Key Benefits:
Minister of Economy, Industry and Employment, Seal Guard, Minister of Justice, and Minister of Budget, Public Accounts and Public Service,
Vu la Act No. 98-261 of 6 April 1998 reform of accounting regulations and adaptation of land advertising regime, including Article 5,
Stop:
The accounting regulations of April 3, 2008:
― Regulation No. 2008-07, relating to the accounting of securities acquisition fees, amending Regulation No. 90-01 of the Banking Regulatory Committee on the Accounting of Securities Transactions as amended by Regulation No. 95-04 of 21 July 1995 of the Banking Regulatory Committee and Regulations No. 2000-02 of 4 July 2000, No. 2002-01 of 12 December 2002 and No. 2005-01 of 3 November 2005 of the Accounting Regulatory Committee;
- Regulation No. 2008-10 concerning the presentation of pro forma information amending Regulation No. 99-02 of the Accounting Regulatory Committee for the Consolidated Accounts of Commercial and Public Enterprises;
― Regulation No. 2008-11 on accounting rules applicable to real estate collective investment organizations,
are approved.
This Order and its annexed Regulations will be published in the Official Gazette of the French Republic.
A N N E X E S
REGULATION No. 2008-07, OF 3 APRIL 2008 SUBMITTED TO THE COMPTABILIZATION OF THE FRAIS OF TITERS, MODIFIANT LE REGULATION No. 90-01 OF THE BANKING REGULATION COMMITTEE ON THE COMPTABILIZATION OF OPERATIONS ON TITIES MODIFIED BY REGULATION No. 95-04 No. 2000-02 of 4 JULY 2000, No. 2002-01 of 12 DECEMBER 2002 and No. 2005-01 of 3 NOVEMBER 2005 OF THE COMPTABLE REGULATION COMMITTEE
The Accounting Regulatory Committee,
Considering the trade code;
Considering the monetary and financial code;
Vu la Act No. 98-261 of 6 April 1998 reforming accounting regulations and adapting the land advertising regime;
Having regard to Regulation No. 99-03 of 29 April 1999 of the Committee on Accounting Regulations relating to the General Accounts Plan, amended by Regulation No. 99-08 and 99-09 of 24 November 1999, No. 2000-06 of 7 December 2000, No. 2002-10 of 12 December 2002, No. 2003-01 and No. 2003-04 of 2 October 2003, No. 2003-08 of 20 November 2003, No. 2003-07 of 12 December 2003, No. 2004-01 of 4 May 2004, No. 2004-06, No. 2004
Having regard to Regulation No. 90-01 of the Banking Regulation Committee on the Accounting of Securities, as amended by Regulation No. 95-04 of 21 July 1995 of the Banking Regulatory Committee and Regulation No. 2000-02 of 4 July 2000, No. 2002-01 of 12 December 2002 and No. 2005-01 of 3 November 2005 of the Accounting Regulatory Committee;
In the light of the opinion of the National Accounting Council No. 2008-05 of 6 March 2008 concerning the accounting of the costs of acquiring securities amending Regulation No. 90-01 of the Banking Regulation Committee relating to the accounting of securities transactions, as amended by Regulation No. 95-04 of 21 July 1995 of the Banking Regulation Committee and Regulation No. 2000-02 of 4 July 2000, No. 2002-01 of 12 December 2002 and No. 2005-01 of 3 November
In light of Opinion No. 2008-18 of 8 April 2008 of the Advisory Committee on Financial Legislation and Regulation,
Decides to amend Regulation No. 90-01 to read:
Article 1
The first paragraph of section 4 is replaced by the following provisions:
Art. 4. - Transaction securities are accounted for at the date of their acquisition for their excluded costs, including, where applicable, accrued interest. Acquisition costs are recorded directly on charges.
Article 2
The first paragraph of section 6 is replaced by the following provisions:
Art. 6. - Investment securities are registered on the date of their acquisition for their acquisition price. The acquisition costs are either related to the acquisition price of the investment securities or recorded directly on charges, subject to compliance with the provisions of Article 13 bis. The establishments differ in accounting, if any, in accounts that are linked to the accrued interest in the acquisition of the securities.
Article 3
The first paragraph of section 8 is replaced by the following provisions:
Art. 8. - Investment securities are registered on the date of their acquisition for their acquisition price. The acquisition costs are either related to the acquisition price of the investment securities or recorded directly on charges, subject to compliance with the provisions of Article 13 bis. If they come from the investment titles, they are registered at their acquisition price and the previously constituted depreciations are taken over the residual life of the securities concerned. The establishments differ in accounting, if any, in accounts that are linked to the accrued interest in the acquisition of the securities.
Article 4
In section 9 bis, paragraph 12, the sentence: The securities of the portfolio activity, other long-term held securities, equity securities and shares in the related companies are recorded on the date of their acquisition and for their acquisition price, excluded fees is replaced by the sentence: The securities of the portfolio activity, other long-term held securities, equity securities and shares in related companies are registered on the date of their acquisition for their acquisition price.
After this sentence, the following sentence is added: The acquisition costs are either related to the acquisition price of the securities or recorded directly on charges, subject to compliance with the provisions of Article 13 bis.
Article 5
A new article 13 bis is created as follows:
Art. 13 bis. - The choice of the accounting option for the acquisition of investment securities, investment securities, portfolio activity securities and other long-term held securities is made in a comprehensive manner for these four securities accounting categories. For equity securities and shares in related companies, the choice of the acquisition fee accounting option is made independently of other accounting categories.
Article 6
The changes made under the first application of these Regulations are dealt with in accordance with the provisions related to the change in tax option set out in section 314-2 of Regulation No. 99-03. Once made, the change is irreversible.
REGULATION No. 2008-10 of the 3 APRIL 2008 SUBSTANT TO THE PRESENTATION OF INFORMATION PRO FORMA MODIFIANT TO REGULATION No. 99-02 OF THE COMMITTEE ON COMPTABLE REGULATION ON CONSOLIDATION OF TRADE AND PUBLIC COMPANIES
The Accounting Regulatory Committee,
Considering the trade code;
Vu la Act No. 98-261 of 6 April 1998 reforming accounting regulations and adapting the land advertising regime;
Having regard to Regulation No. 99-02 of 29 April 1999 of the Accounting Regulatory Committee for the Consolidated Accounts of Commercial and Public Enterprises, as amended by Regulation No. 2000-07 of 7 December 2000, No. 2002-12 of 12 December 2002, No. 2004-03 of 4 May 2004, No. 2004-14 of 23 November 2004 and 2005-10 of 3 November 2005;
Considering Regulation No. 99-03 of 29 April 1999 of the Committee on Accounting Regulations relating to the General Accounts Plan, amended by regulations No. 99-08 and No. 99-09 of 24 November 1999, No. 2000-06 of 7 December 2000, No. 2002-10 of 12 December 2002, No. 2003-01 and No. 2003-04 of 2 October 2003, No. 2003-08 of 20 November 2003, No. 2003-07 of 12 December 2003, No. 2004-01 of 4 May 2004, No. 2004-06, No.
In light of National Accounting Council Notice No. 2008-06 of 6 March 2008 on the presentation of pro-forma information of Regulation No. 99-02 on the consolidated accounts of commercial and public enterprises,
Decides to amend the schedule to Regulation No. 99-02 to read:
Article 1
In paragraph 214 Information to be included in the annex to section II, paragraphs 2, 3 and 4 are amended as follows:
The schedule also refers to the impact of significant changes in any position of the balance sheet, the net result and the consolidated cash flow chart affected by the acquisition.
In addition, pro forma information relating to turnover and net income is presented for the current year, as if the change in scope occurred at the opening of the fiscal year. This information will take into account, inter alia, the amortization of the procurement gap and the financial costs incurred by the acquisition.
Finally, the schedule refers to the significant information regarding the cost or price of acquisitions and transfers between the year's closing date and the date of termination of accounts.
Article 2
Subsection 21522 Information in the Appendix at the first application of the derogatory method to an operation and until the end of the fiscal year including the last constitutive transaction of the section II operation is amended as follows:
In the annex, the names of the companies concerned and each of the movements that result from the application of the derogatory method on consolidated equity are mentioned separately. In addition, the information as defined in paragraph 214.
Article 3
Paragraph 25 Information to be included in the schedule to the fiscal year in which the change in the percentage of holdings in section II is made is replaced by the following provisions:
The schedule should mention the impact of significant changes in the consolidation scope (case of an entity previously consolidated by the equivalency method or by the proportional integration method and now consolidated by the overall integration method) and covering any position of the balance sheet, the net result and the consolidated cash flow chart significantly affected by this change in the percentage of detention.
In addition, pro forma information relating to turnover and net income is presented for the current year as if the change in scope occurred at the opening of the fiscal year. This information will take into account, inter alia, the amortization of the procurement gap and the financial costs incurred by the acquisition.
Finally, the schedule refers to the significant information regarding the cost or price of acquisitions and transfers between the year's closing date and the date of termination of accounts.
Article 4
In paragraph 422 Information on the consolidation scope of section IV, paragraph 3 as follows:
― justification, for some controlled companies, of the use of the equivalence method is deleted.
Article 5
In paragraph 423 Comparability of the accounts in section IV:
Paragraph 2 is amended to read:
In the case of the acquisition of a business to be consolidated by global or proportional integration, the date of its entry into the perimeter of all useful information regarding the acquisition cost of the securities, the amount of the acquisition gap and the impact of the acquisition on any position of the balance sheet, the net result and the cash flow chart presented in respect of the acquisition year. In addition, pro forma information relating to turnover and net income is presented for the current year as if the change in scope occurred at the opening of the fiscal year. This information will take into account, inter alia, the amortization of the procurement gap and the financial costs incurred by the acquisition;
and paragraph 4 is amended to read:
In the case of subsequent variations in the scope or consolidation methods (cases of an entity previously consolidated by the equivalency method or by the proportional integration method and now consolidated by the overall integration method), the indication of all useful information regarding the impact of significant changes on any post of the balance sheet, the net result and the cash flow chart significantly affected by this change in the percentage of detention. In addition, pro forma information relating to turnover and net income is presented for the current year as if the change in scope occurred at the opening of the fiscal year. This information will take into account, inter alia, the amortization of the procurement gap and the financial costs incurred by the acquisition.
REGULATION No. 2008-11 of 3 APRIL 2008 ON COMPTABLE REGULATIONS FOR COLLECTIVE PLACEMENT BODIES
The Accounting Regulatory Committee,
Considering the trade code;
Considering the monetary and financial code, including chapter IV of Book II title I;
Vu la Act No. 98-261 of 6 April 1998 reforming accounting regulations and adapting the land advertising regime;
See?Order No. 2005-1278 of 13 October 2005 defining the legal regime of real estate collective investment organizations;
Vu le Decree No. 2006-1542 of 6 December 2006 defining the rules of composition and functioning of real estate collective investment organizations;
Considering Regulation No. 99-03 of 29 April 1999 of the Committee on Accounting Regulations for the General Accounts Plan as amended by Regulations No. 99-08 and 99-09 of 24 November 1999, No. 2000-06 of 7 December 2000, No. 2002-10 of 12 December 2002, No. 2003-01 and 2003-04 of 2 October 2003, No. 2003-05 of 20 November 2003, No. 2003-07 of 12 December 2003, No. 2004-01 of 4 May 2004,-08° 2004-06, No. 2004-07, No.
Having regard to Regulation No. 2003-02 of 2 October 2003 of the Accounting Regulatory Committee on the accounting plan for securities collective investment organizations amended by Regulation No. 2004-09 of 23 November 2004 and No. 2005-07 of 3 November 2005;
In light of Opinion No. 2007-01 of 4 May 2007 of the National Accounting Council for Accounting Rules for Real Property Collective Investment Institutions, as amended by Opinion No. 2008-07 of 6 March 2008,
Decides:
Article 1
Real estate collective investment organizations shall account for their operations in accordance with the provisions set out in the annex to these rules.
A N N E X E
COMPTABLE PLAN OF ORGANISMS
DE PLACEMENT COLLECTIF IMMOBILIER, OPCI
The terms of the law, L.XXX and R.XXX refer to the articles of the monetary and financial code.
The carrier term is indifferently the holders of shares of real estate investment funds (FPI) or shareholders of investment companies with variable capital preponderance (SPICAV). However, the appropriate term should be used in the preparation of annual accounts.
1. Purpose and principles of accounting
1.1. Scope
1.1.1. General principle
Subject to the modifications set out in these Regulations, real estate collective investment organizations (CIFs) covered by these Regulations 5° of Article L. 214-1 of the Monetary and Financial Code (MFA) apply the provisions of the accounting plan of the securities collective investment organizations (VCOs).
1.1.2. Agencies concerned
According to the law, real estate investment companies with variable capital (SPICAV) and real estate investment funds (FPI) are the two categories of real estate collective investment organizations.
SPICAV are anonymous companies under Book II of the Commercial Code subject to exemptions and adaptations stipulated by law.
FPIs are co-owners of real estate assets and financial instruments and deposits. They don't have the moral personality. The provisions of the Indivision Civil Code and those of sections 1871 to 1873 of the Code relating to participating companies are not applicable to them. Certain provisions governing commercial corporations are applicable to them by law.
Section L. 214-144 provides for the creation of a light operating rules CIPO for certain investors.
1.1.3. Specific forms of OPCI
Section L. 214-146 provides for the creation of compartmentalized OPCI: the rules for these particular forms of OPCI are identical to those for compartmentalized OPCVMs.
1.1.4. Subject
According to Article L. 214-90, the purpose of the OPCI is to invest in buildings that they give for rent or that they are built exclusively for the purpose of their rental, that they hold directly or indirectly, including in the future state of completion.
1.2. Specific principles
1.2.1. Capital
The amount of the capital of an OPCI is equal at any time to the value of the corporation's net assets, deducting the distribuable amounts.
The amount of the capital charged to the balance sheet liability, prior to the assignment of the result, shall consist of:
- the costs of constitution, merger and contribution;
net subscriptions of redemptions (excluding regularization accounts);
- the subscription or redemption commissions acquired at CIPO (1);
– differences in estimation;
- exchange differences;
- costs related to the acquisition of assets (2);
– previous results incorporated in capital.
1.2.2. Distributable sums
The sums distributed by SPICAV and FPI are defined respectively in articles L. 214-128 and L. 214-140.
The distribuable amounts are equal to the sum:
- the net result defined in Article L. 214-107;
- re-deferrals;
net surplus value as defined in paragraph 1.2.4. ;
- the balance of the regularization accounts for the above accounts.
1.2.3. Net Result of OPCI
The net result is defined by section L. 214-107 as the sum of the following:
- goods relating to real estate assets defined by law (3), lessened by the amount of costs and expenses;
- the products and remuneration generated by the management of other assets, reduced by the amount of expenses and expenses;
― and other products, diminished in the amount of costs and expenses that may not be directly related to the real estate assets defined by law (2) or to the management of other assets.
Section L. 214-107 states that, in the IPFs, the proceeds made by a corporation referred to in section L. 214-92 and by an IPF or an equivalent foreign law body, provided that it is a controlled interest, are deemed to be made by the IPF to be in excess of its rights in that corporation or in that fund.
1.2.4. More and less-values
The latent surpluses and less-values are capitalized, in varying estimates, as specified in paragraph 3.3.3.
The more and less-values realized by OPCIs are recorded as a result on disposal of assets. These gains and losses are net of costs as defined in paragraph 1.2.5. They are distributed under conditions defined in articles L. 214-128 and L. 214-140 respectively applicable to SPICAV and FPI.
Section L. 214-107 states that, in the IPFs, the surplus-values made by a corporation referred to in section L. 214-92 and by an IPF or equivalent foreign law organization, subject to a controlled participation, are deemed to be made by the IPF to the extent of its rights in that corporation or in that fund.
The net surpluses and less-values realized that may be subject to distribution in subsequent years are included in a re-deferral account called a re-deferral of net surpluses.
1.2.5. Expenses related to the acquisition and disposal of assets
These costs are the costs directly attributable to the acquisition or disposal of an asset. They do not constitute charges within the meaning of the law, but are part of the cost of acquiring and selling the assets. These include:
- the costs of intermediation and the commission of movement, if any, perceived by the depositary;
- the remuneration of intermediaries and advice directly related to real estate operations, as well as notaries;
- fees and commissions, if any, collected by the management company;
- taxes and taxes.
1.2.6. Related audit, study and research costs
projects that have not resulted
When a project has not been completed, the costs of auditing, study and research related to the operation are analyzed as management costs as defined in paragraph 2.3.2. They are recorded in the net income as defined in paragraph 1.2.3.
1.2.7. Regularization of surpluses and undervalues
Distribuable
All carriers must receive the same distribuable unitary amounts, regardless of the date of their subscription. A corrective mechanism, identical to that used for the regularization of revenues, recorded in the regularization account of the result on disposal of assets, allows to neutralize the impact of subscriptions and redemptions according to the rules set out in paragraph 3.2.
1.2.8. Valorization of heritage
current value
All assets and liabilities are valued at the current value:
- real estate assets (4) not negotiated in a regulated market and loans are valued at the value defined in subsection 3.3.3;
– deposits and other financial instruments are valued according to the provisions of the OPCVM accounting plan;
― Otherwise, other assets or liabilities are valued at the value defined in paragraph 3.3.4.
2. Composition of annual accounts and constituent elements
assets, liabilities, products, expenses and results
2.1. Composition of annual accounts
The annual accounts consist of the balance sheet, the result account and the schedule that form an inseparable whole: they are established at the end of the year in the light of the accounting records and the inventory.
2.2. Review
2.2.1. Contents
The assets and liabilities of OPCI are essentially real estate and financial.
All elements that contribute to the calculation of the liquidative value are included in the CIPO balance sheet.
The total equity, representing the amount of the net asset, is recorded as the balance sheet liabilities.
2.2.2. Assets
The constituent elements of the assets of an OPCI are defined in Article L. 214-92. Real estate assets, liquid financial instruments and liquidity are the bulk of their assets.
The term immovable property used in this notice applies to immovables constructed or acquired by CIPO and shares and shares of entities whose assets are principally made or acquired and held directly or indirectly (these are assets as defined in paragraphs a to e of section L. 214-92), as well as other related assets (exempt accounts advances, deposits and bonds).
2.2.3. Liabilities
The external liabilities of an OPCI consist of financial instruments, debts and provisions. Debts include debts to credit institutions, security deposits received and other operating debts.
2.3. Outputs and loads
2.3.1. Outputs
Constituent elements:
Outputs that contribute to the training of the net result of OPCI include:
― real estate activity products related to real estate assets that are constituted:
– real estate products on buildings held live (loyers...);
- products on shares and shares of real estate entities;
- other products.
― revenues on financial transactions relating to other financial assets and liabilities that are constituted:
– products on non-real estate deposits and financial instruments;
- other financial products.
– other products.
Products that contribute to the asset disposal result are:
net surplus value of costs on real estate assets;
– net surpluses of fees on non-real estate deposits and financial instruments.
2.3.2. Charges
Constituent elements:
The costs associated with the training of the net result of OCIs include:
― the charges of real estate activity relating to real estate assets that are constituted:
– real estate charges on real estate assets held live (maintenance, renewal and replacement);
― shares and shares of real estate entities;
- other charges;
- borrowing charges.
- the financial transactions expense for other financial assets and liabilities that are constituted:
– charges on non-real estate deposits and financial instruments;
– other financial expenses (including borrowing charges);
management and operating costs;
- other charges.
Management fees include all expenses incurred for the operation of the CIPO either directly or indirectly, including:
- management commissions;
- the costs of audits and studies incurred directly by CIPO as defined in paragraph 1.2.6;
― overperformance commissions;
– the liquidation costs on the occasion of its dissolution.
However, these costs do not include acquisition and disposal costs as defined in paragraph 1.2.5.
The costs associated with the asset disposal result are:
– net loss of costs on real estate assets;
– net decreases in fees on non-real estate deposits and financial instruments.
2.4. Year result
2.4.1. Structure of the result
The outputs and expenses of the exercise are classified into the result account in order to show the different results levels of the OPCI:
+ | Result of real estate activity |
+ | Financial performance |
+ | Other revenues and net expenses of management costs |
= | Net income |
+ | Output on disposal of assets |
= | Results of year before regularization accounts |
+/- | Regularization accounts |
= | Year result |
2.4.2. Result of real estate activity
This result reflects net revenue from real estate assets held directly or indirectly. It also includes financial expenses related to borrowings for the acquisition of real estate assets.
On the other hand, it does not include management and operating costs incurred by CIPO for the management of these assets.
2.4.3. Financial performance
This reflects net revenue from other financial assets and liabilities (other than real estate assets). It also includes financial expenses related to borrowings other than those made for the acquisition of real estate assets.
On the other hand, it does not include management and operating costs incurred by CIPO for the management of these assets.
2.4.4. Net income
The net result is equal to the sum of the results of the real estate activity and on financial transactions, increased from other net proceeds of expenses not related to the management of real estate assets and other financial assets and liabilities, and reduced management and operating expenses incurred by CIPO.
2.4.5. Output on disposal of assets
The result on disposal of assets is equal to the net gains and less-values of costs directly attributable to the acquisition and disposal of assets (see paragraph 1.2.5).
2.4.6. Year result
The result of the CIPO fiscal year is equal to the net result:
- increased result on disposal of assets;
― decreased or increased balance of year regularization accounts.
3. Accounting and Evaluation Rules
The accounting and valuation rules are applicable to each cash value calculation and to the closing of each fiscal year.
3.1. Accounting date
3.1.1. Date of accounting of buildings,
acquired land and real rights
Real property, land and property rights are recorded on the assets of the balance sheet on the date of signature of the notarial deed recognizing the final transfer of property.
3.1.2. Date of registration of products and surplus-values
by certain companies owned by an FPI
In an IPF, net proceeds of charges and net surplus-values of expenses made by certain entities held (see paragraphs 1.2.3. and 1.2.4.) are recorded directly in the IPF accounts at their date of completion for the held assessment.
3.2. Regularization of surpluses and undervalues
Distribuable
As with revenues, unitary distribuable amounts for net surpluses and less-values must not be influenced by the entry or exit of the holders: the mechanism for regulating the distribuable net surpluses and less-values ensures the neutrality of subscriptions and redemptions on the distribuable unit sum of each class of shares.
A portion of the revenues paid by the subscriber or paid by the OPCI to the outgoing bearer corresponds, on the one hand, to the assessment of the net surplus and less-values realized in the current year and, on the other hand, to the deferral of the surplus and distribuable net surplus-values of the year ended and the net surplus-values distribuable from the previous years
3.2.1. Regularization of surpluses and undervalues
Distribuable Net of the Current Year
For each liquidative value calculation, CIPO determines its net gains and less-values made available. The unitary result for these surpluses and net losses is not modified by subscriptions and redemptions; a share of each subscription is therefore charged by regularization of the net surpluses and less-values of the current year and not by capital increase.
Similarly, a share of each redemption is charged to regularization account and not to capital reduction. The regularizations of the year's surplus and net impairments are eventually disaggregated by nature of assets or by fiscal nature.
3.2.2. Regularization of surpluses and undervalues
Net Distribuable in the Year Ended
Between the closing date and the date of distribution, the distribuable net surpluses and decreases in the year ended are subject to regularization under the same conditions as those provided in paragraph 3.2.1.
3.2.3. Regularization of deferral of surplus-values
Distribuable
The re-deferral of net surplus-values is also subject to regularization according to the principles set out in paragraph 3.2.1.
3.3. Accounting mode
and valuation of assets and liabilities
3.3.1. Registration of assets and liabilities
date of entry or exit
Initial acquisition cost:
The acquisition cost of real estate assets and other assets is equal to the purchase price, if any, plus costs directly attributable to the acquisition on the date of entry into the assets.
For acquisition costs (as defined in paragraph 1.2.5) the following two registration modes are possible:
― fees included: costs are included in the acquisition cost of the assets recorded in the balance sheet;
– Excluded fee: fees are recorded directly in a capital account, regardless of the cost of acquiring the asset.
When the CIPO has opted for the excluded fee mode, these fees must be cancelled in the capital account in return for the disposal result, when the asset is disposed of.
The selected registration mode is applicable to all assets of the same category.
Subsequent costs and expenses:
Expenses or costs that do not meet the accounting criteria for an asset, such as current maintenance and maintenance expenses, are recorded as expenses.
Significant costs of replacing or renewing an element must be recorded to the assets, increasing the initial acquisition cost of the assets concerned. The initial acquisition cost of the replaced or renewed item must be removed from the asset and recorded as real property charges. The original acquisition cost of the replaced or renewed item is deemed to be equal to the replacement or renewal cost of the item.
The accounting principle set out above also applies to major maintenance expenditures for multi-year programs that meet the accounting criteria for an asset.
Disposal costs:
In asset transfers, such as acquisition costs, the costs directly attributable to the assignment are reduced by the sale price.
Accounting value of real property, land and rights transferred:
In the event of partial disposal of an immovable by a single act, land or real law, the book value of the sold fraction is determined according to the weighted average cost of return.
3.3.2. Accounting mode
of certain products and expenses
Rents
Rents are registered in products based on rents and lease terms.
Rental guarantees
The lump-sum benefits received by OPCI under rental guarantees are a reduction in the purchase price of buildings.
Preloyers
Employees received by the CIPO in compensation for the financing of a property acquired in future completion status during the construction period are registered in other financial products.
3.3.3. Asset evaluation
and liabilities for the calculation of net assets
Detailed Inventory of Real Estate Assets, Deposits and Non-Real Estate Financial Instruments:
A detailed inventory of immovable assets, deposits and non-real estate financial instruments is established and evaluated at the current asset-by-active value for the calculation of the net assets of the CIPO at each liquidative value calculation and year-end closing.
Real estate assets (5) not negotiated in a regulated market:
The CIPO values real property, land, property rights, shares and shares of non-traded entities in a regulated market whose assets are primarily made up of buildings built or acquired and held directly or indirectly at the present value.
This is determined, excluding transfer rights, by market value or, in the absence of market existence:
- by any external means;
- or by using financial models.
CIPO valued buildings under construction at their current value determined by the market value in their condition on the day of the valuation. In the event of the use of future-oriented financial models, this value is determined taking into account the risks and uncertainties remaining until the delivery date.
In the event that the current value cannot be reliably determined, non-traded real estate assets in a regulated market are maintained at their cost of return. In the event of a loss of value, the value of the asset is revised downwards.
When a promise of sale has been signed by the OPCI and it is highly likely that it will result in the disposal of the assets, the real estate under promise of sale is valued at the agreed price between the parties, deducting the costs of assignment as defined in paragraph 1.2.5.
The current value of entities held by an IPF excludes revenues and expenses and net surpluses of costs already recognized in the IPF outcome pursuant to paragraph 3.1.2.
Estimate differences on real property, land and rights:
Estimate differences are consistent with latent surplus or less-values on buildings built and under construction when assessed at the current value. They are calculated by comparison between the acquisition cost and the current value. They are registered directly in a capital account.
In the case of buildings maintained at the cost of return, the latent less-value resulting from a loss of value is entered directly in contrast to an estimate in a capital account.
In the case of existing buildings, the amount of the latent less-value, which exceeds the cost of the building under construction recorded on the balance sheet, is subject to a provision.
Borrowing:
The CIPO values the borrowings from the contract value (refund), i.e. the remaining capital due to increased interest accrued.
Where it is highly likely that the loan will be refunded before the maturity date, the contract value is determined by taking into account the contractually fixed terms in the event of an advance refund.
3.3.4. Accounting and Evaluation Mode
of certain assets and liabilities
(a) Provision.
A provision is recorded for clearly specified risks and expenses quatd to their object and whose maturity or amount cannot be fixed accurately.
(b) Payments for the year.
Accounts paid for the year are recorded in a equity account and are therefore included in the calculation of the net assets. They are subject to regularization, like the distribuable net surpluses and less-values (see paragraph 3.2).
(c) Depreciation of claims.
Claims (locatary and other) must be depreciated where the net book value of the receivable is greater than its current value and when the abhorrence of the value results from causes whose effects are not deemed irreversible.
Depreciations on rental claims are recorded as expenses of the year in the post other charges included in the expenses of the real estate activity. The depreciations are taken as a result in the other products included in the real estate products.
(d) Deposits and bank accounts.
Current bank deposits and contests are recorded for their amount, plus, where applicable, accrued interest associated with them.
Bank discoveries are listed under Debt to credit institutions on balance sheet liabilities.
(e) Variable share of subscription commissions.
The rights paid by the carriers who are intended to cover the acquisition and disposal costs of the immovables under the terms defined in the simplified prospectus must be recorded as debts when received by the CIPO.
The debt account is terminated by the consideration of a capital commission account when the costs are incurred.
3.4. Closure of accounts
Account 120 Result of the year records the accounts of expenses and revenues for the year.
Accounts 10, with the exception of Account 104 Acquisition Fees (when the CIPO has opted for the excluded fee registration mode) are sold after year-end closing and the balances are transferred to Account 101 Capital at year-end.
Accounts 11 Reports again and 12 Result , as well as accounts 19 Regularizations, are closed:
― by Account 101 Capital at the beginning of the fiscal year for amounts not distributed for the fiscal year or distributed for subsequent years;
― by accounts 51 for distribution;
― by accounts 111 Delay of previous net results and 112 Deferral of net surplus value for deferred amounts.
4. Synthesis documents
4.1. Rules of establishment
Annual accounts
Relevance of information:
The summary documents, which necessarily include the balance sheet, the result account and an annex, highlight any relevant fact, that is, likely to have an influence on the judgment that their recipients may have on the heritage, the financial situation and the outcome of the OPCI as well as on the decisions they may have to make.
Presentation in table or list:
The presentation of the balance sheet and the result account is made either as a table or as a list.
Subdivisions of summary documents and reminder of previous year's figures:
The balance sheet, result account and schedule are detailed in headings and positions.
They shall include at least the headings and posts set out in the models in paragraphs 4.2. and 4.3.
Each of the balance sheet and result account positions includes the corresponding figure for the previous fiscal year.
Arrondis:
Annual accounts can be presented by neglecting decimals.
Non-repetition of the information contained in the other consolidated documents:
The required information already provided to the balance sheet or the result account is not included in the schedule.
Encrypted information elements of the schedule:
The encrypted information elements in the Appendix are based on the same principles and under the same conditions as the balance sheet and the result account.
Summary of information contained in the annex:
The Appendix shall contain any relevant facts as defined in the first paragraph above and in particular the information summarized in paragraph 4.3 as soon as it is significant.
4.2. Annual accounts models
4.2.1. Active balance model
BILAN AU (RAWD)
COMPTABILITY DEVISE ― ACTIF
| EXERCISE N | EXERCISE N - 1 |
Real estate assets (1): Buildings, built or acquired real rights Partnerships of partnership article L. 214-92 b Shares and shares of companies Article L. 214-92 c Negotiated on a regulated market article L. 214-92 d Real estate collective investment organizations and equivalent foreign agencies article L. 214-92 e Other real estate assets (2) | ||
Non-immobi deposits and financial instruments liers : Deposits Actions and values assimilated Obligations and values assimilated Titles of receivables Group investment organizations in values securities Temporary title transactions Financial instruments | ||
Tenants Other receivables Cash deposits | ||
Total assets | ||
(1) Cf. subsection 2.2.2. (2) Includes current account advances and deposits and bonds paid. |
4.2.2. Passive balance model
BILAN AU (RAWD)
COMPTABILITY DEVISE ― PASSIF
| EXERCISE N | EXERCISE N - 1 |
Clean capital ( net assets) : Capital Deferral of net gains (1) Previous net results (1) Outcome of year (1) Payments made during the year (1) | ||
Provisions Financial instruments : Disposal operations Temporary title transactions Financial instruments | ||
Debts : Debts to credit institutions Deposits received Other operating debts | ||
Total liabilities | ||
(1) Including regularization accounts. |
4.2.3. Results account model
RECORD OF RESULTS TO (RAW DATE)
COMPTABILITY DEVISE
| EXERCISE N | EXERCISE N - 1 |
Products of real estate activity | ||
Real estate products Products on shares and shares of entities with carac- real estate Other products on real estate assets | ||
Total I | ||
Expenses of real estate activity | | |
Real estate charges Charges on shares and shares of the entities to carac- real estate Other charges on real estate assets Loans on assets of a character real estate | ||
Total II | ||
Real estate activity result (I – II) | ||
Financial transactions | ||
Deposition and financial instruments non real estate Other financial products | ||
Total III | ||
Expenses on financial transactions | ||
Deposits and financial instruments non real estate Other financial expenses | ||
Total IV | ||
Financial Operations Outcome (III ― IV) | | |
Other products (V) | ||
Management and operational costs (VI) | ||
Other charges (VII) | ||
Net result (as defined in section L. 214-107) (I ― II + III ― IV + V ― VI ― VII) | | |
Products on disposal of assets | | |
Net surplus-values of costs on assets real estate Net surplus-values of charges on deposits and Non-Real Estate Financial Instruments | ||
Total VIII | ||
Asset assignments | | |
Net decreases in assets real estate Net decreases in fees non-immobi- liers | ||
Total IX | ||
Output on disposal of assets (VIII ― IX) | | |
Results of the year before regular accounts- risation (I ― II + III ― IV + V ― VI ― VII + VIII ― IX) | | |
Regularization Accounts (X) | | |
Exercise result (I ― II + III ― IV + V ― VI ― VII + VIII ― IX +/ – X) | |
4.3. Contents of the schedule
4.3.1. Accounting rules and practices
In addition to references to the accounting rules and practices set out in 1 of paragraph 420-5 of the CSA's accounting plan, the schedule contains the following information on accounting rules and practices specific to OPCI due to their real property assets, as long as they are significant.
When, for a real estate operation, several methods are also possible, the method used is mentioned and, if necessary justified. These include:
― the method of valuation of real estate assets, which will distinguish between buildings under construction, acquired for restructuring or restructuring, buildings built and acquired, real rights and shares of companies or organizations. With the exception of real estate assets whose current value is derived from an accessible rating, the terms and conditions for determining the current value must be specified by distinguishing, in particular, the real estate assets that CIPO has committed to assign. Particular attention will be paid, where appropriate, to the description of valuation modes using calculations or financial models using calculations or parameters that place the anticipation;
― the registration of acquisition fees, if any detailed by nature of assets: fees included, costs excluded;
― the method of accounting for future costs and expenses;
― the accounting mode of the subscription commissions by distinguishing the fixed part from the variable part;
― the method of valuation and accounting for depreciations on rental claims;
― the method of assessing and accounting for provisions for risks.
4.3.2. Evolution of net assets
| EXERCISE N | EXERCISE N - 1 | |
Net assets at year beginning | + | ||
Subscriptions (including subscription commissions, fees and taxes acquired at CIPO) | + | ||
Purchases (under deduction of buyback commissions acquired at the CSACO) | |||
Acquisition fees (excluded fresh mode) | ― | ||
Exchange differences | + / | ||
Change in the difference in valuation of real estate assets | + / | ||
Estimate Difference exercise N: | |||
Estimate Difference exercise N ― 1: | |||
Change in the difference in estimates of non-real estate deposits and financial instruments | +/- | ||
Estimate Difference exercise N: | |||
Estimate Difference exercise N ― 1: | |||
Distribution of previous year (1) | ― | ||
Results of the year before regularization account | +/- | ||
Payments made during the year: | |||
net result (1) ― on asset transfers (1) | ― | ||
Other elements (2) | +/- | ||
Net assets at year-end | = | ||
(1) Payments within the meaning of sections L. 214-128 and L. 214-140. (2) The content of this line will be the subject of a specific explanation on the part of the OPCI (merger reports, payments received as collateral capital and/or performance). |
4.3.3. Additional information
The Appendix contains the following additional information on the balance sheet and the result account, as long as they are significant.
The following tables are provided for information purposes: this information may be developed or synthesized as needed.
4.3.3.1. Ongoing buildings, built or acquired and real rights,
shares of partnerships (art. L. 214-92 b and c)
Information on the breakdown of existing, built or acquired buildings and real rights;
Information on the evolution of the current value of existing, built or acquired real and real property and corporate shares and shares (art. L. 214-92 b and c) subject to the detailed inventory set out in paragraph 3.3.3.
For information purposes, this information may be provided as follows:
VENTILATION OF IMMEUBLES IN COURT, CONSTRUIT OR ACQUIS AND REEL RIGHTS
VENTILATION by nature | EXERCISE N ― 1 | CESSION | ACQUISITIONS | VARIATION differences Estimate | EXERCICE N | FRAIS |
Naked land Lands and constructions Ground constructions of others Other real rights Buildings under construction Other | ||||||
Total | ||||||
Total costs included |
EVOLUTION OF THE ACTUAL VALUE OF PARTS
AND ACTIONS OF B AND C DE L. 214-92
| EXERCISE N ― 1 | CESSION | ACQUISITIONS | VARIATION differences Estimate | EXERCICE N | FRAIS |
Parts of art partnerships. L. 214-92 b Shares and shares of art societies. L. 214-92 c | ||||||
Total | ||||||
Total costs included |
4.3.3.2. Other real estate assets
Details by nature of the other real estate assets recorded in the balance sheet assets.
4.3.3.3. Detailed inventory of other real estate assets, deposits and financial instruments
non-real property (other than assets under paragraphs 4.3.3.1. and 4.3.3.2.)
The detailed inventory of other immovable assets, deposits and non-real estate financial instruments held by OPCI will present, for each of the sections of the relevant balance sheet, the details of the elements included in this section and provide for each of them at least the following information:
- quantity;
language;
evaluation;
― rating motto;
- percentage of net assets.
4.3.3.4. Decomposition of claims
DECOMPOSITION OF THE BILAN POSTS | EXERCICE N | EXERCISE N ― 1 |
Tenants Tenants Claims subject to depreciation (due claims) Depreciations of tenant claims | ||
Total |
EVOLUTION depreciations | SITUATION Exercise N ― 1 | DOTATIONS Year | REPRISES Year | SITUATION Exercise N |
Depreciations receivables loca- taire |
DECOMPOSITION OF THE BILAN POSTS | EXERCICE N | EXERCISE N - 1 |
Other receivables Interests or dividends receivable | ||
State and other communities | ||
Syndics | ||
Other accounts receivable | ||
Charges found in advance | ||
Total |
4.3.3.5. Clean capital
SUBCRIPTIONS and redemptions Year | NOMBRE of shares or shares | MONTANTS Gross Outside Committees) | FRAIS Committees acquired at OPCI |
Registered subscriptions | |||
Purchases made | |||
Net |
DECOMPOSITION OF THE POST TO THE BILAN | EXERCICE N | EXERCISE N - 1 |
Capital | ||
Deferral of net gains | ||
Regularization account on the postponement of the most- net values | ||
Delay of previous net results | ||
Regularization account on deferral of prior net results | ||
Year result | ||
Regularization account on result year | ||
Payments made during the year | ||
Regularization account on deposits Payments | ||
Total equity |
4.3.3.6. Debts
DECOMPOSITION OF THE POST TO THE BILAN | EXERCICE N | EXERCISE N - 1 |
Borrowing | ||
Current banking contest | ||
Total debts to credit institutions | | |
Total deposits of guarantees received | | |
Rental of credit | ||
Associated suppliers and accounts | ||
State and other communities | ||
Other credits | ||
Products found in advance | ||
Total other operating debts | |
VENTILATION by maturity Residual | JUSQU 1 year[ | [1 ― 5 YEARS[ | metric 5 ANS | TOTAL |
Fixed-rate borrowings: Depreciable borrowings Fine borrowings | ||||
Variable-rate borrowings: Depreciable borrowings Fine borrowings | ||||
Total |
VENTILATION OF EMPRUNTS by nature of assets | EXERCICE N | EXERCISE N - 1 |
Real estate loans | ||
Other borrowings |
4.3.3.7. Detail of provisions
PROVISIONS | SITUATION Exercise N-1 | DOTATIONS Year | REPRISES Year | SITUATION Exercise N |
- ... - ... - ... |
4.3.3.8. Products and charges of real estate activity
Presentation of the details of the elements included in each of the relevant lines of the result account:
– real estate products by distinguishing rents, billed charges and other real estate revenues by retailing the latter position;
– real estate charges by distinguishing charges having their counterparty in products, current maintenance charges, large maintenance, renewal and replacement charges and other charges by retailing the latter position;
- produced on shares and shares;
― shares and shares;
other products from real estate assets;
― other charges from real estate assets.
include the nature, amount and accounting treatment of:
- expenses and outputs attributable to prior years;
― exceptional products and exceptional expenses;
– Reimbursement of expenses (sales by nature of expenses).
4.3.3.9. Products and expenses on financial transactions
Please specify the details of the elements included in the relevant lines of the result account.
4.3.3.10 Other products and other charges
Please specify the details of the elements included in the relevant lines of the result account.
4.3.3.11. Management costs
Details of the management fees in the result account by detailing the different types of fees.
Present:
― the operating and management costs (fixed costs): an indication of the percentage of the average net assets represented by these costs in the year, if applicable, by share category;
― overperformance commissions (variable fee): an indication of the amount of expenses for the fiscal year, if applicable, by share category.
4.3.3.12. Output on disposal of assets
VENTILATION BY NATURE | MORE VALUES | LEAST-VALUES | RESULTS of assignment N | RESULTS of assignment N ― 1 |
Naked land | ||||
Lands and constructions | ||||
Ground constructions of others | ||||
Other real rights | ||||
Buildings under construction | ||||
Other | ||||
Total buildings in progress, built or acquired and real rights | | |||
Shares of partnership (art. L. 214-92 (b) | ||||
Shares and shares of societies (art. L. 214-92 (c) | ||||
Negotiated actions on a regulated market (art. L. 214-92 (d) | ||||
Shares or shares of OPCI and equivalent organizations | ||||
Other real estate assets | ||||
Total other real estate assets | ||||
Total real estate assets | | |||
Total non-real property deposits and financial instruments | ||||
Total | |
4.3.3.13. Commitments received and given
Description of commitments given or received (or reciprocal) affecting investments in real estate and other real estate assets and mention for each of them:
the nature of the undertaking (6);
– amount of commitment.
This information may be detailed or supplemented as necessary.
Description of market transactions commitments:
- commitments in regulated or assimilated markets (by nature of products);
- voluntary commitments (by product nature);
other commitments (by product nature).
4.3.3.14. Results allocation table
VENTILATION OF EMPRUNTS by nature of assets | EXERCICE N | EXERCISE N - 1 |
Net income | ||
Regularization of net income | ||
Output on disposal of assets | ||
Disposal of assets | ||
Payments for the year | ||
Regularization of advance payments year | ||
I. ― Remaining sums to be affected year | ||
Net performance | ||
Deferral of net gains (1) | ||
Regularization on deferral accounts | ||
II. ― Remaining sums to be affected prior years | ||
Total amounts to be allocated (I + II) | ||
Distribution | ||
Delay of previous net results | ||
Deferral of net gains (1) | ||
Incorporation of capital | ||
Total earmarked |
CONTENTS TO THE EXERCISE TIME | ||||||
Payment date | Net income Year | Transfers assets (1) | Distributions | |||
Exercise N | Previous reports | Exercise N | Previous reports | Total | Unit | |
..................... | ||||||
..................... | ||||||
..................... | ||||||
Total advance payments | ||||||
(1) For the purposes of articles L. 214-128 and L. 214-140. |
5. Account plan model
The CIPO prepares an account plan on the account plan model listed below.
The account is the smallest unit retained for the classification and recording of accounting movements.
The transactions are recorded in the accounts whose title corresponds to their nature. Account compensation is prohibited, except where expressly provided for in the provisions in force. By extension, the word counts also accounts.
The plan of accounts listed below may be subject to any subdivision necessary for the CIPO to separately record all its operations. Conversely, if the accounts provided below are too detailed compared to the needs of the CIPO, it may consolidate the accounts into a global account of the same level or level contracted.
Class 1. - Capital accounts.
10 – Capital.
101 ― Capital (early year).
102 – Emissions and redemptions.
1021 – Emissions.
1022 – Purchases.
103 ― Commissions.
1031 ― Subscription Commissions.
1032 ― redeeming boards.
1039 – Retrocessions.
104 ― Fees related to the acquisition of assets (excluded fresh mode).
105 ― Variation in Estimate Differences.
1052 ― On accounts of existing buildings, built or acquired and other real rights (class 2).
1053 – On deposits and financial instruments and assimilated (Class 3).
106 ― Exchange Difference.
107 — Fees for constitution, merger, intake.
11 ― Reports again.
111 ― Relaying previous net results.
112 ― Delaying net surpluses again.
12 ― Result.
120 ― Exercise result.
1201 ― Net year result.
1202 ― Result on disposal of assets.
129 ― Payments paid.
15 ― Provisions.
19 ― Regularizations.
191 ― Regularization of postponements again.
192 ― Regularizations of the result of the fiscal year ended (provisional).
198 ― Settlement of deposits paid.
Class 2. ― Accounts of existing, built or acquired buildings and other real rights.
21 ― Rental buildings.
211 ― Lands.
213 ― Constructions.
2131 ― Buildings.
2135 ― General facilities, fittings, construction arrangements.
214 ― Ground constructions of others.
22 ― Assets in progress.
221 ― In progress.
228 ― Advances and deposits paid on general facilities, fittings, construction adjustments.
23 ― Other real rights.
26 ― Other real estate assets.
265 ― Deposit and bonds paid.
266 ― Other fixed receivables (including current account advances).
27 ― Estimate Difference.
271 ― On rental buildings.
272 ― On active capital.
273 ― On other real rights.
Class 3. ― Deposits and financial instruments and assimilated (7).
30 – Actions and values assimilated.
31 – Obligations and values assimilated.
32 ― Titles of receivables.
33 ― Collective placement organizations.
331 ― Real Estate Collective Investment Organizations (OPCI) and equivalent organizations.
332 ― Collective Investment Organizations in Securities (CSA) and equivalent organizations.
34 ― Temporary securities transactions.
35 – Financial instruments for term.
36 ― Deposits.
37 ― Deposition and financial instruments and similarities (7).
38 ― Transfer transactions on financial instruments.
Class 4. – Third-party accounts.
40 – Debts and related accounts.
401 ― Meanings.
402 ― Subscriptions to be paid.
403 ― Deferred settlement purchases.
404 ― In progress capital suppliers.
405 ― Operating suppliers.
406 ― Guarantee deposits (on temporary acquisition of securities).
408 ― Suppliers, invoices not received.
409 – Suppliers receivable.
41 ― Accounts and accounts.
411 ― Meanings.
412 ― Reducible subscriptions.
413 ― Coupons à recevoir.
414 ― Deferred settlement sales.
415 – Obligations amortized.
416 ― Guarantee deposits (not real property).
42 ― Rentals and related accounts.
421 ― Premises, billed products.
422 ― Undoubted or litigious tenants.
423 – Premises, products not yet billed.
419 ― Rentals
43 ― Security deposits received from tenants.
44 ― State and other public authorities.
441 – State. – Tax credit to be recovered.
445 – State. • Value added tax
447 – State. ― Other taxes, taxes and similar payments.
448 – State. – Charges to be paid and products to be received.
45 ― Shareholders or shareholders.
46 ― Miscellaneous accounts receivable and creditors.
461 ― Capital Assets receivables.
467 ― Other debtors and creditors (unions, etc.).
47 ― Transitional and waiting accounts.
48 ― Adjustment accounts.
486 – Charges noted in advance.
487 – Products found in advance.
488 ― Periodic Cost Distribution Accounts.
49 ― Depreciation of claims.
491 ― Depreciation of tenant claims.
496 ― Depreciation of other receivables.
Class 5. – Financial Accounts.
51 – Banks, agencies and financial institutions.
511 ― Accounts in sight (liquidities and current banking competitions).
512 ― Cash Borrowings.
513 ― Real Estate Borrowing.
518 ― Curved interest.
58 – Internal transfers.
57 ― Estimate Difference on Financial Accounts (change and depreciation).
Class 6. – Charge accounts.
60 ― Charges on financial transactions.
604 ― Temporary acquisition and assignment of securities.
605 – Loads on financial instruments for term.
608 ― Charges on financial debts.
61 ― Management fees.
611 – External loads.
612 – Other external charges.
615 ― Other current management charges.
617 ― Estimated fees.
619 ― Management fees rebates.
62 ― Expenses related to real estate activity.
621 ― Charges having their counterparty in products.
624 ― Current rental maintenance charges.
625 ― Large maintenance loads.
626 – Renewal and replacement charges.
627 ― Other real estate charges.
628 ― External service payments (including real estate experts).
629 ― Taxes and taxes and similar payments.
63 ― Loads on shares and shares of real estate entities.
66 ― Asset Cessions.
661 ― Less-values realized.
67 ― Exceptional charges.
68 ― Duties to depreciations and provisions.
681 ― Duties to the depreciations of rental claims.
682 ― Duties to the depreciations of other receivables.
683 ― Provisioning.
Class 7. – Products accounts.
70 ― Products on financial transactions.
700 ― Products on shares and values assimilated.
701 ― Products on bonds and values assimilated.
702 ― Products on receivables.
703 ― Products on collective investment organizations.
704 ― Products on temporary securities transactions.
705 – Products on Future Financial Instruments.
706 – Products on deposits.
708 – Products on financial accounts.
71 ― Other products.
72 ― Products related to real estate activity.
721 ― Rents.
722 – Charges charged.
723 ― Other products related to real estate activity.
728 ― Products of subsidiary activities.
76 ― Asset Cessions.
762 ― Values realized.
77 ― Regularization of the outcome of the current fiscal year.
772 – Regularization of net result.
776 – Regularization of the result on disposal of assets.
78 ― Resuming on depreciations and provisions.
781 ― Depreciation of rental claims.
782 ― Depreciation of other claims.
782 ― Company on provisions.
Class 9. (optional).
Done in Paris, December 11, 2008.
Minister of Economy,
industry and employment,
Christine Lagarde
The Seal Guard, Minister of Justice,
Rachida Dati
Minister of Budget, Public Accounts
and the Public Service,
Eric Woerth