01. The objective of this Standard is to prescribe the accounting policies and procedures in relation to business combinations using the purchase method. The acquirer recognizes identifiable assets and liabilities and contingent liabilities at their fair value on the acquisition date, thereby goodwill is recognized.
02. This Standard should be applied to business combinations using the purchase method.
(a) Business combinations in which separate entities or businesses are brought together to form a joint venture.
(b) Business combinations involving entities or businesses under common control.
(c) Business combinations involving two or more mutual entities.
(d) Business combinations in which separate entities or businesses are brought together to form a reporting entity by contract alone without the obtaining of an ownership interest.
04. A business combination is the bringing together of separate entities or businesses into one reporting entity. The result of nearly all business combinations is that one entity, the acquirer, obtains control of one or more other businesses, the acquiree. If an entity obtains control of one or more other entities that are not businesses, the bringing together of those entities is not a business combination. When an entity acquires a group of assets or net assets that does not constitute a business, it shall allocate the cost of the group between the individual identifiable assets and liabilities in the group based on their relative fair values at the date of acquisition.
05. A business combination may be structured in a variety of ways. It may involve the purchase by an entity of the equity of another entity, the purchase of all the net assets of another entity, the assumption of the liabilities of another entity, or the purchase of some of the net assets of another entity that together form one or more businesses. It may be effected by the issue of equity instruments, the transfer of cash, cash equivalents or other assets, or a combination thereof. The transaction may be between the shareholders of the combining entities or between one entity and the shareholders of another entity. It may involve the establishment of a new entity to control the combining entities or net assets transferred, or the restructuring of one or more of the combining entities.
06. A business combination may result in a parent-subsidiary relationship in which the acquirer is the parent and the acquiree a subsidiary of the acquirer. In such circumstances, the acquirer applies this Standard in its consolidated financial statements. The parent includes its interest in the acquiree in any separate financial statements it issues as an investment in a subsidiary (see VAS 25- "Consolidated Financial Statements and Accounting for Investments in Subsidiaries").
07. A business combination may involve the purchase of the net assets, including any goodwill, of another entity rather than the purchase of the equity of the other entity. Such a combination does not result in a parent-subsidiary relationship.
08. Included within this Standard are business combinations in which one entity obtains control of another entity but for which the date of obtaining control (ie the acquisition date) does not coincide with the date or dates of acquiring an ownership interest (ie the date or dates of exchange). This situation may arise, for example, when an investee enters into share buy-back arrangements with some of its investors and, as a result, control of the investee changes.
09. This Standard does not specify the accounting by venturers for interests in joint ventures (see VAS 08- "Financial Reporting of Interests in Joint Ventures").
10. A business combination involving entities or businesses under common control is a business combination in which all of the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination, and that control is not transitory.
11. A group of individuals shall be regarded as controlling an entity when, as a result of contractual arrangements, they collectively have the power to govern its financial and operating policies so as to obtain benefits from its activities. Therefore, a business combination is outside the scope of this Standard when the same group of individuals has, as a result of contractual arrangements, ultimate collective power to govern the financial and operating policies of each of the combining entities so as to obtain benefits from their activities, and that ultimate collective power is not transitory.
12. An entity can be controlled by an individual, or by a group of individuals acting together under a contractual arrangement, and that individual or group of individuals may not be subject to the financial reporting requirements of VASs. Therefore, it is not necessary for combining entities to be included as part of the same consolidated financial statements for a business combination to be regarded as one involving entities under common control.
13. The extent of minority interests in each of the combining entities before and after the business combination is not relevant to determining whether the combination involves entities under common control. Similarly, the fact that one of the combining entities is a subsidiary that has been excluded from the consolidated financial statements of the group in accordance with VAS 25 "Consolidated Financial Statements and Accounting for Investments in Subsidiaries" is not relevant to determining whether a combination involves entities under common control.
Acquisition date: The date on which the acquirer effectively obtains control of the acquiree.
Agreement date: The date that a substantive agreement between the combining parties is reached and, in the case of publicly listed entities, announced to the public. In the case of a hostile takeover, the earliest date that a substantive agreement between the combining parties is reached is the date that a sufficient number of the acquiree's owners have accepted the acquirer's offer for the acquirer to obtain control of the acquiree.
(b) Lower costs or other economic benefits directly and proportionately to policyholders or participants.
A business generally consists of inputs, processes applied to those inputs, and resulting outputs that are, or will be, used to generate revenues. If goodwill is present in a transferred set of activities and assets, the transferred set shall be presumed to be a business.
Business combination: The bringing together of separate entities or businesses into one reporting entity.
Business combination involving entities or businesses under common control: A business combination in which all of the combining entities or businesses ultimately are controlled by the same party or parties both before and after the combination, and that control is not transitory.
Control: The power to govern the financial and operating policies of an entity or business so as to obtain benefits from its activities.
Date of exchange: When a business combination is achieved in a single exchange transaction, the date of exchange is the acquisition date. When a business combination involves more than one exchange transaction, for example when it is achieved in stages by successive share purchases, the date of exchange is the date that each individual investment is recognised in the financial statements of the acquirer.
Fair value: The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Goodwill: Future economic benefits arising from assets that are not capable of being individually identified and separately recognised.
Intangible fixed asset: An identifiable asset which is without physical substance but can be measured and is held for use in the production or business, for rental to others by the enterprise and satisfy the recognition criteria of intangible fixed assets.
Joint venture: A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
Minority interest: That portion of the profit or loss and net assets of a subsidiary attributable to equity interests that are not owned, directly or indirectly through subsidiaries, by the parent.
Mutual entity: An entity other than an investor-owned entity, such as a mutual insurance company or a mutual cooperative entity, that provides lower costs or other economic benefits directly and proportionately to its policyholders or participants.
Parent: An entity that has one or more subsidiaries.
Reporting entity: A single entity or a group comprises a parent and all of its subsidiaries which is to present financial statements according to the provisions of law.
Subsidiary: An entity that is controlled by another entity (known as the parent).
14. All business combinations shall be accounted for by applying the purchase method.
15. The purchase method views a business combination from the perspective of the combining entity that is identified as the acquirer. The acquirer purchases net assets and recognises the assets acquired and liabilities and contingent liabilities assumed, including those not previously recognised by the acquiree. The measurement of the acquirer's assets and liabilities is not affected by the transaction, nor are any additional assets or liabilities of the acquirer recognised as a result of the transaction, because they are not the subjects of the transaction.
(c) Allocating, at the acquisition date, the cost of the business combination to the assets acquired and liabilities and contingent liabilities assumed.
17. An acquirer shall be identified for all business combinations. The acquirer is the combining entity that obtains control of the other combining entities or businesses.
18. Because the purchase method views a business combination from the acquirer's perspective, it assumes that one of the parties to the transaction can be identified as the acquirer.
(d) Power to cast the majority of votes at meetings of the board of management or equivalent governing body of the other entity.
(c) If the business combination results in the management of one of the combining entities being able to dominate the selection of the management team of the resulting combined entity, the entity whose management is able so to dominate is likely to be the acquirer.
21. In a business combination effected through an exchange of equity interests, the entity that issues the equity interests is normally the acquirer. However, all pertinent facts and circumstances shall be considered to determine which of the combining entities has the power to govern the financial and operating policies of the other entity (or entities) so as to obtain benefits from its (or their) activities. In some business combinations, commonly referred to as reverse acquisitions, the acquirer is the entity whose equity interests have been acquired and the issuing entity is the acquiree. This might be the case when, for example, an entity arranges to have itself 'acquired' by a smaller public entity as a means of obtaining a stock exchange listing. Although legally the issuing public entity is regarded as the parent and the other entity is regarded as the subsidiary, the legal subsidiary is the acquirer if it has the power to govern the financial and operating policies of the legal parent so as to obtain benefits from its activities. Commonly the acquirer is the larger entity; however, the facts and circumstances surrounding a combination sometimes indicate that a smaller entity acquires a larger entity. Guidance on the accounting for reverse acquisitions is provided in paragraphs A1-A15 of Appendix A.
22. When a new entity is formed to issue equity instruments to effect a business combination, one of the combining entities that existed before the combination shall be identified as the acquirer on the basis of the evidence available.
23. Similarly, when a business combination involves more than two combining entities, one of the combining entities that existed before the combination shall be identified as the acquirer on the basis of the evidence available. Determining the acquirer in such cases shall include a consideration of, amongst other things, which of the combining entities initiated the combination and whether the assets or revenues of one of the combining entities significantly exceed those of the others.
24. The acquirer shall measure the cost of a business combination as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquiree plus (+) any costs directly attributable to the business combination.
(b) The date of exchange is the date of each exchange transaction (ie the date that each individual investment is recognised in the financial statements of the acquirer), whereas the acquisition date is the date on which the acquirer obtains control of the acquiree.
26. Assets given and liabilities incurred or assumed by the acquirer in exchange for control of the acquiree are required by paragraph 24 to be measured at their fair values at the date of exchange. Therefore, when settlement of all or any part of the cost of a business combination is deferred, the fair value of that deferred component shall be determined by discounting the amounts payable to their present value at the date of exchange, taking into account any premium or discount likely to be incurred in settlement.
27. The published price at the date of exchange of a quoted equity instrument provides the best evidence of the instrument's fair value and shall be used, except in rare circumstances. Other evidence and valuation methods shall be considered when the acquirer can demonstrate that the published price at the date of exchange is an unreliable indicator of fair value, and that the other evidence and valuation methods provide a more reliable measure of the equity instrument's fair value. The published price at the date of exchange is an unreliable indicator only when it has been affected by the thinness of the market. If the published price at the date of exchange is an unreliable indicator or if a published price does not exist for equity instruments issued by the acquirer, the fair value of those instruments could, for example, be estimated by reference to their proportional interest in the fair value of the acquirer or by reference to the proportional interest in the fair value of the acquiree obtained, whichever is the more clearly evident. The fair value at the date of exchange of monetary assets given to equity holders of the acquiree as an alternative to equity instruments may also provide evidence of the total fair value given by the acquirer in exchange for control of the acquiree. In any event, all aspects of the combination, including significant factors influencing the negotiations, shall be considered. Further guidance on determining the fair value of equity instruments is set out in standard on Financial Instruments.
28. The cost of a business combination includes liabilities incurred or assumed by the acquirer in exchange for control of the acquiree. Future losses or other costs expected to be incurred as a result of a combination are not liabilities incurred or assumed by the acquirer in exchange for control of the acquiree, and are not, therefore, included as part of the cost of the combination.
29. The cost of a business combination includes any costs directly attributable to the combination, such as professional fees paid to accountants, legal advisers, valuers and other consultants to effect the combination. General administrative costs and other costs that cannot be directly attributed to the particular combination being accounted for are not included in the cost of the combination: they are recognised as an expense when incurred.
30. The costs of arranging and issuing financial liabilities are an integral part of the liability issue transaction, even when the liabilities are issued to effect a business combination, rather than costs directly attributable to the combination. Therefore, entities shall not include such costs in the cost of a business combination.
31. The costs of issuing equity instruments are an integral part of the equity, even when the equity instruments are issued to effect a business combination, rather than costs directly attributable to the combination. Therefore, entities shall not include such costs in the cost of a business combination.
32. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the acquirer shall include the amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
33. A business combination agreement may allow for adjustments to the cost of the combination that are contingent on one or more future events. The adjustment might, for example, be contingent on a specified level of profit being maintained or achieved in future periods, or on the market price of the instruments issued being maintained. It is usually possible to estimate the amount of any such adjustment at the time of initially accounting for the combination without impairing the reliability of the information, even though some uncertainty exists. If the future events do not occur or the estimate needs to be revised, the cost of the business combination shall be adjusted accordingly.
34. When a business combination agreement provides for such an adjustment, that adjustment is not included in the cost of the combination at the time of initially accounting for the combination if it either is not probable or cannot be measured reliably. If that adjustment subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination.
35. In some circumstances, the acquirer may be required to make a subsequent payment to the seller as compensation for a reduction in the value of the assets given, equity instruments issued or liabilities incurred or assumed by the acquirer in exchange for control of the acquiree. This is the case, for example, when the acquirer guarantees the market price of equity or debt instruments issued as part of the cost of the business combination and is required to issue additional equity or debt instruments to restore the originally determined cost. In such cases, no increase in the cost of the business combination is recognised. In the case of equity instruments, the fair value of the additional payment is offset by an equal reduction in the value attributed to the instruments initially issued. In the case of debt instruments, the additional payment is regarded as a reduction in the premium or an increase in the discount on the initial issue.
36. The acquirer shall, at the acquisition date, allocate the cost of a business combination by recognising the acquiree's identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria in paragraph 37 at their fair values at that date, except for non current assets (or disposal groups) that are classified as held for sale, which shall be recognised at fair value less costs to sell. Any difference between the cost of the business combination and the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities so recognised shall be accounted for in accordance with paragraphs 50-54.
(c) In the case of an intangible fixed asset or a contingent liability, its fair value can be measured reliably.
38. The acquirer's income statement shall incorporate the acquiree's profits and losses after the acquisition date by including the acquiree's income and expenses based on the cost of the business combination to the acquirer. For example, depreciation expense included after the acquisition date in the acquirer's income statement that relates to the acquiree's depreciable assets shall be based on the fair values of those depreciable assets at the acquisition date, ie their cost to the acquirer.
39. Application of the purchase method starts from the acquisition date, which is the date on which the acquirer effectively obtains control of the acquiree. Because control is the power to govern the financial and operating policies of an entity or business so as to obtain benefits from its activities, it is not necessary for a transaction to be closed or finalised at law before the acquirer obtains control. All pertinent facts and circumstances surrounding a business combination shall be considered in assessing when the acquirer has obtained control.
40. Because the acquirer recognises the acquiree's identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria in paragraph 37 at their fair values at the acquisition date, any minority interest in the acquiree is stated at the minority's proportion of the net fair value of those items. Paragraphs A16 and A17 of Appendix A provide guidance on determining the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities for the purpose of allocating the cost of a business combination.
(b) The acquirer, when allocating the cost of the combination, shall not recognise liabilities for future losses or other costs expected to be incurred as a result of the business combination.
42. A payment that an entity is contractually required to make, for example, to its employees or suppliers in the event that it is acquired in a business combination is a present obligation of the entity that is regarded as a contingent liability until it becomes probable that a business combination will take place. The contractual obligation is recognised as a liability by that entity in accordance with VAS 18- "Provisions, Contingent Liabilities and Contingent Assets" when a business combination becomes probable and the liability can be measured reliably, therefore, when the business combination is effected, that liability of the acquiree is recognised by the acquirer as part of allocating the cost of the combination.
43. However, an acquiree's restructuring plan whose execution is conditional upon its being acquired in a business combination is not, immediately before the business combination, a present obligation of the acquiree. Nor is it a contingent liability of the acquiree immediately before the combination because it is not a possible obligation arising from a past event whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the acquiree. Therefore, an acquirer shall not recognise a liability for such restructuring plans as part of allocating the cost of the combination.
44. The identifiable assets and liabilities that are recognised in accordance with paragraph 36 include all of the acquiree's assets and liabilities that the acquirer purchases or assumes, including all of its financial assets and financial liabilities. They might also include assets and liabilities not previously recognised in the acquiree's financial statements, eg because they did not qualify for recognition before the acquisition. For example, a tax benefit arising from the acquiree's tax losses that was not recognised by the acquiree before the business combination qualifies for recognition as an identifiable asset in accordance with paragraph 36 if it is probable that the acquirer will have future taxable profits against which the unrecognised tax benefit can be applied.
45. In accordance with paragraph 37, the acquirer recognises separately an intangible asset of the acquiree at the acquisition date only if it meets the definition of an intangible asset in VAS 04 Intangible Fixed Assets and its fair value can be measured reliably. VAS 04 provides guidance on determining whether the fair value of an intangible asset acquired in a business combination can be measured reliably.
(b) The acquirer shall disclose the information about that contingent liability required to be disclosed by VAS 18- "Provisions, Contingent Liabilities and Contingent Assets".
Paragraph A16(k) of Appendix A provides guidance on determining the fair value of a contingent liability.
47. After their initial recognition, the acquirer shall measure contingent liabilities that are recognised separately in accordance with paragraph 36. The amount of contingent liabilities would be recognised in accordance with VAS 18- "Provisions, Contingent Liabilities and Contingent Assets".
48. The requirement in paragraph 47 does not apply to contracts accounted for in accordance with Standard on Financial Instruments. However, loan commitments excluded from the scope of Standard on Financial Instruments that are not commitments to provide loans at below-market interest rates are accounted for as contingent liabilities of the acquiree if, at the acquisition date, it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or if the amount of the obligation cannot be measured with sufficient reliability. Such a loan commitment is, in accordance with paragraph 37, recognised separately as part of allocating the cost of a combination only if its fair value can be measured reliably.
49. Contingent liabilities recognised separately as part of allocating the cost of a business combination are excluded from the scope of VAS 18- "Provisions, Contingent Liabilities and Contingent Assets". However, the acquirer shall disclose for those contingent liabilities the information required to be disclosed by VAS 18 for each class of provision.
(b) Initially measure that goodwill at its cost, being the excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised in accordance with paragraph 36.
51. Goodwill acquired in a business combination represents a payment made by the acquirer in anticipation of future economic benefits from assets that are not capable of being individually identified and separately recognised.
52. To the extent that the acquiree's identifiable assets, liabilities or contingent liabilities do not satisfy the criteria in paragraph 37 for separate recognition at the acquisition date, there is a resulting effect on the amount recognised as goodwill (or accounted for in accordance with paragraph 55). This is because goodwill is measured as the residual cost of the business combination after recognising the acquiree's identifiable assets, liabilities and contingent liabilities.
53. Goodwill is recognised in expenses (if it is of small value) and otherwise amortised in a uniform manner during its estimated useful life (If it is a big value). The useful life of goodwill should be properly estimated as with the time during which sources embodying economic benefits are recovered by the entity. Such useful life is not beyond 10 years from the date of recognition.
The amortisation method represents the manner in which sources embodying economic benefits from goodwill can be recovered. The straight-line method is commonly used unless persuasive evidence exists to support another method seen as more appropriate. It is required that the amortisation method be consistent from one period to another unless there is a change in the manner of recovering sources embodying economic benefits from such goodwill.
54. The time and method of goodwill amortisation is re-assessed as the year ends. Where there is big difference of goodwill's economic life from the initial estimate, the amortization time is necessarily changed. So is the method of amortisation in the case of large variation of the manner of recovering future economic benefits from goodwill. If this is the case, adjustment is necessary of the amortised expense for the current year and thereafter and the fact is disclosed in a note to the financial statements.
(b) recognise immediately in profit or loss any excess remaining after that reassessment.
(a) Errors in measuring the fair value of either the cost of the combination or the acquiree's identifiable assets, liabilities or contingent liabilities. Possible future costs arising in respect of the acquiree that have not been reflected correctly in the fair value of the acquiree's identifiable assets, liabilities or contingent liabilities are a potential cause of such errors.
(b) A requirement in an accounting standard to measure identifiable net assets acquired at an amount that is not fair value, but is treated as though it is fair value for the purpose of allocating the cost of the combination, for example, the guidance in Appendix A on determining the fair values of the acquiree's identifiable assets and liabilities requires the amount assigned to deferred tax assets and liabilities to be undiscounted.
57. A business combination may involve more than one exchange transaction, for example when it occurs in stages by successive share purchases. If so, each exchange transaction shall be treated separately by the acquirer, using the cost of the transaction and fair value information at the date of each exchange transaction, to determine the amount of any goodwill associated with that transaction. This results in a step-by-step comparison of the cost of the individual investments with the acquirer's interest in the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities at each step.
(b) The acquiree's identifiable assets, liabilities and contingent liabilities must then be recognised by the acquirer at their fair values at the acquisition date.
59. Before qualifying as a business combination, a transaction may qualify as an investment in an associate and be accounted for in accordance with VAS 07 Accounting for Investments in Associates using the cost method.
60. The initial accounting for a business combination involves identifying and determining the fair values to be assigned to the acquiree's identifiable assets, liabilities and contingent liabilities and the cost of the combination.
(i) The carrying amount of an identifiable asset, liability or contingent liability that is recognised or adjusted as a result of completing the initial accounting shall be calculated as if its fair value at the acquisition date had been recognised from that date.
(ii) Goodwill or any gain recognised in accordance with paragraph 55 shall be adjusted from the acquisition date by an amount equal to the adjustment to the fair value at the acquisition date of the identifiable asset, liability or contingent liability being recognised or adjusted.
(iii) Comparative information presented for the periods before the accounting for the combination is complete shall be presented as if the initial accounting had been completed from the acquisition date. This includes any depreciation, amortisation or other profit or loss effect recognised as a result of completing the initial accounting.
62. Except as outlined in paragraphs 33, 34 and 64, adjustments to the initial accounting determined provisionally for a business combination after that initial accounting is complete shall be recognised only to correct an error in accordance with VAS 29- "Changes in Accounting Policies, Accounting Estimates and Errors". Adjustments to the initial accounting for a business combination after that accounting is complete shall not be recognised for the effect of changes in estimates. In accordance with VAS 29 effect of a change in estimates shall be recognised in the current and future periods.
63. VAS 29- "Changes in Accounting Policies, Accounting Estimates and Errors" requires an entity to account for an error correction retrospectively, and to present financial statements as if the error had never occurred by restating the comparative information for the prior period(s) in which the error occurred. Therefore, the carrying amount of an identifiable asset, liability or contingent liability of the acquiree that is recognised or adjusted as a result of an error correction shall be calculated as if its fair value or adjusted fair value at the acquisition date had been recognised from that date. Goodwill or any gain recognised in a prior period in accordance with paragraph 55 shall be adjusted retrospectively by an amount equal to the fair value at the acquisition date (or the adjustment to the fair value at the acquisition date) of the identifiable asset, liability or contingent liability being recognised (or adjusted).
(b) Recognise the reduction in the carrying amount of the goodwill as an expense.
However, this procedure shall not result in the creation of an excess, nor shall it increase the amount of any gain previously recognised in accordance with paragraph 55.
(b) After the balance sheet date but before the financial statements are authorised for issue.
(a) The names and descriptions of the combining entities or businesses.
(c) The percentage of voting equity instruments acquired.
(ii) The fair value of those instruments and the basis for determining that fair value. If a published price does not exist for the instruments at the date of exchange, the significant assumptions used to determine fair value shall be disclosed. If a published price exists at the date of exchange but was not used as the basis for determining the cost of the combination, that fact shall be disclosed together with: the reasons the published price was not used; the method and significant assumptions used to attribute a value to the equity instruments; and the aggregate amount of the difference between the value attributed to, and the published price of, the equity instruments.
(e) Details of any operations the entity has decided to dispose of as a result of the combination.
(f) The amounts recognised at the acquisition date for each class of the acquiree's assets, liabilities and contingent liabilities, and, unless disclosure would be impracticable, the carrying amounts of each of those classes, determined in accordance with a relevant accounting standard, immediately before the combination. If such disclosure would be impracticable, that fact shall be disclosed, together with an explanation of why this is the case.
(g) The amount of any excess recognised in profit or loss in accordance with paragraph 55, and the line item in the income statement in which the excess is recognised.
(h) A description of the factors that contributed to a cost that results in the recognition of goodwill - description of each intangible asset that was not recognised separately from goodwill and an explanation of why the intangible asset's fair value could not be measured reliably - or a description of the nature of any excess recognised in profit or loss in accordance with paragraph 55.
(i) The amount of the acquiree's profit or loss since the acquisition date in the period. If disclosure would be impracticable, an explanation should be given of why this is the case.
67. The information required to be disclosed by paragraph 66 shall be disclosed in aggregate for business combinations effected during the reporting period that are individually immaterial.
68. If the initial accounting for a business combination that was effected during the period was determined only provisionally as described in paragraph 61, that fact shall also be disclosed together with an explanation of why this is the case.
(b) The profit or loss of the combined entity for the period before the acquisition date.
If disclosure of this information would be impracticable, that fact shall be disclosed together with an explanation of why this is the case..
70. The acquirer shall disclose the information required by paragraph 66 for each business combination effected after the balance sheet date but before the financial statements are authorised for issue.
71. An acquirer shall disclose information that enables users of its financial statements to evaluate the financial effects of gains, losses, error corrections and other adjustments recognised in the current period that relate to business combinations that were effected in the current or in previous periods.
(ii) Is of such size, nature or incidence that disclosure is relevant to an understanding of the combined entity's financial performance.
(b) if the initial accounting for a business combination that was effected in the immediately preceding period was determined only provisionally at the end of that period, the amounts and explanations of the adjustments to the provisional values recognised during the current period.
(c) the information about error corrections required to be disclosed by VAS 29 Changes in Accounting Policies, Accounting Estimates and Errors for any of the acquiree's identifiable assets, liabilities or contingent liabilities, or changes in the values assigned to those items, that the acquirer recognises during the current period in accordance with paragraphs 62 and 63.
(a) The time of amortisation.
(b) the method used and the reason for not using the straight-line method where the straight-line method is not used for amortisation.
(c) The portion of goodwill charged to expenses in the period.
(vi) The total amount which remains unamortized as accumulated at the end of the period.
74. The entity shall disclose such additional information as is necessary to meet the objectives set out in paragraphs 65, 71 and 73.
A1. As noted in paragraph 21, in some business combinations, commonly referred to as reverse acquisitions, the acquirer is the entity whose equity interests have been acquired and the issuing entity is the acquiree. This might be the case when, for example, a private entity arranges to have itself 'acquired' by a smaller public entity as a means of obtaining a stock exchange listing. Although legally the issuing public entity is regarded as the parent and the private entity is regarded as the subsidiary, the legal subsidiary is the acquirer if it has the power to govern the financial and operating policies of the legal parent so as to obtain benefits from its activities.
A2. An entity shall apply the guidance in paragraphs A3-A15 when accounting for a reverse acquisition.
A3. Reverse acquisition accounting determines the allocation of the cost of the business combination as at the acquisition date and does not apply to transactions after the combination.
A4. When equity instruments are issued as part of the cost of the business combination, paragraph 24 requires the cost of the combination to include the fair value of those equity instruments at the date of exchange. Paragraph 27 notes that, in the absence of a reliable published price, the fair value of the equity instruments can be estimated by reference to the fair value of the acquirer or the fair value of the acquiree, whichever is more clearly evident.
A5. In a reverse acquisition, the cost of the business combination is deemed to have been incurred by the legal subsidiary (ie the acquirer for accounting purposes) in the form of equity instruments issued to the owners of the legal parent (ie the acquiree for accounting purposes). If the published price of the equity instruments of the legal subsidiary is used to determine the cost of the combination, a calculation shall be made to determine the number of equity instruments the legal subsidiary would have had to issue to provide the same percentage ownership interest of the combined entity to the owners of the legal parent. The fair value of the number of equity instruments so calculated shall be used as the cost of the combination.
A6. If the fair value of the equity instruments of the legal subsidiary is not otherwise clearly evident, the total fair value of all the issued equity instruments of the legal parent before the business combination shall be used as the basis for determining the cost of the combination.
(a) The assets and liabilities of the legal subsidiary shall be recognised and measured in those consolidated financial statements at their pre-combination carrying amounts.
(b) The retained earnings and other equity balances recognised in those consolidated financial statements shall be the retained earnings and other equity balances of the legal subsidiary immediately before the business combination.
(c) The amount recognised as issued equity instruments in those consolidated financial statements shall be determined by adding to the issued equity of the legal subsidiary immediately before the business combination the cost of the combination determined as described in paragraphs A4-A6. However, the equity structure appearing in those consolidated financial statements (ie the number and type of equity instruments issued) shall reflect the equity structure of the legal parent, including the equity instruments issued by the legal parent to effect the combination.
(d) Comparative information presented in those consolidated financial statements shall be that of the legal subsidiary.
A8. Reverse acquisition accounting applies only in the consolidated financial statements. Therefore, in the legal parent's separate financial statements, if any, the investment in the legal subsidiary is accounted for in accordance with the requirements in VAS 25 Consolidated Financial Statements and Accounting for Investments in Subsidiaries.
A9. Consolidated financial statements prepared following a reverse acquisition shall reflect the fair values of the assets, liabilities and contingent liabilities of the legal parent (ie the acquiree for accounting purposes). Therefore, the cost of the business combination shall be allocated by measuring the identifiable assets, liabilities and contingent liabilities of the legal parent that satisfy the recognition criteria in paragraph 37 at their fair values at the acquisition date. Any excess of the cost of the combination over the acquirer's interest in the net fair value of those items shall be accounted for in accordance with paragraphs 50-54. Any excess of the acquirer's interest in the net fair value of those items over the cost of the combination shall be accounted for in accordance with paragraph 55.
A10. In some reverse acquisitions, some of the owners of the legal subsidiary do not exchange their equity instruments for equity instruments of the legal parent. Although the entity in which those owners hold equity instruments (the legal subsidiary) acquired another entity (the legal parent), those owners shall be treated as a minority interest in the consolidated financial statements prepared after the reverse acquisition. This is because the owners of the legal subsidiary that do not exchange their equity instruments for equity instruments of the legal parent have an interest only in the results and net assets of the legal subsidiary, and not in the results and net assets of the combined entity. Conversely, all of the owners of the legal parent, notwithstanding that the legal parent is regarded as the acquiree, have an interest in the results and net assets of the combined entity.
A11. Because the assets and liabilities of the legal subsidiary are recognised and measured in the consolidated financial statements at their pre-combination carrying amounts, the minority interest shall reflect the minority shareholders' proportionate interest in the pre-combination carrying amounts of the legal subsidiary's net assets.
A12. As noted in paragraph A7(c), the equity structure appearing in the consolidated financial statements prepared following a reverse acquisition reflects the equity structure of the legal parent, including the equity instruments issued by the legal parent to effect the business combination.
(b) The number of ordinary shares outstanding from the acquisition date to the end of that period shall be the actual number of ordinary shares of the legal parent outstanding during that period.
A14. The basic earnings per share disclosed for each comparative period before the acquisition date that is presented in the consolidated financial statements following a reverse acquisition shall be calculated by dividing the profit or loss of the legal subsidiary attributable to ordinary shareholders in each of those periods by the number of ordinary shares issued by the legal parent to the owners of the legal subsidiary in the reverse acquisition.
A15. The calculations outlined in paragraphs A13 and A14 assume that there were no changes in the number of the legal subsidiary's issued ordinary shares during the comparative periods and during the period from the beginning of the period in which the reverse acquisition occurred to the acquisition date. The calculation of earnings per share shall be appropriately adjusted to take into account the effect of a change in the number of the legal subsidiary's issued ordinary shares during those periods.
(a) For financial instruments traded in an active market the acquirer shall use current market values.
(b) For financial instruments not traded in an active market the acquirer shall use estimated values that take into consideration features such as price-earnings ratios, dividend yields and expected growth rates of comparable instruments of entities with similar characteristics.
(c) For receivables, beneficial contracts and other identifiable assets the acquirer shall use the present values of the amounts to be received, determined at appropriate current interest rates, less allowances for uncollectibility and collection costs, if necessary. However, discounting is not required for short-term receivables, beneficial contracts and other identifiable assets when the difference between the nominal and discounted amounts is not material.
(iii) Raw materials the acquirer shall use current replacement costs.
(e) For land and buildings the acquirer shall use market values.
(f) For plant and equipment the acquirer shall use market values, normally determined by appraisal. If there is no market-based evidence of fair value because of the specialised nature of the item of plant and equipment and the item is rarely sold, except as part of a continuing business, an acquirer may need to estimate fair value using an income or a depreciated replacement cost approach.
(ii) If no active market exists, on a basis that reflects the amounts the acquirer would have paid for the assets in arm's length transactions between knowledgeable willing parties, based on the best information available (see VAS 04 for further guidance on determining the fair values of intangible fixed assets acquired in business combinations).
(h) For deferred tax assets and liabilities the acquirer shall use the amount of the tax benefit arising from tax losses or the taxes payable in respect of profit or loss in accordance with VAS 17- "Income Taxes", assessed from the perspective of the combined entity. The deferred tax asset or liability is determined after allowing for the tax effect of restating identifiable assets, liabilities and contingent liabilities to their fair values and is not discounted.
(i) For accounts and notes payable, long-term debt, liabilities, accruals and other claims payable the acquirer shall use the present values of amounts to be disbursed in settling the liabilities determined at appropriate current interest rates. However, discounting is not required for short-term liabilities when the difference between the nominal and discounted amounts is not material.
(j) For onerous contracts and other identifiable liabilities of the acquiree the acquirer shall use the present values of amounts to be disbursed in settling the obligations determined at appropriate current interest rates.
(k) For contingent liabilities of the acquiree the acquirer shall use the amounts that a third party would charge to assume those contingent liabilities.
A17. Some of the above guidance requires fair values to be estimated using present value techniques. If the guidance for a particular item does not refer to the use of present value techniques, such techniques may be used in estimating the fair value of that item.


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City of Auburn » City Hall » Parks, Arts, & Recreation » Arts and Entertainment » Art Classes and Workshops
Arts and Culture Center
Auburn Arts Alley
Auburn's Poet Laureate
Calls to Artists and Opportunities
Public Art Programs
Theater and Performing Arts
Upcoming Art Classes:
Take this fun class and create a one-of-a-kind jewelry for yourself or a unique gift for that special person in your life! During this class you will learn the basics of glass fusion and create your own art pieces. Upon completion of this class, you will have created 2 pendants and 2 earrings available for pick up in 7 days. All materials will be included, and no experience is required.
Location: The REC
Instructor: Dirk Hosie
Fee: $40/$50 for Resident/Non-Resident
February 4, 2023 Saturday, 12:00-3:00 PM - 56970
Pocket Fish Pond
See how this fun class can open your imagination in so many ways! Students will create a simple but stunning 'pocket pond' by crafting a koi fish with clay, decorating with mixed media and natural elements, and finally adding a layer of resin 'water' to give that glossy realistic look. Projects will be available for pickup later in the week. All materials will be included, and no experience is required.
Instructor: Caitlin McLafferty
February 8, 2023 Saturday, 5:30-7:30 PM - 57031
Beginning Fused Glass
Astound your significant other, amaze your friends and family, be the envy of your neighborhood with your very own fused glass creations. Our class covers basic types of fusible glass and techniques that will allow you to create two 4x4 tiles and a pendant art piece. Your art pieces will be fired by the instructor and available for pickup 7 days after the class.
February 18, 2023 Saturday, 12:00-3:00 PM - 56969
Introduction to Chinese Gongbi Painting
This class introduces you to one of two brush-and-ink techniques Chinese artists employ in painting direct studies of the natural world on paper and ink. In this class you will learn the basic skills needed to master Gongbi style of painting. You will be shown the correct way to hold the brush and how to mix and vary shades of ink used in ink washes. All materials will be provided, and experience is not necessary!
Instructor: Amy Sie
March 4, 2023 Saturday, 1:00-3:00 PM - 56973
Intro to Portraiture Drawing
In this great class you will learn the fundamentals of Portraiture drawing. Students will be introduced to the basics of anatomy of the human head and learn to create life-like portraits with traditional drawing materials. All materials will be provided, and no experience is necessary!
Instructor: Jessie Brugger
March 18, 2023 Saturday, 10:00 AM-12:30 PM - 56974

redpajama_set_name: RedPajamaCommonCrawl


text:
Retirement abroad
As an EU citizen you have the right to live in another EU country.
However, if you receive a pension in another country, how this affects the rest of your social security benefits? And where should you pay taxes?
Old-age pension
Where to apply
If you worked in several EU countries may have accumulated pension rights in each of them.
You must apply to the pension authorities in the country where you live or where you last worked. If you've never worked in the country in which you live, this country will forward your request for a pension in the country where you last worked.
Then this country is responsible for processing your application and for collecting information about your pension contributions in all countries where you worked.
In some countries the pension authority should send you the application form before you have reached retirement age in this country. If you do not get through to the pension authority to find out if you send it automatically.
You should seek information to obtain a pension at least six months before you retire, because the procedure for granting a pension from several countries can take time.
Necessary documents
The documents vary in different countries, but usually have to provide your banking information and some kind of identification.
For more detailed information contact the pension authority handling your request.
Difference in retirement age
In some EU countries will have to wait longer before receiving a pension.
You can get a pension only in the country where you live now (or you last worked) once you reach the legal retirement age in this country. If you have accumulated pension rights in other countries you will get these parts of your pension only when you reach the legal retirement age in their respective countries.
It is therefore important to be informed in advance in all countries where you have worked, what will be your position if you change the date of their retirement.
If you take one pension earlier than the other, it might affect the amounts you receive.
You can get advice from the relevant authorities in the country where you live and / or in countries where you worked.
Do not forget about the different (later!) Retirement ages in other countries
Caroline from France worked 15 years in Denmark, then returned to France at the end of his career. At the age of 60, she applied for a pension in France in the order established there, but her pension is very low.
60 years old Caroline has only French part of their pension. She will receive the portion accruing to it from Denmark when turned 67 years - the statutory retirement age in Denmark for her age group.
Retirement abroad / Attorney Iulia Danova
© 2023 Attorney Iulia Danova / Retirement abroad


text:
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Perfect for team building and networking.
• At the office or a venue of your choosing.
• Perfect for parties of 15 up to 50.
• In groups, each team has to guess the grape and country.
• Hints and tips sheets are provided.
• Papers are marked, winning & losing teams are revealed.
• Prizes – to be discussed with customer. Vinegar is a popular prize for the loser.
*Please note that this price does not include the cost of the wine.
For a more intimate, sharing atmosphere.
• Small groups of 10 to 20 people.
• A seated tasting, sampling 6 or more wines.
• Understand how wine is made.
• Learn the art of wine tasting.
• Taste fascinating new wines and exciting grape varieties.


the popular repositories for different types of digital OER.
The course includes four learning challenges designed to help you find OER and improve your digital skills for remix and collaborative OER course development. Learners are encouraged to publish and share the outputs of your activities on your course blog.


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Did Apple wait too long to fix Final Cut Pro X?
Wednesday, February 1, 2012 1:53 pm 43 Comments
"This week, FCP X took another step towards becoming a credible replacement for the previous version. The 10.0.3 update, available free to existing users, includes two of the mission critical features promised last year. With multicam editing and broadcast video monitoring, post-production specialists may begin to feel more comfortable about upgrading. There are also significant improvements to the Chroma Key feature, and other essential enhancements," Gene Steinberg writes for TechNightOwl. "There also appears to be an increase in third-party support. For example, FCP 7's XML 1.1 enhancement brings with it more tools for video editors. The 7xX app, a $9.99 download from Intelligent Assistance, exploits XML to import FCP 7 projects into FCP X. That appears to remove at least one key objection from the existing user base."
"The low price of FCP X and its add-ons make it possible for more and more students and others entering the industry to acquire professional tools to help perfect their skills. In the end, Apple might actually build a much larger user base, and those users will, of course, continue to buy the most powerful Macs to handle video editing chores," Steinberg writes. "There's even third-party support for Thunderbird peripherals, meaning that you won't need to drag a Mac Pro with you on a remote shoot. A MacBook Pro may be just fine."
Steinberg writes, "All in all, despite taking a short-term hit, maybe Apple's long-term plans will be vindicated. But it would have helped if they had done the right thing on the very first day, making sure that loyal customers knew what was happening and what to expect before they were struck with an unpleasant surprise."
Read more in the full article here.
Apple significantly updates Final Cut Pro X – January 31, 2012
Film editor: Apple's Final Cut Pro X is flexible, powerful, incredibly innovative software – September 12, 2011
Gartenberg on Final Cut Pro X: Why Apple dares to change your apps – July 17, 2011
IT Enquirer reviews Apple's Final Cut Pro X: Very much a professional's tool – July 8, 2011
Apple to allow additional Final Cut Pro 7 enterprise licenses; FCP X improvements coming soon – July 7, 2011
Former Avid employee on Final Cut Pro X: Only Apple seems capable of pushing boundaries – July 5, 2011
Why Apple built Final Cut Pro X – July 1, 2011
PC Magazine: Apple's Final Cut Pro X makes serious leaps and bounds past its predecessor – June 30, 2011
Shake product designer explains Apple and Final Cut Pro X – June 29, 2011
Apple answers Final Cut Pro X questions; promises multicam editing and more – June 29, 2011
Change.org petition demands that Apple not change Final Cut Pro – June 27, 2011
Final Cut Pro X 'backlash' coming from competitors scared to death over Apple's $299 price tag? – June 24, 2011
Conan blasts Apple's new Final Cut Pro X (with video) – June 24, 2011
Answers to the unanswered questions about Apple's new Final Cut Pro X – June 23, 2011
'Professional' video editors freak out over Final Cut Pro X – June 23, 2011
Apple revolutionizes video editing with Final Cut Pro X – June 21, 2011
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Macsilvio
Wednesday, February 1, 2012 at 2:11 pm
Definitely YES!!!
From an Italian fans of Mac
DEFINITELY no
Apple did make a bold mistake.
A marketing error. It would have been perhaps better to offer a LAST upgraded Final Cut 8… but it is not too LATE to evolve the FINAL CUT PRO X… wrong.
Wrong Again
Creating an upgrade to FCP7 would have wasted resources which needed to concentrate on the new technology. It would have take longer to get FCPX where it needed to be if half the team were bug fixing/upgrading old stuff.
No, because Apple announced that they will add needed features like half year ago.
Everyone who had common sense waited for this new update. There was no reason to immediately go away to Avid or Adobe software.
False premise. FCP X was never broken.
A lot of adobe and avid fans screaming bloody murder (and complaining about missing features that are actually in there already) does not indicate that the product is broken.
Able Archer
Thursday, February 2, 2012 at 12:37 am
when will you people listen to the objections of people who use FCP everyday. If a feature that we need often is buried six levels deep or is now a substandard shadow of its former self (like color correction or audio sweetening) or doesn't exist (like a clip viewer, massive file management, Multi user editing, etc.) it's not a matter of simply relearning a new interface. These features, their level of professional output and their placement were important and well thought out. We are not whining because they have made it more difficult on many levels to achieve the desired results.
If you don't know what a waveform monitor is or how to use it then you shouldn't talk about those who need it. Apple has made editing more accessible to the masses and that's a good thing. But in the process the have taken away (or buried) high level tools that are necessary to produce high end content. Just because your home movies and graduation videos now look and sound slicker and more polished than before doesn't mean that they are the same quality or level of sophistication as what an experienced pro would produce with a more robust tool. By the same token just because you can't tell the difference doesn't mean there is one. Or many in this case.
Aldus Pagemaker didn't create artists anymore than MS Word created good writers. But it sure made people think that anyone could do these things as well as a trained and seasoned pro. I've seen so many poorly finished shows over the past few years that I've all but stopped watching. Audio levels all over the place. Blown out video. Quality gas gone down. And products like these tend to lower the bar because everything thinks they're as good as the veterans even though they are clueless as to what the end result should look or sound like.
People didn't jump to other products out of spite. Those that left did so because FCP 7 could no longer keep up and we were promised it would. The new app is a step (or 20) backwards. Forwards in a few ways but overall backwards. X might be ready in a few years but that is a long time to wait when you've already been waiting since 2007.
Thunderbird peripherals ????? THUNDERBOLT I think…!!!😁😁😁
Arnold Ziffel
Yeah, what's next – MD20/20 peripherals?
Wow, there's a blast from the past. Mad Dog 20/20 in Everclear punch. I think. My memory is a little fuzzy.
Yeah, those were the days.
praus
yeah drinking that will make your memory more then a little fuzzy.
Krioni
Thunderbirds 2086!
ericdano
Apple probably should have had this stuff in the inital release, but since the stuff is NOW there and it is amazingly better than the old stuff, people will now move their 7 studios to X.
Wyseguy
"Thunderbird peripherals?" I had no idea Ford got into the I/O device business.
Seriously, it's so typical of the tech press to show such a lack of understanding of software development. Did they really expect Apple to be able to wave a magic wand, and ship a product that's completely redesigned from the ground up, with every single feature a product that has been on the market for 12+ years had?
Arguably, Apple shouldn't have apparently killed Final Cut Pro 7 so soon, but that's kind of their way. They did it with the iMac with no floppy drives, the original iPhone shipped without a lot of features other smart phones based on older software platforms had offered for years, and the list goes on. Eventually, the iMac's feature set provided to be the right way, and iPhone got 3rd-party apps, and lots of new features over time. Why bloggers and tech press miss this pattern, I don't know.
Anyway, nice to see them rolling out updates with new features as promised. As long as they keep those updates coming, all this "Chicken Little" noise will fade. Of course, the haters will insist that the updates with new features are only a result of the apparent public outcry. It won't occur to them that software projects evolve, and it takes time to do that. Must be a great job to be an analyst or tech blogger. You don't have to know what you are taking about. You just have to publish controversial articles with provocative headlines to generate web traffic and resulting ad sales. There's no accountability.
muddygun
I dont think apple plans to cut themselves out of the pro market. This update responds to what the people really wanted in the program. their getting out waveform monitoring to broadcast monitors….which is defiantly a pro item. It might take another year before its what we want. I would like to see a different file system and not this event stuff. And as far as importing tape…this is the way i see it. Every new camera that records to disk instead of tape has to make their own import function in Final Cut and the FCP makers probably just shifted that functionality to the beta tape developers and other tape developers instead of handling that. It sucks for us. But at the same time. I just spend 300 on something that use to cost 1000. And if i only spend 200 bucks more for a tape functionality for that…i still save 500. And honestly, if I am buying a beta tape deck…maybe they should choke up the import functionality much like Canon and Sony do with their data-driven cameras.
shinolashow
so it begs the question.. all those designers that had hissy fits and went with adobe… is there buyer's remorse?
crisrod63
Apple did unequivocally inform that updates were on there way, that the first release did not contain everything they wanted and a set of free updates would follow and would be released when ready.
well said – and true
Apple did right to release it without multicam. Since then we work with FCPX every day and we love it. We would not have missed one single day. They only should have communicated in a better way from the very beginning telling before the complains came in that some missing features will follow later. FCPX is a magic software redefining the entire workflow. Thanks Apple.
They did tell everyone this, no one listened. Apple has always been good about improving things with updates but it seems some people have the memory of the goldfish and can't remember that.
LeftCoastMan
Apple has done this kind of thing several times. Get rid of floppy drives. Waaaaaahhhhhhh. Apple Sucks. Get rid of SCSI. Waaaaaaahhhhhh. Apple Sucks. The iPhone doesn't have a keyboard. Waaaaaaahhhhhhhhh. Apple sucks.
FCP7 was getting long in the tooth, and need upgrading to fully utilize the power of the Mac these days. Maybe they rushed it to the market, many pros loved it and found workarounds. Even Pogue thought that the detractors were full of it.
Right on, bro!
Uh yeah… David Pogue even admitted that not only was he not an editor of any sophistication but that he had absolutely NO CLUE what pro editors needed or even what the hell we weeeeeferring to when mentioning problems. He had to read off of Apple's sheet when addressing the outrage and eventually backed off because of his self professed ignorance. There aren't work arounds for most of the problems. You're as bad Pogue was except you don't even know it.
gcaptain5
It seems like Apple was too quick about cutting legacy support. After a complete rewrite, a tough transition is unavoidable. Apple should have let users continue to purchase licenses for FCP 7 for about a year or two, then start aggressively cutting support for FCP 7 after Final Cut Pro X became a credible replacement. That would have made the transition much easier for FCP loyal users.
Yeah probably, but as soon as people brought up the license thing, they agreed. Which is why you can still buy a FCP7 license if needed.
Agreed that Apple should have done a better job at launch.
But compare that to MS Windows, which after 20 years *still* isn't fixed.
Apple certainly created a furore by immediately chopping Pro 7 when Pro X was announced. That generated massive publicity for sure but not of the most desirable variety. As all disaster enquiries conclude; lessons must be learned and applied.
For me as an amateur I am very happy with Pro X and can't wait to try out the multicam synch. I really like Pro X.
Even so I have read reports and opinions today complaining that professional editors still cannot do their work because of timeline issues that revolve around music timing and synch and poor colour control.
Thursday, February 2, 2012 at 1:00 am
Now here is someone who gets it. 🙂
Q: Did Apple wait too long to fix Final Cut Pro X?
Bizlaw
This is an example of how Apple's lack of communication with the outside world hurt it. All it would have taken was for Apple to come out and say, "Here's our new FCP product, but we know it's missing a few important features at this point. Because this is a grown-up rewrite of FCP, we weren't able to get all of the features in that we wanted right away. We will be adding them over the next few months, but we wanted you to see where FCP is going and be able to start using it."
Yeah. That's called a beta version. They should have given it away. Updated fc7 to 64 bit with a minor update the way they did with logic. A mid version update. Then people would have time to get excited. Wouldn't have had as much to fear or bitch about. We could still be in final cut x beta. Happily waiting to purchase the fully realized vision for the product.
tbone
Agreed. This is exactly what they should have done.
That's statement contains a lot of childish handholding. They told folks that all of these new features would be coming. If people couldn't make the leap of logic to wait for these features, then thats not Apple's fault.
They told everyone those features would be coming after the fact. They may have had good intentions and ultimately a good product, but only delivered on both of those after the uproar. The fact is, I want to stay with Apple. We know they are a revolutionary company and they create revolutionary software, but no one likes a revolution when its your neck on the line. I for one really did want someone to hold my hand on the way to the chopping block.
FN-Illinois RIGHT! Your product is dead in the water if my deadlines can't be met.
Apple has the hardware I wanted to use. They had the software I needed. Now I'm in limbo.
Now give me OMF support and I'm SWITCHING!
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Tags: Final Cut Pro, Final Cut Pro X
Friday, January 15, 2021 5:32 pm 2 Comments
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Mark Jackson highlights potential of young Leeds United winger and provides Mateo Joseph Fernandez update
BBL: New team leader Mourier tips Leeds to be a force to be reckoned with in 2018
Isaac Mourier insists that Leeds Force will be primed and ready to tackle the best of the British Basketball League in 2018, targeting a change in form that could enable an assault on the playoff spots in the new year, writes SEB GIGNER.
Isaac Mourier. PIC: Bruce Rollinson
Mourier – recently appointed a team-leader by Force head coach Danny Nelson – is confident Leeds can take on anyone once they find some much-needed balance after a series of changes to the playing roster.
"We've lost some guys and brought some new players in, so we're still gelling as a team," Mourier said. "There is no doubt in my mind that Leeds can challenge in the second half of the season. Up until now, we've been struggling, but I'm confident that we'll change that and be able to compete in the new year."
A turbulent start to the campaign leaves Force rooted to the bottom of the BBL standings with only one win from their opening 13 games to end 2017, but Mourier believes that the right preparation over the Christmas period can transform Leeds into a force to be reckoned with in the second half of the season.
Leeds Force team leader, Isaac Mourier. PIC: Alex Daniels
"I believe in every single one of the guys in the locker room, and that we're not that far away from competing against anyone in this league.
"Right now, it may seem like a lofty goal, but it's not an unrealistic target at all.
"If we put in the hard work and show our dedication, we'll be right there."


Oslo, Norway - Scatec Solar ASA reported first quarter proportionate revenues of NOK 573 million (NOK 144 million in first quarter 2017), and EBITDA reached NOK 109 million (87).
As Scatec Solar points out, the increase in proportionate revenues and EBITDA is driven by higher Development & Construction (D&C) activities compared to last year.
Construction continues in Malaysia, Brazil and Honduras and construction has just commenced in Mozambique. This high level of activity lead to D&C revenues of NOK 417 million (0) and EBITDA of NOK 15 million (-15) in the quarter.
Scatec Solar's first quarter consolidated revenues reached NOK 289 million (276), and EBITDA reached NOK 212 million (222).
Financial close was reached for 40 MW in Mozambique in March and 258 MW in South Africa in April 2018. Development & Construction revenues are set to increase significantly over the coming quarters with contract awards of NOK 8.5 billion to realize 1.1 GW of new solar power plants.
"We are pleased to confirm that we are reaching our 2018 growth target. In addition we have added 150 MW in Ukraine and 25 MW in Cameroon to our project pipeline. With 3.6 GW of project pipeline and opportunities, Scatec Solar has a solid basis for growth beyond 2018", says CEO Raymond Carlsen.


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12+ Blogs of Christmas: The Rotary Connection, "Silent Night" (1968)
December 1, 2016 December 5, 2018 / Len
Thanksgiving is over. That's when the Christmas music starts.
That was my rule as a program director. It probably cost me a few ratings points over the years, but I took it seriously. Thanksgiving remains one of my favorite holidays, and I didn't like seeing what was happening to it – the disappearance into the shuffle. (One year, my cluster decided to flip a poorly-performing AC station to all-Christmas on Halloween.)
I also didn't like playing the basic list of the same 100 tired holiday songs, either. There are great seasonal songs that are worth the trouble to seek out. I'm not opposed to the usual chestnuts (whether they roast over open fires or not), but there's no reason not to make an excuse to play something notable, unusual, or just plain great. So, for the month of December, I want to call attention to some of those "secret weapon" records that I used to use in the last month of the year.
1968 was a difficult year for America. Many will argue that 2016 has been a difficult year as well, but I maintain that 1968 was tougher. While we have unrest and have lost many notable celebrities this year, 1968 saw horrific loss of life in Vietnam and the loss of celebrities through assassinations. That would be enough. Throw in a bloody confrontation in Grant Park at the Democratic National Convention, and you see the stage set for what turned out to be a remarkable Christmas album that gets overlooked.
The founder of Chess Records, Leonard Chess, took their subsidiary label Argo Records and gave it to his son Marshall to supervise, reimaged as Cadet Concept Records. Immediately Marshall looked for bands that catered to a younger, more hip audience. Bands such as the Status Quo released "Pictures of Matchstick Men" on the label. But maybe one of the greatest discoveries was right in the office. Minnie Riperton was working as a receptionist for the label when it was discovered she could sing. By sing, I mean "possessed a freakishly-wide vocal range that was not of this Earth." Younger readers of the blog will be interested to know that her #1 solo hit, "Lovin' You" (shown here in an original video clip), has been featured in a variety of advertisements, and that Minnie Riperton and husband Robert Rudolph's daughter, Maya Rudolph, is someone you know well from Saturday Night Live. Minnie became the centerpiece for a psychedelic soul band called the Rotary Connection. The Connection was formed of a variety of musicians along with a band called the Proper Strangers, a white rock band. Mitch Aliotta was a member of this group: he, along with Skip Haynes and John Jeremiah created one of the best-known love songs to the city of Chicago, "Lake Shore Drive."
The Rotary Connection released a few worthwhile albums, most notably their self-titled debut in 1967 and Aladdin in 1968. But their Christmas album, Peace, is the one I suggest that you seek out. It is a far cry from the Ray Conniff Christmas sounds that likely came out of your grandparents' living room hi-fi. This is a rock album, a psychedelic album, a soul album, and a Christmas album. The song "Christmas Love" is a sweet song of the holidays on the surface, until you listen to the lyrics carefully: friends in Vietnam who can't be there to celebrate, unrest in Chicago, even a name check for then-mayor Richard J. Daley lie within. "Silent Night" is the sort of thing that I can't describe in words. You will either hate it, need a second listen to make up your mind, or get chills when you hear it. There's no being beige about this record, and it's far from silent.
You can experience the Rotary Connection for yourself by clicking here.
1960s, Chicago, Christmas
← You can't have one without the other: The Kings, "This Beat Goes On/Switchin' To Glide" (1980)
12+ Blogs of Christmas: "Sleigh Ride" →
3 thoughts on "12+ Blogs of Christmas: The Rotary Connection, "Silent Night" (1968)"
HERC
After appreciating the amazing talents of Ms. Minnie for years while growing up because Mom loved "Lovin' You", I didn't come across Rotary Connection until the CD age when I picked up the Have A Merry Chess Christmas comp on disc for Christmas '88 or '89. I bought it for the Chuck Berry, Moonglows, and O'Jays tracks but the Rotary Connection track "Christmas Love" was a joyful discovery. When I discovered there was an entire Christmas album by the group, I bought the first over-priced, overplayed vinyl copy I could find and it's crackly goodness sufficed until Peace saw a digital disc release a few years later.
So looking forward to the next eleven Blogs of Christmas.
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