III.Net asset value per unit

viii) “Collective investment securities” shall mean the share certificates, registry entries or other evidence of investor interest in an institution for collective investment which, irrespective of legal form, is organised for the purpose of managing investments in securities or in other assets, applies the principle of risk-spreading, issues its own securities to the public on demand either continuously or at frequent intervals and is required on the request of the holder to redeem such securities, directly or indirectly, within a specified period and at their net asset value;

In cases where the licences were transferred (sold), the benefit was calculated on the basis of the amount of credit granted in the licence (face value) regardless of the sales price of the licence, since the sale of a licence is a pure commercial decision which does not alter the amount of benefit (equivalent to the GOI's transfer of funds) received from the scheme.

-net asset value.

In cases where the licences were transferred (sold), the benefit was calculated on the basis of the amount of credit granted in the licence (face value) regardless of the sales price of the licence, since the sale of a licence is a pure commercial decision which does not alter the amount of benefit (equivalent to the GOI's transfer of funds) received from the scheme.

-the total net asset value,

-the net asset value per unit.

When the net asset value of a UCITS is likely to have a high volatility due to its portfolio composition or the portfolio management techniques that may be used, its prospectus and, where necessary, any other promotional literature must include a prominent statement drawing attention to this characteristic.

for each class of asset, the net carrying amount at the balance sheet date;

The reporting of assets net of valuation allowances, for example obsolescence allowances on inventories and doubtful debts allowances on receivables, is not offsetting.

the carrying amount of the net assets of the reporting enterprise is more than its market capitalisation;

the write-down of inventories to net realisable value or property, plant and equipment to recoverable amount, as well as the reversal of such write-downs;

(a)in the absence of provision in law, state in their instruments of incorporation the methods of calculation of the net asset values of their units;

At 1 January 20X1, the fair value of plan assets was 10000 and net cumulative unrecognised actuarial gains were 760.

(b)intervene on the market to prevent the stock exchange values of their units from deviating by more than 5 % from their net asset values;

(c)establish the net asset values of their units, communicate them to the competent authorities at least twice a week and publish them twice a month.

The report of the plan also contains statements of changes in net assets available for benefits and changes in the actuarial present value of promised retirement benefits.

a report that includes a statement of net assets available for benefits and a statement of changes in net assets available for benefits with the actuarial present value of promised retirement benefits contained in a separate actuarial report.

the net selling prices, after disposal costs, from the sale of those net assets for which the enterprise has entered into one or more binding sale agreements, and the expected timing thereof, and the carrying amounts of those net assets.

Before curtailment Curtailment gain After curtailment Net present value of obligation Fair value of plan assets Unrecognised actuarial gains Unrecognised transitional amount Net liability recognised in balance sheet

net employee benefit assets or liabilities for defined benefit plans at the present value of the defined benefit obligation less the fair value of any plan assets.

Action taken by a UCITS to ensure that the stock exchange value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such re-purchase or redemption.

Action taken by such undertakings to ensure that the stock exchange value of their units does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption;

Action taken by a collective investment undertaking to ensure that the stock exchange value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption.

Some current cost methods require an adjustment reflecting the effects of changing prices on all net monetary items, including long-term liabilities, leading to a loss from holding net monetary assets or to a gain from having net monetary liabilities when prices are rising, and vice versa.

Action taken by such companies to ensure that the stock exchange value of their shares does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption;

Action taken by such undertakings to ensure that the stock exchange value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption;

Consequently, when an acquirer purchases less than all the shares of the other enterprise, the resulting minority interest is stated at the minority's proportion of the pre-acquisition carrying amounts of the net identifiable assets of the subsidiary.

In most countries financial statements are prepared on the historical cost basis of accounting without regard either to changes in the general level of prices or to changes in specific prices of assets held, except to the extent that property, plant and equipment may have been revalued or inventories or other current assets reduced to net realisable value.

An acquisition should be accounted for at its cost, being the amount of cash or cash equivalents paid or the fair value, at the date of exchange, of the other purchase consideration given by the acquirer in exchange for control over the net assets of the other enterprise, plus any costs directly attributable to the acquisition(29).

The items of information listed below must be given in any event for every undertaking in which the issuer has a direct or indirect participating interest, if the book value of that participating interest represents at least 10 % of the capital and reserves or accounts for at least 10 % of the net profit or loss of the issuer or, in the case of a group, if the book value of that participating interest represents at least 10 % of the consolidated net assets or accounts for at least 10 % of the consolidated net profit or loss of the group.

The items of information listed below must be given in any event for every undertaking in which the issuer has a direct or indirect participating interest, if the book value of that participating interest represents at least 10 % of the capital and reserves or accounts for at least 10 % of the net profit or loss of the issuer, or in the case of a group, if the book value of that participating interest represents at least 10 % of the consolidated net assets or accounts for at least 10 % of the consolidated net profit or loss of the group.

Reinsurance balance (32 18 0), + ((Total gross technical provisions (37 30 0) - Total net technical provisions (37 30 1))/Total net technical provisions (37 30 1)) x (Investment income (32 22 0) - Value readjustments on investments (32 71 5) - Gains on the realisation of investments (32 71 6) - Income from participating interests (32 71 1)), + Commissions (32 61 1), + Other external expenditure on goods and services (32 61 4 - depreciation on fixed assets for own use).

In those Member States which exercise the option provided for in Article 37, this item shall also include the net profit or loss on transactions in securities included in Assets items 5 and 6 which are neither held as financial fixed Assets as defined in Article 35 (2) nor included in a trading portfolio, together with value adjustments and value re-adjustments on such securities taking into account, where Article 36 (2) has been applied, the difference resulting from application of that article.

Those who favour the format described in paragraph 28(c) believe that the actuarial present value of promised retirement benefits should not be included in a statement of net assets available for benefits as in the format described in paragraph 28(a) or even be disclosed in a note as in 28(b), because it will be compared directly with plan assets and such a comparison may not be valid.

Gross premiums written (12 11 0), + Gross change in the provision for unearned premiums (32 11 2), + Investment income (32 22 0), - Value readjustments on investments (32 71 5), - Gains on the realisation on investments (32 71 6), - Income from participating interests (32 71 1), + ((Total gross technical provisions (37 30 0) - Total net technical provisions (37 30 1))/Total net technical provisions (37 30 1)) x (Investment income (32 22 0) - Value readjustments on investments (32 71 5) - Gains on the realisation of investments (32 71 6) - Income from participating interests (32 71 1)), + Other technical income, net amount (32 16 1), + Other income (32 46 0), - Gross claims payments (32 13 1), - Gross change in the provision for outstanding claims (32 13 4), + External and internal claims management expenses (32 61 5), + Gains on the realisation on investments (32 71 6), + Unrealised gains on investments (32 23 0), - Losses on the realisation on investments (32 72 3), - Unrealised losses on investments (32 28 0), - Gross change in life insurance provision (32 25 0), - Bonuses and rebates, net amount (32 16 3), - Change in fund for future appropriations (part of 32 29 0), - Net changes in other technical provisions, not shown under other headings (32 16 2).