Millionday newstime 7/22/15 Part 1 of 2
WELCOME TO DINARUPDATES.COM MILLIONDAY NEWSTIME
Millionday: HELLO EVERYONE WE HAVE SOME HUGE HUGE NEWS TONIGHT
Millionday: KNOW ONE THING THE NEWS IS FORMAL AND HUGE
Millionday: IT BEATS ALL NEWS
Millionday: THERE HAVE BEEN SOME GREAT ANNOUNCEMENTS FROM CBI BUT NOTHING LIKE ONE FROM TODAY
Millionday: FIRST WE HAD THIS ONE
Millionday: The central bank acknowledged on 21/07/2015 hold a public auction Auction ( C141 ) for the sale of the bank for their remittances ( 91 ) days
Millionday: NOTE -- THE AUCTION WAS REPORTED AS HUGE
Millionday: BUT............................. THEN WE HAD THIS ONE -- WHOOOPOW
Millionday: IT WILL NOT ALLOW COPY SO BEAR WITH ME --
Millionday: ANNOUNCEMENT OF THE TENDER EXTENSION NO.5/2015 THAT CONCERNED TO SUPPLY XBRL SYSTEM
Millionday: NOTE -- TITLE
Millionday: CENTRAL BANK OF IRAQ DECLARES TO EXTEND THE PERIOD OF CLOSING DATE FOR THE TENDER ABOVE FOR 30 - DAYS FROM 7/22/2015 AND THE TENDER SHOULD BE SUBMITTED AT THE MAXIMUM DATE OF 23/8/2015 AT THE END OF THE WORK DAY.
Millionday: ALL COMPANIES AND PARTICIPATING COMPANIES THAT WOULD LIKE TO PARTICIPATE IN THE TENDER SHOULD NOTICE THAT. WITH APPRECIATION
jarhead: what does all that mean mam
Millionday: TENDER IS DEFINED AS >>1.Article or token (such as coins or banknotes) that serve as means of payment or settling a debt. See also legal tender.
2.Unconditional offer of money (to satisfy a debt) or performance (to satisfy an obligation). A tender may save the tendering party from penalty for nonpayment or nonperformance, and may not be refused without just cause by the party to whom it is made.
Millionday: 3.Sealed bid or offer document submitted in response to a request for tenders and containing detailed information on requirements and terms associated with a potential contract.
jarhead: so they're broke?
Millionday: SO WHAT I WOULD SAY IS THAT RELEASE WAS PLANNED OR ISSUANCE THE 22ND AND IS EXTENDED 30 DAYS
Millionday: NO -- THEY ARE NOT ISSUING TENDER FOR 30 MORE DAYS
thomas1: it this talk about the RV 30 days
Millionday: THIS IS AN ANNOUNCEMENT FROM CBI
thomas1: so the RV is now maybe in 30 day before they can
Millionday: THIS IS FOR XBRL SYSTEM
Millionday: GOOD QUESTION THOMAS
quicktolegit96: CAN U PLEASE EXPLAIN WHAT THE XBRL IS AND PUT THIS INTO LAYMAN TERMS, EVERYBODY IS CONFUSED? TY IN ADVANCE
Millionday: >>>>Over 30 regulators across the globe, including the US Securities & Exchange Commission (SEC), have mandated XBRL as the required electronic reporting format.
What are the benefits?
Value propositions — better, faster and cheaper
For several years now, momentum has been building towards a single electronic financial reporting standard which would allow more efficient retrieval and analysis of financial information.
Some of the key objectives of this movement towards digital financial reporting are to provide more consistent financial information, which is delivered better, faster and cheaper.
In addition, a digital format supports more informed business and investing decisions, including greater comparability within and across enterprises.
Millionday: INTERNATIONALLY COMPLIANT NATIONAL FINANCIAL REPORTING SYSTEM
Millionday: I AM GOING TO BRING MORE ON THIS
Millionday: Key XBRL regulatory report benefits:Reduce reporting burden
Drive down costs
Improve data timelines
Improve data accuracy
Millionday: NOTE -- ALL THINGS THAT IRAQ HAS SET LAWS AND REGULATIONS FOR
Millionday: What is XBRL and what does it mean for me?
Extensible business reporting language (XBRL) is the financial and operational business reporting offshoot of Extensible Markup Language (XML), which is a freely-licensable, open technology standard used to electronically exchange business information.
XML is a universally preferred data description language used to describe the storage, manipulation and exchange data via the Internet.
Millionday: NOTE -- FINANCIAL FACTS FOR THE NATION ACCESSIBLE BY ALL
Millionday: The idea behind XBRL is simple. Instead of treating financial information as a static text — as in a standard internet page or a printed document, XBRL provides an identifying tag for each individual item of data, whether numeric or textual. This tag is computer readable and allows the information to be used interactively
Millionday: SO THE INFORMATION REMAINS UP TO DATE
1glen: So will this affect or delay Iraq going to a market economy?
Millionday: THIS WILL ASSIST IRAQ
Millionday: NO INFORMATION ON DELAY BUT STATEMENT PUTS THE 30 DAYS AS THE OUTSIDE DATE
Millionday: HERE IS SOMETHING ELSE THAT WE LOOKED AT
Millionday: Country: Iraq
Title: 2015 Article IV Consultation and Request for Disbursement Under the Rapid Financing Instrument
Millionday: NOTE -- THIS IS TO TAKE PLACE MONDAY
Millionday: SO THE QUESTION IS WHAT IS IT?
Millionday: International Monetary Fund International Monetary Fund (IMF): Advising borrowing governments The IMF consults annually with each member government.
Through these contacts, known as “Article IV Consultations,” the IMF attempts to assess each country’s economic health and to forestall future financial problems.
The fund also operates the IMF Institute, a department that provides training in macroeconomic analysis and policy formulation for officials of member countries.
Millionday: SO THIS IS THE CONSULT AND STATEMENTS MADE BY THE IMF ABOUT THE ECONOMIC CONDITION -- WHAT IS COMING UP -- AND ACCESS TO THE TRAINING TO FORMULATE POLICY AND MOVE FORWARD IN MACROECONOMICS
subgirl: I am still a bit confused about the XBRL? Does it have to do with the RV? Thanks!!!
Millionday: IT IS THE INTERNATIONAL REPORTING STANDARDS FOR NATIONS TO SHARE STATS/INFO ABOUT THE COUNTRY IN QUESTION (IRAQ) FINANCES WITH TRANSPARENCY
Horsegal: I don't understand the 30 days date. Does that have something to do with the RV? I don't understand the significance of the 'tender.'
Millionday: ALL OF IRAQ` FINANCIAL INFORMATION THAT WAS TO BE VISIBLE AND OBVIOUSLY AS ATTRACTIVE AS POSSIBLE FOR INVESTMENT DECISIONS BY INTERNATIONAL DECISION MAKERS WAS TO BE DONE THE 22ND OF THIS MONTH –
THEY NEED MORE TIME AND THE MOST THEY WILL TAKE IS 30 DAYS THE END OF THE WORK DAY
.MOD.Holly1: If they are now just getting a new system in and training ways to go yet you think?
.MOD.Holly1: and thank you Millionday .. just really confused on that first article yet
Millionday: NO -- THE INFORMATION THEY INTEND TO HAVE IN ITS ENTIRETY IS NOT DONE --- IT COULD MEAN THAT THE RATES GLOBALLY ARE NOT SET IMO -- LOGICALLY MAKES SENSE TO ME
raindropsnroses: If it was all to be done by the 22nd of July and they need more time How do we know they won't need more time after 8/23?
Millionday: THIS IS AN INTERNATIONAL COMPLIANCE SYSTEM
raindropsnroses: XBRL only gives until 8/23?
.MOD.Holly1: TY Millionday for the patience you have with us truly TY.
Millionday: JUST REPORTING -- NO GUARANTEES
Millionday: ACCORDING TO XBRL AND IRAQ -- THAT IS THE OUTSIDE DATE THEY HAVE
angus: So it could be before that date?
Millionday: THE SYSTEM IS NOT ONE THAT HAS BEEN AROUND FOR CENTURIES -- IT IS THE USE OF THE INTERNET FOR NATIONAL REPORTING
Millionday: YES IT COULD BE ACCORDING TO WHAT THEY STATED IT COULD BE BEFORE
GrannieAnnie: So are they giving us a clue as to when they expect to raise their rate here? 8/23rd
Millionday: I DON'T KNOW HUN -- WOULD BE NICE
Comments may be made at the end of Part 2 Thank You