Functional and Comparability Analysis

Size: px
Start display at page:

Download "Functional and Comparability Analysis"

Transcription

1 Functional and Comparability Analysis February 16, 2013, Mumbai Grant Thornton India LLP Ms. Vaishali Mane Director Transfer Pricing Services

2 Agenda Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

3 Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

4 What is Function, Assets and Risk (FAR) Analysis FAR analysis - exercise to determine and document significant economic activities performed by the enterprise and its AEs in an International Transaction The allocation of these activities between those entities involved in the transaction so each entity can be fully characterised Price charged in any transaction reflects the functions performed (taking into account the risks assumed and assets used) FAR analysis essential to determine comparability Functional analysis identifies and compares Economically significant activities Assets used Risks assumed Functions Assets Risks

5 Purpose of FAR Gathering and organizing facts needed to analyze intercompany prices To identify an appropriate level of profit that related parties should earn with respect to intercompany transactions under review To identify effects of functions, risks and assets on its profitability To determine the economic characterization of the entities in the international transaction To determine the most appropriate method for benchmarking the international transaction To identify any uncontrolled transaction involving one of the controlled parties

6 Why do a functional analysis? The arm s length principle is based on comparability: [When] conditions are made or imposed between two [associated] enterprises in their commercial or financial relations which differ from those which would be made between independent enterprises, then any profits which would, but for those conditions, have accrued to one of the enterprises, but, by reason of those conditions, have not so accrued, may be included in the profits of that enterprise and taxed accordingly. * *Paragraph 1 of Article 9 of the OECD Model Tax Convention

7 What goes into a Functional Analysis? Transactions Functions Risks Entities Assets Products Markets / Competition Business Processes FAR Analysis Forecasts / Business Plans Organisation / Staff Agreements / Terms Financial Results

8 What comes out of Functional Analysis? Internal Comparables Understanding of the Business Basis to search for external comparables FAR Analysis Documentation Characterization of entities Risk and opportunity assessment Determination of the MAP Method

9 Components of FAR Analysis Functions performed Activities carried out by each of the parties to the transaction Focus should be on identification of critical functions which add value to the international transactions Principal functions performed by the entities in a controlled transaction are compared with the functions performed in uncontrolled transactions

10 Components of FAR Analysis (contd ) Assets employed The type of assets and their nature needs to be understood Helps in determination of their contribution to the business process / economic activity Facilitates understanding of respective roles played by the entities participating in the International transaction Knowledge of assets owned and employed by the entities facilitates determination of the profit margin to be earned by them

11 Components of FAR Analysis (contd ) Risks Assumed Probable variability of future outcomes or returns As the risk increases, the expected return should increase as well The potential risks are company and industry specific Only important risks should be described and quantified Important to distinguish between which entity bears risks as per legal terms and which one bears as per the economic substance of the transaction

12 Components of FAR Analysis (contd ) Functions Assets Risks Manufacturing / Processing Research & Development Quality control Advertising / Marketing Sales Ordering and distribution Invoicing and collection Inventory Service, Warranty and Spare Parts Administrative, Financial and Legal Matters - Tangible Assets (e.g Building, Plant & Machinery, etc) - Intangible Assets (e.g Patents, Trade Marks, Copyrights etc) Market risk Product liability risk Inventory risk Technology risk Research and development risk Credit risk Foreign exchange risk Manpower risk

13 Importance of FAR Analysis Contract IT/ITE Services Contract Manufacturer Sales Agent Low Function & Low Risk Full fledged service provider Manufacturer/ Developer Marketing/ Distribution High Function & High Risk Comprehensive FAR leads to in-depth understanding of the business and related commercial considerations Allows correct characterization of the business Helps setting up of an appropriate pricing model for inter company transactions Robust FAR analysis - foundation of a sound economic analysis

14 Trading Industry Facts PQR Group, USA develops, manufactures and markets cancer related products PQR India is engaged in the business of import and resale of these products in India

15 Trading Industry Functions Entities Involved Functions Outside India PQR Group Trading of products - Manufacture - Research & Development - Quality Control - Sales & Distribution India PQR India Distribution Customers - Distribution - Warehousing / Inventory

16 Trading Industry Assets Employed Type of Assets PQR India PQR Group Employees Yes Yes Property, Plant & Equipment Yes Yes Intangible such as Trade Licenses, Know-How etc No Yes

17 Trading Industry Risk Assumed Type of Risk PQR India PQR Group Product Development Risk No Yes Market Risk Yes (Limited) Yes Manpower Risk Yes Yes Credit & Collection Risk Yes Yes General business Risk Yes (Limited) Yes Foreign Exchange Risk Yes No Vital Consideration Accordingly, PQR USA should be characterised as the 'Entrepreneur' and WDV India as 'Limited Risk distributor'

18 Service Industry Facts ABC India is a is a software development company. Engaged in the development of IT solutions and software products ABC India provides software development and related services to ABC Group ABC India is remunerated by ABC Group on full cost plus mark up basis All the IPRs developed and owned by ABC Group

19 Service Industry Functions Outside India Entities Involved ABC Group Software Development Services Functions - Contracting, Billing & Collection - Services Delivery - Development of new products - Credit, Market, Service Liability Risk India ABC India - Development of software - No Credit Risk - Limited Manpower Risk

20 Service Industry Assets Employed Type of Assets ABC India ABC Group Employees Yes Yes Property, Plant & Equipment Yes (Limited) Yes Intangible such as Trade Licenses, Know- How etc No Yes

21 Service Industry Risk Assumed Type of Risk ABC India ABC Group Entrepreneur Risk No Yes Market Risk No Yes Manpower Risk Yes Yes Credit & Collection Risk No Yes General business Risk Limited Yes Foreign Exchange Risk No Yes Legal Risk No Yes Vital Consideration Accordingly, ABC Group should be characterised as the 'Entrepreneur' and ABC India as 'Limited Risk Bearing enterprise'

22 Value Drivers Profitability ROI (=Risk) High Profit Examples: High Assets Brand Tradenames Know How Risks Doubtful Debtor Foreign Exchange Market Functions Manufacturing Sales Distribution R&D Low Low

23 Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

24 Selection of Tested Party Participant in an international transaction with whose reference the international transaction is tested The selection of the tested party influences the selection of the most appropriate method to benchmark the international transaction and consequently on the comparables selected The comparables performing similar functions as the AE in the territory in which the AE operates will have to be selected as comparables The term tested party has not been defined in the Indian transfer pricing regulations.

25 Selection of Tested Party Entity performing simpler functions and not owning any valuable intangibles is normally selected as the tested party Availability of the reliable financial information of the comparable companies Normally least complex entity selected as the tested party as testing the margin of such entity would require least adjustments

26 Selection of Tested Party ABC Inc Parent Ownership of IP Contract Risk R&D Marketing & Sales USA India Provision of Services Payment for Services ABC India Subsidiary Back Office, accounting Least Complex entity No ownership of IP Tested Party

27 Selection of Tested Party Selection of comparables based on Economic Characterization of Tested Party Quantitative Analysis Qualitative Analysis Financial Analysis

28 Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

29 Comparability Analysis Arm s length principle is generally applied in practice by establishing comparability between the conditions in a controlled transaction and the conditions in uncontrolled transactions Used in the selection of the most appropriate transfer pricing method as well as in arriving at the correct arm s length prices Plays a central role in the overall application of the arm s length principle Corner stone of transfer pricing analysis

30 Approach towards performing comparability analysis Analysis of controlled transactions Identifying potential comparable transactions internal and external Selection of most appropriate transfer pricing method Documentation of comparability analysis Attributes or comparability factors Comparability adjustments Determination of the arm's length price or profit

31 Analysis of the controlled transaction Broad analysis of the controlled transaction(s)under examination and understanding the taxpayer business:- Gathering of basic information about the taxpayer Transaction analysis Evaluation of separate and combined transactions Selection of the tested party

32 Factors Determining Comparability Rule 10B(2) of Rules & OECD TP Guidelines - FIVE KEY FACTORS Characteristics of Property or services Functional Analysis Contractual Terms Economic Circumstances Business Strategies

33 Rejection of Potential Comparables Independence and related party transactions Related party transactions distortion in comparables profits Small related party transactions may allow potential comparable to be accepted e.g. small sample size due to specialised industry Conclusion: generally reject if non-independent Failure to check for independence will be costly during audit

34 Rejection of Potential Comparables Function Function is an important measure of comparability Comparable must perform similar function or processes If function is incomparable to tested party then reject Product Comparable must sell/manufacture a broadly similar product Product comparability sometimes less important than function; profit margins are more related to functions than product

35 Rejection of Potential Comparables Financial data Several years of data for comparable should be available to allow for financial analysis In certain instances, can be difficult to get data, e.g. small companies or specific countries If financial data is unavailable then reject

36 Other important issues in judging comparability Start-ups o Different risks from established companies o Initially invest heavily reflected in costs o Start-up period depends on industry (in absence of industry data, 3-year period often used) Persistent loss-making companies: o Although, may be good reasons behind losses (e.g. business cycles) should reject companies that make persistent losses, unless the tested party is not: a start-up company following a market penetration strategy at the bottom of its business cycle Diversification o Many publicly held companies are diversified o Companies may offer different products in fundamentally different markets o Best comparability most easily achieved with no diversification One-off events o Major events disrupt company earnings; - e.g. sale/purchase of major division, major legal suit o May be difficult to adjust for such events o When assessing comparability, check for one-off events

37 Comparables Database Searches Commercial databases Databases of publicly available information Contain activity descriptions, financial and ownership information Facility for searching for potential comparables Searching for comparable companies specify search criteria Independence Applicable industry codes Keywords Geographic - country specific vs. pan-european Finalising search strategy Checking business descriptions Altering search strategy

38 Comparables Exclusion Steps Excluding companies Financial screening Minimum turnover screens Timeframe for application Net worth Business descriptions Internet Company Annual Reports

39 Reviewing Business Descriptions Required descriptive information for potential comparables will usually include Functions performed Property or services transferred Risks assumed In most cases cannot obtain all above information Try to make judgement on information available If information is not sufficient then should reject

40 Judging comparability: Summary Good descriptive and financial data is paramount to identifying a good comparable Function is most important measure of comparability Comparables should be independent check this carefully Other issues affecting comparability are also important, in particular you should consider carefully: Persistent loss makers Dormant companies Companies with diversified activities Companies affected by one-off events.

41 Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

42 Key Transfer Pricing Principles - Documentation Financial Information Economic Models Extensive Functional Analysis: Risk-Function Matrix Lengthy Documentation Packages Global Transfer Pricing Policy Segmental Profit & Loss A/C Jurisdictions and Parties of Principal Interest Intangible Property Development History, Financing and Facilities Internet Downloads

43 Key Transfer Pricing Principles - Documentation Transfer Pricing Methodologies Defending Crucial Transactions Collectivity and Consistency Country Specific Documentation Packages Published market prices (Exchanges) Published accounts & financial statements Agreements & contracts with AE & others for similar transactions Letters & other correspondence on negotiations

44 Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

45 Functional Challenges Extensive Functional Analysis: Risk-Function Matrix Unavailability of adequate data for conducting robust analysis TP Reports of two AE's would have conflicting conclusion Detailed FAR analysis for tested party and comparable companies is crucial Some international transactions are so unique that can not be compared Corporates and Group Companies hesitant to disclose information of manufacturing process, any developed IP, etc.

46 Characterization / Restructuring of operations Limited Risk Service provider Characterization and business restructuring imperative in this dynamic economic environment

47 Comparability Challenges Comparability Dearth of comparables Due to emerging economies Use of new technologies, products & services Consolidation &Vertical Integration Non availability of data Cherry picking of comparables Losses Intentional set offs Failure to check for independence will be costly during audit Use of custom valuations Use of secret comparables Overall process complexity

48 Benchmarking Challenges Benchmarking Calculation of Debtors Aging in case of comparable No Recommended method for benchmarking Arm's Length Range Vs Arithmetic Mean Pricing of Intangibles Difficulties in justifying adjustments for factors having a bearing on prices Insufficient information available for calculation of gross margin in case of comparables Benchmarking Rapidly fluctuating prices, which prices to compare with Transfers at cost Capital transaction Cost Allocation & Cost Sharing Arrangements

49 Function, Assets and Risk Analysis Tested Party Concept Comparability Factors General Documentation Principles Challenges Key Takeaways

50 To Summarize FAR Analysis Important to characterize value added and non valued added activities for tested party; Also important for PE attribution analysis and appropriate economic analysis Comparability Analysis Accept-reject needs to be extremely detailed and not casual; Companies with RPT to be excluded; Functional comparability of comparables important Adjustments Important to quantify and document risk, working capital, idle capacity adjustment upfront Selection of PLI and MAM Important to go through the process of MAM selection in detail Financial analysis of tested party and comparables consistency and in-depth analysis

51 To Summarize Selection of Tested Party Nexus with FAR; Critical for implementing global TP policy. Financial Transactions Just because assessee is shareholder, cannot assume nature of transaction to be quasi-equity Documentation Must and Mandatory not only TP study but also supporting agreements / documents should be in sync with defense Benefit test for services essential to be qualified Evaluate that documentation does not have negative repercussions from other regulatory and tax perspective

52 Grant Thornton India LLP. All rights reserved. Thank you

Ms. Vaishali Mane Director, Transfer Pricing Services Grant Thornton India LLP

Ms. Vaishali Mane Director, Transfer Pricing Services Grant Thornton India LLP Function, Asset and Risk Analysis Mumbai Ms. Vaishali Mane Director, Transfer Pricing Services Grant Thornton India LLP 2012 Grant Thornton India LLP. All rights reserved. Tested Party Key Takeaways FAR

More information

Pricing. Selection of Methods / Comparables Examples/ Case studies. Sanjay Kapadia

Pricing. Selection of Methods / Comparables Examples/ Case studies. Sanjay Kapadia WIRC Intensive Study Course on Transfer Pricing Selection of Methods / Comparables Examples/ Case studies Sanjay Kapadia 05 August 2011 Index Indian Transfer Pricing - Concept Most Appropriate Method:

More information

Search for Comparables Workshop on Transfer Pricing ICAI, Bangalore Chapter, 19 August 2006

Search for Comparables Workshop on Transfer Pricing ICAI, Bangalore Chapter, 19 August 2006 Search for Comparables Workshop on Transfer Pricing ICAI, Bangalore Chapter, 19 August 2006 Agenda Legislative framework Comparable Search Process Vishnu Bagri Legislative Framework Determination of arm

More information

17 July International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom. Dear Sir/Madam

17 July International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom. Dear Sir/Madam Organismo Italiano di Contabilità OIC (The Italian Standard Setter) Italy, 00187 Roma, Via Poli 29 Tel. 0039/06/6976681 fax 0039/06/69766830 e-mail: presidenza@fondazioneoic.it 17 July 2014 International

More information

EU JOINT TRANSFER PRICING FORUM

EU JOINT TRANSFER PRICING FORUM EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct taxation, Tax Coordination, Economic Analysis and Evaluation Direct Tax Policy and Cooperation Brussels, October 2016 Taxud/D2

More information

Intangibles CHAPTER CHAPTER OBJECTIVES. After careful study of this chapter, you will be able to:

Intangibles CHAPTER CHAPTER OBJECTIVES. After careful study of this chapter, you will be able to: CHAPTER Intangibles CHAPTER OBJECTIVES After careful study of this chapter, you will be able to: 1. Explain the accounting alternatives for intangibles. 2. Record the amortization or impairment of intangibles.

More information

Comparability Toolkit: Background, the Policy Conundrum, and Scope

Comparability Toolkit: Background, the Policy Conundrum, and Scope UN-ATAF Workshop on Transfer Pricing Administrative Aspects and Recent Developments Ezulwini, Swaziland 4-8 December 2017 DELIVERABLES COMPARABILITY TOOLKIT Benchmarking in context of a comparability analysis

More information

Business Combination. CA Yagnesh Desai. Compiled by CA Yagnesh 1

Business Combination. CA Yagnesh Desai. Compiled by CA Yagnesh 1 Business Combination CA Yagnesh Desai ymdesaiandco@gmail.com 093222 44770 09820133227 yagnesh@caymd.com 1 Indicators Not necessarily Limits by the Standard Above 50 % Control Hence Consolidate Control

More information

EU JOINT TRANSFER PRICING FORUM

EU JOINT TRANSFER PRICING FORUM EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct taxation, Tax Coordination, Economic Analysis and Evaluation Direct Tax Policy and Cooperation Brussels, June 2016 Taxud/D2 DOC:

More information

Accounting for Amalgamations

Accounting for Amalgamations Accounting Standard (AS) 14 (revised 2016) Accounting for Amalgamations Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-27 Types of Amalgamations 4-6 Methods of Accounting for Amalgamations

More information

University of Economics, Prague. Non-current tangible and intangible assets (IAS 16 & IAS 38)

University of Economics, Prague. Non-current tangible and intangible assets (IAS 16 & IAS 38) University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Non-current tangible and intangible assets (IAS 16 & IAS 38) 1FU486 IFRS David Procházka

More information

Accounting for Amalgamations

Accounting for Amalgamations 198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-27 Types of Amalgamations 4-6 Methods of Accounting for Amalgamations

More information

Session outline IAS 11 IAS 18, 5 28, 39 IAS 18 IAS 18 IAS 18, 39 SIC 31 IAS 18. Multiple elements. Construction contracts

Session outline IAS 11 IAS 18, 5 28, 39 IAS 18 IAS 18 IAS 18, 39 SIC 31 IAS 18. Multiple elements. Construction contracts Session outline Session outline: Introduction Objective Scope 6 Construction contracts IAS 11 1 Identification of transactions Timing of recognition Measurement of Revenue Sale of goods Rendering of services

More information

VALUATION CONSIDERATIONS AND METHODS FOR A PATENT VALUATION ANALYSIS

VALUATION CONSIDERATIONS AND METHODS FOR A PATENT VALUATION ANALYSIS Insights Autumn 2009 54 Intellectual Property Valuation Insights VALUATION CONSIDERATIONS AND METHODS FOR A PATENT VALUATION ANALYSIS C. Ryan Stewart In recent years, the value of patents and other intellectual

More information

Accounting Of Intangible Assets Indian as- 26

Accounting Of Intangible Assets Indian as- 26 IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 16, Issue 2. Ver. II (Feb. 2014), PP 40-45 Accounting Of Intangible Assets Indian as- 26 Manpreet Sharma,

More information

This article is relevant to the Diploma in International Financial Reporting and ACCA Qualification Papers F7 and P2

This article is relevant to the Diploma in International Financial Reporting and ACCA Qualification Papers F7 and P2 REVENUE RECOGNITION This article is relevant to the Diploma in International Financial Reporting and ACCA Qualification Papers F7 and P2 For almost all entities other than financial institutions, revenue

More information

CENTRAL GOVERNMENT ACCOUNTING STANDARDS

CENTRAL GOVERNMENT ACCOUNTING STANDARDS CENTRAL GOVERNMENT ACCOUNTING STANDARDS NOVEMBER 2016 STANDARD 4 Requirements STANDARD 5 INTANGIBLE ASSETS INTRODUCTION... 75 I. CENTRAL GOVERNMENT S SPECIALISED ASSETS... 75 I.1. The collection of sovereign

More information

BUSINESS COMBINATIONS: CLARIFYING THE DEFINITION OF A BUSINESS

BUSINESS COMBINATIONS: CLARIFYING THE DEFINITION OF A BUSINESS BUSINESS COMBINATIONS: CLARIFYING THE DEFINITION OF A BUSINESS Prepared by: Robert Dombrowski, Partner, National Professional Standards Group, RSM US LLP robert.dombrowski@rsmus.com, +1 847 413 6209 TABLE

More information

Business Combinations IFRS 3

Business Combinations IFRS 3 CA Sandesh Mundra Business Combinations IFRS 3 For many men, the acquisition of wealth does not end their troubles, it only changes them. - Lucius Annaeus Seneca Lets get some of the basics correct.. We

More information

Business Combinations

Business Combinations Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS Standard 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting

More information

EN Official Journal of the European Union L 320/373

EN Official Journal of the European Union L 320/373 29.11.2008 EN Official Journal of the European Union L 320/373 INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting

More information

Decision. On Application of Methods on Determination of Customs Value of Goods According to the Transaction Value of Imported Goods (Method 1)

Decision. On Application of Methods on Determination of Customs Value of Goods According to the Transaction Value of Imported Goods (Method 1) Decision 20 December 2012 No. 283 Moscow On Application of Methods on Determination of Customs Value of Goods According to the Transaction Value of Imported Goods (Method 1) In accordance with paragraph

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting Standards

More information

roots The Substance of the Standard Contents Changes to the Accounting for Goodwill for Private Companies

roots The Substance of the Standard Contents Changes to the Accounting for Goodwill for Private Companies The Substance of the Standard MAYER HOFFMAN MCCANN P.C. AN INDEPENDENT CPA FIRM TM A publication of the Professional Standards Group February 2014 Changes to the Accounting for Goodwill for Private Companies

More information

BUSI 452 Case Studies in Appraisal II

BUSI 452 Case Studies in Appraisal II BUSI 452 Case Studies in Appraisal II PURPOSE AND SCOPE The Case Studies in Appraisal II course (BUSI 452) is a continuation of BUSI 442. This course is intended to introduce further practical applications

More information

THE VALUATION OF INTELLECTUAL PROPERTY FOR FAMILY LAW PURPOSES

THE VALUATION OF INTELLECTUAL PROPERTY FOR FAMILY LAW PURPOSES Insights Special Issue 2008 38 Intangible Asset Valuation Insights THE VALUATION OF INTELLECTUAL PROPERTY FOR FAMILY LAW PURPOSES Alan A. Schachter A marital estate may own an intellectual property directly

More information

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects. International Accounting Standard 40 Investment Property In April 2001 the International Accounting Standards Board (IASB) adopted IAS 40 Investment Property, which had originally been issued by the International

More information

ICAI VALUATION STANDARDS 2018

ICAI VALUATION STANDARDS 2018 ICAI VALUATION STANDARDS 2018 Seminar on Valuation Standards and Rules at ICAI BKC C A B H A K T I S H A H 2 4 N O V 2 0 1 8 INTRODUCTION TO REGISTERED VALUER Section 247 of the Companies Act, 2013 ( Act

More information

ACCOUNTING FOR ACQUISITIONS RESULTING IN COMBINATIONS OF ENTITIES OR OPERATIONS

ACCOUNTING FOR ACQUISITIONS RESULTING IN COMBINATIONS OF ENTITIES OR OPERATIONS Institute of Chartered Accountants of New Zealand FINANCIAL REPORTING NO. 36 OCTOBER 2001 ACCOUNTING FOR ACQUISITIONS RESULTING IN COMBINATIONS OF ENTITIES OR OPERATIONS Issued by the Financial Reporting

More information

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term.

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term. Leases 1.1. Classification of leases A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease

More information

Accounting for Intangible Assets

Accounting for Intangible Assets Accounting for Intangible Assets 1 Examples: Goodwill- internally generated and acquired Trade mark and brand names- internally generated and acquired Patents Copyright Franchise Licenses Customer loyalty

More information

EN Official Journal of the European Union L 320/323

EN Official Journal of the European Union L 320/323 29.11.2008 EN Official Journal of the European Union L 320/323 INTERNATIONAL ACCOUNTING STANDARD 40 Investment property OBJECTIVE 1 The objective of this standard is to prescribe the accounting treatment

More information

Chapter 3 Business Valuation Report

Chapter 3 Business Valuation Report CHAPTER 3: BUSINESS VALUATION REPORT Chapter 3 Business Valuation Report A1. Pre-IPO Valuation Need Company Restructuring and Financing It is not unusual that companies undergo series of restructuring

More information

Business Valuation More Art Than Science

Business Valuation More Art Than Science Business Valuation More Art Than Science One of the more difficult aspects of business planning is business valuation. It is also one of the more important aspects. While owners of closely held businesses

More information

Intangible Assets. Contents. Accounting Standard (AS) 26

Intangible Assets. Contents. Accounting Standard (AS) 26 501 Accounting Standard (AS) 26 (issued 2002) Intangible Assets Contents OBJECTIVE SCOPE Paragraphs 1-5 DEFINITIONS 6-18 Intangible Assets 7-18 Identifiability 11-13 Control 14-17 Future Economic Benefits

More information

Sri Lanka Accounting Standard LKAS 40. Investment Property

Sri Lanka Accounting Standard LKAS 40. Investment Property Sri Lanka Accounting Standard LKAS 40 Investment Property LKAS 40 CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 40 INVESTMENT PROPERTY paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 5 CLASSIFICATION OF PROPERTY

More information

Materiële Vaste Activa. 27 September 2005 Pearl Couvreur

Materiële Vaste Activa. 27 September 2005 Pearl Couvreur Materiële Vaste Activa 27 September 2005 Pearl Couvreur P w C Contents 1. Principle 2. Acquisition cost 3. Subsequent costs 4. Borrowing costs 5. Assets acquired in a business combination 6. Revaluation

More information

WEEK 9 Investment Property IAS 40

WEEK 9 Investment Property IAS 40 WEEK 9 Investment Property IAS 40 Learning Objectives Define the term investment property. Explain the recognition and measurement procedures in IAS 40 Discuss how to treat disposable of an asset Discuss

More information

31 July 2014 Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications

31 July 2014 Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications 31 July 2014 Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications ASBJ Modification Accounting Standard Exposure Draft No. 1 Accounting for

More information

BUYER S ACQUISITION OUTLINE

BUYER S ACQUISITION OUTLINE BUYER S ACQUISITION OUTLINE Preliminary Copyright 1997 by Maryann A. Waryjas Presented February, 1998 1. This outline assumes that management has engaged in a comprehensive, in depth study of the needs

More information

FASB Finalizes Targeted Amendments to the Related-Party Guidance for Variable Interest Entities

FASB Finalizes Targeted Amendments to the Related-Party Guidance for Variable Interest Entities Heads Up Volume 25, Issue 20 November 19, 2018 In This Issue Background Key Provisions of ASU 2018-17 Effective Date and Transition Appendix Disclosure Requirements Under the VIE Model s New Private-Company

More information

Exposure Draft. Accounting Standard (AS) 40 Investment Property. Last date for the comments: November 10, 2018

Exposure Draft. Accounting Standard (AS) 40 Investment Property. Last date for the comments: November 10, 2018 Exposure Draft Accounting Standard (AS) 40 Investment Property Last date for the comments: November 10, 2018 Issued by Accounting Standards Board The Institute of Chartered Accountants of India 1 Exposure

More information

Accounting for revenue is changing

Accounting for revenue is changing Accounting for revenue is changing What s the impact on housebuilders? March 2017 The new revenue standard effective from 1 January 2018 is likely to affect the way you account for revenue. But it is more

More information

International Financial Reporting Standard 16 Leases. Objective. Scope. Recognition exemptions (paragraphs B3 B8) IFRS 16

International Financial Reporting Standard 16 Leases. Objective. Scope. Recognition exemptions (paragraphs B3 B8) IFRS 16 International Financial Reporting Standard 16 Leases Objective 1 This Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure

More information

Course Number Course Title Course Description

Course Number Course Title Course Description Johns Hopkins Carey Business School Edward St. John Real Estate Program Master of Science in Real Estate and Course Descriptions AY 2015-2016 Course Number Course Title Course Description BU.120.601 (Carey

More information

Dear members of the International Accounting Standards Board,

Dear members of the International Accounting Standards Board, International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Our ref : IASB 442 D Direct dial : (+31) 20 301 0391 Date : Amsterdam, 10 September 2013 Re : Comment on Exposure

More information

Contract-Related Intangible

Contract-Related Intangible Income Tax Insights Valuation of Contract-Related Intangible Assets Robert F. Reilly, CPA The valuation of contract-related intangible assets is often an issue in matters related to income tax, gift tax,

More information

.01 The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements.

.01 The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. COMPARISON OF GRAP 16 WITH IAS 40 GRAP 16 IAS 40 DIFFERENCES Objective.01 The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements.

More information

LITIGATING IN A MASS APPRAISAL ENVIRONMENT

LITIGATING IN A MASS APPRAISAL ENVIRONMENT 11 th Mass Appraisal Valuation Symposium Innovation, Transformation, Knowledge Enhancement and Improved Efficiencies in Mass Appraisal Niagara Falls, Canada May 17-18, 2016 LITIGATING IN A MASS APPRAISAL

More information

December 13, delivery: To: Subject: File Reference No

December 13, delivery: To: Subject: File Reference No Email delivery: To: director@fasb.org Subject: File Reference No. Technical Director File Reference No. Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Ladies and

More information

International Financial Reporting Standards. Sample material

International Financial Reporting Standards. Sample material International Financial Reporting Standards Sample material Always in context guiding you all the way with summaries key points, diagrams and definitions REVENUE RECOGNITION CHAPTER CONTENTS The provisions

More information

IFRS Training. IAS 38 Intangible Assets. Professional Advisory Services

IFRS Training. IAS 38 Intangible Assets.  Professional Advisory Services IFRS Training IAS 38 Intangible Assets Table of Contents Section 1 Overview 2 Introduction to Intangible Assets 3 Recognition and Initial Measurement 4 Internally Generated Intangible Assets 5 Measurement

More information

Intangible Assets. Contents. Accounting Standard (AS) 26 (issued 2002)

Intangible Assets. Contents. Accounting Standard (AS) 26 (issued 2002) Accounting Standard (AS) 26 (issued 2002) Intangible Assets Contents OBJECTIVE SCOPE Paragraphs 1-5 DEFINITIONS 6-18 Intangible Assets 7-18 Identifiability 11-13 Control 14-17 Future Economic Benefits

More information

AMERICAN SOCIETY OF APPRAISERS. Procedural Guidelines. PG-2 Valuation of Partial Ownership Interests

AMERICAN SOCIETY OF APPRAISERS. Procedural Guidelines. PG-2 Valuation of Partial Ownership Interests AMERICAN SOCIETY OF APPRAISERS Procedural Guidelines PG-2 Valuation of Partial Ownership Interests I. Preamble A. Business valuation professionals are frequently engaged as independent financial appraisers

More information

Tax Implications Of The Intellectual Property Valuation Process

Tax Implications Of The Intellectual Property Valuation Process Tax Implications Of The Intellectual Property Valuation Process Robert F. Reilly Robert F. Reilly is a managing director of Willamette Management Associates. He is a Certified Public Accountant, Accredited

More information

Applying IFRS. A closer look at the new leases standard. August 2016

Applying IFRS. A closer look at the new leases standard. August 2016 Applying IFRS A closer look at the new leases standard August 2016 Contents Overview 3 1. Scope and scope exceptions 5 1.1 General 5 1.2 Determining whether an arrangement contains a lease 6 1.3 Identifying

More information

Intellectual Property Rights - Accounting aspects

Intellectual Property Rights - Accounting aspects Intellectual Property Rights - Accounting aspects Presented by: CA Vijay Mathur 10 August 2013 Agenda Intellectual Property Rights (IPR) - some definitions IPR accounting relevance and challenges Accounting

More information

Tangible Personal Property Summation Valuation Procedures

Tangible Personal Property Summation Valuation Procedures Property Tax Valuation Insights Tangible Personal Property Summation Valuation Procedures Robert F. Reilly, CPA For ad valorem property taxation purposes, industrial and commercial taxpayer tangible personal

More information

Ind AS 115 Impact on the real estate sector and construction companies

Ind AS 115 Impact on the real estate sector and construction companies 01 Ind AS 115 Impact on the real estate sector and construction companies This article aims to: Highlight key areas of impact of Ind AS 115 on the real estate sector and construction companies. Summary

More information

This version includes amendments resulting from IFRSs issued up to 31 December 2009.

This version includes amendments resulting from IFRSs issued up to 31 December 2009. International Accounting Standard 40 Investment Property This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 40 Investment Property was issued by the International

More information

PURCHASE PRICE ALLOCATION IN REAL ESTATE TRANSACTIONS: Does A + B + C Always Equal Value?

PURCHASE PRICE ALLOCATION IN REAL ESTATE TRANSACTIONS: Does A + B + C Always Equal Value? PURCHASE PRICE ALLOCATION IN REAL ESTATE TRANSACTIONS: Does A + B + C Always Equal Value? Morris A. Ellison, Esq. 1 Womble Carlyle Sandridge & Rice, LLP Nancy L. Haggerty, Esq. Michael Best & Friedrich,

More information

FASB Updates Business Definition

FASB Updates Business Definition On January 5, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-01, s (Topic 805): Clarifying the Definition of a Business. This definition is significant

More information

Acquisition of investment properties asset purchase or business combination?

Acquisition of investment properties asset purchase or business combination? Acquisition of investment properties asset purchase or business combination? Our IFRS Viewpoint series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition

More information

Intangible Assets IAS 38, IAS 36, IFRS 3

Intangible Assets IAS 38, IAS 36, IFRS 3 Intangible Assets IAS 38, IAS 36, IFRS 3 Agenda 1. Introduction 2. Recognition 3. Measurement 4. Impairment of intangible assets (IAS 36) Basic concept Cash-Generating Units 5. Disclosures 2 1 Introduction

More information

Finishing strong in the ASC 606 marathon: An in-depth look at Step 5 and contract costs

Finishing strong in the ASC 606 marathon: An in-depth look at Step 5 and contract costs Finishing strong in the ASC 606 marathon: An in-depth look at Step 5 and contract costs Please disable popup blocking software before viewing this webcast Original Publication Date: May 23, 2017 CPE Credit

More information

FIRST PRINCIPLES OF VALUE

FIRST PRINCIPLES OF VALUE FIRST PRINCIPLES OF VALUE APPRAISAL INSTITUTE OF CANADA (revised January 2008) 403 ~ 200, rue Catherine Street Ottawa, Ontario K2P 2K9 FIRST PRINCIPLES OF VALUE There are many aspects of real property

More information

Broker. Basic Business Appraisal. Chapter 9. Copyright Gold Coast Schools 1

Broker. Basic Business Appraisal. Chapter 9. Copyright Gold Coast Schools 1 Broker Chapter 9 Basic Business Appraisal 1 Learning Objectives Describe the characteristics of the legal entities a business appraiser may encounter List at least 5 reasons for a business appraisal List

More information

UNIT, SUMMATION, AND BUSINESS VALUE IN PROPERTY TAX VALUATIONS

UNIT, SUMMATION, AND BUSINESS VALUE IN PROPERTY TAX VALUATIONS UNIT, SUMMATION, AND BUSINESS VALUE IN PROPERTY TAX VALUATIONS ROBERT F. REILLY Although the differences between unit value, summation value, and business value are subtle, the distinction is important

More information

MULTIPLE CHALLENGES REAL ESTATE APPRAISAL INDUSTRY FACES QUALITY CONTROL. Issues. Solution. By, James Molloy MAI, FRICS, CRE

MULTIPLE CHALLENGES REAL ESTATE APPRAISAL INDUSTRY FACES QUALITY CONTROL. Issues. Solution. By, James Molloy MAI, FRICS, CRE REAL ESTATE APPRAISAL INDUSTRY FACES MULTIPLE CHALLENGES By, James Molloy MAI, FRICS, CRE QUALITY CONTROL Third-party real estate appraisal firms are production-driven businesses designed to complete assignments

More information

New Zealand Equivalent to International Accounting Standard 40 Investment Property (NZ IAS 40)

New Zealand Equivalent to International Accounting Standard 40 Investment Property (NZ IAS 40) New Zealand Equivalent to International Accounting Standard 40 Investment Property (NZ IAS 40) Issued November 2004 and incorporates amendments up to and inlcuding 28 February 2014 This Standard was issued

More information

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects. IFRS Standard 16 Leases In April 2001 the International Accounting Standards Board (IASB) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)

More information

Sri Lanka Accounting Standard-LKAS 40. Investment Property

Sri Lanka Accounting Standard-LKAS 40. Investment Property Sri Lanka Accounting Standard-LKAS 40 Investment Property CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 40 INVESTMENT PROPERTY paragraphs OBJECTIVE 1 SCOPE 2-4 DEFINITIONS 5-15 RECOGNITION 16-19 MEASUREMENT

More information

APES 225 Valuation Services

APES 225 Valuation Services APES 225 Valuation Services [Supersedes APES 225 Valuation Services issued in July 2008 and revised in May 2012] Prepared and issued by Accounting Professional & Ethical Standards Board Limited REVISED:

More information

TECHNICAL INFORMATION PAPER - MARKET VALUE OF PROPERTY, PLANT & EQUIPMENT IN A BUSINESS

TECHNICAL INFORMATION PAPER - MARKET VALUE OF PROPERTY, PLANT & EQUIPMENT IN A BUSINESS TECHNICAL INFORMATION PAPER - MARKET VALUE OF PROPERTY, PLANT & EQUIPMENT IN A BUSINESS Please view the video for this Technical Information Paper Reference ANZVTIP 2 Effective 1 st July 2015 Owner National

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET February 2011 IAS 40 Investment Property (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial

More information

EXPOSURE DRAFT. Hong Kong Accounting Standard 40. Investment Property

EXPOSURE DRAFT. Hong Kong Accounting Standard 40. Investment Property EXPOSURE DRAFT Hong Kong Accounting Standard 40 Investment Property 1 Contents Hong Kong Accounting Standard 40 Investment Property paragraphs OBJECTIVE 1 SCOPE 2-4 DEFINITIONS 5-15 RECOGNITION 16-19 MEASUREMENT

More information

CFA UK response to the Exposure Draft on Leases

CFA UK response to the Exposure Draft on Leases David Humphreys Practice Fellow International Accounting Standards Board 30 Cannon Street London EC4M 6XH 20 th December 2010 Dear David, Thank you for the opportunity to respond to the IASB Exposure Draft

More information

THE ART OF BUSINESS VALUATION

THE ART OF BUSINESS VALUATION BUSINESS VALUATIONS GROWING THE ART OF BUSINESS VALUATION Douglas A. Michel, CPA/ABV, CVA & Alex E. Kummer, CPA, CVA, Clark Schaefer Hackett THE VALUE OF YOUR BUSINESS Steve Lumley, LGI CFO BUY SELL AGREEMENTS

More information

In December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects. IFRS 16 Leases In April 2001 the International Accounting Standards Board (the Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)

More information

BUSINESS VALUATIONS: FUNDAMENTALS, TECHNIQUES AND THEORY (FT&T) CHAPTER 6

BUSINESS VALUATIONS: FUNDAMENTALS, TECHNIQUES AND THEORY (FT&T) CHAPTER 6 Fundamentals, Techniques & Theory COMMONLY USED METHODS OF VALUATION BUSINESS VALUATIONS: FUNDAMENTALS, TECHNIQUES AND THEORY (FT&T) CHAPTER 6 REVIEW QUESTIONS 1995 2013 by National Association of Certified

More information

The accounting treatment of goodwill as stipulated by IFRS 3

The accounting treatment of goodwill as stipulated by IFRS 3 Available online at www.sciencedirect.com Procedia - Social and Behavioral Sciences 62 ( 2012 ) 1120 1126 WC-BEM 2012 The accounting treatment of goodwill as stipulated by IFRS 3 Munteanu Victor a, Alice

More information

MARKET VALUE BASIS OF VALUATION

MARKET VALUE BASIS OF VALUATION 4.2 INTERNATIONAL VALUATION STANDARDS 1 MARKET VALUE BASIS OF VALUATION This Standard should be read in the context of the background material and implementation guidance contained in General Valuation

More information

File Reference No : Leases (Topic 842): a Revision of the 2010 Proposed Accounting Standards Update, Leases (Topic 840)

File Reference No : Leases (Topic 842): a Revision of the 2010 Proposed Accounting Standards Update, Leases (Topic 840) September 13, 2013 Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT 06856-5116 Via email: director@fasb.org File Reference No. 2013-270: Leases (Topic 842):

More information

Intellectual Property Forensic Analysis Valuation Considerations

Intellectual Property Forensic Analysis Valuation Considerations Forensic Analysis Insights Best Practices Intellectual Property Forensic Analysis Valuation Considerations Robert F. Reilly, CPA Valuation analysts are often asked to perform intellectual property (patents,

More information

SRI LANKA ACCOUNTING STANDARD INVESTMENT PROPERTY

SRI LANKA ACCOUNTING STANDARD INVESTMENT PROPERTY SLAS 40 SRI LANKA ACCOUNTING STANDARD INVESTMENT PROPERTY The Institute of Chartered Accountants of Sri Lanka Sri Lanka Accounting Standard SLAS 40 INVESTMENT PROPERTY This Standard was adopted and published

More information

IAS 18. Revenue recognition Measurement & Disclosures

IAS 18. Revenue recognition Measurement & Disclosures IAS 18 Revenue recognition Measurement & Disclosures Revenue under IAS 18 Revenue arising from; Sale of goods Rendering of services Interest, royalties and dividends IAS 18 Related issues IFRIC 18 Transfers

More information

Intangibles Goodwill and Other (Topic 350)

Intangibles Goodwill and Other (Topic 350) Proposed Accounting Standards Update Issued: October 6, 2010 Comments Due: November 5, 2010 Intangibles Goodwill and Other (Topic 350) How the Carrying Amount of a Reporting Unit Should Be Calculated When

More information

Center for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members

Center for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members REPORT February 22, 2017 Center for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members ASU 2017-04: Goodwill Simplifications Implementation Considerations

More information

Lease Accounting and Loan Covenants: What is the Impact?

Lease Accounting and Loan Covenants: What is the Impact? Lease Accounting and Loan Covenants: What is the Impact? Monday June 26, 2017 9:15 AM 10:30 AM Presented by: Charlie Shannon Partner Moss Adams LLP 8750 N. Central Expressway, Suite 300 Dallas, TX 75231

More information

The IASB s Exposure Draft on Leases

The IASB s Exposure Draft on Leases The Chair Date: 9 September 2013 ESMA/2013/1245 Francoise Flores EFRAG Square de Meeus 35 1000 Brussels Belgium The IASB s Exposure Draft on Leases Dear Ms Flores, The European Securities and Markets Authority

More information

Restoring the Past U.E.P.C. Building the Future

Restoring the Past U.E.P.C. Building the Future Brussels, 14.12.2010 Dear Sirs, Madam, Re: Exposure Draft Leases On behalf of the European Union of Developers and House Builders (Union Europeénne des Promoteurs-Constructeurs - UEPC), I am writing to

More information

TOWN OF LINCOLN COUNCIL POLICY

TOWN OF LINCOLN COUNCIL POLICY Page 1 of 10 PURPOSE The purpose of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial report can discern information about the investment in

More information

The joint leases project change is coming

The joint leases project change is coming No. 2010-4 18 June 2010 Technical Line Technical guidance on standards and practice issues The joint leases project change is coming What you need to know The proposed changes to the accounting for leases

More information

EITF ABSTRACTS. Title: Applying the Conditions in Paragraph 42 of FASB Statement No. 144 in Determining Whether to Report Discontinued Operations

EITF ABSTRACTS. Title: Applying the Conditions in Paragraph 42 of FASB Statement No. 144 in Determining Whether to Report Discontinued Operations EITF ABSTRACTS Title: Applying the Conditions in Paragraph 42 of FASB Statement No. 144 in Determining Whether to Report Discontinued Operations Issue No. 03-13 Dates Discussed: November 12 13, 2003; March

More information

HKAS 40 Revised January 2017April Hong Kong Accounting Standard 40. Investment Property

HKAS 40 Revised January 2017April Hong Kong Accounting Standard 40. Investment Property HKAS 40 Revised January 2017April 2017 Hong Kong Accounting Standard 40 Investment Property HKAS 40 COPYRIGHT Copyright 2017 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

Impairment or disposal of longlived

Impairment or disposal of longlived Financial reporting developments A comprehensive guide Impairment or disposal of longlived assets Revised December 2017 To our clients and other friends ASC 360-10, Impairment and Disposal of Long-Lived

More information

Escrow controlling cross-border transaction risk

Escrow controlling cross-border transaction risk Escrow controlling cross-border transaction risk Managing risks with escrow In today s market, with corporates looking to effectively deploy excess liquidity through acquisitions, expansion or new ventures,

More information

IFRS INTERPRETATIONS COMMITTEE - AGENDA DECISIONS (JANUARY AND MARCH 2018)

IFRS INTERPRETATIONS COMMITTEE - AGENDA DECISIONS (JANUARY AND MARCH 2018) IFRS INTERPRETATIONS COMMITTEE - AGENDA DECISIONS (JANUARY AND MARCH 2018) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2018/01 Background This Bulletin summarises issues that the IFRS Interpretations Committee

More information

RE: Request for Comments on the Exposure Draft The Valuation of Forests dated November 16, 2012

RE: Request for Comments on the Exposure Draft The Valuation of Forests dated November 16, 2012 200 W. Madison St. T 312-335-4100 Suite 1500 F 312-335-4400 Chicago, IL 60606 www.appraisalinstitute.org Mr. Steven J. Sherman, Chairman Standards Board International Valuation Standards Council 41 Moorgate

More information