Danish GAAP definition
Examples of Danish GAAP in a sentence
Danish GAAP the accounting principles set forth in the Danish Financial Statements Act (Årsregnskabsloven) and other Danish generally accepted accounting practices.
The Buyer shall provide written notification instructing the Escrow Agent to release said portion of the Payment Shares as soon as practicable following receipt of audited financial reports (pursuant to Danish GAAP) confirming that the Company, for the year ended December 31, 2014, achieved (i) gross revenues of not less than DKK65,000,000 and EBITDA of DKK6,500,000, or (ii) EBITDA of not less than DKK10,000,000 and gross revenues of not less than DKK50,000,000.
The Buyer shall provide written notification instructing the Escrow Agent to release said portion of the Payment Shares as soon as practicable following receipt of audited financial reports (pursuant to Danish GAAP) confirming that the Company, for the year ended December 31, 2015, achieved (i) gross revenues of not less than DKK 120,000,000 and an EBITDA of DKK12,000,000, or (ii) EBITDA of not less than DKK16,000,000 and gross revenues of not less than DKK80,000,000.
The Company maintains a standard system of accounting established and administered in accordance with Danish GAAP.
The Accounting Principles are in accordance with Danish GAAP and have been applied consistently by the Company for the past three (3) years and has not been affected by any undisclosed material unusual or non-recurring items.
The reserve for bad debts shown on the Interim Balance Sheet or, with respect to accounts receivable arising after the Interim Balance Sheet Date or the accounts receivable outstanding as of the Closing, on the accounting records of the Company are adequate and have been determined in accordance with Danish GAAP, consistently applied, subject to normal year-end adjustments and the absence of disclosures normally made in footnotes.
For purposes of this Section 3.1(d), “insolvent” and “insolvency” shall have the meanings given to such terms under Danish GAAP.
Except for accrued holiday allowance and the month in which the Closing occurs, the Company and the Subsidiary have paid in full to all their respective employees or adequately accrued in accordance with Danish GAAP for all wages, salaries, commissions, bonuses, benefits and all other sums to be paid in the ordinary course of employment and due to or on behalf of such employees.
All inventory of the Company reflected on the Financial Statements consists of a quality and quantity useable and saleable in the ordinary course of business and at normal profit levels; had a commercial value at least equal to the value shown on the Financial Statements; and is valued in accordance with Danish GAAP at the lower of average cost (on a LIFO basis); was not slow-moving as determined in accordance with past practices; obsolete or damaged.
The Financial Statements have been prepared in accordance with Danish GAAP applied on a consistent basis throughout the periods involved.