Nisthar Cassim

IASB confirms membership of transition resource group for impairment of financial instruments

The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS) required for use by more than 100 countries¹, today announced the membership of an Impairment Transition resource Group (ITG) to support stakeholders on implementation issues that may arise as a result of the new impairment requirements of IFRS 9 Financial Instruments, which was issued in July 2014.

The objective of the ITG is to provide a forum for stakeholders to discuss emerging implementation issues arising from the new impairment requirements following the issue of IFRS 9 (2014).  The ITG will also provide information that will help the IASB to determine what, if any, action will be needed to resolve such diversity, although it will not itself issue guidance.  Meetings will also be observed by regulatory bodies including experts from the Basel Committee on Banking Supervision.

The IASB expects that the ITG will meet approximately two to three times a year, depending upon the volume and complexity of the issues raised.  The first meeting is planned for the last quarter of 2014, with details to be announced in due course.  All meetings will be public and chaired by IASB member Sue Lloyd.

Any stakeholder can submit a potential implementation issue for discussion at ITG meetings.  The IASB staff will evaluate each submission and prioritise the issues for discussion at ITG meetings.

More information about the ITG, including instructions and the criteria for submitting a potential implementation issue, is available on the IFRS Foundation website on the ITG webpage.

Nisthar Cassim 

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Sri Lanka tourism is ‘hot’ says global hotel giant Marriott boss by Nisthar Cassim

APR

9

Sri Lanka tourism is ‘hot’ says global hotel giant Marriott boss

By Nisthar Cassim

Global hotel giant Marriott International’s President and CEO on Saturday described Sri Lanka’s prospects to succeed in tourism as ‘hot’,  the country as beautiful with warm people and infrastructure shaping up as well.

“I would say Sri Lanka is ‘hot’ as a tourist destination as well as the potential for the tourism industry to grow,” Marriott International President and CEO Arne Sorenson told the Daily FT in a brief yet exclusive interaction amidst a whistle-stop tour to Sri Lanka over the weekend. “Sri Lanka has the friendliest people, who are very warm. During the morning walk I had in Galle,  I personally experienced it and was very touched,” said Sorenson, who stayed at the Amangalla resort before driving out to see the progress of Marriott’s first resort with 200 rooms in Weligama in partnership with East West Properties Plc. Sorenson was accompanied by Marriott International’s Hong Kong based Asia Pacific President and Managing Director Simon Cooper and Asia Pacific COO Donald J. Cleary as well as senior officials from India.

“Sri Lanka is a richly diversified tourist destination and this beautiful proposition is being further enhanced by new infrastructure. This is very encouraging,” said Sorenson, who also paid a courtesy call on President Mahinda Rajapaksa on Saturday in addition to flying over to inspect prospective new sites for additional hotels over the weekend. Areas visited include Tangalle, Pottuvil, Hatton, Sigiriya, Dambulla and Kandalama.

“Greater promotion of the excellent tourist destination, thereby boosting its visibility globally, will provide the best impetus to the tourism industry and via it, to the economy,” added the Marriott boss, whose broad portfolio of hotels and resorts includes Bulgari Hotels and Resorts and The Ritz Carlton.

Marriott International currently operates over 3,700 hotels in over 73 countries and territories around the globe.

In Sri Lanka, Weligama Marriott Resort and Spa will be the tallest resort in the country. So far, construction has progressed to the sixth storey and will be completed for its opening in end 2014 at a cost of $ 36 million.

The resort is being built according to Marriott International’s five star brand standards, with a beach frontage of 115 metres on the Galle-Matara road in the south-east of the country.

With some 640 square metres of flexible ballroom space, the hotel should prove to be extremely popular in the Meetings, Incentives, Conferences and Exhibition (MICE) market, while those travelling to Weligama Marriott Resort and Spa on holiday will be able to take full advantage of the wide leisure offerings at the hotel, which include three restaurants, a pool with a pool bar, spa, fitness centre and a beautiful stretch of beach.