SUBSEQUENT CHANGES IN ACCOUNTING POLICIES Sample Clauses

SUBSEQUENT CHANGES IN ACCOUNTING POLICIES. ‌ If at any time during the Term, there are any changes in the generally accepted accounting principles prevailing in Hong Kong which may be applicable to the Scheme Of Control operation, the parties may, by mutual agreement, adopt any such new or revised accounting policies. Otherwise, the application of accounting policies as specified in this Agreement shall continue.‌ Schedule 3‌‌‌‌‌‌‌‌‌ PROCEDURES FOR DEVELOPMENT PLAN REVIEW, TARIFF REVIEW AND AUDITING REVIEW‌‌ A. DEVELOPMENT PLAN REVIEW‌‌ (1) ‌ In order to establish agreement concerning CLP Power’s levels of projected Basic Tariff Rate, a Development Plan Review will be conducted jointly by the Government and the Companies (“Development Plan Review”):- (a)‌ whenever Development Plans for major additions to the Companies’ electricity generation, transmission and distribution system (“System”) have been finalised; (b)‌ whenever Development Plans have been finalised for major variations to the Companies’ System and where such major variations would increase the projected Basic Tariff Rates significantly above those previously approved; (c)‌ six months before the period covered by the previous Development Plan expires; and/or (d)‌ when required in accordance with sub-paragraph (2)(c) of Section B, following which the Development Plan shall be submitted to the Executive Council for approval. Unless otherwise agreed between the Government and the Companies, the Development Plan shall cover, after the then current Year, a period of at least five successive Years or for the remaining term of this Agreement, whichever is shorter.‌ (2) For each Development Plan Review, the Companies will make available:- (a)‌ their revenue and capital budgets, as well as financial models covering the preceding and the current Years, and the period covered by the Development Plan; and (b)‌ details of any major changes in the Companies’ insurance policies, procurement policies, procedures or practices for fuel, major equipment and services. ‌‌‌‌‌‌‌‌‌‌‌‌ (3) In each Development Plan Review, the following components of the Development Plan shall be examined:- (a)‌ the pattern of demand and sales of electricity with breakdown of local sales and sales to third parties outside Hong Kong covering at least the next 10 years or up to the expiry of the Term whichever is the shorter; (b)‌ details of demand response, energy efficiency and conservation programmes and if relevant, proposals on alternative fuel and energy sources; (c)‌ all op...
Sample 1
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SUBSEQUENT CHANGES IN ACCOUNTING POLICIES. If at any time during the Term, there are any changes in the generally accepted accounting principles prevailing in Hong Kong which may be applicable to the Scheme Of Control operation, the parties may, by mutual agreement, adopt any such new or revised accounting policies. Otherwise, the application of accounting policies as specified in this Agreement shall continue.
Sample 1

Related to SUBSEQUENT CHANGES IN ACCOUNTING POLICIES

  • Changes in Accounting Procedures Any resolution passed by the Board of Trustees that affects accounting practices and procedures under this Agreement shall be effective upon written receipt of notice and acceptance by USBFS.

  • Accounting Policies There has been no material change in accounting policies or practices of the Corporation or its Subsidiaries since December 31, 2019;

  • Critical Accounting Policies The section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Time of Sale Prospectus and the Prospectus accurately and fairly describes (i) the accounting policies that the Company believes are the most important in the portrayal of the Company’s financial condition and results of operations and that require management’s most difficult subjective or complex judgment; (ii) the material judgments and uncertainties affecting the application of critical accounting policies and estimates; (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; (iv) all material trends, demands, commitments and events known to the Company, and uncertainties, and the potential effects thereof, that the Company believes would materially affect its liquidity and are reasonably likely to occur; and (v) all off-balance sheet commitments and arrangements of the Company and its Controlled Entities, if any. The Company’s directors and management have reviewed and agreed with the selection, application and disclosure of the Company’s critical accounting policies as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and have consulted with its independent accountants with regards to such disclosure.

  • SIGNIFICANT ACCOUNTING POLICIES The Group prepared the interim financial statements with the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2020.

  • Changes in Fiscal Year Make any change in its fiscal year; provided, however, that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

  • Change in Accountants or Accounting Policy Any change in (i) the external accountants of the Borrower, the Servicer, any Originator or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose).

  • Changes in Fiscal Periods Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters.

  • No Changes in Fiscal Year The fiscal year of the Borrower and its Subsidiaries ends on December 31 of each year; and the Borrower shall not, nor shall it permit any Subsidiary to, change its fiscal year from its present basis.

  • Changes in GAAP If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

  • Certain Accounting Changes Change its Fiscal Year end, or make any change in its accounting treatment and reporting practices except as required by GAAP.

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