Article 54Where an enterprise adopts the method of future cash flow capitalization to determine the fair value of a financial instrument, it shall use the market returns ratio of other financial instruments with essentially the same contractual stipulations and features as the rate of capitalization.

Gains arising from the revaluation of non euro cash and bank amounts are treated as realized

The Fund apos s real estate investments outperformed both bonds and cash during the biennium, with a total return of 8.6 per cent for the year ending 31 March 1997 and 18.9 per cent for the year ended 31 March 1998.

Low real long term rates mean that any long term asset that pays, say, 100 a year in real terms would have been worth a real 1,429 in 1984, when it yielded 7 , but would have to be worth a real 5,000 now, when it yields just 2 . A decline in long term rates of such magnitude would thus appear to imply massive price inflation for real assets, justifying the high prices we are in fact seeing.

Article 49After an impairment of a financial asset, the interest incomes shall be recognized at the interest rate which is used as the capitalization rate in the capitalization of the future cash flow when the impairment related losses are determined.

With regard to the floating interest rate loans, accounts receivable, and the investments held until their maturity, the current actual interest rate as stipulated in the contract shall be adopted as the capitalization rate in the calculation of current value of the cash flow.

(1)Where the contractual rights for collecting the cash flow of the said financial asset are terminated or

(3) An assignment of receivables is effective to transfer the rights to cash received upon collection or other disposition of receivables, provided that the cash may be identified as proceeds of the receivables.

Over the past 20 years, the first component of the benchmark, the Morgan Stanley Capital International World Index, had achieved a total annualized return of 14.6 per cent compared to 14.1 per cent achieved by the Fund apos s total equities. The second component, the Salomon Brothers World Government Bond Index, had achieved a total annualized return of 9.9 per cent compared to a total annualized return of 10.9 per cent achieved by the Fund apos s bond portfolio.

For increased effectiveness and efficiency, UNOPS will use net present value or internal rate of return to determine the expected value of the investment.

(a) An official receipt shall be issued as soon as practicable for all cash and negotiable instruments received.

It was noted that retention of the current interest rate of 6.5 per cent, in lieu of the real rate of return assumption used in actuarial valuations, resulted in an actuarial gain to the Fund of approximately 1.23 per cent of pensionable remuneration therefore, lowering the interest rate would reduce or eliminate that actuarial benefit to the Fund.

Second, with low interest rates causing vast sums of money to chase so few opportunities for decent yields, it is understandable that investors have turned to government bonds, thereby driving down yields still further. But this situation cannot last forever if the flow of funds slows, or alternative, higher yielding assets become available, demand for government bonds could drop markedly.

quot (9) Priority with regard to the receivables includes priority with regard to cash received upon collection or other disposition of the receivables, provided that the cash may be identified as proceeds of the receivables. quot

Gains arising from the revaluation of non dollar cash and bank amounts are treated as realized, with the exception of euro cash and bank deposits where such gains are also set aside in accounts payable, pending utilization in the restoration of purchasing power to projects with euro expenditures.

The gain of 6.9 million consists of a net realized gain of 6.2 million from contributions, a net unrealized loss of 4.5 million from the revaluation of cash, contributions receivable, accounts receivable and accounts payable during and at the end of the year, and a realized gain of 5.2 million from transactions that were settled during the year in accordance with the operational rates of exchange in effect at the date of the transaction.

More than 65,000 young people have been given loans from the Credit Fund and the realization of loans is nearly 89 per cent.

Assumed rate of real return (Millions of United States dollars)

Gains arising from revaluation of cash and term deposits are considered realized, however specifically, for the Industrial Development Fund and trust funds, any gain arising from the revaluation of euro cash and term deposits are similarly set aside on the grounds of prudence (IDB.27 9 PBC.19 9 and decision IDB.27 Dec.5).

An additional criterion is a ratio of present value of debt to government revenue of 280 per cent (together with additional conditions related to a ratio of government revenue to gross domestic product (GDP) of 20 per cent and a ratio of exports to GDP of 40 per cent).

Where there is a very small gap between the predicted future cash flow of a short term account receivable item and the current value thereof, the predicted future cash flow is not required to be capitalized when determining the relevant impairment related losses.

Banks would then find it advantageous to hold their surplus liquidity in the form of T bills as long as these bills yielded more than bank deposits held at the ECB. Italy and Spain would then be able to refinance their debt at close to the ECB s deposit rate, which is currently 1 on mandatory reserves and 25 basis points on excess reserve accounts.

The amount of 174,307 represents the net realized exchange gain from regular budget activities.

This included 1.5 million in exchange rate gains.

So you can double efficiency with a 60 percent internal rate of return.

Owing to the nature of programme implementation and UNICEF cash flows, there may occur, from time to time, short term imbalances between general resources cash disbursements and cash receipts.

(d) The Administration should establish a more frequent interval for the transfer of sales proceeds to UNICEF by the National Committees to improve the recovery rates of sales proceeds.

In order to emphasize the importance of covering proceeds in the draft Convention, it was stated that, in practice, an assignee rarely received cash upon collection of the receivable.

As to the method used by the Fund to determine the investment rate of return, it was based on reviews and recommendations made by outside consultants.

It's actually a measure of mobility based on income.

The Board considers that interest income should be allocated based on cash balances available for investment in each fund as exhibited in the statement of cash flows.

The low interest rate on long term Treasury bonds has also boosted demand for other long term assets that promise higher yields, including equities, farm land, high yield corporate bonds, gold, and real estate. When interest rates rise, the prices of those assets will fall as well.

21 Debt buy backs involve buying back the claims at the net present value of the remaining cash flows the net present value is calculated by discounting cash flows at risk free rate plus a market referenced common country risk spread.

11. Cash received against pledges is recorded at the dollar equivalent calculated at the United Nations operational rate of exchange prevailing on the date of receipt.

Among the fisheries with the most inefficient edible protein return on investment, vessels targeting shrimp, tuna and swordfish are at the top of the list.

The receipt of contributions at the end of 2004 also contributed to a slight improvement in the cash flow position of the tribunals.

The disinflation and ample liquidity created by the accommodative monetary policy of central governments have driven the market interest rates down to the extent that the fixed income markets no longer offer the returns that investors have enjoyed in the past.

11. Any cash balances in the Revolving Credit Fund would be invested and the income and capital gains or losses added to or substracted from the Fund.

(b) The proceeds take the form of money, negotiable instruments, negotiable documents of title or bank accounts

Lowering volatility and sopping up excess liquidity can be beneficial, but there are risks here as well regulators can easily overshoot the mark, leaving financial markets with weakened capacity for price discovery and too little liquidity.

The actual interest rate refers to the interest rate adopted to cash the future cash flow of a financial asset or financial liability within the predicted term of existence or within a shorter applicable term into the current carrying amount of the financial asset or financial liability.

Statement III. Cash flow

Another factor impeding QE s impact in the eurozone is low bond yields, which, by increasing measured pension fund deficits, make some companies reluctant to invest and thus more likely to raise contribution rates and limit pension benefits. In the US, more generous assumptions regarding discount rates are used to calculate pension fund liabilities.

All realised and unrealised gains or losses on contributions receivable are accounted for under the Annual Programme Fund, unless required to maintain the Working Capital and Guarantee Fund.

The Fund apos s exposure to United States equities contributed more to the total return than did any other asset class held by the Fund, having provided total returns of 18.9 per cent and 45.5 per cent, respectively, for the years ending 31 March 1997 and 31 March 1998.