Income Recognition. Interest income is recorded on the accrual basis for all loans. The CIDBs policy is to cease accruing interest on loans when the principal and interest payments are contractually 90 days in arrears (classified as non- performing loans). Any accrued and uncollected interest on non- performing loans is reversed against income for the current period. Thereafter, interest income is recognised on a cash basis, but only after prior write-offs and specific provisions for losses have been recovered.
Income Recognition. For the avoidance of doubt, turnover and profit relating to the sale of each vehicle under the New Zealand Contracts is recognised in full when the vehicle has passed the initial factory acceptance test at the Guildford premises. On all UK contracts, turnover and profit is recognised in full on completion of the UK Ministry of Defence form 640.
Income Recognition. Neither the Company nor any of its Subsidiaries shall be required to include in a Taxable period ending after the Closing Date taxable income attributable to income that, as an economic matter, accrued in a prior Taxable period but was not recognized in any prior Taxable period as a result of (i) (the installment method of accounting or an open transaction, (ii) the completed contract method of accounting, (iii) the long-term contract method of accounting, (iv) an intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code, (v) a change in method of accounting for a taxable period ending on or prior to the Closing Date or (vi) prepaid amounts received on or prior to the Closing Date).
Income Recognition. Interest income is recorded on the accrual basis for all loans. The CIDB's policy is to cease accruing interest on loans when the principal and interest payments are contractually 90 days in arrears (classified as non- performing loans). Any accrued and uncollected interest on non-performing loans is reversed against income for the current period. Thereafter, interest income is recognised on a cash basis, but only after prior write-offs and specific provisions for losses have been recovered. THE CAYMAN ISLANDS DEVELOPMENT BANK STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDING 30 JUNE 2011
Income Recognition. Neither the Company nor any of its Subsidiaries shall be required to include in a Taxable period ending after the Closing Date taxable income attributable to income that, as an economic matter, accrued in a prior Taxable period but was not recognized in any prior Taxable period as a result of (i) the installment method of accounting or an open transaction, (ii) the completed contract method of accounting, (iii) the long-term contract method of accounting, (iv) a change in method of accounting for a taxable period ending on or prior to the Closing Date or (v) prepaid amounts received on or prior to the Closing Date) (vi) “closing agreement” as described in Code section 7121 (or any corresponding or similar provision of state, local or foreign income Tax law); (vii) intercompany transactions occurring at or prior to the Closing or any excess loss account in existence at Closing described in Treasury Regulations under Code section 1502 (or any corresponding or similar provision of state, local or foreign income Tax law). Neither the Company nor any Subsidiary has been or will be required to include any adjustment in Taxable income for any Tax period (or portion thereof) pursuant to Section 481, 482 or 263A of the Code or any comparable provision under state, local or foreign Tax laws as a result of transactions, intercompany pricing, events or accounting methods employed prior to the Asset Sale. The Company for itself and for each Subsidiary has disclosed in Schedule 3.12(i) of the Company Disclosure Schedules the amount of any deferred gain or loss arising out of any intercompany transaction within the meaning of Section 1.1502-13 of the Treasury Regulations.
Income Recognition. Interest income is recorded on the accrual basis for all loans. The CIDBs policy is to cease accruing interest on loans when the principal and interest payments are contractually 90 days in arrears (classified as non- performing loans). Any accrued and uncollected interest on non-performing loans is reversed against income for the current period. Thereafter, interest income is recognised on a cash basis, but only after prior write-offs and specific provisions for losses have been recovered. Depreciation of Fixed Assets Fixed assets are recorded at acquisition cost and are depreciated using the straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Foreign Currency Transactions Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognised in the Statement of Income and Expenses at the end of the period. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2005 2005 2004 Budget Estimated/ Actual NOTE $ $ Revenue Outputs Funded by Cabinet 577,876 548,104 Operations 1 1,255,661 597,200 Total Operating Revenue 1,833,537 1,145,304 Operating Expenses Personnel 556,523 510,904 Office Accommodation 150,654 107,438 Computer Licenses and Maintenance 15,900 21,874 Provision for Loan Losses 171,000 66,100 Depreciation and Amortization 66,761 50,000 Other Operating Expenses 159,272 52,822 Interest Expense 571,000 140,986 Total Operating Expenses 1,691,110 950,124 Surplus/Deficit from Operating Activities 142,427 195,180 - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 142,427 195,180 Extraordinary Items Gain/Loss on Foreign Loss Conversion (18,000) (39,900) Net Surplus/Deficit after Extraordinary Items 124,427 155,280 THE CAYMAN ISLANDS DEVELOPMENT BANK STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2005 2005 2004 Budget Estimated/ Actual NOTE $ $ Opening Balance Net Worth 5,785,844 4,875,262 Net Income 124,427 155,280 Transfer to Reserve Fund (24,885) (31,056) Total Recognized Revenues and Expenses 99,542 124,224 Equity Capital New Equity Capital 500,000 500...
