responded normally to the signals sent by the tax system. Anyone who reckons the result is unjust—and it is perfectly valid to argue that it would be meritocratic to shift the tax burden away from income and towards wealth and inheritance—really has beef with the system rather than with Mary Cameron and her late husband.</span></div>
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Yet in the political arena, such nuances count for little. As David Cameron begins Parliament’s first week in session after the Easter recess—he appears before MPs tomorrow to set out how the government will investigate the Panama papers revelations—he faces demands for further disclosures and questions about his income and assets prior to becoming prime minister. Jeremy Corbyn, Labour’s leader, has called on all cabinet ministers to publish their tax statements. George Osborne is under particular pressure. In Scotland, where the parliamentary election campaign is approaching its culmination, senior politicians are pointedly falling over themselves to publish their tax returns.</div>
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Quite where this transparency bidding war ends up depends on how the news cycle develops this week. The story should eventually blow over, especially if the prime minister’s opponents ultimately have no misdemeanour to pin on him, as seems to be the case. But it may mark the beginning of a newly intrusive climate in which the electorate is deemed to have a right to know all about its legislators’ dough. A debate remains to be had about whether that is positive (cleaning up politics and giving voters more power) or negative (enshrining a cynical presumption of wrong-doing and thus putting off prospective politicians).</div>
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Nonetheless, events to date have already served as a reminder of two things. The first is that anti-establishment feeling, among the politically active at least (admittedly a huge caveat), is running high. In other times, Mr Cameron’s reticent reaction to the story about his father might have been the end of the matter. Yet today it was pounced on by the prime minister’s rivals on both the left, in the Labour Party, and the right, on the Eurosceptic wing of the Conservative Party, whose residual loyalty to the prime minister for winning last year’s election has been drained by his pro-EU campaigning over the past weeks.</div>
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The second is that for all his political skills, Mr Cameron has real weaknesses. In the months after last year’s election the prime minister’s stock rose higher than the reality would bear. He is a very talented premier, is (until proven otherwise) a decent man and combines a sense of reasonableness and credibility with a smoothly efficient operation more than any British politician since Tony Blair. Yet along with the drama over cuts to disability benefits last month and the mishandling of the steel crisis in recent weeks, Downing Street’s reaction to the Panama papers—slow, unimaginative and chippy—illustrated an important truth. Mr Cameron is much more than the pampered posh boy of his critics’ imagination, but he suffers from blind spots, slips of judgment and confirmation bias all the same. This is by no means the first time that he has lost control of a news story, or allowed personal loyalties to cloud what should be rational political decisions. He is not remotely as bad a politician as many of his critics claim. But nor is he as flawless a political leader as his admirers boast.</div>
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<a href="http://www.economist.com/">Economist.com</a> By <span style="color: #7b7b73; font-size: 12px; line-height: 16px; text-transform: uppercase;">BAGEHOT</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-16692597573797324162016-05-03T03:06:00.001-07:002020-05-27T21:41:16.704-07:00Economist Richard Wolff on the Panama Papers.<span style="background-color: white; color: #333333; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 17px; line-height: 24px;">Richard Wolff, Professor Emeritus of Economics at the University of Massachusetts, and currently a visiting professor at the New School University in New York City, joins David to discuss the implications of the Panama Papers leak.</span><br />
<span style="background-color: white; color: #333333; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 17px; line-height: 24px;"><a href="https://www.youtube.com/channel/UCvixJtaXuNdMPUGdOPcY8Ag">David Pakman Show</a></span><br />
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<span style="background-color: white; color: #333333; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 17px; line-height: 24px;"><br /></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-8844168713751562092016-04-30T23:03:00.002-07:002016-05-03T02:34:37.533-07:00Public Holidays-2073 <a href="https://drive.google.com/file/d/0B2awL8JVhDS0SUlSSUNVbl9SVjQ/view?usp=sharing">Public/Governmental Holidays list- 2073</a><br />
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-5981551004966021842016-04-29T03:50:00.001-07:002016-05-08T21:48:51.488-07:00ICAN Exam June 2016- Course coverage regarding major amendments Click here- <a href="https://drive.google.com/file/d/0B2awL8JVhDS0UXRGeGdBajFPckk/view?usp=sharing">Course Coverage for June 2016 Exam- CA_ICAN</a><br />
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-68032628275772936162016-04-28T23:21:00.000-07:002016-04-28T23:21:57.776-07:00Heaven is myth, Nepal is real- Photo feature<div class="separator" style="clear: both; text-align: center;">
Sky Dive_Mount Everest</div>
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Source: <a href="http://onlinekhabar.com/">Onlinekhabar.com</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-13651031268083111762016-04-28T23:12:00.000-07:002016-04-28T23:12:00.050-07:00TU published Exam Schedule for 4 & 3 Years Bachelor- 3rd Year<div class="separator" style="clear: both; text-align: center;">
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-72848620604587353812016-04-28T23:07:00.005-07:002016-04-28T23:07:53.243-07:00Centuries from Nepal<div class="separator" style="clear: both; text-align: center;">
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-63688044638654421002016-04-28T23:05:00.004-07:002016-04-28T23:05:52.265-07:00ICC Announced next fixtures of nepalRecently Nepal had played ICC Champions league with Namibia in home ground- kirtipur.<br />
Nepal won both the match and jumped up in 5th position, now ICC has announced next fixture of Nepal with Netherlands which is scheduled for 23rd august & 25th August at VRA Ground, Amstelveen.<br />
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Source: ICCUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-40095882213140761672016-04-20T04:51:00.003-07:002020-05-27T21:41:31.609-07:00What the Panama Papers Tells Us About Global Capitalism<div class="separator" style="clear: both; text-align: center;">
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<span id="goog_1522199208"></span><span id="goog_1522199209"></span><br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-683360304750724848.post-33780541997439396652016-04-20T04:48:00.003-07:002020-05-27T21:41:40.363-07:00US launches criminal investigation into Panama Papers claims<span style="background-color: white; color: #281e1e; font-family: "fira sans" , "helvetica" , "arial";"><b>Crusading Manhattan attorney to look into revelations contained within the Panama Papers</b></span><br />
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<span style="background-color: white; color: #281e1e; font-family: "indy serif"; line-height: 28px;">The “crusading” US attorney for Manhattan has launched a criminal investigation into possible international tax avoidance that may have been revealed by the Panama Papers leak.Preet Bharara, the US Attorney for the Southern District of New York, the area including Manhattan and Wall Street, has written to the International Consortium of Investigative Journalists, which helped break the Panama Papers story, requesting a meeting.In his letter, reprinted in the Guardian, which also helped reveal the leak of 11.5 million files from the Panamanian law firm Mossack Fonseca, Mr Bharara writes: “The US Attorney’s Office for the Southern District of New York has opened a criminal investigation regarding matters to which the Panama Papers are relevant.“The Office would greatly appreciate the opportunity to speak as soon as possible with any ICIJ employee or representative involved in the Panama Papers Project.”</span><br />
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The launch of the criminal investigation comes after President Barack Obama described global tax avoidance as “a huge problem”.Any tax avoiders who have Mr Bharara on their tail are also likely to find him an extremely dogged opponent. </div>
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Since becoming the US attorney for Manhattan in 2009, he has charged at least 96 Wall Street executives with offences connected to insider trading. By the end of last year, the New York Post was referring to him as “crusading” and claiming he had engaged in a “six-year battle against Wall Street.”<br />
Source <a href="http://www.independent.co.uk/">Independent</a></div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-683360304750724848.post-56218419130683072692016-04-20T04:40:00.000-07:002016-04-20T04:42:40.750-07:00Talakjung V/S Tulke 2072 Full movie<div class="separator" style="clear: both; text-align: center;">
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