This was sent to me by @edeni. It's the gazette we've all been waiting for (no 35013). It tell us when the new targets kick in. The DTI writes:
With effect from the 9 February 2012, the 0-6 year targets will come into operation. However for measured entities whose Measurement Date is prior to 9 February 2012, the 0-5 year targets will still be applicable. But, for measured entities whose Measurement Date is post 9 February 2012 the new targets will be applicable.
Clear? Not really. Is it fair that we the public have to attempt to interpret poorly drafted government notices - what are 0-6 year targets? We all know that they are the 6-10 year targets.
@edeni also writes
This seems to have come out of the workshops:
- Any business whose financial year-end is completed as at 9 February 2012, will be measured, on whatever date their rating is conducted, on the 0-5 year targets;
- Any business whose financial year-end is completed AFTER 9th February 2012 will be measured on the year 6 – 10 targets
Also, the new draft Codes will be published in March 2012 and be open for 60 days for commentary.
This is just unfair. All those companies that use the standard financial year as their measurement period now are measured using the new targets, even though they only are measured under this for 20 days. Why not make it the end of February.
Well thought out DTI - when on earth are you actually going to do something that we like and that makes sense. It just can't be that hard.
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