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A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.
The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities: Aug. 1995: Superseded by 34 and 62; 30. Risk Financing Omnibus—an amendment of GASB Statement No. 10: Feb. 1996: Amended by various GASBS; 31. Accounting and Financial Reporting for Certain Investments and for External Investment Pools: Mar. 1997
A public company with a financial interest in such entities may be subject to certain financial reporting requirements. VIEs gained notoriety in the early 2000's due to their role in the Enron scandal, where the company used special-purpose entities to hide mounting losses from investors.
Special districts possess some form of civil office, that is, the board has received a delegation of sovereign power from the state. [21] Some boards may be appointed by only landowners. [ 22 ] [ 23 ] Private entities may appoint some or all of the members of a special district; [ 24 ] [ 25 ] [ 26 ] however, there must be evidence of civil office.
Consolidation-Special Purpose Entities 1998 July 1, 1999: January 1, 2013: IFRS 10: SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers 1998 January 1, 1999: January 1, 2013: IFRS 10: SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items 1998 July 1, 1999: January 1, 2005: IAS 16: SIC 15
The issuer of a CDO—usually a special purpose entity—is typically a corporation established outside the United States to avoid being subject to U.S. federal income taxation on its global income. These corporations must restrict their activities to avoid U.S. tax liabilities; corporations that are deemed to engage in trade or business in the ...
FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles (U.S. GAAP) published on January 17, 2003 by the U.S. Financial Accounting Standards Board (FASB) [1] that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and ...
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