The International Accounting Standards Board, which is chaired by Sir David Tweedle, has come under scrutiny for bowing to political pressure from the European Union. The issue at hand is the method banks use to value their assets on the financial statements. Political interference in the accounting and financial sectors are nothing new in the US or abroad, but one of the key components of the IASB is supposed to be its ability to resist such political pressure.
Sir David, defended the boards decision even though his stated that it nearly led to his resignation. I am a big fan of the movement to International Accounting Standards, but I forsee such political pressure being a much larger issue then either the Securities Exchange Commission or the IASB has let on so far.
Here is the full story by Glenn Kessler courtesy of the Washington Post.
GM has 96,000 employees but provides health benefits to a million people.
from Mark Steyn via the National Review.
It has been a true pleasure watching Nathan lead the Bear’s offensive unit over the past several years. He has served as an excellent example of a top notch person. player, and leader.
Today, UCA announced that Nathan Brown has been invited to play in the Senior Bowl. Brown is the first player in the history of the school to receive an invitation.
See the full story here at UCASports.com.
Conway – The University of Central Arkansas announced Thursday that it will be making significant budget cuts in the coming months to offset a budget deficit.
Speaking at a budget forum, UCA interim president Tom Courtway told the crowd the school will suffer from a cash flow deficit by the end of this year.
The university plans to implement, among other things, a salary freeze and cutbacks in travel and advertising, in order to erase the debt.
(Tom Courtway, Interim UCA President) “I don’t believe–quite candidly–that we’re going to wipe it out in six months. I think that’s an unrealistic expectation. But I do think over time we will eliminate it.”
Courtway says the university will draw on its $6 million credit line to finish out this year. He does not expect any layoffs.
Whatever your outlook on the economy, it is more likely that UCA’s budget problems are due mostly to the high-profile advertising campaigns and expansion efforts that the university has finance over the past five years.