29 Sep

Standard setter warns companies over treatment of asset-backed funding deals

first_imgThe cheese manufacturer Dairycrest last year also put in place an asset-backed funding arrangement to protect its pension fund against the fallout from its insolvency, granting the scheme time-limited ownership over maturing cheese stock.The FRC said that, following enquiries from the Financial Reporting Review Panel, a number of companies had “revised either the arrangements or the amounts recognised”.Richard Fleck, chair at the FRRP, said: “It is important companies and their advisers be aware that the FRRP will ordinarily open an enquiry into the financial reporting of any company in which material pension liabilities are reclassified from debt to equity.”Asset-backed deals have grown in popularity in recent years, with the number of deals put in place doubling over the 12 months to October.However, the Pensions Regulator has previously warned that such deals could increase risk for pension funds where advisers failed to anticipate all implications of the structure. UK sponsors should not seek to transform pension liabilities into equity through the use of contingent-asset funding arrangements, the Financial Reporting Council (FRC) has warned.In a statement, the standard setter expressed concerns that a number of companies appeared to opt for an asset-backed funding arrangement so their future contribution payments could be reflected as equity within consolidated accounts.“This has a favourable impact on financial solvency, gearing and reported comprehensive income, notwithstanding that the company has retained the obligation to fund the pension deficit,” it said.It noted that specifically asset-backed arrangements employing Scottish Limited Partnership – such as the property partnership set up by UK retailer Kingfisher in 2011, among other asset-backed arrangements – allowed companies to provide collateral in place of higher contributions.last_img read more

20 Sep

Hancock County’s Gary Allen takes first in division in Sugarloaf Marathon

first_img Part 1: Invisible, incapacitating concussions are sidelining high school athletes – July 19, 2016 Taylor VorthermsSports Editor at The Ellsworth AmericanTaylor Vortherms covers sports in Hancock County. The St. Louis, Missouri native recently graduated from the Missouri School of Journalism and joined The Ellsworth American in 2013. CARRABASSETT VALLEY — Gary Allen of Cranberry Isles placed first in the men’s 55-59 division of Sunday’s Sugarloaf Marathon.Allen, 58, finished 43rd overall of more than 600 runners with a time of 3:10:21.9. Allen averaged a 7:16-minute mile over the 26.2-mile course.Marathon results for Hancock County finishers are listed below:Women 29 and underThis is placeholder textThis is placeholder textKassie Strout, 24, of Trenton, 15th in division and 170th overall (3:39:56.1).Shira Catlin, 22, of Bar Harbor, 18th in division and 191st overall (3:45:52.8).Rebeccah Geib, 26, of Southwest Harbor, 33rd in division and 273rd overall (3:58:54.7).Sabrina Vivian, 22, of Blue Hill, 50th in division and 376th overall (4:16:56.5).Kara Pratt, 22, of Bar Harbor, 75th in division and 516th overall (5:00:32.9).Men 30-34Andrew Kephart, 30, of Ellsworth, fourth in division and 18th overall (3:02:01.2).Jonathan Hogue, 33, of Southwest Harbor, 19th in division and 198th overall (3:46:41.4)Issac Marnik, 32, of Franklin, 39th in division and 559th overall (5:29:58.8).Men 35-39Petr Simecek, 35, of Bar Harbor, 30th in division and 177th overall (3:44:02.0).Women 35-39Rebekah Knowlton, 39, of Deer Isle, 41st in division and 572nd overall (5:49:01.3).Men 40-44Joshua Torrance, 41, of Ellsworth, 19th in division and 180th overall (3:44:43.2).Women 45-49Elizabeth Davis, 45, of Hancock, 27th in division and 560 overall (5:29:58.5).Results from the 15K are listed below:Men 29 and underVance Eldridge, 22, of Orland, 17th in division and 207th overall (1:22:27.3).Women 29 and underLetson Douglass, 25, of Deer Isle, 12th in division and 71st overall (1:11:28.7).Jessica Duma, 23, of Cranberry Isles, 22nd in division and 132nd overall (1:16:55.5).Tawney Jacobs, 25, of Ellsworth, 81st in division and 584th overall (1:58:26.9).Women 30-34Brandi Moore, 30, of Bucksport, 35th in division and 352nd overall (1:30:44.4).Jenny Racicot, 30, of Hancock, 60th in division and 566 overall (1:53:52.9).Men 35-39Matt Ingrisano, 35, of Southwest Harbor, eighth in division and 89th overall (1:13:01.9).Women 35-39Kathy Snow, 39, of Ellsworth, 61st in division and 474th overall (1:39:47.2).Men 40-44Adam O’Neill, 42, of Ellsworth, 25th in division and 474th overall (1:39:06.4).Women 40-44Elissa Haskell, 41, of Stonington, 29th in division and 313th overall (1:27:56.4).Alison King, 40, of Trenton, 55th in division and 496th overall (1:41:09.9).Women 45-49Traci Boddy, 45, of Ellsworth, 30th in division and 356th overall (1:31:33.3).Sarah Gilbert, 47, of Bar Harbor, 37th in division and 455th overall (1:37:35.2).Esther Shinn, 49, of Bucksport, 55th in division and 585th overall (1:57:44.4).Men 50-54Chris Holt, 53, of Ellsworth, second in division and seventh overall (57:58.6).Women 50-54Beverly Hawkins, 53, of Sedwick, 32nd in division and 498th overall (1:41:02.3).Men 55-59Jeff Dalrymple, 59, of Surry, 15th in division and 308th overall (1:27:51.5).Women 55-59Maggie Overton, 56, of Blue Hill, 27th in division and 500th overall (1:41:15.9).Men 70-74Lloyd Harmon, 74, of Ellsworth, second in division and 189th overall (1:20:44.5). Latest Posts Part 2: When the injury is inside your head, some “don’t get it” – July 26, 2016 Latest posts by Taylor Vortherms (see all) Correction: An earlier version of this article mistakenly reported last year’s marathon results. The post has been updated with the 2015 results. Bio EHS names new boys’ soccer coach – July 13, 2016last_img read more