Delhi Business Review X Vol. 4, No. 2, July - December Mohammad Talha

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Delhi Business Review X Vol. 4, No. 2, July - December 2003. Mohammad Talha"

Transcription

1 Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 TREATMENT TMENT OF GOODWILL IN ACCOUNTING Mohammad Taha GOODWILL is usuay ony recorded in an accounting system when a company purchases an unincorporated business or acquires a subsidiary or associated undertaking and prepares consoidated accounts. It is an item whose accounting treatment produces both conceptua and practica probems, with remarkabe impications on the true and fair view. As on June 30, 2001, FASB changed the rues for the mergers and acquisitions game. Companies no onger can use the pooing-of-interests accounting method for business combinations. Nor wi they account for mergers on their financia statements under the traditiona purchase method, which required them to amortize goodwi assets over a specific time period. Instead purchased goodwi wi remain on the baance sheet as an asset subject to impairment reviews. FASB s new standards, Statement no. 141, Accounting for Business Combinations, and Statement no. 142, Accounting for Goodwi and Intangibe Assets, are a radica change, and now management accountants, auditors and financia executives must understand and work with a very different accounting process. Some beieve FASB eiminated amortization to make purchase accounting techniques more appeaing to corporate America. Traditiona purchase accounting required companies to amortize purchased goodwi on a periodic basis, for as ong as 40 years. Now companies wi be abe to make acquisitions without being forced to take arge periodic earnings write-downs, which some corporate executives view as an unnecessary drag on earnings. The eimination of pooing is one of the most significant and drastic modifications in accounting methodoogy in many years. Business combinations are important, and so is how they are treated in financia statements. Anaysts wi have to understand the impact of the two new FASB standards, and companies and their auditors wi have to earn how to impement them. Introduction The Financia Accounting Standards Board (FASB), the governing body responsibe for estabishing the standards of financia accounting and reporting, recenty enacted two statements that overhaued the treatment of goodwi on the baance sheet and the accounting for business combinations. The new rues do away with goodwi amortization and the pooing-of-interests method of accounting for business combination. Under the proposed modification, pooing-of-interest accounting treatment woud sti ikey to be eiminated, but the goodwi generated in a purchase accession transaction woud not be amortized earnings. Rather goodwi woud be recorded as a permanent asset and woud be reviewed for impairment and expenses against earnings ony in the periods in which its recorded vaue exceeded its fair market vaue. It is important to note that apparenty the non-amortization approach woud appy ony to goodwi, and that various other assets categories woud remain subject to potentia write-ups and post-acquisition amortization / depreciation in connection with a purchase acquisition transaction. The FASB s decision on goodwi amortization is in direct response to the significant input which the FASB received from the investment and high tech communities and others concerning its origina proposa, as we as the resuts of recent company fied visits which indicated that an impairment approach coud be deveoped that woud be operationa. Under the new approach, goodwi woud be reviewed for impairment at the owest financia reporting unit or units that incude the acquired business. The acquirer woud be required to determine the vaue of the reporting unit and the vaue of the recognized net assets excuding goodwi of the unit. The 63

2 Mohammad Taha difference between those amounts (namey, the impied vaue of the goodwi) woud then be compared to the carrying amount of the goodwi, and if the carrying amount of the goodwi was greater than its fair market vaue an impairment oss woud be recorded in the company s income statement. Impairment reviews woud be performed initiay based upon the significance of the eve of goodwi to any particuar reporting unit. Subsequent reviews woud ony be required upon the occurrence of events indicating that goodwi of the reporting unit might be impaired. Definition of Goodwi The rue, estabished by the Financia Accounting Standards Board, is caed FAS 142 and modifies the treatment of goodwi. By impementing the new rue, many companies wi acknowedge in their first-quarter earnings just how much they overpaid for recent acquisitions, or more precisey, that some of these acquired assets wi generate ess cash than expected. Goodwi perhaps is best defined with an exampe. Say a company pays $100 miion to buy Company X, which has tangibe assets cash and equipment worth ony $40 miion. The other $60-miion of the purchase price is aocated to goodwi, or the vaue of the intangibe assets, such as the Company X-brand name, inteectua property and workforce. According to some anaysts, at the height of the tech boom, it was common for more than haf of an acquisition price to the goodwi, because most of the purchased companies had itte in the way of tangibe assets. Under the od rues, companies woud often have had to take that $60 miion and diminish, or write down, its vaue on the baance sheet over severa years. But that process, caed amortization, diuted quartery and annua earnings. If a company writes off $60 miion over 10 years, it woud be as $6 miion hit to earnings each year. In the 1880 s, the first definition refected goodwi as the difference between the purchase price and the book vaue of an acquired company s assets. Goodwi definition s has evoved since that time and may be defined in two different manners today: The residuum and the excess profits approaches (Johnson, 1993). In the residuum approach, goodwi is defined as the difference between the price and the fair market vaue of an acquired company s assets. Goodwi is a eftover amount that cannot be identified, after a thorough investigation, as any other tangibe or intangibe assets. This is very simiar to the nineteenth century definition. Both definitions impy that goodwi is the eftover amount. In the excess profits approach, goodwi is the difference between the combined company s profits over norma earnings for a simiar business. Under this definition, the present vaue of the projected future excess earnings is determined and recorded as goodwi. This concept is very difficut to measure since future earnings have no certainty. One characteristics of goodwi that has emerged over the past century is that it is inseparabe from the business. It can not be sod without seing the business that is associated with it. If you can se what you are caing goodwi, then it is something other than goodwi. It may be contract rights, a cient ist, distribution channes, or any number of other things and shoud be abeed as such, instead of umped into the goodwi account. Goodwi can be raised in two different ways: (i) It can be internay generated or (ii) it can be acquired as part of the acquisition of another company. Both types of goodwi have been recorded in the past. However, ony acquired goodwi is currenty aowed to be recorded. Accounting Treatment of Goodwi The three quaitative characteristics most directy concerned with goodwi are reiabiity, prudence and consistency. The treatment of goodwi has changed over the years. The four methods of accounting for goodwi are discussed in the foowing manners ( Write-off Under this method, goodwi is immediatey written off against an account in the stockhoder s equity section, generay retained earnings. Advocates of this method argue that goodwi is not measurabe and has no true future vaue. Thus, it shoud be written off against stockhoder s equity. 64

3 Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 Another rationae for this method is that overpayment for the assets of an acquired company represents the expectation of superior future earnings. Since these earnings eventuay end up in the stockhoder s equity, they can be offset against the excess acquisition payment. Athough there are some good arguments for write-off method, it appears that it was used because it was the easiest and most widey used and not because it was conceptuay correct. Capitaization This approach s proponents argue that if goodwi is as important as asset as many beieve, it beongs to the baance sheet. One probem with capitaization of goodwi is determining the proper amount to capitaize. Current practice foows the residuum approach. One way of correcting the misuse of goodwi is through the hidden assets approach, Under this approach, the excess purchase price that companies pay over fair market vaue of the assets is for assets that are hidden from the baance sheet, then amortized over their usefu ife. If they were, goodwi account woud probaby be much smaer than in current practice and financia statements woud probaby be more usefu. Non-amortization Capitaization of goodwi without amortization aows the most advantageous financia reporting figures. A company gets to record an assets instead of a decrease in stockhoder s equity and net income is not periodicay reduced. However, it probaby woud resut in more abuse than any other method. The rationae for nonamortization is premised on the notion that goodwi does not decrease in vaue. High manageria abiity, good name and reputation, and exceent staff generay do not decrease in vaue but they increase in vaue. Goodwi coud be viewed as an investment and shoud stay on the baance sheet unamortized. But, without amortization, abuse may occur, and the goodwi account wi ose what imited significance it has now. Amortization Amortization enabes companies to match the cost of intangibe assets over the period deemed to benefit from their acquisition. Main arguments for amortization are the abuse of non-amortization and the unreiabiity of earnings without some attempt to recognize the impact. When amortization became is required, the period for write-off becomes the focus. If the ife of the assets is non determinabe, which is normay the case with goodwi, amortization over a maximum of twenty years shoud be used. This engthy period was set to aow a minimum impact to the net income (McCenahen, 2001). Pooing is Eiminated In Juy 2001, the Financia Accounting Standards Board (FASB) reeased SFAS 141, Business Combinations, and SFAS 142, Goodwi and Other Intangibe Assets. These standards are the resut of a ong FASB project that began in 1996 due to the increase in M&A activity that brought great focus to the differences between purchase and pooing accounting in conjunction with business combinations. A business combinations wi be treated as purchases. Because pooing paced restrictions on dea structure, post-dea rationaizations and compensation structures, its end wi have the foowing impact upon future deas: Fexibiity to se non-core assets. Pooing restrictions did not aow for the disposa of non-core acquired assets. Increased use of cash in deas. Because pooing forbade the use of cash consideration, often the high bidder was the one who coud pay in stock without suffering the effect of goodwi amortization, Cooper expains. Since the choice of cash versus stock no onger affects the accounting resut, the advantages of being a cash bidder may now tip the scaes. Treasury stock repurchases may become more popuar. Pooing restricted the reacquisition of Treasury stock. Now companies are free to use stock repurchasing as a means of maintaining earnings per share especiay when management beieves the shares are undervaued. 65

4 Mohammad Taha Greater fexibiity in structuring compensation programs. Pooing paced restrictions on a company s abiity to cash out, ater or grant new equity awards and that wi now cease to be reevant in future transactions, says Yeftich. More contingent consideration. Pooing forbade earn-out structures, Cooper expains, so now that pooing is not an aternative, a bidders are on equa footing to offer earn-outs as a potentia dea provision. For some time, we ve been seeing bidders more incined to take a prove-it-to-me stance in the Vaey anyway, he notes, and now it s no onger a disadvantage because no one wi be competing against a pooing bid. Measurement of Purchased Goodwi In determining the amount of purchased goodwi the purchaser needs to recognize a assets acquired, whether of a tangibe or intangibe nature. This might invove recognizing some intangibe assets which, if internay generated by the purchaser, woud not normay be recognized as assets because the absence of an exchange transaction usuay prevents them from being measured reiaby. Fair vaue is a measure of the worth of an asset at a specified time, and is utiized in this Standard as the amount which the purchaser attributes at the date of acquisition to the identifiabe assets acquired. When making an assessment of the fair vaues to be attributed to individua assets, the purchaser may sometimes find that a number of such assets are combined into a reated or composite group. Under these circumstances, it may be more appropriate to consider the fair vaue of the composite group rather than the aggregate of the fair vaues of the individua assets ( home.att.net/~s-prasad/gw.htm). The purchase consideration may incude any one, or combination, of the foowing: (i) Cash; and /or (ii) Other monetary assets; and /or (iii) Non-monetary assets; and /or (iv) Liabiities undertaken. When the purchase consideration incudes cash and/or other monetary assets, its vaue is usuay readiy determinabe. However, where the purchase consideration comprises (either partiay or totay) non-monetary assets, its vaue wi need to be ascertained by reference to the fair vaues of the non-monetary assets given. Where the purchase consideration comprises shares or other securities of the purchaser and these securities are isted on an Austraian Stock Exchange, the price at which they coud be paced in the market wi usuay be an indication of their fair vaue. Where the securities issued are those of an unisted entity, it may be necessary to make a vauation of those securities. It shoud not be assumed that the par vaue of securities refects their fair vaue, as this rarey is the case. Where an entity incurs cost that directy reate to the acquisition, these need to be incuded in the determination of the cost of acquisition. These costs woud normay incude ega fees, stamp duty and other government charges, and professiona fees in the nature of feasibiity tests and investigations preceding acquisition. To the extent that the cost of acquisition incurred by the entity exceeds the fair vaue of the identifiabe net assets acquired but the difference does not constitute goodwi, such difference must be recognized immediatey as an expense in the profit and oss account. Effective Management By one recent estimate, 70 percent of mergers and acquisition do not add to sharehoder vaue or actuay subtract from it. And paying too much for an acquisition and underestimating the difficuty of integrating assets are merger phenomena that aren t going away, says Stern Stewart s Pettit. The new rues wi put more focus on how effective management has been in transating the reasons behind doing a dea into resuts, stresses KPMG S Hecker. As goodwi wi not onger the amortized, management wi be chaenged propery to identify and vaue a assets that wi be consumed by the company in its earnings process, and those that do not, but provide for a 66

5 Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 competitive advantage, says, Torres, I beieve the new (rues) wi provide more information to financia statement users, more consistent earnings comparisons between companies, and strong post merger evauation of a business combination. The process of evauating the performance of goodwi is technicay known as testing for impairment. In practice, that means checking for a decine in vaue and then taking a write-off for those operations that Pau Munter, a Professor at the University of Miami s Schoo of Business, describes as not doing as we as you were expecting. Particuary if a company is trying to focus on its core earnings, says Munter encouragingy, a onetime, non-recurring write-off is a ot easier to expain to anaysts than is an annua amortization charge against earnings spread over 30 or 40 years. Indeed, Munter expects once the goodwi rues take effect a bunch of companies wi suddeny take one-time write-offs for under performing acquired assets. Athough those write-offs wi somewhat decrease companies current earnings, securities anaysts and investors coud we be favoraby increased since, without the writeoffs and amortization of goodwi, future earnings for the companies wi be higher, says Munter. Tax Treatment Currenty, IRC Reg. Sec (a)-3 specificay prohibits the write off of goodwi. Amortization is aowed on other intangibe assets as ong as the asset meets the foowing criteria estabished in Rev. Ru : 1) A specific usefu ife can be determined and 2) the asset has a vaue separate and distinct from goodwi. IRC Sec. 1060, resuting from TRA 86, requires both the seer and the buyer to use the residua method for measuring goodwi. Under this method, goodwi is computed as the difference between the purchase price and the fair market vaue of the assets of the acquired company. Obviousy this is the same as the residuum method discussed earier. The purchase price is to be aocated to assets in the foowing order: 1) Cash and items simiar to cash, 2) marketabe securities and simiar items, 3) tangibe and intangibe assets excuding goodwi and going concern vaue, and 4) goodwi and going concern vaue. Going concern vaue resembes goodwi and is treated simiary. The aocated purchase price must be reported to the IRS by both companies in their tax returns fied in the year of acquisition. Goodwi is considered as a capita asset. Therefore, the seer wi want to aocate as much of the seing price to goodwi as possibe. Even though current capita gains rates are the same as the reguar corporate rates, this coud change with future egisation. Aso, capita gains created can be used to offset any previous capita oss carry forwards. The buyer wi want to aocate more of the seing price to non- goodwi assets because goodwi amortization is not tax deductibe whie depreciation and amortization of other assets is tax deductibe. This negotiated goodwi wi stand as the IRS vaue. Thus, the IRS has effectivey forced the controversia goodwi determination on the buyers and seers of the acquired companies. This makes it even more imperative for buyers to specificay identify any hidden assets they are acquiring at the time of purchase. Recent court decisions have aowed depreciation for severa intangibe assets where separate and distinct vaues from the business coud be estabished and imited usefu ives existed. Newspaper subscription ists have proven separabe in two instances. In Donrey v. U.S., separate existence was proven for the subscription ist because it was used in determining advertising rates and in seing advertising. In Newark Morning Ledger Co. v. U.S., a separate fair market vaue was estabished for the subscription ist by using the income approach. Life annuity tabes were then impemented to determine the usefu ives of the subscribers. Customer ists have proven to be deductibe in severa cases incuding Manhattan Company of Virginia v. Commissioner, Panichi v. U.S. and ABCO Oi Corp. v. Commissioner. Customer ists are considered to have a separate existence as ong as one of the individuas on the ist continues as a customer for more than one year. Deposit bases of banks have recenty been aowed as intangibe assets. In Citizens & Southern Corporation v. Commissioner, a depreciabe intangibe asset separate from goodwi was identified for the present vaue of the 67

6 Mohammad Taha future stream of income from the core deposits of the bank. The amount of annua amortization was the difference between the beginning and the ending present vaues. A variety of contracts ocation, empoyment, management and genera business have been hed deductibe as ong as a specified ife and separate existence has been estabished. Unimited renewa options precude the deduction. In Business Service Industries v. Commissioner, the ocation contracts acquired in a merger were used to obtain a bank oan. The bank s recognition of the separate existence of the contracts heped estabish the tax basis for the depreciabe intangibe asset. Tax incentives, which affect rea cash fow, are usuay reasons enough to aocate as much of the residua vaue as possibe to intangibe assets other than goodwi. The above cases show that certain intangibe assets do have vaue and ives separate from the ongoing business. One of the main such intangibe assets is key personne. However, this intangibe generay cannot be recognized as an acquired asset for tax purposes. For exampe, in the eectronics industry key empoyees pay a big roe in the success of a business. In acquisitions of these companies, substantia amounts are paid for key personne. The abiity to identify the amount paid for key personne and ist separatey and amortize over an appropriate ife, woud hod significant advantages. Concusion It summation, it has been brought out that the FASB has proposed a new accounting standard that wi eiminate the use of the pooing of interests treatment in acquisitions and aso end the amortization of a goodwi (Moehre and Jennifer, 2001). Goodwi wi remain on the baance sheet and be tested for impairment if certain trigger events occur. Companies that have made purchase acquisitions in the past wi get a one time expected step-up in EPS. These changes coud resut in increased M&A activity since acquirers no onger have to consider the possibe diution from goodwi charges (McCenahen, 2001). This preposition appears to satisfy most of the constituents that opposed FASB s earier proposas on business combinations, in particuar those in the domains of technoogy and finance industries. Anaysts and other users of financia statements, as we as company management, noted that intangibe assets are an increasingy important economic resource for many entities and are an increasing proportion of the assets acquired in many transactions. As a resut, better information about intangibe assets was needed. Financia statement users aso indicated that they did not regard goodwi amortization expense as being usefu information in anayzing investments. References Accounting for Goodwi, AASB 1013, Austraian Accounting Standard Board. p Financia Accounting Standard Board (FASB). accessed on Juy, John S. McCenahen (2001) Goodwi Accounting: The FASB Books New rues, Industry Week. Juy 18, U.S. Johnson, Jeannie D. (1993) Goodwi - an eterna controversy, The CPA Journa onine Apri 1993, p1-10. Stephen R. Moehre and Jennifer A. (2001) Say Good-Buy to Pooing and Goodwi Amortization, Reynods-Moehre. Journa of Accountancy 192(3): p.31, September. Literature Cited Barry Eiott and Jamie Eiott (2002) Financia Accounting and reporting Sixth Edition, Prentice Ha. Linda, Engish (1990) Accounting for Intangibes, Austraian Accountant, p:18-24, August

Early access to FAS payments for members in poor health

Early access to FAS payments for members in poor health Financia Assistance Scheme Eary access to FAS payments for members in poor heath Pension Protection Fund Protecting Peope s Futures The Financia Assistance Scheme is administered by the Pension Protection

More information

Pay-on-delivery investing

Pay-on-delivery investing Pay-on-deivery investing EVOLVE INVESTment range 1 EVOLVE INVESTMENT RANGE EVOLVE INVESTMENT RANGE 2 Picture a word where you ony pay a company once they have deivered Imagine striking oi first, before

More information

CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS

CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS John N.. Var arvatsouakis atsouakis DURING the present time,

More information

Teamwork. Abstract. 2.1 Overview

Teamwork. Abstract. 2.1 Overview 2 Teamwork Abstract This chapter presents one of the basic eements of software projects teamwork. It addresses how to buid teams in a way that promotes team members accountabiity and responsibiity, and

More information

The guaranteed selection. For certainty in uncertain times

The guaranteed selection. For certainty in uncertain times The guaranteed seection For certainty in uncertain times Making the right investment choice If you can t afford to take a ot of risk with your money it can be hard to find the right investment, especiay

More information

Hedge Fund Capital Accounts and Revaluations: Are They Section 704(b) Compliant?

Hedge Fund Capital Accounts and Revaluations: Are They Section 704(b) Compliant? o EDITED BY ROGER F. PILLOW, LL.M. PARTNERSHIPS, S CORPORATIONS & LLCs Hedge Fund Capita Accounts and Revauations: Are They Section 704(b) Compiant? THOMAS GRAY Hedge funds treated as partnerships for

More information

Subject: Corns of En gineers and Bureau of Reclamation: Information on Potential Budgetarv Reductions for Fiscal Year 1998

Subject: Corns of En gineers and Bureau of Reclamation: Information on Potential Budgetarv Reductions for Fiscal Year 1998 GAO United States Genera Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Deveopment Division B-276660 Apri 25, 1997 The Honorabe Pete V. Domenici Chairman The Honorabe Harry

More information

Australian Bureau of Statistics Management of Business Providers

Australian Bureau of Statistics Management of Business Providers Purpose Austraian Bureau of Statistics Management of Business Providers 1 The principa objective of the Austraian Bureau of Statistics (ABS) in respect of business providers is to impose the owest oad

More information

Business Banking. A guide for franchises

Business Banking. A guide for franchises Business Banking A guide for franchises Hep with your franchise business, right on your doorstep A true understanding of the needs of your business: that s what makes RBS the right choice for financia

More information

3.3 SOFTWARE RISK MANAGEMENT (SRM)

3.3 SOFTWARE RISK MANAGEMENT (SRM) 93 3.3 SOFTWARE RISK MANAGEMENT (SRM) Fig. 3.2 SRM is a process buit in five steps. The steps are: Identify Anayse Pan Track Resove The process is continuous in nature and handed dynamicay throughout ifecyce

More information

Internal Control. Guidance for Directors on the Combined Code

Internal Control. Guidance for Directors on the Combined Code Interna Contro Guidance for Directors on the Combined Code ISBN 1 84152 010 1 Pubished by The Institute of Chartered Accountants in Engand & Waes Chartered Accountants Ha PO Box 433 Moorgate Pace London

More information

Business schools are the academic setting where. The current crisis has highlighted the need to redefine the role of senior managers in organizations.

Business schools are the academic setting where. The current crisis has highlighted the need to redefine the role of senior managers in organizations. c r o s os r oi a d s REDISCOVERING THE ROLE OF BUSINESS SCHOOLS The current crisis has highighted the need to redefine the roe of senior managers in organizations. JORDI CANALS Professor and Dean, IESE

More information

A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services

A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services 2012 Before You Buy A Description of the Caifornia Partnership for Long-Term Care Prepared by the Caifornia Department of Heath Care Services Page 1 of 13 Ony ong-term care insurance poicies bearing any

More information

Chapter 3: Investing: Your Options, Your Risks, Your Rewards

Chapter 3: Investing: Your Options, Your Risks, Your Rewards Chapter 3: Investing: Your Options, Your Risks, Your Rewards Page 1 of 10 Chapter 3: Investing: Your Options, Your Risks, Your Rewards In This Chapter What is inside a mutua fund? What is a stock? What

More information

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING Part 1 A conceptua framework: setting the scene 1 Who needs accounting? 2 A systematic approach to financia reporting: the accounting equation 3 Financia statements from the accounting

More information

No longer living together: how does Scots cohabitation law work in practice?

No longer living together: how does Scots cohabitation law work in practice? Centre for Research on Famiies and Reationships Briefing 51 October 2010 No onger iving together: how does Scots cohabitation aw work in practice? crfr In response to the greater diversity of famiy ife

More information

Older people s assets: using housing equity to pay for health and aged care

Older people s assets: using housing equity to pay for health and aged care Key words: aged care; retirement savings; reverse mortgage; financia innovation; financia panning Oder peope s assets: using housing equity to pay for heath and aged care The research agenda on the ageing

More information

Order-to-Cash Processes

Order-to-Cash Processes TMI170 ING info pat 2:Info pat.qxt 01/12/2008 09:25 Page 1 Section Two: Order-to-Cash Processes Gregory Cronie, Head Saes, Payments and Cash Management, ING O rder-to-cash and purchase-topay processes

More information

Fixed income managers: evolution or revolution

Fixed income managers: evolution or revolution Fixed income managers: evoution or revoution Traditiona approaches to managing fixed interest funds rey on benchmarks that may not represent optima risk and return outcomes. New techniques based on separate

More information

MARKETING INFORMATION SYSTEM (MIS)

MARKETING INFORMATION SYSTEM (MIS) LESSON 4 MARKETING INFORMATION SYSTEM (MIS) CONTENTS 4.0 Aims and Objectives 4.1 Introduction 4.2 MIS 4.2.1 Database 4.2.2 Interna Records 4.2.3 Externa Sources 4.3 Computer Networks and Internet 4.4 Data

More information

Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s

Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s 23. Corporate governance towards best-practice corporate reporting John Patterson, PricewaterhouseCoopers LLP Reporting is

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

Series B, US Dollar Hedged Series F

Series B, US Dollar Hedged Series F SIMPLIFIED PROSPECTUS Russe Funds June 30, 2015 No securities reguatory authority has expressed an opinion about these securities and it is an offence to caim otherwise. The funds and their securities

More information

ELECTRONIC FUND TRANSFERS. l l l. l l. l l l. l l l

ELECTRONIC FUND TRANSFERS. l l l. l l. l l l. l l l Program Organization = Number "1060" = Type "123342" = "ETM2LAZCD" For = "502859" "TCCUS" "" Name "WK Number = Name "First "1001" = "1" Eectronic = "1001" = Financia "Jane Funds Doe" Northwest Xfer PG1

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

Introduction the pressure for efficiency the Estates opportunity

Introduction the pressure for efficiency the Estates opportunity Heathy Savings? A study of the proportion of NHS Trusts with an in-house Buidings Repair and Maintenance workforce, and a discussion of eary experiences of Suppies efficiency initiatives Management Summary

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

How to deal with personal financial problems

How to deal with personal financial problems How to dea with persona financia probems D I S P U T E R E S O L U T I O N Introduction Heping you face the future with confidence In 2014, the eve of consumer debt in the UK grew to reach a seven-year

More information

Network/Communicational Vulnerability

Network/Communicational Vulnerability Automated teer machines (ATMs) are a part of most of our ives. The major appea of these machines is convenience The ATM environment is changing and that change has serious ramifications for the security

More information

PREFACE. Comptroller General of the United States. Page i

PREFACE. Comptroller General of the United States. Page i - I PREFACE T he (+nera Accounting Office (GAO) has ong beieved that the federa government urgenty needs to improve the financia information on which it bases many important decisions. To run our compex

More information

ICAP CREDIT RISK SERVICES. Your Business Partner

ICAP CREDIT RISK SERVICES. Your Business Partner ICAP CREDIT RISK SERVICES Your Business Partner ABOUT ICAP GROUP ICAP Group with 56 miion revenues for 2008 and 1,000 empoyees- is the argest Business Services Group in Greece. In addition to its Greek

More information

VALUE TRANSFER OF PENSION RIGHTS IN THE NETHERLANDS. June 2004 - publication no. 8A/04

VALUE TRANSFER OF PENSION RIGHTS IN THE NETHERLANDS. June 2004 - publication no. 8A/04 STICHTING VAN DE ARBEID REVISION VALUE TRANSFER OF PENSION RIGHTS IN THE NETHERLANDS June 2004 - pubication no. 8A/04 Vaue transfer of pension rights in the Netherands 1. Introduction The opportunity to

More information

SELECTING THE SUITABLE ERP SYSTEM: A FUZZY AHP APPROACH. Ufuk Cebeci

SELECTING THE SUITABLE ERP SYSTEM: A FUZZY AHP APPROACH. Ufuk Cebeci SELECTING THE SUITABLE ERP SYSTEM: A FUZZY AHP APPROACH Ufuk Cebeci Department of Industria Engineering, Istanbu Technica University, Macka, Istanbu, Turkey - ufuk_cebeci@yahoo.com Abstract An Enterprise

More information

ASSET MANAGEMENT OUR APPROACH

ASSET MANAGEMENT OUR APPROACH ASSET MANAGEMENT OUR APPROACH CONTENTS FOREWORD 3 INTRODUCTION 4 ASSET MANAGEMENT? 6 THE NEED FOR CHANGE 6 KEY PRINCIPLES 7 APPENDIX 1 19 GLOSSARY 20 2 FOREWORD Few things affect our customers ives as

More information

Learning from evaluations Processes and instruments used by GIZ as a learning organisation and their contribution to interorganisational learning

Learning from evaluations Processes and instruments used by GIZ as a learning organisation and their contribution to interorganisational learning Monitoring and Evauation Unit Learning from evauations Processes and instruments used by GIZ as a earning organisation and their contribution to interorganisationa earning Contents 1.3Learning from evauations

More information

TMI ING Guide to Financial Supply Chain Optimisation 29. Creating Opportunities for Competitive Advantage. Section Four: Supply Chain Finance

TMI ING Guide to Financial Supply Chain Optimisation 29. Creating Opportunities for Competitive Advantage. Section Four: Supply Chain Finance TMI171 ING info pat :Info pat.qxt 19/12/2008 17:02 Page 29 ING Guide to Financia Suppy Chain Optimisation Creating Opportunities for Competitive Advantage Section Four: Suppy Chain Finance Introduction

More information

Serving the Millennial Generation - The Challenge and Opportunity for Financial Services Companies

Serving the Millennial Generation - The Challenge and Opportunity for Financial Services Companies Serving the Miennia Generation - The Chaenge and Opportunity for Financia Services Companies May 2015 Christopher J. Perry, CFA Equity Research Anayst Today, the Miennia Generation (or Generation Y), broady

More information

professional indemnity insurance proposal form

professional indemnity insurance proposal form professiona indemnity insurance proposa form Important Facts Reating To This Proposa Form You shoud read the foowing advice before proceeding to compete this proposa form. Duty of Discosure Before you

More information

Pricing and hedging of variable annuities

Pricing and hedging of variable annuities Cutting Edge Pricing and hedging of variabe annuities Variabe annuity products are unit-inked investments with some form of guarantee, traditionay sod by insurers or banks into the retirement and investment

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES About ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account. Some of

More information

(David H T Lan) Secretary for Home Affairs

(David H T Lan) Secretary for Home Affairs Message We sha make every effort to strengthen the community buiding programme which serves to foster among the peope of Hong Kong a sense of beonging and mutua care. We wi continue to impement the District

More information

Normalization of Database Tables. Functional Dependency. Examples of Functional Dependencies: So Now what is Normalization? Transitive Dependencies

Normalization of Database Tables. Functional Dependency. Examples of Functional Dependencies: So Now what is Normalization? Transitive Dependencies ISM 602 Dr. Hamid Nemati Objectives The idea Dependencies Attributes and Design Understand concepts normaization (Higher-Leve Norma Forms) Learn how to normaize tabes Understand normaization and database

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

Green power. options

Green power. options Green power options How a our universities can hep stop cimate change by switching to green eectricity In January 2001 Peope & Panet caed on every UK university to switch to green eectricity, generated

More information

AA Fixed Rate ISA Savings

AA Fixed Rate ISA Savings AA Fixed Rate ISA Savings For the road ahead The Financia Services Authority is the independent financia services reguator. It requires us to give you this important information to hep you to decide whether

More information

IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE

IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE Instructions for Form NYC-3L Genera Corporation Tax Return For fisca years beginning in 2013 or for caendar year 2013 Hi g h i g h t s of Recent Tax Law Changes for Corporations NEW YORK CITY DEPARTMENT

More information

PENALTY TAXES ON CORPORATE ACCUMULATIONS

PENALTY TAXES ON CORPORATE ACCUMULATIONS H Chapter Six H PENALTY TAXES ON CORPORATE ACCUMULATIONS INTRODUCTION AND STUDY OBJECTIVES The accumuated earnings tax and the persona hoding company tax are penaty taxes designed to prevent taxpayers

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow some of which may not appy your account Some of these may

More information

Oracle Hyperion Tax Provision. User's Guide Release 11.1.2.2

Oracle Hyperion Tax Provision. User's Guide Release 11.1.2.2 Orace Hyperion Tax Provision User's Guide Reease 11.1.2.2 Tax Provision User's Guide, 11.1.2.2 Copyright 2013, Orace and/or its affiiates. A rights reserved. Authors: EPM Information Deveopment Team Orace

More information

medical injury a claimant s guide

medical injury a claimant s guide medica injury a caimant s guide The ega caims process is not a simpe one and cinica negigence caims are amongst the most compex. We have over three decades of experience representing patients and recovering

More information

Key Features and Terms & Conditions of the Stocks & Shares Junior ISA

Key Features and Terms & Conditions of the Stocks & Shares Junior ISA June 2013 Key Features and Terms & Conditions of the This document shoud be read in conjunction with an up-to-date Key Investor Information Document (KIID) for the fund in which you want to invest. You

More information

MS INTERNATIONAL plc. Annual Report 2013

MS INTERNATIONAL plc. Annual Report 2013 MS INTERNATIONAL pc Annua Report 2013 Contents The year in brief 2 Chairman s Statement 3 Directors and advisers 5 Report of the directors 6 Statement of directors responsibiities 10 Report of the auditors

More information

Financial Accounting

Financial Accounting Financia Accounting Course Text Professiona, Practica, Proven www.accountingtechniciansireand.ie Tabe of Contents FOREWORD...xi SYLLABUS: FINANCIAL ACCOUNTING...xiii CHAPTER 1: INTRODUCTION TO ACCOUNTING...1

More information

LESSON 13 TIME VALUE OF MONEY 13.0 AIMS AND OBJECTIVES 13.1 INTRODUCTION CONTENTS

LESSON 13 TIME VALUE OF MONEY 13.0 AIMS AND OBJECTIVES 13.1 INTRODUCTION CONTENTS Accounting and Finance for Managers LESSON 13 TIME VALUE OF MONEY CONTENTS 13.0 Aims and Objectives 13.1 Introduction 13.2 Foundations of The Time Vaue of Money 13.3 Cassifications of The Time Vaue of

More information

Key Features of Life Insurance

Key Features of Life Insurance Key Features of Life Insurance Life Insurance Key Features The Financia Conduct Authority is a financia services reguator. It requires us, Aviva, to give you this important information to hep you to decide

More information

Professional Kingston

Professional Kingston Professiona Kingston Organisationa and workforce deveopment soutions n Facuty of Business and Law Aways improving 0/1 Contents Wecome 2 Why Kingston? 4 Course portfoio 6 Course detais 8 Work-based earning

More information

Integrating Risk into your Plant Lifecycle A next generation software architecture for risk based

Integrating Risk into your Plant Lifecycle A next generation software architecture for risk based Integrating Risk into your Pant Lifecyce A next generation software architecture for risk based operations Dr Nic Cavanagh 1, Dr Jeremy Linn 2 and Coin Hickey 3 1 Head of Safeti Product Management, DNV

More information

Chapter 3: e-business Integration Patterns

Chapter 3: e-business Integration Patterns Chapter 3: e-business Integration Patterns Page 1 of 9 Chapter 3: e-business Integration Patterns "Consistency is the ast refuge of the unimaginative." Oscar Wide In This Chapter What Are Integration Patterns?

More information

AN APPROACH TO THE STANDARDISATION OF ACCIDENT AND INJURY REGISTRATION SYSTEMS (STAIRS) IN EUROPE

AN APPROACH TO THE STANDARDISATION OF ACCIDENT AND INJURY REGISTRATION SYSTEMS (STAIRS) IN EUROPE AN APPROACH TO THE STANDARDSATON OF ACCDENT AND NJURY REGSTRATON SYSTEMS (STARS) N EUROPE R. Ross P. Thomas Vehice Safety Research Centre Loughborough University B. Sexton Transport Research Laboratory

More information

Structural Developments and Innovations in the Asset- Backed Commercial Paper Market

Structural Developments and Innovations in the Asset- Backed Commercial Paper Market Structura Deveopments and Innovations in the Asset- Backed Commercia Paper arket ark H. Adeson anaging Director, Asset-Backed Commercia Paper oody s Investors Service Strategic Research Institute 1997

More information

READING A CREDIT REPORT

READING A CREDIT REPORT Name Date CHAPTER 6 STUDENT ACTIVITY SHEET READING A CREDIT REPORT Review the sampe credit report. Then search for a sampe credit report onine, print it off, and answer the questions beow. This activity

More information

Advanced ColdFusion 4.0 Application Development - 3 - Server Clustering Using Bright Tiger

Advanced ColdFusion 4.0 Application Development - 3 - Server Clustering Using Bright Tiger Advanced CodFusion 4.0 Appication Deveopment - CH 3 - Server Custering Using Bri.. Page 1 of 7 [Figures are not incuded in this sampe chapter] Advanced CodFusion 4.0 Appication Deveopment - 3 - Server

More information

Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey

Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey by Linda Drazga Maxfied and Virginia P. Rena* Using data from the New Beneficiary Survey, this artice examines

More information

IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM

IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM The New Jersey Department of Human Services Division of Deveopmenta Disabiities 1 IMPLEMENTING THE RATE STRUCTURE: TIERING IN THE FEE-FOR-SERVICE SYSTEM Eizabeth M. Shea Assistant Commissioner Thomas S.

More information

Human Capital & Human Resources Certificate Programs

Human Capital & Human Resources Certificate Programs MANAGEMENT CONCEPTS Human Capita & Human Resources Certificate Programs Programs to deveop functiona and strategic skis in: Human Capita // Human Resources ENROLL TODAY! Contract Hoder Contract GS-02F-0010J

More information

WHITE PAPER BEsT PRAcTIcEs: PusHIng ExcEl BEyond ITs limits WITH InfoRmATIon optimization

WHITE PAPER BEsT PRAcTIcEs: PusHIng ExcEl BEyond ITs limits WITH InfoRmATIon optimization Best Practices: Pushing Exce Beyond Its Limits with Information Optimization WHITE Best Practices: Pushing Exce Beyond Its Limits with Information Optimization Executive Overview Microsoft Exce is the

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

Ricoh Legal. ediscovery and Document Solutions. Powerful document services provide your best defense.

Ricoh Legal. ediscovery and Document Solutions. Powerful document services provide your best defense. Ricoh Lega ediscovery and Document Soutions Powerfu document services provide your best defense. Our peope have aways been at the heart of our vaue proposition: our experience in your industry, commitment

More information

Bite-Size Steps to ITIL Success

Bite-Size Steps to ITIL Success 7 Bite-Size Steps to ITIL Success Pus making a Business Case for ITIL! Do you want to impement ITIL but don t know where to start? 7 Bite-Size Steps to ITIL Success can hep you to decide whether ITIL can

More information

What are your responsibilities as an executor?

What are your responsibilities as an executor? News ISSUE 9, AUTUMN 2013 What are your responsibiities as an executor? You have agreed to be the executor for a friend or famiy member. Now the time has come to discharge your duties but where do you

More information

Health Savings Account 2013 2014 reference guide

Health Savings Account 2013 2014 reference guide Heath Savings Account 2013 2014 reference guide Information at your fingertips This ist of chapters and page numbers wi hep you find the information you need quicky. A detaied ist of sections and topics

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l. l l. l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

l l ll l l Exploding the Myths about DETC Accreditation A Primer for Students

l l ll l l Exploding the Myths about DETC Accreditation A Primer for Students Expoding the Myths about DETC Accreditation A Primer for Students Distance Education and Training Counci Expoding the Myths about DETC Accreditation: A Primer for Students Prospective distance education

More information

Surface Transforms Plc Registered number 03769702

Surface Transforms Plc Registered number 03769702 Surface Transforms Pc Registered number 03769702 Annua Report and Financia Statements Contents for the year ending 31 March 2008 2 Highights 3 Chairman s Statement 5 Strategic Report 8 Directors Report

More information

A short guide to making a medical negligence claim

A short guide to making a medical negligence claim A short guide to making a medica negigence caim Introduction Suffering from an incident of medica negigence is traumatic and can have a serious ong-term impact on both the physica and menta heath of affected

More information

Vendor Performance Measurement Using Fuzzy Logic Controller

Vendor Performance Measurement Using Fuzzy Logic Controller The Journa of Mathematics and Computer Science Avaiabe onine at http://www.tjmcs.com The Journa of Mathematics and Computer Science Vo.2 No.2 (2011) 311-318 Performance Measurement Using Fuzzy Logic Controer

More information

Oracle Project Financial Planning. User's Guide Release 11.1.2.2

Oracle Project Financial Planning. User's Guide Release 11.1.2.2 Orace Project Financia Panning User's Guide Reease 11.1.2.2 Project Financia Panning User's Guide, 11.1.2.2 Copyright 2012, Orace and/or its affiiates. A rights reserved. Authors: EPM Information Deveopment

More information

On-Line Banking Application

On-Line Banking Application OnLine Banking Appication 1st Name: SSN/Tax ID #: Work Phone: City born in: Fax: Mother's Maiden Name: Emai Address: 2nd Name: SSN/ax ID#: Work Phone: City born in: Fax: Mother's Maiden Name: Emai Address:

More information

Managing money and making a profit

Managing money and making a profit Managing money and making a profit For your information How to get the most from today s workshop Ask questions Participate Worksheets Action Pan Today s objectives To hep you gain a greater understanding

More information

Considering Dynamic, Non-Textual Content when Migrating Digital Asset Management Systems

Considering Dynamic, Non-Textual Content when Migrating Digital Asset Management Systems Considering Dynamic, Non-Textua Content when Migrating Digita Asset Management Systems Aya Stein; University of Iinois at Urbana-Champaign; Urbana, Iinois USA Santi Thompson; University of Houston; Houston,

More information

Estimation of Liabilities Due to Inactive Hazardous Waste Sites. by Raja Bhagavatula, Brian Brown, and Kevin Murphy

Estimation of Liabilities Due to Inactive Hazardous Waste Sites. by Raja Bhagavatula, Brian Brown, and Kevin Murphy Estimation of Liabiities Due to Inactive Hazardous Waste Sites by Raja Bhagavatua, Brian Brown, and Kevin Murphy ESTIMATION OF LIABILITIES DUE TO INACTIVE HAZARDOUS WASTE SITJZS Abstract: The potentia

More information

NCH Software MoneyLine

NCH Software MoneyLine NCH Software MoneyLine This user guide has been created for use with MoneyLine Version 2.xx NCH Software Technica Support If you have difficuties using MoneyLine pease read the appicabe topic before requesting

More information

Employment Law BULLETIN

Employment Law BULLETIN OCTOBER 2015 Empoyment Law BULLETIN Wecome to our October empoyment aw buetin. In this issue we cover a number of interesting cases. In Inex Home Improvements Limited v Hodgkins the EAT considered that

More information

Qualifications, professional development and probation

Qualifications, professional development and probation UCU Continuing Professiona Deveopment Quaifications, professiona deveopment and probation Initia training and further education teaching quaifications Since September 2007 a newy appointed FE ecturers,

More information

Notes and Brief Reports

Notes and Brief Reports Notes and Brief Reports The Retirement Equity Act of 1984: A Review* Last summer, Congress passed and on August 23, 1984, President Reagan signed into aw the Retirement Equity Act (REA) of 1984. This major

More information

Health Savings Account 2014-2015 reference guide

Health Savings Account 2014-2015 reference guide Heath Savings Account 2014-2015 reference guide www.seectaccount.com Information at your fingertips This ist of chapters and page numbers wi hep you find the information you need quicky. A detaied ist

More information

Education sector: Working conditions and job quality

Education sector: Working conditions and job quality European Foundation for the Improvement of Living and Working Conditions sector: Working conditions and job quaity Work pays a significant roe in peope s ives, in the functioning of companies and in society

More information

Chapter 3: JavaScript in Action Page 1 of 10. How to practice reading and writing JavaScript on a Web page

Chapter 3: JavaScript in Action Page 1 of 10. How to practice reading and writing JavaScript on a Web page Chapter 3: JavaScript in Action Page 1 of 10 Chapter 3: JavaScript in Action In this chapter, you get your first opportunity to write JavaScript! This chapter introduces you to JavaScript propery. In addition,

More information

Sales and Use Tax Implications of Loyalty Programs

Sales and Use Tax Implications of Loyalty Programs EDITED BY WALTER HELLERSTEIN, J.D. STATE & LOCAL Saes and Use Tax Impications of Loyaty Programs MARY T. BENTON, MATTHEW P. HEDSTROM, AND GREGG D. BARTON Examining a oyaty program reward s form, structure,

More information

Corporate Governance. f o r M a i n M a r k e t a n d a i M C o M p a n i e s

Corporate Governance. f o r M a i n M a r k e t a n d a i M C o M p a n i e s Corporate Governance f o r M a i n M a r k e t a n d a i M C o M p a n i e s The London Stock Exchange woud ike to thank the foowing organisations for their contributions to this guide: Corporate Governance

More information

The Web Insider... The Best Tool for Building a Web Site *

The Web Insider... The Best Tool for Building a Web Site * The Web Insider... The Best Too for Buiding a Web Site * Anna Bee Leiserson ** Ms. Leiserson describes the types of Web-authoring systems that are avaiabe for buiding a site and then discusses the various

More information

The Future of Banking in America

The Future of Banking in America The Future of Banking in America The Effect on U.S. Banking of Payment System Changes by Nei B. Murphy* Introduction It is now three decades since the dawn of the checkess, cashess society was procaimed.

More information

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES. l l l ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Eectronic Fund Transfers we are capabe of handing for consumers are indicated beow, some of which may not appy your account Some of these

More information

Recent Trends in Workers Compensation Coverage by Brian Z. Brown, FCAS Melodee J. Saunders, ACAS

Recent Trends in Workers Compensation Coverage by Brian Z. Brown, FCAS Melodee J. Saunders, ACAS Recent Trends in Workers Compensation Coverage by Brian Z. Brown, FCAS Meodee J. Saunders, ACAS TITLE: RECENT TRENDS IN WORKERS COMPENSATION COVERAGE BY: Ms. Meodee J. Saunders, A.C.A.S., M.A.A.A. Mr.

More information

Profiles in Coverage: Indiana Check-Up Plan

Profiles in Coverage: Indiana Check-Up Plan August 2008 State Coverage Initiatives Profies in Coverage: Indiana Check-Up Pan Overview The Indiana Check-Up Pan, as passed by the Indiana Genera Assemby in 2007, contains severa pubic and private reforms

More information

UCU Continuing Professional Development

UCU Continuing Professional Development UCU Continuing Professiona Deveopment Cassroom management The background Good cassroom and behaviour management is one of the key eements of successfu teaching and earning, and wi be crucia to your success

More information

QUEST FOR GROWTH. Closed-end investment fund governed by Belgian law. for investment in unquoted companies. and growth businesses

QUEST FOR GROWTH. Closed-end investment fund governed by Belgian law. for investment in unquoted companies. and growth businesses QUEST FOR GROWTH Cosed-end investment fund governed by Begian aw for investment in unquoted companies and growth businesses Registered office: Lei 19, bus 3, 3000 Leuven Leuven Commercia Register no. 99856

More information

The BBC s management of its Digital Media Initiative

The BBC s management of its Digital Media Initiative The BBC s management of its Digita Media Initiative Report by the Comptroer and Auditor Genera presented to the BBC Trust s Finance and Compiance Committee, 13 January 2011 Department for Cuture, Media

More information

Undergraduate Studies in. Education and International Development

Undergraduate Studies in. Education and International Development Undergraduate Studies in Education and Internationa Deveopment Wecome Wecome to the Schoo of Education and Lifeong Learning at Aberystwyth University. Over 100 years ago, Aberystwyth was the first university

More information

Example of Credit Card Agreement for Bank of America Visa Signature and World MasterCard accounts

Example of Credit Card Agreement for Bank of America Visa Signature and World MasterCard accounts Exampe of Credit Card Agreement for Bank of America Visa Signature and Word MasterCard accounts PRICING INFORMATION Actua pricing wi vary from one cardhoder to another Annua Percentage Rates for Purchases

More information