Consolidating special purposes entities

Entity - any legal structure used to conduct activities or to hold assets.

Some examples of such structures are corporations, partnerships, limited liability companies, grantor trusts, and other trusts.

It may find that potential investors of the pipeline would want their risk and reward exposure limited to the pipeline, and not be subjected to the overall risks and rewards associated with the sponsoring company.

In addition, the investors would want the pipeline to be a self- supported, independent entity with no fear that the sponsoring company would take it over or sell it.

Consolidation of special entities under US GAAP 3.1 Existing accounting guidance 3.2 Qualifying and nonqualifying SPEs 3.3 SPE consolidation based on voting and variable interests 3.4 Consolidation procedures, techniques and initial measurement IV.

Consolidation of SPEs under IFRS 4.1 Accounting guidance under IFRS 4.2 Main conclusions on SPE consolidation under SIC 12 4.3 SPE consolidation under IAS 27 4.4 Consolidation techniques in acquisition accounting Summary and conclusions Sources Appendices illustration not visible in this excerpt Special Purpose Entity - is an entity created by an asset transferor or sponsor to carry out a specific purpose, activity or series of transactions directly related to its specific purpose.

Derivative - is a financial instrument, whose value changes in response to the change in an underlying variable such as an interest rate, commodity or security price, or index; requires little or no initial net investment, and is settled at a future date.

Autopilot – limited or decision-making ability of SPE by its charter to certain permitted activities.

Cash flows from the SPE’s operations of the project are to be used to pay its investors.

Also called , SPEs typically are defined as entities created for a limited purpose, with a limited life and limited activities, and designed to benefit a single company.

Reports in the popular press that preceded Enron's case in December 2001 introduced many accountants for the first time to the topic of SPEs.

Even though SPE financing vehicles have been around for about two decades, they failed to capture the attention of many participants in the mainstream of accounting discourse.

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