Electronic ‘iShoe’ aims to prevent falls

first_imgErez Lieberman-Aiden had a nagging feeling that his grandmother’s death, which occurred after a hard fall, could have been prevented.But the 30-year-old graduate student at MIT and Harvard did more than fret. He tried to prevent something similar from happening to other older people.To read morelast_img

Shirley Man Struck, Killed by 2 Cars

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 59-year-old man was fatally hit by two cars while crossing a road in his hometown of Shirley man on New Year’s Eve.Suffolk County police said William Martin was walking in the westbound lanes of Montauk Highway when he was struck by a westbound Dodge Caliber and a westbound Mercury Sable near Bonny Drive at 5:20 p.m.The victim was pronounced dead at the scene. The two drivers were neither injured nor charged.Seventh Squad detectives impounded both vehicles and are continuing the investigation.last_img

IFRS committee OKs new guidance on asset ceiling for DB schemes

first_imgThe International Financial Reporting Interpretations Committee (IFRS IC) has approved the release of an update to its asset-ceiling guidance, IFRIC 14.In broad terms, the amendments could severely restrict the ability of defined benefit (DB) sponsors in the UK to recognise a plan surplus as a balance-sheet asset.The committee, responsible for interpreting IFRSs, approved the changes during its 6 September meeting.The International Accounting Standards Board must now ratify the updated interpretation at a public meeting. If approved by the board, the interpretation will have an effective date of 1 January 2019, with earlier application permitted.In broad terms, the changes to IFRIC 14 set out to clarify the accounting treatment of plans where plan trustees can wind up a plan without the sponsor’s consent.This gives rise to a number of considerations.First, the committee has proposed amending IFRIC 14 so that a sponsor “does not have an unconditional right to a refund of a surplus on the basis of assuming the gradual settlement of the plan liabilities”.Second, the committee has proposed that the surplus available to a sponsor through a future refund does not include amounts that other parties can use for other purposes without the sponsor’s consent.In a third change, the IFRS IC argues that a scheme trustee’s power to buy an annuity or make some other investment decision does not affect the availability of a refund.Finally, the committee has set out to clarify that trustees do not have the power to wind up the plan, or to change benefits, if the power is conditional on uncertain future events.On other matters, the committee has proposed a further amendment to paragraph 7 of IFRIC 14.This amendment requires sponsors to take account of any statutory requirements that are substantively enacted, as well as contractually agreed terms and conditions of a plan and any constructive obligations.This assessment would apply where a sponsor is considering whether it is entitled to a refund from a scheme or a refund of future contributions.The IFRS IC’s predecessor issued IFRIC 14 in 2007 in a bid to clear up confusion around the application of the asset-ceiling requirements in IAS 19.The guidance helps preparers assess how much of a DB surplus a plan sponsor is available to recognise as a balance sheet asset.The IASB and its interpretations committee issued this latest amendment to IFRIC 14 in June.The amendments have met with a mixed response from auditors and consultants, with opinion split equally for and against.EY audit partner John O’Grady was among the critics of the proposed changes around the meeting table.“I think it’s confusing the measurement of the right with the existence of the right,” he said.His comments reflect the long-standing view of some critics who argue that the changes create an artificial distinction between a buy-in – effectively an investment decision by the trustees – and a buyout.He added that neither of the two actions affected the existence of the right to a refund – merely the amount.At the end of last year, the UK audit regulator, the Financial Reporting Council (FRC), weighed into the debate and said it expected companies to make disclosures consistent with the requirements of the as yet unfinalised ED.The FRC’s intervention led to the Royal Bank of Scotland accelerating the recognition of a £4.2bn (€4.9bn) liability for service cost in respect of its DB pension scheme.last_img read more

Former GSA star Schildroth to play at Woodstock Academy

first_imgBLUE HILL — After a brief stint in Florida, former George Stevens Academy boys’ basketball standout Taylor Schildroth will be moving closer to home.Schildroth announced Saturday that he would be continuing his basketball career at Woodstock Academy in Connecticut. His return to New England came less than two weeks after announcing he would be leaving Nation Christian Academy in Port St. Lucie, Fla.On Oct. 31, an audio recording was released in which Nation Christian CEO Mike Woodbury delivered a profanity-laced tirade to one of the school’s men’s players, Marvens Petion. In the recording, Woodbury mercilessly berated Petion, whom he threatened to send “back to Haiti.” A Portland Press Herald story published Oct. 31 interviewed former and current players, many of whom cited separate instances of Woodbury being abusive and manipulative.Later that day, Schildroth announced via social media that he would be leaving the school. In a Twitter post, he called Woodbury’s statements “terrible” and “completely against what I believe in.”This is placeholder textThis is placeholder textAfter graduating from GSA in June, Schildroth elected to take a postgraduate year at Nation Christian rather than commit to an NCAA program. Woodstock Academy, which is just minutes from the Connecticut-Massachusetts state line, offers a similar postgraduate program.In high school, Schildroth led a GSA team that won three straight Class C titles. The Eagles went a combined 64-2 during his sophomore, junior and senior seasons.last_img read more