Common use of Special Accounting Rules Clause in Contracts

Special Accounting Rules. Dealings among related parties shall be adjusted if necessary to reflect transactions as they would have occurred had they been at arm's length, and forgiveness of obligations shall be disregarded. Each entity shall be accounted for as if it were a separate person for income tax purposes, and the effect of tax shifting arrangements shall be disregarded. Obsolescence or permanent reduction in recoverable values shall be recognized by adjusting the book value of assets to realizable value. OPIC may adjust financial statements to reflect the effect of events that occur before the expropriatory effect commences, such as events of loss which are later confirmed.

Special Accounting Rules. Dealings among related parties shall be adjusted if necessary to reflect transactions as they would have occurred had they been at the standard of arm's lengthlength dealing, and forgiveness of obligations shall be disregarded. Each entity shall be accounted for as if it were a separate person for income tax purposes, and the effect of tax shifting arrangements shall be disregarded. Obsolescence or permanent reduction in recoverable values of assets shall be recognized by adjusting the book value of assets thereof to realizable value. OPIC may adjust financial statements to reflect the effect of events of loss that occur before the expropriatory expropriation effect commencesbegan, if such as events of loss which are later confirmed.

Special Accounting Rules. Dealings among related parties shall be adjusted if necessary to reflect transactions as they would have occurred had they been at arm's length, length and forgiveness of obligations shall be disregarded. Each entity shall be accounted for as if it were a separate person for income tax purposes, and the effect of tax shifting arrangements shall be disregarded. Obsolescence or permanent reduction in recoverable values shall be recognized by adjusting the book value of assets to realizable value. OPIC may adjust financial statements to reflect the effect of events that occur before the expropriatory effect commencesloss of property, such as events of loss which are later confirmed.