Examples of Relevant GAAP in a sentence
Relevant GAAP means International Financial Reporting Standards or such other international financial reporting standards as may be adopted from time to time by the Guarantor.
Relevant Accounts means, at any time, the most recently available consolidated audited financial statements of the Guarantor, prepared in accordance with Relevant GAAP.
In addition, the Guarantor has agreed in Clause 7 of the Guarantee that, so long as any Note remains outstanding, the Guarantor will not, and will ensure that none of its Subsidiaries will, enter into any Asset Sale of an asset with a book value (as determined by reference to the most recently available financial statements of the Guarantor (or the relevant Subsidiary, as the case may be), prepared in accordance with Relevant GAAP) that exceeds the higher of U.S.$300 million or three per cent.
In addition, the Guarantor has agreed in Clause 7 of the Guarantee that, so long as any Note remains outstanding, the Guarantor will not, and will ensure that none of its Subsidiaries will, enter into anyAsset Sale of an asset with a book value (as determined by reference to the most recently available financial statements of the Guarantor (or the relevant Subsidiary, as the case may be), prepared in accordance with Relevant GAAP) that exceeds the higher of U.S.$300 million or three per cent.
Relevant GAAP authority further explains that “[t]he more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed for some portion or all of the deferred tax asset.