Financial Accounting Standards Clause Samples
Financial Accounting Standards. Except as otherwise defined herein, all financial calculations by either Party under this Agreement shall be calculated in accordance with IFRS. In addition, all calculations shall give pro rata effect to and shall proportionally adjust (by giving effect to the number of applicable days in such Calendar Quarter) (i) for any Calendar Quarter that is shorter than a standard Calendar Quarter or any Calendar Year that is shorter than four (4) consecutive full Calendar Quarters, or (ii) as a result of a determination, in accordance with the terms of this Agreement, that the first or last day of such Calendar Quarter (including as a result of termination of this Agreement) shall be deemed other than the actual first or last day of such Calendar Quarter, or that the first or last day of such Calendar Year shall be deemed other than the actual first or last day of such Calendar Year.
Financial Accounting Standards. Under the latest interpretations of the Financial Accounting Standards Board’s Interpretation No. 46(R) (FIN No. 46(R)), “Consolidation of Variable Interest Entities,” ASPA may be required to consolidate a Seller’s entity for which ASPA has entered into a long-term power purchase agreement. Seller agrees to provide all information needed in order for ASPA to determine whether or not the special purpose entity which owns the Seller’s generating facility must be consolidated by ASPA under FIN No. 46(R). If it is determined that ASPA needs to consolidate such special purpose entity, Seller agrees to provide all information needed to comply with the consolidation requirements of FIN 46(R) in a timely manner every calendar quarter. If ASPA is required to consolidate the special purpose entity that owns the Seller’s generating facility in its financial statements, Seller agrees to provide access to any needed records and personnel, as requested, so ASPA’s independent auditor, Deloitte & Touche LLP, can conduct financial statement audits in accordance with generally accepted auditing standards, as well as internal control audits in accordance with Section 404 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002. Seller agrees to have adequate controls over financial information.
Financial Accounting Standards. Except as otherwise defined herein, all financial calculations by either Party under this Agreement shall be calculated in accordance with IFRS.