Effect of backdating
HB 163 creates the Investment Transparency Task Force to study, identify best available practices and make recommendations relating to: (1) disclosure of, and best practices related to, the portions of limited partnership agreements addressing indemnification provisions, clawback provisions and management fee waivers; and (2) disclosure of fees and expenses incurred, including related fee waivers and portfolio holding fees.
The changes will come into effect for accounting periods beginning on or after 1 January 2016. FRS 101 Reduced Disclosure Framework sets out disclosure exemptions available to UK qualifying subsidiaries and parent companies which otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.If a public pension fund, retirement system or investment board adopts and implements the recommendations of the Task Force, and the General Assembly does not reject the recommendations of the Task Force by joint resolution during the 100th General Assembly, then the public pension fund, retirement system or investment board is deemed in compliance with the legislation.However, if the Task Force does not adopt recommendations by January 15, 2018, the General Assembly rejects the recommendations of the Task Force, or the public pension fund, retirement system or investment board fails to adopt and implement the recommendations of the Task Force, then the following provisions of the legislation take effect: Senate Amendment #1 to HB 299 further amends the State Universities Retirement System Article of the Illinois Pension Code to enhance the efficient administration of SURS. It makes one substantive change and five technical changes.For more information on the changes to small company reporting visit icaew.com/smallcompanyreporting FRS 100 Application of Financial Reporting Requirements sets out a new financial reporting regime for the UK entities effective from 1 January 2015.It explains which standards apply to which entity, when an entity can apply the reduced disclosure framework, and when an entity should follow a SORP.