It is an odd turn of events in the oddly constructed Crocus story. Manitoba's auditor general has already investigated Crocus and an RCMP probe continues to simmer in the background. No one asked Russell Holmes, the principal from Deloitte, to conduct an investigation. It's an odd strategy, especially given that at this stage in the sorry Crocus tale, shareholders need to know more about what Holmes is doing to recoup their investments, and less about how bad Crocus managers were at their jobs. In the spring of 2005, Holmes was asked to quarterback a major revaluation of core Crocus investments. Deloitte performed some of the valuations, while Holmes wrangled the reports from the other firms that participated and helped present them to the valuation committee of the board.
[Sherman Kreiner] said that first confrontation sparked a "24-hour marathon" where arguments erupted in different offices on different floors throughout the day. Kreiner said he told [John Pelton] and [Laurie Goldberg] he was going to get to the bottom of what happened in the meeting with [Jane Hawkins], one way or the other. "Either she is lying or you are lying," Kreiner recalled telling Pelton and Goldberg. "Someone is not telling the truth. The minutes were changed in mid-November prior to a board meeting. Three sentences were added to Goldberg's report on valuations. The amended portions included a warning from Goldberg that "the fund was experiencing liquidity challenge" and that "40 per cent of the investee companies were in a negative cash flow position." Also added were commen...
...The original revaluation, approved on Dec. 6, called for examinations of ei...
This study investigates the use of accounting policies contained in national standards or IAS that are not acceptable under US GAAP. Four policy areas (measurement of tangible assets, available-for-sale marketable securities and intangible assets; and the treatment of research and development expenditure) were considered for 506 listed firms from the United Kingdom (UK), Australia, France, Germany and Japan at 1999/2000. The main use of policies equivalent to IAS "options" was among firms from the UK and Australia. The study outlined how IAS adoption in 2005 (in the UK, France, Germany and Australia) and further IASB/FASB convergence activities will impact on policies currently used by firms from the sample countries.
...Revaluation of tangible assets is permitted under IAS 16 and i...
This study investigates if and how the use of the retroactive method to account for a mandatory accounting change affects a firm's measurement and recognition choices. We examine if reporting incentives and constraints are associated with the magnitude of transitional goodwill impairment losses reported by Canadian firms implementing Section 3062 on purchased goodwill. Our results indicate firms have an incentive to both overstate and understate transitional goodwill impairment losses. We also show that financially literate and independent audit committees constrain managerial opportunism.
... is negative (that is, an upwards revaluation is predicted) to mirror the censored distribution ...
..., the process requires vigorous re-revaluation of detentions. This is particularly true where, as...
Political risk analysis primarily receives attention for foreign direct investment (FDI) but only rarely for exporting. We examine how exporters and foreign direct investors evaluate the relative importance of political risk factors. We provide a rationale for exporters to evaluate political risk factors for FDI and for foreign direct investors to evaluate political risk factors for exporting. Survey data were collected from Canadian exporters and foreign direct investors and capture the distinctive nature of salient factors for exporting and FDI. We offer unique insights on the evolutionary character of political risk that are of practical value for both exporting and FDI.
... expropriation, devaluation and revaluation, foreign exchange controls, and foreign wars (Mont...
En 2004, Gérard Cornu définissait encore le mariage en France comme : «union légitime d'un homme et d'une femme en vue de vivre en commun et de fonder une famille, un foyer désigne l'institution même du mariage»5 et Y union libre comme «[...] union de fait entre un homme et une femme qui vivent ensemble sans être mariés (ni ensemble, ni avec des tiers), mais qui pourraient s'unir par mariage»6. Cette progression dans le modèle classique a eu des répercussions positives dans les hypothèses non classiques, mais les différences importantes dans l'articulation des besoins d'intimité entre les couples de partenaires de sexes opposés et les couples de partenaires de même sexe font en sorte que ce qui a été salutaire pour la reconnaissance de la violence faite aux femmes ne le sera pas pour l...
... autre problème conceptuel dans la révaluation de la problématique est qu'il faut voir en dehors...
...(2) If the revaluation results in a decrease in the value assigned by the...
..., the process requires vigorous re-revaluation of detentions. This is particularly true where, as...
... underperformed mostly because of the revaluation of the Canadian dollar.". Those asset classes, in ...
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