Von Fans. Für den guten Zweck: Benefiz-Grillerei 2019
Die Offenlegung dient u. This assertion of the [Seller] cannot be upheld. Darüber hinaus ist es ein einfacher Mechanismus, Kosten auf verschiedene Anlegergruppen, die zu verschiedenen Zeitpunkten Anteile am Fonds erwerben bzw.
Case Table of Contents
During the year , the vehicle amortised an amount of 20, resulting in a cumulative amortisation of The manager assesses that no impairment should be recorded as it is not to be expected that the capitalised set-up costs can be recovered through the sale of the units of the vehicle. From to , acquisition expenses amounting to were expensed immediately to the income statement prepared under IFRS. In accordance with INREV Guidelines, these acquisition expenses have been capitalised and amortised over the first five years after the acquisition of the buildings.
During the year , the vehicle amortised an amount of 42, resulting in a cumulative amortisation of The unamortised amount at is The manager assesses that no impairment should be recorded as it is not to be expected that the acquisition expenses can be recovered through the sale of the units of the vehicle.
The deferred tax assets and liabilities are measured in the financial statements at the nominal statutory tax rate. The manner in which the vehicle expects to settle deferred tax is not taken into consideration. The adjustment represents the impact on the NAV of the deferred tax for the assets and liabilities of the vehicle in this case properties and derivative financial instruments based on the expected manner of settlement i.
The vehicle currently holds no intention or constructive obligation to fund the losses. The current accumulated negative equity including shareholder loans position is Initially, profit allocation to preferred shareholders is calculated, and then the remaining INREV NAV is allocated according to the current equity structure.
Es wurde darauf hingewiesen, dass das vorgeschlagene Verfahren bestimmter Anpassungen bei einigen Fondstypen zu einer inkorrekten Methodik führt. Der ursprüngliche Grund für die Aktivierung und Abschreibung von Anschaffungskosten war es, die Dauer des wirtschaftlichen Nutzens dieser Kosten für den Fonds besser widerzuspiegeln. Dies gilt sowohl für die Performancemessung als auch für die Anlagenbewertung.
Dies ergibt die sogenannte J-Kurve. Werden bei der Performancemessung verschiedene Fondstypen mit verschiedenen Auflegungsjahren verglichen oder in einem Index zusammengefasst, hätte die einmalige Berücksichtigung von Einrichtungs- und Anschaffungskosten in dem ersten Fondsjahr Akquisitionsphase eine unterdurchschnittliche Performance des jeweiligen Fonds zur Folge. Durch die Abschreibung von Einrichtungs- und Anschaffungskosten kann der sogenannte J-Curve-Effekt bei der Bewertung von Fondsanteilen vermieden werden.
Weiterhin wird darauf hingewiesen, dass einige Anleger die Ansicht vertreten, dass derartige Aufwendungen Teil des eigentlichen Anlagenwertes seien.
Die Kosten werden direkt getragen, um Rendite aus den Mieteinnahmen bzw. This should lead to transparency and comparability of the performance of different types of vehicles. One of the purposes of reporting is to present investors with information relevant to the performance and valuation of their investment. The INREV guidelines have therefore been prepared to provide an industry specific framework to enable managers to calculate a more meaningful adjusted NAV.
For the sake of clarity, all of the adjustments presented in the guidelines are based on IFRS. Taking this into consideration, it is not mandatory to first calculate an IFRS NAV, adjustments can be applied directly to the chosen GAAP as long as the fund manager clearly understands the purpose of the adjustments and amends the adjustments accordingly.
The reason might be that a fund manager has to take some effort to collect, assess, calculate and evaluate all data and information that is needed to come to a correct INREV NAV Adjustment with sufficient disclosure. Expecting only immaterial effects and considering the cost-benefit-ratio fund managers might want to decide not to include a certain adjustment. Financial reporting frameworks often discuss the concept of materiality in the context of the preparation and presentation of financial statements.
Although the topic is approached in different terms, it is generally explained that:. Determining materiality involves the exercise of professional judgment. Based on circumstances a fund manager could assess if there is a need for a materiality. The materiality could be used to decide not to include certain adjustments. Since assessing materiality levels might be a complex exercise, INREV recommends to request the auditor of the vehicle what the specific materiality is that he is using for the audit of the financial statements as a whole.
If a fund manager for what so ever reason does not want to include one or more adjustments, the impact on the total INREV NAV should be assessed as a whole.
Leaving out one or more individual immaterial adjustments can sum up to a total material error. If the fund manager decided not to include an adjustment, since he expects that leaving out that adjustment should not have a material effect on the INREV NAV in total, proper disclose should be provided. The fund manager shall include in the disclosure notes to the INREV NAV calculation sufficient background of his decision and the following amounts and the factors considered in their determination:.
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised directly in other comprehensive income or equity - in which case, the tax is also recognised in other comprehensive income or equity.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the date of the statement of financial position in the countries where the Group operates.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation, and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted by the date of the statement of financial position and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the consolidated statement of financial position regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply.
The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
No deferred tax liability should then be recognised because of the initial recognition exemption rule. The manner in which the vehicle expects to realise deferred tax for example, for investment properties through share sales rather than direct property sales is generally not taken into consideration. The adjustment represents the impact on the NAV of the difference between the amount determined in accordance with IFRS and the estimate of deferred tax which takes into account the expected manner of settlement i.
Disclosures should include an overview of the tax structure including, for instance, details of the property ownership structure, key assumptions and broad parameters used for estimating deferred taxes for each country, the maximum deferred tax amount estimated assuming only asset sales i. It is possible that the estimate of the amount of the adjustment required to bring the deferred tax liability related to property disposals to fair value could have a large impact on the INREV NAV.
Since tax structures may differ from vehicle to vehicle, significant judgement is required and the mechanics of the calculation methodology for this adjustment may vary from vehicle to vehicle. Other components of the overall deferred tax adjustment require less judgement and are more mechanical in nature. Wie wird diese Anpassung berechnet?
Ist es angemessen, sie als festen Prozentsatz z. Die Art wie der Fonds latente Steuern zu begleichen beabsichtigt, wird im Allgemeinen jedoch nicht berücksichtigt.
Daher ist eine auf dieser Basis berechnete Rückstellung nicht unbedingt repräsentativ für den beizulegenden Zeitwert der passiven latenten Steuern d. Weiterhin sollte die Steuerstruktur des Vermögenswertes sowie die Marktbedingungen zum Datum der Berechnung in Betracht gezogen werden. Der beizulegende Zeitwert der passiven latenten Steuern wird dann in Übereinstimmung mit der vorausgesetzten Art der Begleichung sowie den auf die Transaktion anwendbaren Steuersätzen berechnet.
Anteilsverkäufe des Immobilienfonds können beispielsweise steuerbefreit sein oder nur einem sehr geringen Steuersatz unterliegen. Bei der Berechnung des Verkaufspreises sollte dann jedoch ein Abzug für den latenten Kapitalgewinn innerhalb des Immobilienfonds erfolgen. Auf dieser Grundlage ist die Heranziehung eines festen Prozentsatzes, wie oben beschrieben, nicht angemessen. Es sei denn, er repräsentiert eine angemessene Schätzung der erforderlichen Anpassungen der passiven latenten Steuern aller einzelnen Vermögenswerte des Immobilienportfolios.
Dies würde bedeuten, dass die passiven latenten Steuern doppelt berücksichtigt würden. Im Zweifel sollten Grunderwerbssteuern bei der Berechnung der Anpassung für latente Steuern nicht berücksichtigt werden. Die Fondsberichte sollten Informationen zu der generellen Steuer- und Eigentumsstruktur des Finds enthalten; wesentliche Annahmen und allgemeine Parameter einzelner Länder darlegen; sowie den maximalen Steuersatz auf traditioneller Basis d.
Die Berechnung der Anpassung der abzugsfähigen Grunderwerbssteuer und anderer Kosten für den Käufer bei der Immobilienbewertung sollte von Fall zu Fall erfolgen. Die Gründe hierfür sind die gleichen, wie bei der Berechnung der Anpassung der passiven latenten Steuern. Um eine doppelte Erfassung zu vermeiden, sollte eine Anpassung allerdings nur dann erfolgen, wenn sie noch nicht Bestandteil der ursprünglichen Immobilienbewertung war.
Aus diesem Grund ist es bei der Berechnung der Anpassung wichtig, Grunderwerbssteuern und weitere Kosten des Käufers als einzelne Komponenten zu betrachten. So fallen beispielsweise höhere Rechtskosten und Due Diligence Gebühren an. Demzufolge ist ein fest angesetzter Prozentsatz, wie oben beschrieben, nicht angemessen. Es sei denn, er repräsentiert eine angemessene Schätzung der erforderlichen Anpassungen der Grunderwerbssteuer und sonstiger Kosten des Käufers für alle einzelnen Vermögenswerte des Immobilienportfolios.
Die Fondsberichte sollten jegliche Informationen enthalten, um die Berechnung der Anpassung und die zugrunde gelegten Annahmen nachvollziehbar zu machen.
Je nach Anlagenart gibt es bezüglich der Bewertung eine Hierarchie von Methoden:. Wird die Anlage an einem aktiven Markt notiert, sollte der beizulegende Zeitwert mit Hilfe des zum Berechnungsdatum notierten Kurses berechnet werden;.
Beispielsweise kann eine Annäherung durch den Vergleich mit kürzlich erfolgten Transaktionen erfolgen. Ebenso sollte er keine Anwendung bei der Immobilienbewertung zum beizulegenden Zeitwert finden.
Es wird dennoch empfohlen, derartige Auf- oder Abschläge getrennt offenzulegen. Ist es richtig, dass bei offenen Fonds der beizulegende Zeitwert von zu Absicherungszwecken gehaltenen Derivaten nicht ermittelt zu werden muss, da ihr Wert bei Fälligkeit null betragen sollte? The principle of the INREV NAV Module is to reflect a more accurate economic value of the investment units based on the fair value of the underlying assets and liabilities, as at the balance sheet date, as adjusted for the spreading of costs that will benefit different generations of investors, than the NAV based on generally accepted accounting principles Guidelines Principle P.
Translated sections have been provided as a matter of courtesy only and their accuracy has not been verified. If you are in doubt as to the content and meaning of a translation, please consult the official English text. In case of discrepancy between the two languages, the English text prevails. This page is only available in English. If you have any questions, please contact professional. Details of the equity structure of the vehicle are as follows: The vehicle shareholders are as follows: Revaluation to fair value of property that is leased to tenants under a finance lease Value per IFRS financial statements Value per INREV Guidelines INREV NAV adjustment 25 In the financial statements, properties that are leased to tenants under a finance lease are initially measured at the net investment and subsequently based on a pattern reflecting a constant rate of return.
Set-up costs In , an amount of of vehicle set-up costs was expensed immediately to the income statement prepared under IFRS. Acquisition expenses From to , acquisition expenses amounting to were expensed immediately to the income statement prepared under IFRS.
Deferred tax The deferred tax assets and liabilities are measured in the financial statements at the nominal statutory tax rate. Based on the example, the following adjustment would be made: Deferred tax Exit assumption Temporary taxable difference Effective tax rate NAV adjustment Revaluation to fair value of self-constructed or developed investment property Share sale 50 All investment properties are held by SPVs.
The sale will not lead to any tax payments. The deferred tax liability will be settled between the seller and the purchaser. Fee and Expense Metrics.
Grunderwerbssteuern zum beizulegenden Zeitwert. Reclassification of certain IFRS liabilities as components of equity. Engler Vorsitz ; Dr.
The Italian buyer did not pay the purchase price, and the Swiss seller commenced the lawsuit in Basel based on article 5 1 of the Lugano Convention on Jurisdiction and Enforcement of Judgments in Civil and Commercial Matters, pursuant to which a person may be sued in the courts of the place of performance of the obligation concerned. The court found that the purchase price of the obligation in controversy was governed by the CISG. According to article 57 1 CISG, the purchase price must be paid at the place the parties agreed upon; if no agreement was made, at the seller's place of business or, if the payment is to be made against the handing over of the goods or of documents, at the place where the handing over takes place.
In the present case, the parties had agreed upon payment within 30 days after delivery of a bill of lading and several other documents. As the case dealt with a purchase on credit, the rule on the handing over did not apply. The court dismissed the [seller's] allegation that a usage existed and was known to the parties article 9 2 CISG , pursuant to which bank transfers have to be made to the seller's account in the import trade.
Therefore, the court concluded that the place of performance was in Binningen Canton of Basel-Landschaft , and that the courts of Basel-Stadt had no jurisdiction to adjucate the matter and dismissed the lawsuit.
Key CISG provisions at issues: Articles 9 2 ; 57 [Also cited: Payment, place of ; Jurisdiction ; Commercial letters of confirmation ; Usages and practices. The forum selection provision should be express. See Silver Int'l v. See Corte di Cassazione, Sez. Un [Supreme Court], Aug. See also , HG Zürich, The Plaintiff [Seller] is a public limited company Aktiengesellschaft established under Swiss law with its registered seat in Binningen BL.
The Defendant [Buyer] is a limited liability company Gesellschaft mit beschränkter Haftung under Italian law, which, at least at the time of the submission of the claim, had its registered seat in Polo de Piave Treviso, Italy. On 29 April , a sea bill of lading was issued for 4,, [kilograms] of urea, which was loaded on board the ship " Vasily Shukshin " in Varna Bulgaria with destination Porto Marghera harbor Italy for the [Buyer].
According to a note in this invoice, payment should be made to the account of the [Seller] at the Schweizerischen Bankverein in Basel. The amount was not paid by the [Buyer]. In its claim dated 21 May , the [Seller] requests that the [Buyer] be judged liable, with costs, to pay the following amounts:.
In addition, [Seller] applies to the court to notify the dispute to the company Bri Projecta Ltd. The interventionary proceedings took place on 5 September in the presence of the legal representatives of the parties. The presiding judge decided that the proceedings would be limited to the question of the territorial jurisdiction. In its formal reasons for claim dated 20 November , the [Seller] applies for the judicial determination, with costs, that the Civil Court of Basel-City has the territorial jurisdiction to judge the present claim.
In his submission of 17 January , attorney lic. George Hunziker communicated to the court that he was no longer representing the intervenor. In its submission of 25 March , the intervenor allowed itself to be examined and contested the territorial jurisdiction of the court seized of the matter to judge the present claim.
For its part, the [Seller], according to its statement of position dated 18 August , is fully adhering to its formal claim application. Thereby, the legal foundation of all legal memorials can generally be taken from the following reasons for judgment.
In their submissions dated 20 November and 19 November , respectively, the legal representatives of the parties submitted their fee invoices.
The main hearing took place on 3 December in the presence of Ms. For all submissions, reference is to be made to the transcript and the following reasons for judgment.
In any case, the basis of this legal dispute is an international commercial purchase of an unpackaged shipment of urea from Bulgaria. The question of the jurisdiction of the Civil Court of Basel-City to judge the present claim, to which the hearing has been limited due to the decision of the presiding judge dated 5 September , is therefore to be determined by applying this Convention. The jurisdiction of the Civil Court Basel-City to judge the present claim would, therefore, only be given if a particular jurisdiction was given within the meaning of Art.
Although the parties did not conclude an explicit agreement as to the place of performance, they had, however, agreed upon payment within 30 days after issuance of the sea bill of lading in their contract dated 31 March With its invoice dated 2 May , the [Seller] had communicated its bank details at the Schweizerischen Bankverein in Basel to the [Buyer], which were not contradicted by the [Buyer].
Thereby, due to the decisive practices between the parties, from which the intention of the parties can be ascertained under Art. In any case, the [Buyer] had already obtained goods from the [Seller] twice previously, although, back then, the purchase price had been paid by the [Buyer] at the place of payment indicated on the invoices, Basel, without objection. In addition, the [Seller] alleges that a trade usage exists, according to which, in import trade, cashless payments by way of bank transfer to the account of the seller are usual.
Therefore, the parties were apparently bound by their previous practices and the trade usage. Explicit agreement as to a place of performance never took place and, due to a lack of an ongoing business relationship, no practices between the parties ever arose.
Stating bank details on the invoice is, the [Buyer] alleges, to be understood as an alternative authorization to pay to that account. In any case, the trade usage claimed by the [Seller] never existed either. As the place of performance, Basel, did not have anything to do with the execution of the contractual business, it could also be regarded as an abstract agreement as to the place of performance, which would be subject to the formal requirements of Art.
In the case of two-sided contracts, this jurisdiction is to be separately determined for each obligation according to the lex causae , namely the law applicable to the contract. Therefore, this Convention is applicable to the present case under Art.