Friday, October 9, 2015

Actuarial Consulting Services in Italy - IAS 19 TFR

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Starting from 2005 quoted societies have to observe the IFRS international accounting principles ( International Financial Reporting standard ) in the drawing up and the presentation of the business balance. The purpose of the IFRS is, besides harmonizing the formalities of the drawing up of business balance, is allowing the approach between the value of the business wealth and the current value of the firm. The application of IAS 32 and IAS 39 principles, which introduce, in particular, a new type of classification of finanacial instruments, involves meaningful innovations even in the accountant management of hedge operations carried out by the use of derivative instruments. In particular the IAS 39 is focused on the evaluation of financial instruments specifying the circle of use of fair value as criterion of evaluation. It is specified when it is necessary the evaluation at fair value and when at the historical cost or at the amortized cost. It’s also specified when you need to bring the variation of the fair value to patrimony and when to economic account.
International accounting principles foresee the survey of the derivatives, at the date of stipule of the contract, in the general accounting system and the visualization in the assets of the financial statement.
Refering to listed companies, connected ones or societiies located in the UE, if they are controlled by extra UE societies , Banks, Insurance Companies, Financial Enterprises, Brokerage Movable Company, SGR, starting from the 2005 budget, begins the duty of the evaluation of the employee benefits in accordance with the IAS 19 principle.
This principle regulates generally the quantification of the employee benefits, but it is mostly remarkable for those profits which are to disburse at the end of the working activity such as T.F.R., performances of sanitary assistance, invalidity.
The T.F.R. of the dependents represents the most conspicuous item of the liabilities in the balace sheet. To evaluate this item you don’t need to proceed anymore with the static evaluation of the accumulation of revaluated sums (as it has been done till today ), but with the analytical calculation in accordance with demografic-actuarial factors ( mortality and invalidity of the dependents, turn over business rates, T.F.R. advance and retributive dynamic) and economic-financial hypotesis (future levels of inflation, future levels of the interest rate for the topical attualization).
Studio of Ottavio Santoro offers the firms its and its collaborators’ know how, tendering professional support in the operations of verification, using the necessary quantitative instruments of the effectiveness ( beforehand and afterward ) of the hedges with the aim to apply the Hedge Accounting rules ( Fair-Hedge and Cash value Hedge flow ) that are able to reduct the possible negative effects on the economic account connected to the introduction of the evaluations at the fair value. Once verified the effectiveness of the hedge we will furnish the necessary assistance in the accounting deriving from the Hedge Accounting application.
In the end always greater attention is placed in the informative report demanded toward the stakeholders ( qualitative and quantitative disclosure of the risks, credit risk , risks liquidity, sensitivity and maturity analysys ) even to the light of the IFRS 7 that elapses starting from 1 januaries 2007.

Friday, September 30, 2011

Can I Get Debt Collectors Off My Back?

Constant calls from debt collectors can surely bring stress to anyone. When a debt has long been past its due, a creditor may hire a debt collection agency to take charge with its collection. Nevertheless, some debt collection agencies may resort to harassment or unfair debt collection practices just to force a consumer to pay. If you find yourself in the same situation, what can you do? Is it possible to get debt collectors off your back? Consider the following advice:
1. Fight for your rights. The government has set aside regulations for debt collection agencies, specifically with regards to collecting debts. These regulations are all included in the Fair Debt Collection Practices Act which can be found at the Federal Trade Commission’s website. Know your consumer rights and protect them.
2. Talk to your debt collectors. Hiding from your debt collectors would not solve anything. In fact, hiding or ignoring your debt collector’s attempts to contact you can only put you in a bad light. The best way to deal with debt is to respond to your collectors. Even if you can’t pay off your debts right away, explain to your debt collectors why you’re not able to submit your payment and try to come up with an arrangement that works. Show your collectors that you’re sincere about your obligations and that you have no intention of abandoning your debts.
3. Know who’s collecting your debts. If you creditor has assigned a debt collection agency, you should be made aware of it. A debt collection company must first send you a written document containing the status of your debts and your debt collection rights.
4. Practice your right to dispute. Are all the charges in your account accurate? Carefully examine your billing statements and receipts. If there are errors, don’t hesitate to dispute them by sending a letter of dispute to your creditor. Take note that you only have 30 days to dispute charges so make it a habit to check your bills regularly.
5. Keep records of your correspondence with your debt collector. You should keep all receipts, debt collection letters, bills and other documents for your future reference. When speaking with a debt collector over the phone, jot down the name of the person you’re speaking with and the date when the conversation took place. You can also give notice that you’ll be recording the phone call for your reference.
6. Request your debt collector to stop collecting. Yes, you can actually request to a creditor or debt collector to stop contacting you about your debts by sending a letter. Under the law, creditors and debt collectors should respect this request. Nevertheless, this does not discharge you from your responsibility to pay for your debts.
7. Let your debt collector know the best time to contact you. Let your debt collector know the best time to call you. If a debt collection agency still calls you up at inconvenient hours, you can file a complaint to your State Attorney General’s office.