10 Revaluation to fair value of financial assets and liabilities (including revaluation to fair value of debt obligations)
Financial assets and liabilities such as debt obligations are generally measured at amortised cost, taking into account any impairment when applicable.
12 Set-up costs
Set-up costs (i.e. establishment expenses) are charged immediately to income after the initial closing date.
14 Contractual fees
A liability represents a present obligation.
15 Revaluation to fair value of savings of purchaser’s costs such as transfer taxes
This adjustment represents the positive impact on NAV of the possible reduction of transfer taxes and purchaser’s costs for the seller based on the expected sale via the sale of shares.
16 Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments
Under IFRS, deferred tax (assets and liabilities) is measured at the nominal statutory tax rate. How the Fund expects to settle deferred tax is not taken into consideration.
17 Effect of subsidiaries having a negative equity (non-recourse)
The adjustment represents the positive impact on the NAV of the partial or full reversal of the negative equity of the specific subsidiary. If the vehicle has granted shareholder loans to the subsidiary, these should be taken into account.
18 Goodwill
Upon the acquisition of an entity that is determined to be a business combination, goodwill may arise as a result of a purchase price allocation exercise.
19 Non-controlling interest effects of INREV adjustments
This adjustment represents the impact on the NAV of the recognition of non-controlling interests on all of the above adjustments.
Notes to the INREV adjustments
All amounts in € thousands, unless otherwise stated
11 Revaluation to fair value of construction contracts for third parties
Under IAS11, construction contracts for third parties are normally accounted for based on the stage of completion.