Current assets

Current assets must be valued at purchase price or production cost, without prejudice to (b) and (c) below.

Current assets include inventories and trade receivables that are sold, consumed and realised as part of the normal operating cycle even when they are not expected to be realised within 12 months of the balance sheet date.

The Bank may not convert its assets in the currency of a Member State whose currency is not the euro into the currency of a third country without the agreement of the Member State concerned.

The Bank shall, as far as possible, avoid making such transfers if it has cash or liquid assets in the currency required.

(c) foreign currency assets, including holdings of gold and other precious metals, of the SFRY or the National Bank of Yugoslavia;

The Commission shall as far as possible avoid making such transfers if it possesses cash or liquid assets in the currencies which it needs.

The Bank shall at all times be entitled to transfer its assets into the currency of a Member State whose currency is not the euro in order to carry out financial operations corresponding to the task set out in Article III-394 of the Constitution, taking into account the provisions of Article 21 of this Statute.

(3) If currently unknown foreign financial assets are found to exist within five years, they shall be distributed as soon as possible on the proportionate basis set out in paragraph (2) of this Article, and using the mechanism described in Article 6.

(b) acquire and sell spot and forward all types of foreign exchange assets and precious metals; the term "foreign exchange asset" shall include securities and all other assets in the currency of any country or units of account and in whatever form held;

Without prejudice to Article 28, the European Central Bank shall be provided by the national central banks with foreign reserve assets, other than Member States' currencies, euro, International Monetary Fund reserve positions and special drawing rights, up to an amount equivalent to 50 000 million euro.

The central bank of a Member State whose derogation has been abrogated shall pay up its subscribed share of the capital of the European Central Bank to the same extent as the central banks of other Member States whose currency is the euro, and shall transfer to the European Central Bank foreign reserve assets in accordance with Article 30(1).

The sum to be transferred shall be determined by multiplying the euro value at current exchange rates of the foreign reserve assets which have already been transferred to the European Central Bank in accordance with Article 30(1), by the ratio between the number of shares subscribed by the national central bank concerned and the number of shares already paid up by the other national central banks.

The status of a built public asset may also be terminated if the works or part thereof that acquired the status of a built public asset is entirely destroyed and cannot be restored and therefore its general use is prevented, or if another works is constructed and acquires the status of a built public asset with the same purpose of general use as the current works or part thereof that acquired such status and therefore it can be abandoned. In such a case the Government of the Republic of Slovenia or the relevant municipal body shall issue the resolution specified in the first paragraph of this article in response to a request that may be lodged by the relevant minister or mayor, provided a cadastral register plan formulated in accordance with land surveying regulations from which it proceeds that the works no longer exists is appended to the request.

Other current assets

"Matching assets" means the representation of underwriting liabilities expressed in a particular currency by assets expressed or realizable in the same currency;

These should be included as current taxes on income, assets, etc. in the secondary distribution of income account;

the term 'foreign exchange asset' shall include securities and all other assets in the currency of any country or units of account and in whatever form held;

these are different from current transfers in that they involve the acquisition or disposal of an asset or assets by at least one of the parties to the transaction.

The distinction made in the ESA 95 between current accounts and the capital account enables maximum potential consumption to be studied using the measure of consumption and saving in the current accounts and that of the change in the value of assets in the capital account.

The size of the sums spent on this maintenance is in no way a criterion for determining whether a service creates an asset or represents current maintenance, since in the case of high-value capital items, even services for current maintenance may be very costly (cf. 2.109(e)).

Without prejudice to Article 28, the ECB shall be provided by the national central banks with foreign reserve assets, other than Member States' currencies, ECUs, IMF reserve positions and SDRs, up to an amount equivalent to ECU 50 000 million.

In view of the use of the current replacement price and the fixed rate of consumption of fixed capital, the consumption of fixed capital varies from year to year unless the purchaser prices remain unchanged throughout the entire normal economic life of the asset.

Recording a service of this kind under the assets heading (i.e. treatment as fixed capital formation and not as current maintenance) makes it possible to distribute the value uniformly over the entire period of use through the device of fixed capital consumption.

When a national regulatory authority calculates costs incurred in establishing a service mandated under this Directive, it is appropriate to allow a reasonable return on the capital employed including appropriate labour and building costs, with the value of capital adjusted where necessary to reflect the current valuation of assets and efficiency of operations.

The sum to be transferred shall be determined by multiplying the ECU value at current exchange rates of the foreign reserve assets which have already been transferred to the ECB in accordance with Article 30.1, by the ratio between the number of shares subscribed by the national central bank concerned and the number of shares already paid up by the other national central banks.

Instead, the VAT transactions affect either the current assets or the current liabilities as set out in their accounts.

Current taxes on other assets

production of fixed assets (estimated value for all costs of production of fixed assets treated as current farm costs;

the replacement value (i. e. the value at current prices of a similar asset);

(c) the institution shall not invest more than 30 % of these assets in assets denominated in currencies other than those in which the liabilities are expressed.

(b) investing up to 30 % of the assets covering technical provisions in assets denominated in currencies other than those in which the liabilities are expressed;

Liabilities under repo transactions; usually investment transactions using foreign currency assets or gold

These should be included as current taxes on income, assets, etc. in the secondary distribution of income account;

For fixed assets bought in earlier years, this implies that consumption of fixed capital of the foregoing years is to be deducted from the current market prices of new assets of the same type and quality.

According to this gross concept all fixed assets should be valued at the current market prices of new assets of the same type and quality;no deduction should be made for capital consumption in the last and earlier years.

in the accounts of the household sector it is recorded as a resource under transfers and an acquisition of assets under currency and deposits.

Transactions that do not involve the exchange of cash, or assets or liabilities denominated in units of currency, are non-monetary transactions.

asset items constituting claims on Zone B central governments and central banks denominated and funded in the national currencies of the borrowers;

In the case of securities denominated in foreign currency, it shall be included in the holding of that currency, but shall not be included in the cost or price of the asset for the purpose of determining the average price.

asset items constituting claims on Zone B central governments and central banks except where denominated and funded in the national currency of the borrower;

In the case where the bond is linked to a financial asset such as a foreign currency or gold, the 'capital uplift` should not be regarded as interest but as a 'capital gain/loss`, as in the case for bonds issued in foreign currency.

these are different from current transfers in that they involve the acquisition or disposal of an asset or assets by at least one of the parties to the transaction.

Euro-equivalent amounts of foreign reserve assets to be transferred by each participating NCB whose Member State shall have adopted the single currency on 1 January 1999

The replacement value (purchase price of a similar asset at current prices) can be determined either on the basis of current prices or on the basis of the prices index (general or specific) for the assets in question (machinery, buildings, etc.).

Stocks should be valued at current prices at the time to which the balance sheet relates, not at the time of production or acquisition of the goods or assets that form the stocks.

The holdings on special revaluation accounts for gold, for currencies and for securities shall be reduced pro rata in the event of a reduction in the holdings of the relevant assets.

The distinction made in the ESA 95 between current accounts and the capital account enables maximum potential consumption to be studied using the measure of consumption and saving in the current accounts and that of the change in the value of assets in the capital account.

Most transactions recorded by the system are monetary transactions, where the units involved make or receive payments, or incur liabilities or receive assets denominated in units of currency.