ACCOUNTING RULES a) The Contractor shall keep its accounts in accordance with current legislation and the accounting principles and practices established and accepted in Peru and in the international Petroleum industry, and in accordance with the provisions of these Accounting Procedures.
b) The "Accounting Procedures Manual" referred to in section 18.1 of the Contract must take into account the stipulations of this Appendix.
ACCOUNTING RULES. (a) In calculating net payments and net receipts, the Administrator, on behalf of the Clubs, shall use the definitions contained in the 1995 FIQ, subject to the provisions of Section D below. Although the intention is to follow Generally Accepted Accounting Principles (“the GAAP rules”) in the adoption and application of revenue and expense definitions contained in the FIQ and in the accounting conventions, policies and practices reflected in the FIQ (and in any changes to any of the foregoing), it is acknowledged that specific exceptions to the GAAP rules have been and will be warranted to ensure uniformity, consistency and fair treatment among the Clubs, subject to the provisions of Section D below.
(b) The Association has received copies of two Reports (“the Reports”) containing the accounting procedures the Clubs desire the Administrator to utilize in the administration of the revenue sharing plan. The Reports are entitled: “Revenue Sharing Definitions Labor Policy Committee Recommendations Draft 11/5/96”; and “Revenue Sharing Definitions Subcommittee Review of MLB Accounting Practices August 29, 1996.” The Reports recommend that the GAAP rules are an acceptable basis for reporting most financial transactions and therefore should be followed as a general rule in the adoption of revenue and expense definitions contained in the FIQ. The Reports further recommend that the GAAP rules or, in designated situations, federal tax principles, should be the “default” standards in the accounting conventions, policies or practices relating to information contained in the FIQ. The Reports also recommend some departures from the GAAP rules for certain specified transactions. Utilization by the Administrator of the recommendations contained in the Reports is subject to consultation with the Association and the other procedures set out in Section D below.
ACCOUNTING RULES. Except as otherwise expressly provided, all accounting terms used in this Agreement, whether or not defined in SECTION 1.01, shall be construed in accordance with GAAP. If and so long as any Person has one or more Subsidiaries, such accounting terms shall be determined on a consolidated basis for the Person and each of its Subsidiaries, and the financial statements and other financial information to be furnished by any Person pursuant to this Agreement shall be consolidated and presented in consolidating financial statements in accordance with GAAP.
ACCOUNTING RULES. The books shall be maintained on a cash basis. Distributions to income accounts shall be made annually. The books shall be closed and balanced at the end of each calendar year and, if an audit is determined to be necessary by vote or consent of the Managers, it shall be made as of the closing date. The Managers may authorize the preparation of year-end profit-and-loss statements, balance sheet and tax returns by a public accountant.
ACCOUNTING RULES. 4.1 Tongshi shall keep completely accurate accounting books and complete original accounting certificates relating to the sales of WorldSpace China Receivers and WorldSpace China PC Cards, and shall keep complete accounting records according to international accounting standards, including records of the amount of payments made, calculation basis and method and ancillary materials evidencing the above amount. Tongshi shall preserve the above original certificates for five (5) years following the termination of this Agreement, and shall provide such certificates to WorldSpace China when requested.
4.2 The Parties agree that at anytime within the term of this Agreement, WorldSpace China may, as it deems necessary, verify the financial statements of Tongshi on WorldSpace China Receivers and WorldSpace China PC Cards and, with an advance notice to Tongshi, appoint a registered accountant, at its own cost, to audit Tongshi’s accounts, invoices and other vouchers relating to the sales of WorldSpace China Receivers and WorldSpace China PC Cards. Tongshi shall provide assistance when WorldSpace China conducts such investigation. If any falsification, suppression of information, corruption or error is found during the course of the audit, or the difference between the result of the audit and the reports provided by Tongshi is greater than 3%, Tongshi shall bear the auditing expenses.
4.3 Even if this Agreement is terminated , the obligations of Tongshi to pay the Fee to WorldSpace China, to maintain completely accurate accounting books and to keep complete original accounting certificates, to allow WorldSpace China or its appointed registered accountant to examine Tongshi’s books, invoices and other vouchers, and to submit to audits shall remain valid.
ACCOUNTING RULES. 51.1. The Joint Venture Company’s fiscal year begins on January 1 and ends on December 31. The first fiscal year of the Joint Venture Company shall commence on the Business License Date and end on December 31 of the same year. The last fiscal year of the Joint Venture Company shall start on January 1 of the year of termination and end on the date of termination.
51.2. The bookkeeping and accounting systems of the Joint Venture Company shall comply with relevant PRC laws and regulations and internationally accepted accounting practices. To the fullest extent permitted by applicable Chinese laws and regulations, the Joint Venture Company shall adopt the operating and financial procedures and requirements of [Party A and Party B] . In addition, the Joint Venture Company shall keep, at its sole expense, accounts in accordance with internationally accepted accounting principles and practices so as to allow [Party A and Party B] to comply with its consolidated accounting obligations.
51.3. The Joint Venture Company shall use the RMB as its bookkeeping currency, but may also adopt Euro or other foreign currencies as supplementary bookkeeping currencies. The conversion of Euros or other foreign currencies into Renrninbi for accounting purposes shall be calculated according to the average of the buying and selling rates announced by the People’s Bank of China for the relevant currency on the date of the relevant transaction.
51.4. The Joint Venture Company shall adopt the debit-credit bookkeeping method in accordance with the relevant Chinese laws and regulations.
51.5. Fixed assets of the Joint Venture Company shall be depreciated according to the straight-line method and for the periods provided under relevant Chinese laws and regulations, provided however that the Joint Venture Company may be entitled (i) to adopt, upon specific circumstances, shortened depreciation periods for some fixed assets upon application to the relevant tax authorities in accordance with the relevant Chinese laws and regulations and/or (ii) to benefit from any more favourable depreciation method.
51.6. All statements, reports, commercial documents and account books shall be written in both Chinese and English.
ACCOUNTING RULES. The books shall be maintained on a cash basis. The fiscal year of the Company shall be the calendar year. Distributions to income accounts shall be made annually by the 15th of March following the end of the fiscal year. The books shall be closed and balanced at the end of each calendar year and, if an audit is determined to be necessary by vote or consent of the Manager, it shall be made as of the closing date. The Manager may authorize the preparation of year-end profit-and-loss statements, balance sheet, and tax returns by a public accountant. Any tax forms required to be sent to the Members shall be sent no later than the 15th of March following the fiscal year end.
ACCOUNTING RULES. The books shall be maintained on a cash basis. The fiscal year of the Company shall be the calendar year. Distributions to income accounts shall be made annually. The books shall be closed and balanced at the end of each calendar year and, if an audit is determined to be necessary by vote or consent of the Managers, it shall be made as of the closing date. The Managers may authorize the preparation of year-end profit-and-loss statements, balance sheet, and tax returns by a public accountant. For Colorado tax purposes, each Member who is a nonresident of Colorado shall execute and deliver to the Manager a Form DR 0107 - COLORADO LIMITED LIABILITY COMPANY NONRESIDENT MEMBER INCOME TAX AGREEMENT (the "Nonresident Tax Agreement") no later than 60 days after becoming a Member or Economic Interest Owner, as the case may be. The Manger shall timely file with the Colorado Department of Revenue, together with the Company's annual Colorado return, a Nonresident Tax Agreement with respect to each Nonresident Member.
ACCOUNTING RULES. The financial statements of Alcon as a holding company shall be drawn up in accordance with Swiss statutory law, and shall use CHF as reporting currency. The consolidated financial statements of the Alcon Group shall be drawn up in accordance with U.S. Generally Accepted Accounting Principles, and shall use USD as reporting currency. The auditors of the Alcon Group shall devise suitable procedures, together with the auditors of the Nestle Group, to provide for a reconciliation of the Alcon Group financial information into the consolidated financial statements of Nestle which are be drawn up in accordance with IAS.
ACCOUNTING RULES. The balances reflected in the Balance Sheets of the Lucky Brand Business (as such terms are used in the Accounting Rules) as prepared in accordance with the Accounting Rules included in Exhibit A (i) include all material balances specific to the Business, which may be contained in JDE company codes that are either Lucky specific or co-mingled and (ii) do not include any material balances that are not specific to the Business.
