Appendix 5D Ernst & Young Accounting Treatment

Size: px
Start display at page:

Download "Appendix 5D Ernst & Young Accounting Treatment"

Transcription

1 Appendix 5D Accounting Treatment (Ernst & Young)

2 Appendix 5D Ernst & Young Accounting Treatment Introduction An off balance sheet treatment from the position of the Authorities is a fundamental requirement of the Treasury in supporting the project. This requirement is based on the presumption that the project will be off the public sector balance sheet only when sufficient project risk has been transferred to the private sector. No formal accounting opinion has been performed for this project to date. However, in assisting the Authorities in developing their OBC, Ernst & Young has considered the issues that will impact upon the final accounting opinion, which will be required from the Authorities Accounting Officers and reviewed by the Authorities Auditors as part of the Final Business Case. In September 1998 the Accounting Standards Board ( ASB ) produced an Application Note ( AN ) for use in applying FRS 5 to PFI Transactions. Following this, the Treasury Taskforce on 24th June 1999 issued a revised Technical Note PFI Technical Note Number 1 (Revised) ( the Technical Note ) to provide additional practical guidance on the following areas of the AN to ensure the overarching principles of the AN are consistently applied. In accordance with Ernst & Young LLP s policy of applying Government guidance in accounting for PFI transactions, the Technical Note has been used to review the accounting treatment for this project. Whilst the ASB has reviewed the Technical Note, and does not consider it to be inconsistent with FRS 5, it is possible that the use of other technical guidance, including the ASB Application Note and the FRS 5, may result in a differing view to that given using TN 1. The initial view at the OBC stage, after reviewing the qualitative indicators and the allocation of the key risks of the project under TN 1, is that the majority of significant risks will lie with the Contractor, indicating that the transaction is likely to be accounted for as off balance sheet from the view of the Authorities. This appendix is in regard to the accounting and disclosure aspects of the project only, and does not cover other aspects such as legality or value for money. It is also important to note that our indicative conclusion on the accounting treatment is based on the Reference Project included within this OBC. Any change in these underlying inputs may change the nature of the conclusion reached. Moreover, a final analysis will involve a quantitative analysis which we have not yet been able to perform and this may result in a change in our indicative views. The UK Government announced in March 2007 that government departments and other entities in the public sector will be required to prepare their financial statements using International Financial Reporting Standards ( IFRS ), as adapted as necessary for the public sector. This requirement is currently expected to be effective for local authorities from 1 April In December 2007 HMT Treasury published a consultation paper relating to accounting for PPP arrangements, including PFI, under IFRS. As this consultation is still in progress, it is not possible at present to clearly set out the accounting required for the transaction under IFRS by the Authorities. The analysis set out in this appendix has therefore been performed on the existing guidance as set out above and does not discuss the potential accounting for the transaction under IFRS. The final decision on the accounting treatment is the responsibility of the relevant Accounting Officer in conjunction with the Authorities Auditors. We therefore recommend that, in accordance with the TN, you discuss this accounting assessment with your Auditors as soon as possible.

3 General overview of balance sheet treatment methodology TN 1 has been used to provide an initial view on the accounting treatment for this project at pre-isds stage. The assessment of the balance sheet treatment is divided into two stages: separation of contract, and assessment of the risk allocation in respect of the property-related services. Basic principle Under FRS 5, assets of an enterprise are defined as rights or other access to future economic benefits controlled by an entity as a result of past transactions or events. The general principle of FRS 5 is that a party will have an asset of a property where that party has access to the majority of the benefits of the property and exposure to the risks inherent in those benefits. The terminology used in FRS 5 has been adopted here. The public sector body entering into the Contract is referred to as the purchaser, whilst the private sector body is the Contractor. The property used for the purposes of the Contract, in this case the waste management assets, is referred to as the property with the term asset reserved for items recognised on the balance sheet. In the case of this scheme the Authorities are the purchaser under the contract. The property will not be deemed to be an asset of the Authorities if the analysis under TN 1 demonstrates the balance of risks and rewards lie predominately with the Contractor. Under TN 1, it should be noted that it is solely the payment stream related to the property that will be reviewed for accounting treatment. Other nonproperty-related services are not relevant for this analysis. Separation of contract The first stage of the balance sheet analysis is to consider whether individual elements of the contract operate independently from each other, so as to be able to identify whether there is a payment stream that relates solely to the asset of the property. Any such separable elements that relate solely to services should be excluded when determining which party has an asset of the property. Paragraph F10 of the ASB s Application Note F for FRS 5, which is elaborated upon in TN 1, provides that a contract may be separable in a variety of circumstances, including, but not limited to, the following three situations: Situation 1 The contract identifies an element of a payment stream that varies according to the availability of the property itself and another element that varies according to usage or performance of certain services. Situation 2 Different parts of the contract run for different periods or can be terminated separately. For example, an individual service element can be terminated without affecting the continuation of the rest of the contract. Situation 3 Different parts of the contract can be renegotiated separately. For example, a service element is market tested and some or all of the cost increases or reductions are passed onto the purchaser in such a way that the part of the payment by the purchaser that relates specifically to that service can be identified. This OBC is for the procurement of a residual waste treatment facility and the 4Ps Payment Mechanism, which the Authorities intend to utilise, is based on a unitary charge for the delivery of the whole service

4 and it is anticipated that the draft performance regime will cut across all areas of the contract. Equally, it is anticipated that in all instances each component of the payment mechanism will contain both property and service elements. As such, the payment mechanism is not likely to be separable for the elements of property related services, such as energy recovery. Since it is typically considered that these service elements of the contract are relevant to the accounting analysis of the property, the Technical Note requires that the project be considered under FRS 5 criteria. The contract may be structured so that certain specific service elements of the contract are benchmarked or will be subject to market testing. The expectation, however, is that these will relate to a proportion of the service element of the contract only, and so the separation of these will not indicate that a residual payment stream applies solely to the property. Conclusion regarding separability Based upon this OBC and the analysis detailed above, the contract will combine service and property elements under a single non-separable charge. Therefore, following TN 1 guidance, the application of SSAP 21, Accounting for leases and hire purchase contracts, is not relevant under these circumstances and the project should be considered under FRS 5 criteria. Assessment of property-related assets Given that the FRS 5 route has been identified as the likely accounting treatment application of the contract, TN 1 identifies both qualitative and quantitative drivers for determining the accounting treatment. The initial qualitative and quantitative assessments are evaluated below. In the absence of fully developed contract documentation, we consider that a detailed quantitative analysis is not possible at the OBC stage. Rather, one based on the relative importance of the key risks and their allocation is more appropriate. Qualitative drivers The three qualitative factors are considered in turn below: Termination for Contractor default - A financing arrangement would be indicated where in the event of Operator default the senior debt financier is fully paid out by the Authorities under the terms of the contract. In such circumstances the property would be considered an asset of the purchaser. Nature of Contractor s financing - The Operator s financing arrangements may indicate a level of senior debt funding that would only be possible if a more significant entity were standing behind the arrangement. In practice this means that very high levels of gearing would seem to imply a risk free (ie, insufficient risk transfer has occurred) project, which should therefore be considered an asset of the Purchaser; and Who determines the nature of the property? - Where the Operator has significant and ongoing discretion over how to fulfil the PFI contract and makes key decisions on what property is built and how it is operated, this is an indication that the property is Operator s asset. Conversely when the purchaser determines the key features of the property and how it is operated, this is evidence that the property is their asset. The assignment of design risk (ie the risk of the property not meeting the output specifications or being fit for purpose ) between the two parties is a significant indicator of who determines the nature of the property. Consideration of each of these qualitative drivers is given in relation to this Project below: Termination for Contractor default The draft contract documentation will utilise SOPC 4 drafting and incorporate, where applicable, waste sector specific SOPC 3 derogations. Correspondingly, the contract will use the market value of the project as the basis for the termination sum in the event of Contractor default. This payment is reliant on a further

5 private sector operator being willing to pay for the assets concerned; if no payment is received, no payment will be made to either the Contractor or senior funders. Under these terms, the balance of risk rests with the Contractor and so will support an off balance sheet treatment from the point of view of the Authorities. Nature of Contractor s financing It is unclear what debt/equity funding will be used for the project by the bidders, and therefore this factor is uncertain. Who determines the nature of the property? TN 1 makes it clear that the property is an asset of the Contractor where the Contractor has significant and ongoing discretion over how to fulfil the contract and makes the key decisions on what property is built and how it is operated, bearing the consequent costs and risk. This OBC assumes that the Contractor will be wholly responsible for all aspects of the design and will take responsibility for fulfilling the requirements of the contract. The Contractor will be required in the ISDS to provide the services to the standard set out in the output specification. It is anticipated therefore, that the Contractor will be provided with the flexibility to determine how the property enables the requirements of the output specification to be achieved. The key risks over the nature of the property, including how it is to be operated and the cost implications and future life cycle expenditure levels will thus be borne by the Contractor. This provides a preliminary indication that the property will be an asset of the Contractor. Overall, there is strong contributory evidence from the qualitative factors at the OBC stage that the project structure will support an off balance sheet treatment. In order to provide further evidence, the quantitative factors below have been reviewed and a view has also been provided. Quantitative drivers TN 1 requires a quantitative risk analysis to be performed that evaluates the potential variations in property profits (costs and revenues that flow from features of the property) for the Authorities and the Contractor. The allocation of property profits will demonstrate the extent to which each party bears the potential variations in these profits, hence providing a quantitative indicator of which party bears the risks and rewards of ownership. As stated previously, it is considered that a detailed quantitative analysis is not possible at the OBC stage. Therefore, outlined below is a review of the quantitative factors associated with the project and the potential treatment this would indicate. Demand risk The Application Note states, Where demand risk is significant, it will normally give the clearest evidence of who should record an asset of the property. It is anticipated that the payment mechanism will seek a unitary payment for the delivery of all services contained in the draft contract specification. The demand for services is a function of both the volume and composition of contract waste. Volume It is anticipated that the ISDS will require the Contractor to recover and divert a given target percentage of waste regardless of volume. It is likely that bidders will be required to specify maximum and minimum tonnage thresholds within which capacity will be provided without recourse to the contract change mechanism. Within these bands the Contractor will bear the balance of the risk that increases in waste volume result in differential cash flow or profit to that projected at financial close. Within these bands the risk that greater waste volumes require further investment to achieve performance targets, or that a decrease in waste volumes results in over-investment in facilities will remain with the Contractor. The application of the contract change mechanism beyond these maximum and minimum tonnage thresholds should transfer demand risk back to the public sector.

6 Given the nature of the 4Ps payment mechanism and the likely variations of waste volumes over the contract period, it is estimated at this stage that within likely tonnage ranges, the balance of volume related demand risk is likely to be with the Contractor. Composition At this stage it is anticipated that the Contractor will be exposed fully to changes in waste composition to the extent that these influence the demand for services, although it is anticipated that various thresholds regarding the composition of the waste received will be established by the Contractor (for example in terms of calorific value). Outside of these thresholds it is likely that the Partnership will bear composition risk. An initial assessment of these demand risk elements indicates that this risk is likely to be shared 1 between the Contractor and the Authorities. Third-party revenue Third party revenue risk is the risk that revenues arising from third party demand for the property will be greater or less than expected. It is expected that the draft ISDS will request a guaranteed annual amount of third party revenue. The total value of guaranteed third party income is unknown at this stage, but it is envisaged that the realisation of the Contractor s required project rate of return will be partly dependent on the generation of this guaranteed revenue and that, therefore, the risk is with the Contractor. Design risk Design risk is the risk that the design of the property is such that, even if it is constructed satisfactorily, it will not fully meet the requirements of the contract. Under the ISDS, the Contractor will bear the risk that the design solution may result in different life cycle, maintenance or operating cost profiles than expected. There is no link between the payment structure and changes to these costs. This gives a preliminary indication that the Contractor will bear the design risk in the project and it is anticipated that the Contractor will bear the balance of this risk. Deductions for under performance or non-availability The project includes a performance regime covering both the non-performance and non-availability of the property and associated services. However, the only deductions that are relevant for this analysis are those that are specific to the property. That is, any deductions that relate to failures that result in the property no longer being available for use (ie, non-availability deductions). The terms of the deduction regime included within the ISDS will transfer a significant degree of risk to the Contractor and therefore it is anticipated that the Contractor will bear the risk of under-performance or non-availability of the property. Potential changes in relevant costs The proposed contract extends for a proposed 25 years and, therefore, the Contractor s cost base will be subject to variations arising from changes in technology, and, for example, inflation of materials and labour rates. For the purposes of this initial analysis, the only relevant cost changes are those that relate specifically to the property. Therefore, changes in the cost of providing non-property-related services are ignored although these will form the majority of the relevant costs. 1 For clarity, the allocation of a designated risk as shared does not imply that the risk is borne by each party equally. Rather, it implies that it has not been possible to accurately determine which party bears the greater exposure to that risk. Alternatively, where a risk has been allocated to a party, this does not imply that it is exposed to 100% of that risk. Instead, it implies that, at this stage, the party is expected to bear the balance of the exposure to that risk.

7 To the extent that the Contractor retains these risks against a set payment profile, an off balance sheet treatment would be implied. Whilst not finalised at this stage, it is anticipated that the indexation formulae included within the payment mechanism will allow for an element of the total unitary payment to be inflated based on the Retail Price Index. Because the unitary charge indexation will not be directly linked to variations in the Contractor s actual costs, it is anticipated that the risk of potential changes in relevant costs, other than inflation, will be borne by the Contractor. Obsolescence/technological/environmental change Given the nature of the project (waste handling and processing), the risk of obsolescence or changes in technology being likely to crystallize is relatively significant for this project. Where this does not arise through a change in law, it is anticipated that the risk will be borne by the Contractor as the waste management system designed to meet the output specification is built around the technology solution. Changes in environmental laws or regulations or rules governing PPP/PFI projects, all make it possible that future costs will need to be incurred relating to the property or property-related services. Given the proposed 25 year life of the project, it is likely that such changes will occur at some point over the term of the contract. Under SOPC 4 the balance of costs of complying with changes in law will be borne by the public sector and therefore the public sector bears the element of this risk. Overall, an indicative view on the risk associated with obsolescence / technological change is that the Authorities bear the balance of risk. Residual value Residual value risk is the risk that the actual residual value of the property at the end of the contract will be different to that expected. Under the ASB Application Note, residual value is market value at the end of the contract. Under the Treasury approach, the definition of residual value depends on whether the property is specialised (residual value is the depreciated replacement cost with potential variations for risk) or nonspecialised (estimated open market value at the end of the lease, eg, the present value of what can be obtained by selling or leasing the asset at a market value at the end of the primary lease term). We have taken the view that the property will be specialised. It is anticipated that the draft project agreement will make provision for the Authorities to notify the Contractor whether it wishes the Contractor to transfer all or any of its rights, title and interests in and to the pre-agreed list of assets to the Authorities or whether to re-tender the provision of the service. In practice it is expected that the waste management assets will return to the ownership of the Authorities at the expiry of the contract term. It is not anticipated there will be provision for any remuneration to pass from the Authorities to the Contractor in consideration for the facility hand-over. The Authorities will therefore assume residual value risk over the transferred assets. However, the experience of other schemes suggests that the draft project agreement is likely to make provision for a survey to be carried out on the project assets. To the extent that the survey concludes that the assets have not been adequately maintained, deductions from the unitary payment over the final 18 months of the contract may be made by the Authorities. Therefore, under a regime such as this, it is anticipated that residual value risk will be with the Authorities, but the risk that the value of the assets at the end of the project will be different from that expected is low. Environmental Risk The environmental risk for this project will relate mainly to the occupation and use of land and waste management facilities, whether the land and facilities belong to the Partnership or are supplied by the contractor as part of his solution. In accordance with the 4Ps guidance, the risk from adverse environmental impacts from ground conditions will reside with the Contractor from commencement of services, dependant on the suitability and acceptance of the appropriate surveys.

8 For sites offered by the Authorities for the project, it will retain the risk of dealing with any existing environmental issues. However, the Contractor will be required to accept that the environmental issues have been adequately dealt with as to not affect the contract and hand back the sites to the Authorities at the end of the contract in no worse condition; all additional risk associated with complying with new environmental regulations will be covered by the specific change in law provisions in the project agreement. For other environmental issues, the Contractor will be required to maintain the necessary leases, licences and consents to undertake the services in the contract, effectively ensuring that these risks are borne by the Contractor. Conclusion A summary of the relevant criteria affecting the accounting analysis for the Authorities are shown in table 1.1 below: Table 1: Key risks for accounting analysis Key Risk Partnership Shared Contractor Risk Level Demand High Third-party revenues Medium Design Medium Under-performance or nonavailability Changes in relevant costs (other than general inflation) Medium High Obsolescence/legislative change Medium Residual value Low Environmental Medium The initial view, after reviewing the qualitative indicators and the allocation of the key risks of the project based on the OBC documentation, is that the majority of significant risks are projected to lie with the Contractor, indicating the potential to achieve an off balance sheet view from the point of view of the Authorities. Any significant change to the final documentation may result in a change to the analysis and the result. It may also be the case that a full quantitative analysis based on the final numbers would result in a different outcome.

SUPPLEMENTARY GREEN BOOK GUIDANCE

SUPPLEMENTARY GREEN BOOK GUIDANCE SUPPLEMENTARY GREEN BOOK GUIDANCE ADJUSTING FOR TAXATION IN PFI vs PSC COMPARISONS 1 INTRODUCTION 1.1 This guidance looks at the differential tax receipts that arise from the use of the Private Finance

More information

Value for Money and the Public Private Partnership Procurement Process

Value for Money and the Public Private Partnership Procurement Process Value for Money and the Public Private Partnership Procurement Process October 2007 Planning Stage Implementation stage The Formal PPP Value for Money Tests and the PPP Procurement Steps within the Capital

More information

1. The purpose of this paper is to discuss disclosure requirements for a lessor in the final leases standard.

1. The purpose of this paper is to discuss disclosure requirements for a lessor in the final leases standard. IASB Agenda ref 3B STAFF PAPER July 2014 REG FASB IASB Meeting Project Paper topic Leases Lessor disclosure requirements CONTACT(S) Roberta Ravelli rravelli@ifrs.org +44 (0) 20 7246 6935 Scott A. Muir

More information

BEST PRACTICE GUIDE 6: ESTABLISHING CONTRACTS. RDTL MINISTRY OF FINANCE Procurement Service

BEST PRACTICE GUIDE 6: ESTABLISHING CONTRACTS. RDTL MINISTRY OF FINANCE Procurement Service RDTL MINISTRY OF FINANCE Procurement Service BEST PRACTICE GUIDE 6: ESTABLISHING CONTRACTS 1 RDTL Procurement Guidelines The Procurement Legal Regime Decree Law sets out new procurement processes which

More information

private finance initiative

private finance initiative private finance initiative Lessons Learned We recently held a series of PFI Roundtable Discussions in collaboration with Trowers & Hamlins LLP. Finance managers from throughout the UK were invited to share

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 7 Revenue recognition

Accounting and Reporting Policy FRS 102. Staff Education Note 7 Revenue recognition Accounting and Reporting Policy FRS 102 Staff Education Note 7 Revenue recognition Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS 102 The Financial Reporting

More information

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

WIDP GUIDANCE BRIEFING ACCOUNTING TREATMENT ASSESSMENT FOR NATIONAL ACCOUNTS PURPOSES

WIDP GUIDANCE BRIEFING ACCOUNTING TREATMENT ASSESSMENT FOR NATIONAL ACCOUNTS PURPOSES WIDP GUIDANCE BRIEFING ACCOUNTING TREATMENT ASSESSMENT FOR NATIONAL ACCOUNTS PURPOSES Introduction This note has been prepared by the WIDP Commercial team to outline WIDP s requirements in relation to

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

Effects analysis for leases (IASB-only) 1. Summary. Changes being proposed to the accounting requirements. Page 1 of 34

Effects analysis for leases (IASB-only) 1. Summary. Changes being proposed to the accounting requirements. Page 1 of 34 Effects analysis for leases (IASB-only) 1 BC329 The IASB is committed to assessing and sharing knowledge about the likely costs of implementing proposed new requirements and the likely ongoing associated

More information

New on the Horizon: Revenue recognition for building and construction

New on the Horizon: Revenue recognition for building and construction NOVEMBER 2011 Building & Construction New on the Horizon: Revenue recognition for building and construction KPMG s Building & Construction practice KPMG s Building & Construction practice provides integrated

More information

https://www.ofgem.gov.uk/publications-and-updates/ofto-build-providing-additional-flexibility-through-extendedframework

https://www.ofgem.gov.uk/publications-and-updates/ofto-build-providing-additional-flexibility-through-extendedframework All interested parties Direct Dial: 020 7901 1849 Email: transmissioncompetition@ofgem.gov.uk Date: 17 November 2015 Dear Colleague EPC Contract Principles for OFTO Build Tenders This letter provides guidance

More information

Audit issues when financial market conditions are difficult and credit facilities may be restricted

Audit issues when financial market conditions are difficult and credit facilities may be restricted Bulletin 2008/01 Audit issues when financial market conditions are difficult and credit facilities may be restricted THE AUDITING PRACTICES BOARD The Auditing Practices Board Limited, which is part of

More information

CAIRNS REGIONAL COUNCIL LEASING GUIDELINES

CAIRNS REGIONAL COUNCIL LEASING GUIDELINES CAIRNS REGIONAL COUNCIL NO.1:02:46 General Policy LEASING GUIDELINES Intent Scope To ensure that Council: (i) complies with the Leasing in the Queensland Public Sector Policy Guidelines, (revised December

More information

Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers

Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs

More information

CLASSIFICATION OF LEASES

CLASSIFICATION OF LEASES 284 Accounting Standard (AS) 19 Leases Contents OBJECTIVE SCOPE Paragraphs 1-2 DEFINITIONS 3-4 CLASSIFICATION OF LEASES 5-10 LEASES IN THE FINANCIAL STATEMENTS OF LESSEES 11-25 Finance Leases 11-22 Operating

More information

Different Models of PPP

Different Models of PPP Different Models of PPP Session on Yong Hee Kong PPP Resource & Research Centre, Kuala Lumpur Main Topics PPP Definition Why government should consider PPP Pre-requisites of a successful PPP program The

More information

Financial Reporting of Interests in Joint Ventures

Financial Reporting of Interests in Joint Ventures 548 AS 27 (issued 2002) Accounting Standard (AS) 27 (issued 2002) Financial Reporting of Interests in Joint Ventures Contents OBJECTIVE SCOPE Paragraphs 1-2 DEFINITIONS 3-10 Forms of Joint Venture 4 Contractual

More information

Eurostat Guidance Note

Eurostat Guidance Note EUROPEAN COMMISSION EUROSTAT Directorate D: Government Finance Statistics (GFS) and quality 7 August 2015 Eurostat Guidance Note THE IMPACT OF ENERGY PERFORMANCE CONTRACTS ON GOVERNMENT ACCOUNTS Executive

More information

APPLICANT GUIDANCE Your Project Costs

APPLICANT GUIDANCE Your Project Costs APPLICANT GUIDANCE Your Project Costs Applicant Guidance Your Project Costs July 2015 Page 1 Introduction This document is intended for use with your Innovate UK Competition Guidance. It covers the following:

More information

Accounting and Financial Reporting for Service Concession Arrangements

Accounting and Financial Reporting for Service Concession Arrangements International Public Sector Accounting Standards Board Consultation Paper March 2008 Comments are requested by August 1, 2008 Accounting and Financial Reporting for Service Concession Arrangements REQUEST

More information

HKFRS 3 Business Combinations 1 Nelson Lam

HKFRS 3 Business Combinations 1 Nelson Lam HKFRS 3 Business Combinations 1 Nelson Lam 1. Objective of HKFRS 3 The objective of Hong Kong Financial Reporting Standard (HKFRS) 3 is to specify the financial reporting by an entity when it undertakes

More information

EN Official Journal of the European Union L 320/53

EN Official Journal of the European Union L 320/53 29.11.2008 EN Official Journal of the European Union L 320/53 INTERNATIONAL ACCOUNTING STANDARD 12 Income taxes OBJECTIVE The objective of this standard is to prescribe the accounting treatment for income

More information

International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets

International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement

More information

ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 27 'Life Assurance' is issued by the Accounting Standards

More information

Intangible Assets - Web Site Costs

Intangible Assets - Web Site Costs INTERPRETATION OF STATUTORY BOARD FINANCIAL REPORTING STANDARD INT SB-FRS 32 SB-FRS Intangible Assets - Web Site Costs Paragraph 14 of SB-FRS 1 Presentation of Financial Statements requires that financial

More information

ACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE

ACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE ACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE AGREEMENTS FOR THE CONSTRUCTION OF ASSETS FROM EXCHANGE TRANSACTIONS (IGRAP 8) Issued by the Accounting

More information

Fair Value Measurement

Fair Value Measurement Indian Accounting Standard (Ind AS) 113 Fair Value Measurement (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type

More information

Contractual Framework for the Standard Form Public Private Partnership (PPP) Project Agreement. Overview

Contractual Framework for the Standard Form Public Private Partnership (PPP) Project Agreement. Overview Contractual Framework for the Standard Form Public Private Partnership (PPP) Project Agreement Overview October 2013 Crown Copyright This work is licensed under the Creative Commons Attribution 3.0 New

More information

Deferred tax A Finance Director's guide to avoiding the pitfalls

Deferred tax A Finance Director's guide to avoiding the pitfalls Deferred tax A Finance Director's guide to avoiding the pitfalls Understanding deferred tax under IAS 12 Income Taxes August 2009 Contents Page Executive Summary 1 Introduction 4 1 Calculating a deferred

More information

Technical Factsheet 189 Intangible Fixed Assets

Technical Factsheet 189 Intangible Fixed Assets Technical Factsheet 189 Intangible Fixed Assets CONTENTS Page 1 Introduction 1 2 Legislative requirement 1 3 Accounting standards 2 4 Example 9 5 Checklist 10 6 Sources of information 12 This technical

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

More information

20-Dec-10. What Is a Lease? Leases. What is a lease? And how are they classified? Prepared by Emma Holmes

20-Dec-10. What Is a Lease? Leases. What is a lease? And how are they classified? Prepared by Emma Holmes Chapter 6 Leases Prepared by Emma Holmes What Is a Lease? A lease is an agreement where a lessor conveys to a lessee the right to use an asset for an agreed period of time in return for a payment or series

More information

EFRAG s Letter to the European Commission Regarding Endorsement of Recognition of Deferred Tax Assets for Unrealised Losses: Amendments to IAS 12

EFRAG s Letter to the European Commission Regarding Endorsement of Recognition of Deferred Tax Assets for Unrealised Losses: Amendments to IAS 12 Regarding Endorsement of Recognition of Deferred Tax Assets for Unrealised Losses: Amendments to IAS 12 Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union

More information

Aerospace & Defense Spotlight The Converged Revenue Recognition Model Has Landed

Aerospace & Defense Spotlight The Converged Revenue Recognition Model Has Landed September 2014 Aerospace & Defense Spotlight The Converged Revenue Recognition Model Has Landed In This Issue: Background Key Accounting Issues Effective Date and Transition Challenges for A&D Entities

More information

Accounting news. IFRIC Interpretation 15 Agreements for the Construction of. Real Estate. In this issue IFRIC Interpretation 16

Accounting news. IFRIC Interpretation 15 Agreements for the Construction of. Real Estate. In this issue IFRIC Interpretation 16 Accounting news A national Audit & Assurance publication Included in this issue is an in depth discussion of IFRIC Interpretation 15: Agreements for the Construction of Real Estate. This interpretation

More information

Revenue Recognition for Contractors

Revenue Recognition for Contractors 1 New on the Horizon: Revenue recognition for building and construction July 2010 REAL ESTATE & CONSTRUCTION Revenue Recognition for Contractors A perspective on revenue recognition in the future AUDIT

More information

ACCOUNTING FOR LEASES AND HIRE PURCHASE CONTRACTS

ACCOUNTING FOR LEASES AND HIRE PURCHASE CONTRACTS Issued 07/85 Revised 06/90 New Zealand Society of Accountants STATEMENT OF STANDARD ACCOUNTING PRACTICE NO. 18 Revised 1990 ACCOUNTING FOR LEASES AND HIRE PURCHASE CONTRACTS Issued by the Council, New

More information

NEED TO KNOW. IFRS 15 Revenue from Contracts with Customers

NEED TO KNOW. IFRS 15 Revenue from Contracts with Customers NEED TO KNOW IFRS 15 Revenue from Contracts with Customers 2 IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 3 TABLE OF CONTENTS Table of contents 3 1. Introduction

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 3 Impairment of trade debtors

Accounting and Reporting Policy FRS 102. Staff Education Note 3 Impairment of trade debtors Impairment of financial assets measured at cost or amortised cost Accounting and Reporting Policy FRS 102 Staff Education Note 3 Disclaimer This Education Note has been prepared by FRC staff for the convenience

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

The Application of International Accounting Standards in the Financial Statements of Tearfund Partners

The Application of International Accounting Standards in the Financial Statements of Tearfund Partners The Application of International Accounting Standards in the Financial Statements of Tearfund Partners Context: International Accounting Standards (IAS) have been developed primarily to bring consistency

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures STATUTORY BOARD SB-FRS 107 FINANCIAL REPORTING STANDARD Financial Instruments: Disclosures This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

Basel II Pillar 3 Disclosures

Basel II Pillar 3 Disclosures Basel II Pillar 3 Disclosures for the year ended 31 October 2012 1 P age Contents 1. Overview 2. Risk Management Policies and Objectives 3. Capital Resources 4. Capital Adequacy 5. Credit Risk 6. Liquidity

More information

INSURANCE ACCOUNTING MIND THE UK GAAP

INSURANCE ACCOUNTING MIND THE UK GAAP INSURANCE ACCOUNTING MIND THE UK GAAP This is a paper prepared by the staff of the UK Accounting Standards Board in order to invite comments from constituents on the options for the future of insurance

More information

Technology Spotlight The Future of Revenue Recognition

Technology Spotlight The Future of Revenue Recognition Technology Spotlight The Future of Revenue Recognition For Private Circulation Only January 2015 Contents Executive summary 3 Background 4 Key Accounting Issues 5 Other Accounting Issues 13 Considerations

More information

Accounting for Infrastructure Projects within Enterprise Zones (EZ) and Tax Increment Financing (TIF) Funded Programmes.

Accounting for Infrastructure Projects within Enterprise Zones (EZ) and Tax Increment Financing (TIF) Funded Programmes. Accounting for Infrastructure Projects within Enterprise Zones (EZ) and Tax Increment Financing (TIF) Funded Programmes. Background 1 A number of initiatives are under way that involve local authorities

More information

Sri Lanka Accounting Standard LKAS 12. Income Taxes

Sri Lanka Accounting Standard LKAS 12. Income Taxes Sri Lanka Accounting Standard LKAS 12 Income Taxes CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 12 INCOME TAXES OBJECTIVE SCOPE 1 4 DEFINITIONS 5 11 Tax base 7 11 RECOGNITION OF CURRENT TAX LIABILITIES

More information

NPD Model Explanatory Note

NPD Model Explanatory Note NPD Model Explanatory Note December 2011 FOREWORD In recent years a number of public authorities in Scotland have procured privately financed infrastructure projects using the non-profit distributing or

More information

International Accounting Standard 17 Leases

International Accounting Standard 17 Leases International Accounting Standard 17 Leases Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation

More information

FINANCIAL REPORTING COUNCIL AN UPDATE FOR DIRECTORS OF LISTED COMPANIES: GOING CONCERN AND LIQUIDITY RISK

FINANCIAL REPORTING COUNCIL AN UPDATE FOR DIRECTORS OF LISTED COMPANIES: GOING CONCERN AND LIQUIDITY RISK FINANCIAL REPORTING COUNCIL AN UPDATE FOR DIRECTORS OF LISTED COMPANIES: GOING CONCERN AND LIQUIDITY RISK NOVEMBER 2008 Contents Page One Introduction 1 Two Accounting requirements with respect to going

More information

IFRS industry insights

IFRS industry insights IFRS Global Office April 2012 IFRS industry insights IASB issues revised exposure draft on revenue recognition insights for the insurance industry The revised ED is the next step in developing an entirely

More information

Mapping of outsourcing requirements

Mapping of outsourcing requirements Mapping of outsourcing requirements Following comments received during the first round of consultation, CEBS and the Committee of European Securities Regulators (CESR) have worked closely together to ensure

More information

HKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes

HKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes HKAS 12 Revised May November 2014 Hong Kong Accounting Standard 12 Income Taxes HKAS 12 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard

More information

Reporting requirements for non-reporting entities

Reporting requirements for non-reporting entities REGULATORY GUIDE 85 Reporting requirements for non-reporting entities July 2005 What this guide is about 1 This guide provides guidance on application of the reporting entity test and the reporting obligations

More information

ACCOUNTING STANDARDS BOARD FINANCIAL CAPITAL MANAGEMENT DISCLOSURES

ACCOUNTING STANDARDS BOARD FINANCIAL CAPITAL MANAGEMENT DISCLOSURES ACCOUNTING STANDARDS BOARD FINANCIAL CAPITAL MANAGEMENT DISCLOSURES DECEMBER 2010 Contents Highlights One - Introduction 1 Two - Market feedback 2 Three - Business review disclosures 3 Four - IFRS disclosures

More information

THE INSTITUTE OF ACTUARIES OF AUSTRALIA A.C.N GUIDANCE NOTE 463 VALUATION OF SUPERANNUATION FUND ASSETS

THE INSTITUTE OF ACTUARIES OF AUSTRALIA A.C.N GUIDANCE NOTE 463 VALUATION OF SUPERANNUATION FUND ASSETS THE INSTITUTE OF ACTUARIES OF AUSTRALIA A.C.N. 000 423 656 GUIDANCE NOTE 463 VALUATION OF SUPERANNUATION FUND ASSETS APPLICATION Actuaries who are required under a guidance note or professional standard

More information

This version includes amendments resulting from IFRSs issued up to 31 December 2010.

This version includes amendments resulting from IFRSs issued up to 31 December 2010. International Accounting Standard 17 Leases This version includes amendments resulting from IFRSs issued up to 31 December 2010. IAS 17 Leases was issued by the International Accounting Standards Committee

More information

MEMBERS' HANDBOOK HONG KONG SOCIETY OF ACCOUNTANTS. Financial Accounting Standards Committee. Urgent Issues & Interpretations Sub-Committee

MEMBERS' HANDBOOK HONG KONG SOCIETY OF ACCOUNTANTS. Financial Accounting Standards Committee. Urgent Issues & Interpretations Sub-Committee MEMBERS' HANDBOOK HONG KONG SOCIETY OF ACCOUNTANTS Financial Accounting Standards Committee Urgent Issues & Interpretations Sub-Committee Interpretation 19 Intangible Assets - Web Site Costs Interpretations

More information

Guidance Note: Calculation of the Authority s Share of a Refinancing Gain

Guidance Note: Calculation of the Authority s Share of a Refinancing Gain Guidance Note: Calculation of the Authority s Share of a Refinancing Gain 1.1 INTRODUCTION 1.1.1 Clause 34.6 of the model clauses on Refinancing set out in Section 34.8 of Standardisation of PFI Contracts

More information

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND This guide applies to all appointments on or after 6 April 2006. Any creditor requiring guidance on a case where the Insolvency Practitioner

More information

Applying IFRS IFRS 12. Structured entities considerations for fund managers. February 2014

Applying IFRS IFRS 12. Structured entities considerations for fund managers. February 2014 Applying IFRS IFRS 12 Structured entities considerations for fund managers February 2014 Contents In this issue: Introduction... 2 Structured entities summary of what fund managers need to know... 3 1.

More information

REQUEST FOR PROPOSAL SPECTATOR FACILITY FEASIBILITY STUDY ADDENDUM NO. 1

REQUEST FOR PROPOSAL SPECTATOR FACILITY FEASIBILITY STUDY ADDENDUM NO. 1 Financial Management Services Purchasing Division Request for Proposal Spectator Facility Feasibility Study REQUEST FOR PROPOSAL FOR A SPECTATOR FACILITY FEASIBILITY STUDY ADDENDUM NO. 1 This addendum

More information

AFM 371 Winter 2008 Chapter 22 - Leasing

AFM 371 Winter 2008 Chapter 22 - Leasing AFM 371 Winter 2008 Chapter 22 - Leasing 1 / 15 Outline Background Incremental Cash Flows NPV Analysis Reasons for Leasing 2 / 15 Types of Leases a lease is a contract between two parties: the lessee receives

More information

WEB

WEB EMAIL contact@fosterinfrastructure.com WEB www.fosterinfrastructure.com Comparative Study of Contractual Clauses to Provide for the Smooth Adjustment of Physical Infrastructure and Services through the

More information

New on the Horizon: Revenue recognition for real estate investment and development

New on the Horizon: Revenue recognition for real estate investment and development FEBRUARY 2012 Real Estate New on the Horizon: Revenue recognition for real estate investment and development KPMG s Global Real Estate practice Through our global network of member firms, KPMG has regular

More information

Preliminary Results for the year ended 31 march 2010

Preliminary Results for the year ended 31 march 2010 Preliminary Results for the year ended 31 march 2010 Portsmouth Water Limited, a supplier of water to Hampshire and West Sussex, announced its results for the year to 31 March 2010. Highlights During the

More information

Department of Health PFU & PPP Forum. Benchmarking and market testing in NHS PFI projects. Code of Best Practice

Department of Health PFU & PPP Forum. Benchmarking and market testing in NHS PFI projects. Code of Best Practice Department of Health PFU & PPP Forum Benchmarking and market testing in NHS PFI projects Code of Best Practice This Code of Best Practice provides guidance and advice on good practice to NHS Trusts, Project

More information

New Zealand Equivalent to International Accounting Standard 12 Income Taxes (NZ IAS 12)

New Zealand Equivalent to International Accounting Standard 12 Income Taxes (NZ IAS 12) New Zealand Equivalent to International Accounting Standard 12 Income Taxes (NZ IAS 12) Issued November 2004 and incorporates amendments up to and including 31 October 2010 other than consequential amendments

More information

IASB Exposure Draft ED/2013/6 Leases

IASB Exposure Draft ED/2013/6 Leases Hans Hoogervorst Chairman IASB 30 Cannon Street London EC4M 6XH 8 October 2013 Dear Hans IASB Exposure Draft ED/2013/6 Leases I am writing on behalf of the Financial Reporting Council (FRC), in response

More information

Recognised Investment Exchanges. Chapter 2. Recognition requirements

Recognised Investment Exchanges. Chapter 2. Recognition requirements Recognised Investment Exchanges Chapter Recognition REC : Recognition Section.3 : Financial resources.3 Financial resources.3.1 UK Schedule to the Recognition Requirements Regulations, Paragraph 1 (1)

More information

IFRS Newsletter. The Road to Conversion. Deferred tax A Chief Financial Officer's guide to avoiding the pitfalls. December 2009

IFRS Newsletter. The Road to Conversion. Deferred tax A Chief Financial Officer's guide to avoiding the pitfalls. December 2009 IFRS Newsletter The Road to Conversion Deferred tax A Chief Financial Officer's guide to avoiding the pitfalls December 2009 We have pleasure in enclosing Deferred tax - A Chief Financial Officer's guide

More information

Valuation of Intangibles under IFRS 3R, IAS 36 and IAS 38

Valuation of Intangibles under IFRS 3R, IAS 36 and IAS 38 Valuation of Intangibles under IFRS 3R, IAS 36 and IAS 38 Jim Eales Agenda Overview of Purchase Price Allocation under IFRS 3R Valuation of Intangibles - Approaches & Methodologies Impairment Testing (IAS

More information

F I N A N C I A L R E G U L A T I O N S

F I N A N C I A L R E G U L A T I O N S F I N A N C I A L R E G U L A T I O N S South Downs National Park Authority March 2014 Page 0 of 17 F I N A N C I A L R E G U L A T I O N S Contents Page 1 INTRODUCTION Purpose of Financial Regulations

More information

Impacts on the construction industry of the new revenue standard

Impacts on the construction industry of the new revenue standard IFRS Impacts on the construction industry of the new revenue standard September 2014 kpmg.com/ifrs Contents The devil is in the detail 1 1 Critical judgements at contract inception 2 1.1 Pre-contract costs

More information

a) Secretaría de Estado de ICAC Hacienda comments on IASB s Exposure Draft ED/2010/6 Revenue from contracts with customers General comments

a) Secretaría de Estado de ICAC Hacienda comments on IASB s Exposure Draft ED/2010/6 Revenue from contracts with customers General comments ICAC Hacienda comments on IASB s Exposure Draft ED/2010/6 Revenue from contracts with customers General comments ICAC is pleased to give its comments on this project and we appreciate the effort made by

More information

Revaluation of Non-Current Assets

Revaluation of Non-Current Assets Australian Accounting Standard AAS 38 December 1999 Revaluation of Non-Current Assets Prepared by the Public Sector Accounting Standards Board of the Australian Accounting Research Foundation and by the

More information

Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels

Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels Regarding Endorsement of Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts: Amendments to IFRS 4 Olivier Guersent Director General, Financial Stability, Financial Services and Capital

More information

SYNDICATE ACCOUNTING BYELAW

SYNDICATE ACCOUNTING BYELAW SYNDICATE ACCOUNTING BYELAW Purpose The purpose of this byelaw is to set out the principal requirements in connection with the closing of years of account, accounting records, the form and content of syndicate

More information

Accounting Standard AASB 1041 July 2001. Revaluation of Non-Current Assets

Accounting Standard AASB 1041 July 2001. Revaluation of Non-Current Assets Accounting Standard AASB 1041 July 2001 Revaluation of Non-Current Assets Obtaining a Copy of this Accounting Standard Copies of this Standard are available for purchase from the Australian Accounting

More information

ACCOUNTING OF INTANGIBLE ASSETS

ACCOUNTING OF INTANGIBLE ASSETS CHAPTER-IV ACCOUNTING OF INTANGIBLE ASSETS Accounting of Intangible assets is a complex and important subject in today s information and knowledge based economy. For companies, these assets are becoming

More information

ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 FINANCIAL REPORTING STANDARD EARNINGS ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 FINANCIAL REPORTING STANDARD EARNINGS ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 14 EARNINGS FINANCIAL REPORTING STANDARD PER SHARE ACCOUNTING STANDARDS BOARD Financial Reporting Standard 14 Earnings per Share is issued by the Accounting

More information

January 2012. EFRAG Update

January 2012. EFRAG Update January 2012 Summary of EFRAG meetings held in January 2012 EFRAG AISBL - IVZW Square de Meeûs 35 1000 B-BRUSSELS www.efrag.org From 16 to 18 January 2012, EFRAG held its monthly meeting. The following

More information

International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance 1

International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance 1 International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance 1 Scope 1 This Standard shall be applied in accounting for, and in the disclosure of, government

More information

NEW ZEALAND SOCIETY OF ACTUARIES PROFESSIONAL STANDARD NO. 3 DETERMINATION OF LIFE INSURANCE POLICY LIABILITIES MANDATORY STATUS

NEW ZEALAND SOCIETY OF ACTUARIES PROFESSIONAL STANDARD NO. 3 DETERMINATION OF LIFE INSURANCE POLICY LIABILITIES MANDATORY STATUS NEW ZEALAND SOCIETY OF ACTUARIES PROFESSIONAL STANDARD NO. 3 DETERMINATION OF LIFE INSURANCE POLICY LIABILITIES MANDATORY STATUS 1 Introduction...2 2 Effective Date...2 3 Definitions...2 PART A CONTRACT

More information

Paper P2 (INT) Corporate Reporting (International) Tuesday 11 June 2013. Professional Level Essentials Module

Paper P2 (INT) Corporate Reporting (International) Tuesday 11 June 2013. Professional Level Essentials Module Professional Level Essentials Module Corporate Reporting (International) Tuesday 11 June 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section

More information

Debt Management. Policy/Procedure. I. Purpose

Debt Management. Policy/Procedure. I. Purpose Debt Management Policy/Procedure I. Purpose This Debt Management Policy is designed to provide a useful framework by which decisions will be made concerning the use and management of debt but is not intended

More information

Electricity Settlements Company Ltd Framework Document

Electricity Settlements Company Ltd Framework Document Electricity Settlements Company Ltd Framework Document This framework document has been drawn up by the Department of Energy and Climate Change in consultation with the Electricity Settlements Company.

More information

Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation

Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Contents Paragraphs Objective 2 3 Scope 4 10 Definitions 11 14 Presentation 15 50 Liabilities and equity 15 27 Puttable instruments

More information

Business Plan for Financial Management and Business Effectiveness Unit - May 2011 to 30 September 2013

Business Plan for Financial Management and Business Effectiveness Unit - May 2011 to 30 September 2013 1 Business Plan for Financial Management and Business Effectiveness Unit - May 2011 to 30 September 2013 1. Introduction 1.1 The Service s key responsibilities are: o The achievement of proper and effective

More information

Supplement D to Circular 03/08 Guidance to the Preparation of the Notes to the Financial Statements Contents

Supplement D to Circular 03/08 Guidance to the Preparation of the Notes to the Financial Statements Contents Supplement D to Circular 03/08 Guidance to the Preparation of the Notes to the Financial Statements Contents paragraph General Accounting Policies and Components of the Financial Statements 1 Notes to

More information

FINANCIAL REPORTING STANDARDS FRS 9

FINANCIAL REPORTING STANDARDS FRS 9 CONTENTS SUMMARY Paragraph FINANCIAL REPORTING STANDARD 9 Objective Scope 2-3 Definitions 4-5 Applying the key definitions in practice 6-17 A joint arrangement that is not an entity 8-9 A joint venture

More information

SSAP 26 STATEMENT OF STANDARD ACCOUNTING PRACTICE 26 SEGMENT REPORTING

SSAP 26 STATEMENT OF STANDARD ACCOUNTING PRACTICE 26 SEGMENT REPORTING SSAP 26 STATEMENT OF STANDARD ACCOUNTING PRACTICE 26 SEGMENT REPORTING (Issued February 2000 and revised August 2001) The Standards, which have been set in bold italic type, should be read in the context

More information

University of Washington. Debt Management Policy. Statement of Objectives and Policies. Approved by the Board of Regents, September 19, 2002

University of Washington. Debt Management Policy. Statement of Objectives and Policies. Approved by the Board of Regents, September 19, 2002 University of Washington Debt Management Policy Statement of Objectives and Policies Approved by the Board of Regents, September 19, 2002 Amended July 16, 2004 and May 15, 2008. Overview This statement

More information

BANKING SUPERVISION UNIT

BANKING SUPERVISION UNIT BANKING SUPERVISION UNIT POLICY DOCUMENTS POLICY DOCUMENT ON THE REGULATORY PROVISIONS FOR THE UNDERTAKING OF FINANCIAL LEASING ACTIVITIES BY INSTITUTIONS AUTHORISED UNDER THE FINANCIAL INSTITUTIONS ACT

More information

CONTACT(S) Jane Pike jpike@ifrs.org +44 (0)20 7246 6925

CONTACT(S) Jane Pike jpike@ifrs.org +44 (0)20 7246 6925 IASB Agenda ref 9 STAFF PAPER IASB Meeting Project Rate-regulated Activities Paper topic Revenue requirement illustrative example CONTACT(S) Jane Pike jpike@ifrs.org +44 (0)20 7246 6925 July 2015 This

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information