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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.
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.
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 ...
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
Under a PPA, the seller is the entity that owns the project. In most cases, the seller is organized as a special purpose entity whose main purpose is to facilitate non-recourse project financing . The buyer is typically a utility or a company that purchases the electricity to meet its customers' needs.
The Financial Reporting Entity: Omnibus - an amendment of GASB Statements No. 14 and No. 34 November 2010 Amended by various GASBS; 62. Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements December 2010 Amended by various GASBS; Partially superseded by various GASBS; 63.
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.
An SPC is technically a single legal entity and the segregated portfolios within the SPC will not be separate legal entities which are separate from the SPC, although for bankruptcy purposes they are treated as such. The Principality of Liechtenstein regulates the Protected Cell Companies in Art. [1] 243 ff of the Personal and Company Law (PGR ...