U.S. private companies have a new choice for accounting and financial reporting—a slimmed-down version of IFRS tailored more to their needs. IFRS for SMEs (small- and medium-size entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the standard Thursday after five years of work on the project, defines SMEs as businesses that publish general-purpose financial statements for external users and do not have public accountability. Many U.S. private companies would fit that definition.
Read more:
http://www.journalofaccountancy.com/Web/20091891.htm
Sunday, July 12, 2009
How Las Vegas gamble of Fontainebleau's Jeff Soffer went sour
Don and Jeff Soffer took their places on the most famous staircase in Florida, Victoria's Secret models on either side of the father and son.
This was the official unveiling of the $500 million reinvention of the Fontainebleau Miami Beach, the iconic hotel that Jeff had bought nearly four years earlier. For the Nov. 14 ribbon-cutting on the renowned Stairway to Nowhere -- designed in the '50s to show off women's evening gowns -- Jeff shared a pair of jumbo scissors with supermodel Heidi Klum.
For Jeff Soffer, 41, it was the culmination of a lifelong arc to succeed his father as the key player in a family that created the city of Aventura and dozens of other landmark properties.
Read more:
http://www.miamiherald.com/business/real-estate/story/1127756.html
This was the official unveiling of the $500 million reinvention of the Fontainebleau Miami Beach, the iconic hotel that Jeff had bought nearly four years earlier. For the Nov. 14 ribbon-cutting on the renowned Stairway to Nowhere -- designed in the '50s to show off women's evening gowns -- Jeff shared a pair of jumbo scissors with supermodel Heidi Klum.
For Jeff Soffer, 41, it was the culmination of a lifelong arc to succeed his father as the key player in a family that created the city of Aventura and dozens of other landmark properties.
Read more:
http://www.miamiherald.com/business/real-estate/story/1127756.html
New Orleans woman accused of embezzling $2 million from 3 New Orleans hotels
Shannon Harp of Metairie -- according to the U.S. Attorney's Office -- concocted a scheme that allowed her to steal more than $2 million over four years from New Orleans' Marriot hotels.
On Friday, Harp was charged with wire fraud. If convicted, she could be sentenced to a maximum of 20 years in prison and be forced to pay a $250,000 fine as well as restitution to the hotel company
Read more:
http://www.nola.com/news/index.ssf/2009/07/metairie_woman_accused_of_embe.html
On Friday, Harp was charged with wire fraud. If convicted, she could be sentenced to a maximum of 20 years in prison and be forced to pay a $250,000 fine as well as restitution to the hotel company
Read more:
http://www.nola.com/news/index.ssf/2009/07/metairie_woman_accused_of_embe.html
Moss: GB all-inclusive too exclusive
Concerns abound over public funds being used to sponsor the Ministry of Tourism's Club Grand Bahama all-inclusive program — a project that excludes the majority of hotels in that tourist-deprived destination.
"I've had numerous small property and small restaurants owners coming to me to indicate they were very concerned that the few tourists who would be coming to Grand Bahama would be driven to the participants in the Club Grand Bahama," Gregory Moss, the island's Chamber chief told Guardian Business this week. "It means [tourists] would not be available for these small proprietors [even though] public funds are being used to do this."
Read more:
http://www.thenassauguardian.com/bixex/314541899389773.php
"I've had numerous small property and small restaurants owners coming to me to indicate they were very concerned that the few tourists who would be coming to Grand Bahama would be driven to the participants in the Club Grand Bahama," Gregory Moss, the island's Chamber chief told Guardian Business this week. "It means [tourists] would not be available for these small proprietors [even though] public funds are being used to do this."
Read more:
http://www.thenassauguardian.com/bixex/314541899389773.php
Buy-to-let group Owner Hotels closes York property
Buy-to-let hotel firm Owner Hotels has closed its property in York, Caterersearch has learnt.
The move comes following reports that the company was on the brink of administration.
Owner Hotels’ Yorvic hotel is not answering calls and, when contacted by Caterersearch, the head office in Hull said property was not taking any more bookings.
Booking agents are also not taking bookings for the property, including booking.com which has put up a statement saying: “We're sorry, but it is currently not possible to make reservations for this hotel.”
Read more:
http://www.caterersearch.com/Articles/2009/07/10/328616/buy-to-let-group-owner-hotels-closes-york-property.html
The move comes following reports that the company was on the brink of administration.
Owner Hotels’ Yorvic hotel is not answering calls and, when contacted by Caterersearch, the head office in Hull said property was not taking any more bookings.
Booking agents are also not taking bookings for the property, including booking.com which has put up a statement saying: “We're sorry, but it is currently not possible to make reservations for this hotel.”
Read more:
http://www.caterersearch.com/Articles/2009/07/10/328616/buy-to-let-group-owner-hotels-closes-york-property.html
QE2 may be converted into Cape Town hotel
Dubai World plans to berth the Queen Elizabeth 2 ship at the V&A Waterfront in Cape Town and convert it into a luxury hotel, according to a report.The company is applying for berthing rights from the National Port Authority, the Johannesburg-based newspaper said.
Read More:
http://www.arabianbusiness.com/561583-dubai-world-may-convert-qe2-into-cape-town-hotel--paper-
Read More:
http://www.arabianbusiness.com/561583-dubai-world-may-convert-qe2-into-cape-town-hotel--paper-
Fidelity Boosts Starbucks Stake, Becoming Top Holder
July 10 (Bloomberg) -- Starbucks Corp. stockholder Fidelity Investments more than doubled its stake to 10.58 percent, making it the biggest investor in the world’s largest coffee-shop chain.
Fidelity raised the number of shares it owns in Starbucks to 77.8 million, according to a regulatory filing today. Fidelity, the world’s biggest mutual-fund company, held 29.2 million shares of the coffee-shop chain as of March.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=aoCGm8mNalhI
Fidelity raised the number of shares it owns in Starbucks to 77.8 million, according to a regulatory filing today. Fidelity, the world’s biggest mutual-fund company, held 29.2 million shares of the coffee-shop chain as of March.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=aoCGm8mNalhI
