IFRS Reconciliation Sample Clauses
The IFRS Reconciliation clause requires parties to adjust their financial statements or reports to align with International Financial Reporting Standards (IFRS). In practice, this means that if a party prepares its accounts under a different accounting framework, it must provide reconciliations showing the differences between its local standards and IFRS, often including detailed schedules or explanations. This clause ensures consistency and comparability of financial information across jurisdictions, addressing the problem of differing accounting standards and facilitating clearer financial analysis for all parties involved.
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IFRS Reconciliation. The Company shall prepare and provide to Televisa, at Televisa’s sole cost and expense, concurrently with and for so long as the Company is obligated to provide to Televisa the financial information set forth in Sections 5.5.1 (Annual Financial Statements) and 5.5.2 (Quarterly Financial Statements), reconciliations of the financial information set forth in Sections 5.5.1 (Annual Financial Statements) and 5.5.2 (Quarterly Financial Statements) from generally accepted accounting principles in the United States or other basis on which such financial information is prepared to the International Financial Reporting Standards, consistent with the accounting principles agreed by Televisa and the Company from time to time, for use by Televisa in preparing, and incorporation into, Televisa’s financial reporting (the “Reconciliation Information”). In this respect:
(a) The Audit Committee shall approve the terms upon which the accountants and other professionals are engaged to prepare the Reconciliation Information including compensation (the “Reconciliation Compensation”) on a yearly basis; provided, however, that to the extent that the proposed Reconciliation Compensation for any year is more than (i) five percent (5%) higher than the Reconciliation Compensation approved by the Audit Committee in the previous year, or (ii) $250,000, the Company (A) shall notify Televisa of the proposed Reconciliation Compensation prior to its submission to the Audit Committee and (B) shall not agree or pay such Reconciliation Compensation without Televisa’s consent to the proposed Reconciliation Compensation, such consent not to be unreasonably withheld; provided, further, that to the extent the accountants or other professionals engaged to prepare the Reconciliation Information are not those engaged in the previous year, the Company shall notify Televisa of such proposed change.
(b) Televisa may request that for a particular fiscal year, the Reconciliation Information is not provided, in which case Televisa shall not pay any Reconciliation Compensation. In the event that the reconciliation of the financial information contemplated by this Section 5.5.3 is suspended for any cause at any time, Televisa shall only be required to pay the Reconciliation Compensation incurred for the portion of the work performed by the accountants and professionals engaged to do so, up to the date of the suspension.
(c) Televisa shall reimburse the Company for all costs and expenses incurred by outside...