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Accounting Provisions Sample Clauses

The Content provider is solely responsible for such Content, any warranties to the extent that such warranties have not been disclaimed, and any claims that you or any other party may have relating to such Content. You may not use or otherwise export or re-export the Licensed Application except as authorized by United States law and the laws of the jurisdiction in which the Licensed Application was obtained. In particular, but without limitation, the Licensed Application may not be exported or re-exported into any U.S.-embargoed countries or to anyone on the U.S. By using the Licensed Application, you represent and warrant that you are not located in any such country or on any such list.

  • When audit findings were fully corrected, the summary schedule need only list the audit findings and state that corrective action was taken.
  • A service credit deducts an amount of money from the total amount to be paid under the contract if the service provider fails to meet service delivery and performance standards.
  • The non-Federal entity obtains the financing via an arm’s-length transaction ; or claims reimbursement of actual interest cost at a rate available via such a transaction.

Always offer first those appropriate paragraphs that preserve for the University the most rights in Intellectual Property. Accounting.The manner in which such Seller Party accounts for the transactions contemplated by this Agreement and the Receivables Sale Agreement does not jeopardize the true sale analysis. Accounting Provisions.All accounting terms used but not defined in this Agreement and/or any Ancillary Agreement shall have the respective meanings given to them in conformance with GAAP.

Summary of IPSAS Accounting Policy

Whilst it is likely that the Accounts Division will perform the assessment to determine appropriate accounting treatment, the information provided by the relevant teams should contain details of all the key factors from which the Accounts Division will make its assessment. Non-adjusting events after the reporting date are those that are indicative of conditions that arose after the reporting date. Where a provision is no longer required(i.e. where the provision recognition criteria are no longer met), it should be reversed. A provision can be fully or partially reverseddepending on the specific circumstances. Any proceeds anticipated from the disposal of assets to be used in settlement of the obligations should not be taken into account when measuring a provision.

If a dispute arises in the negotiation of a plan or from a disallowance involving two or more Federal awarding agencies, the dispute must be resolved in accordance with the appeals procedures set out in 45 CFR Part 16. Disputes involving only one Federal awarding agency will be resolved in accordance with the Federal awarding agency’s appeal process. Each billed central service activity must separately account for all revenues generated by the service, expenses incurred to furnish the service, and profit/loss. This method is acceptable, provided each joint cost is prorated using a base which accurately measures the benefits provided to each Federal award or other activity. The bases must be established in accordance with reasonable criteria and be supported by current data. This method is compatible with the Standards of Accounting and Financial Reporting for Voluntary Health and Welfare Organizations issued jointly by the National Health Council, Inc., the National Assembly of Voluntary Health and Social Welfare Organizations, and the United Way of America.

Is a Terms and Conditions agreement required?

All proposed central service cost allocation plans that are required to be submitted will be reviewed, negotiated, and approved by the cognizant agency for indirect costs on a timely basis. The cognizant agency for indirect costs will review the proposal within six months of receipt of the proposal and either negotiate/approve the proposal or advise the governmental unit of the additional documentation needed to support/evaluate the proposed plan or the changes required to make the proposal acceptable. Once an agreement with the governmental unit has been reached, the agreement will be accepted and used by all Accounting Provisions Sample Clauses Federal agencies, unless prohibited or limited by statute. Where a Federal awarding agency has reason to believe that special operating factors affecting its Federal awards necessitate special consideration, the funding agency will, prior to the time the plans are negotiated, notify the cognizant agency for indirect costs. The rates proposed, including subsidiary work sheets and other relevant data, cross referenced and reconciled to the financial data noted in subsection b. Allocated central service costs will be supported by the summary table included in the approved central service cost allocation plan.

  • Apple iTunes, which probably isn’t dealing with high-liability goods, includes the following boilerplate language in its Terms agreement to deal with limiting liability and disclaiming warranties.
  • Accounting.Except as provided to the contrary herein, all accounting terms used in the calculation of any financial covenant or test shall be interpreted and all accounting determinations hereunder in the calculation of any financial covenant or test shall be made in accordance with Agreement Accounting Principles.
  • The transaction standards are established by the HIPAA Transactions Rule at 45 C.F.R. Part 162.
  • Because of the diverse characteristics and accounting practices of governmental units, the types of costs which may be classified as indirect costs cannot be specified in all situations.

Senator Sarbanes’s bill passed the Senate Banking Committee on June 18, 2002, by a vote of 17 to 4. On June 25, 2002, WorldCom revealed it had overstated its earnings by more than $3.8 billion during the past five quarters , primarily by improperly accounting for its operating costs. Senator Sarbanes introduced Senate Bill 2673 to the full Senate that same day, and it passed 97–0 less than three weeks later on July 15, 2002. Corporate and Criminal Fraud AccountabilityTitle VIII consists of seven sections and is also referred to as the “Corporate and Criminal Fraud Accountability Act of 2002”.

Where do I display my Terms and Conditions agreement?

When a Federal awarding agency terminates a Federal award prior to the end of the period of performance due to the non-Federal entity’s material failure to comply with the Federal award terms and conditions, the Federal awarding agency must report the termination to the OMB-designated integrity and performance system accessible through SAM . A comparison of actual accomplishments to the objectives of the Federal award established for the period. Where the accomplishments of the Federal award can be quantified, a computation of the cost may be required if that information will be useful. Where performance trend data and analysis would be informative to the Federal awarding agency program, the Federal awarding agency should include this as a performance reporting requirement. The non-Federal entity must make available, upon request of the Federal awarding agency or pass-through entity, technical specifications on proposed procurements where the Federal awarding agency or pass-through entity believes such review is needed to ensure that the item or service specified is the one being proposed for acquisition.

What is a provision clause?

A provision in a contract stipulates a condition or requirement. A clause is a section or subsection written into a contract, which may contain one or more provisions within it.

The certificate must be signed on behalf of the organization by an individual at a level no lower than vice president or chief financial officer for the organization. Fixed rate means an indirect cost rate which has the same characteristics as a predetermined rate, except that the difference between the estimated costs and the actual costs of the period covered by the rate is carried forward as an adjustment to the rate computation of a subsequent period. All costs included in this proposal to establish billing or final indirect (F&A) costs rate for are allowable in accordance with the requirements of the Federal agreement to which they apply and with the cost principles applicable to those agreements. The total amount of salaries and wages included in the indirect (F&A) cost pool must be separately identified.

B-1 – Model Clauses for Account Disclosures

The non-Federal entity must negotiate profit as a separate element of the price for each contract in which there is no price competition and in all cases where cost analysis is performed. To establish a fair and reasonable profit, consideration must be given to the complexity of the work to be performed, the risk borne by the contractor, the contractor’s investment, the amount of subcontracting, the quality of its record of past performance, and industry profit rates in the surrounding geographical area for similar work. As appropriate and to the extent consistent with law, the non-Federal entity should, to the greatest extent practicable under a Federal award, provide a preference for the purchase, acquisition, or use of goods, products, or materials produced in the United States . The requirements of this section must be included in all subawards including all contracts and purchase orders for work or products under this award.

Accounting Provisions Sample Clauses

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