Consolidated Financial Reporting (Accounting and Finance series)

385 Pages·1996·16.26 MB·English

by  Mr Paul A Taylor

PAULT AYLOR
CONSOLIDATED
FINANCIAL
REPORTING
by
P AT aylor
TheM anagemeSncth ool,
LancasUtneirv ersity
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p·C·p
PauClh apman
PubliLsthdi ng
CopyrigMhatteedr ial
Dedication
Tot hset udIet netaMsca hyw. e a lwauynesdr sttahnadt
teacahnildne gna irntgap klea icnbe o tdhitr eicons.
Copyr©i 1g99h6t, TPayaluolr
Alrli grhetsse rved
PauClh apmPaunb liLsthdi ng
14L4i verRpooaodl
London
N11AL
Apafrrto amn yf adiera lfionrg the opfru erspeooasrrpe crshi vsattueod ryc, r itiocri sm
rev,ia espw ermiutntdetedhrC e o pyrighta,n PdDa etseAincgt1tns8,9s 8 t,h piusb licmaatyi on
ber eprodsutcoeordret, dr ansmiinat ntfyeo dro,mr b ya nmye anosn,lw yi tthhp er ipoerr ­
missiinwor ni toiftn hgpeu bilshoerri snt, hc ea soefr eprogrreapprhoidcui cnat cicoonr,d ance
witthh tee romfls i ceinscseubsey t dh Ceo pyrLiigchetn Asgienn.gIc nyquicroinecse rning
reopdructoiuotnst ihdoets eer smhso ublesd e nttot hpeu lbishaettr hsae b ovementioned
address.
BritLiisbhr ary CaitnPa ubliocgaDutaiitnoagn
TayloPr., A.A .()P aul
Consolfiidnaatrneecdrpi toail-n Rge.ve .d .
1B.u sirneecsosr 2.dF si nansctiaatle mCeonntsso,l idated
IT.i tlCeo nIsIo.l fiidnaatsnetcdai taelm ents
685.51''12
ISB1N 852359306
Publiisnth heUedS A aCnadn abdya
Markus PWuibelniesrh ers,
11J4e ffeRrdPs,ro inn cNeJ0t 8o5n4,0
ISB1N- 5583796--X1
TypesbeyAt n neWseestt,o n-supAevro-nM are,
Prinatnedd bionuG nrdeB arti tain
BCDEFGH 987
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CONTENTS
SeriEedsi toPrr'esf ace
Preface
ParAt: F undamenotfaG lrso uApc counting
1 Introduction 1
Consolidfaitneadn rceipaolr ting 1
Developmoefgn rto uapc counting 1
Organizaotfci oomnp lceoxr porsattreu ctures 4
Thef ormoaftg rouapc counts 9
Summarayn df urthreera ding 13
2 The NatoufGr reo uFpi nancSitaalt ements 14
Objectoifvg erso ufpi nansctiaatle ments 14
Requiremfeonprtr se parcionngs olidfaitneadn sctiaatle ments 17
Definiagn rgo up 18
Adoptiooftn h eE U 7tDh irective 21
Critefroicrao nsolid-aFtRiS2o n 24
ExemptiCorni tefroiGrar oups 25
ExclusCiroint efroiSrau bsidiuanrdye rtakings 26
Quasi-Subsidiaries 28
Othecro untries 31
Summarayn df urthreera ding 33
3 BusinCeosmsb inatiCohnasn:g iensG rouCpo mposition 35
Overview 35
Accounttiencgh niques 37
Definimnegr gearnsd a cquisitions 54
Furthaecrc ountmiantgt ers 62
Mergerre liaenfdm ergearc counting 66
ObjectiinvA ecsc ountfionBrgu sinCeosmsb inations 68
Conteoxftt h ed ebate 70
Summarayn df urthreera ding 72
ParBt:C onsolidtahteMi anjgo Fri nancSitaalt ements
4 ConsolidBaatleadnS chee eutnsd eArcq uisitAicocno unting 75
Consolidcaatnicoenl lation 75
Thee quiatpyp roach 78
Thee quimteyt hoidnc onsolidfaitneadn sctiaatle ments 80
Groumpe asuremaennddt i sclocsounrcee pts 84
Treatmeonftm inoriinttye rests 89
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iv CONSOLIDATEFDI NANCIARLE PORTING
UK practice 91
Subsequaecncto untfiongrgo odwill 99
Usefulnoefcs osn solidbaatleadn ce sheet 101
Summarayn df urthreera ding 105
5 FaiVra luaensd G oodwiAllli:g nmeAndtj ustme(n1t)s 106
Ano vervioefaw l ignmiesnstu es 106
Faivra luaetsa cquisition 106
Determinfianivgra luaetsa cquisi-tFiRoS7n 114
Accountfiongrgo odwill 127
Isg oodwialnal s set? 128
Recogniatnidom ne asuremiesnstu es 130
SSAP2 2A,c countfionGrgo odw(il1l9 84) 134
Thel atdeerb ate 136
Widecro ntext 140
Summarayn df urthreera ding 144
6 Intra-gTrraonuspa ctainodnD si stribuAtliiognnsm:eA ndtj ustme(n2t)s 146
Intra-gbraoluapn ces 146
Unrealipzreodf ointi sn tra-gtrroaunps actions 148
Intra-gdriovuipd ends 154
Illustroafat liiognn mpernotb lems 158
Direccatl culations 162
Alignmepnrto bleamnsde quiatcyc ounting 165
Consolidcaotnicoenap sta sf ramewofrokar l ignmaednjtu stments 169
Summarayn df urthreera ding 176
7 ConsolidPartoefadin tdL osRse:p ortFiinnga ncPiearlf orma(n1c)e 178
Minoriitnyt er-ecsotnss olidation concepts 180
Alignmeandtj ustments 186
Thec onsolidpartoefadin tdl osasc couwnotr ksheet 188
Linwki tcho nsolidbaatleadns chee et 189
Compleptreo faintdl oswso rksheet 193
Abbreviatthiecn agn cellpartoicoens s 195
Associaantedts h weo rksheet 197
Summary 199
8 ReportFiinnga ncPiearlf orma(n2c)e 201
Publischoends olidpartoefadin tdl osasc counts 201
FRS3 a nd tchoen solidpartoefadin td laocscso unt 203
Othepre rformasntcaet ements 217
EvaluatFiRnS3g 222
Summary 224
9 ConsolidCaatseFhdl owS tatements 226
Basicco ncepts 226
Consolidcaatsefhdl oswt atements 229
FRS1 ,C asFhl oSwt atements 255
Usefulnoefcs osn solidcaatsfehld o swt atements 258
Summarayn df urthreera ding 261
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CONTENTSv
ParCt:O theIrs suiensG rouApc counting
10 OtheGrr ouRpe lationships 265
Piecemaecaqlu isiatnidod niss posals 265
Complesxh areholsdtirnugc tures 273
Vertigcraolu ps 274
Mixegdr oups 280
Cross-holdings 283
Acquisiotfoi tohne crl asosfee sq uity 286
Summarayn df urthreera ding 288
11 ForeiCgunr renTcrya nslation 289
Basicco ncepts 289
Foreicgunr renficnya nsctiaatle m-epnrtisn ciples 292
Foreicgunr resntcya tem-etnetcsh nique 296
Understantdhiesn tga temgeaniton r l ososn t ranslation 304
SSAP2 0F,o reiCgunr renTcrya nslation 311
Foreicgunr rentcrya nslaatnidto hnce a sfhl oswt atement 316
Thet ranslation debate 324
Summarayn df urthreera ding 328
12 SegmeRnetp orting/UnrIesssouilenvsC e odn solidation 330
Objectoifvs eesg menrteaplo rting 330
SSAP2 5S,e gmenrteaplo rting 331
Issuienss e gmenrteaplo rting 336
Usefulnoefss esg menitnaflo rmation 339
Operatainndgf inanrceivaile w 342
Impacotfc onceptfuraalm eworks 342
Consolideaqtueidat nyd d istribuptraobfliet s 344
Price-alcecvoeuln tainndcg o nsolidation 345
Impacotfe mpirirceasle arch 345
International haarnmddo enviezlaotpimoenn ts 347
Summarayn df urthreera ding 348
AbbreviSaotleudt ions 350
Bibliography 359
AuthoIrn dex 366
GenerIanld ex 368
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SERIEESD ITOR'PSR EFACE
Accountfiongrgr ouposfc ompaniiesps r obabtlhyes ingmloes itm portanto fma ordeear n
finanrceipaolr tAitno gn.et immeo sgtr oupcso mprissiemdp lapy a recnotm panayn ds ever­
als ubsidiaTroideatsyh. es tructoufgr reo upcsa nb em uchm orec ompleixn,c ludpianrgt ner­
shipasss ubsidiasrhiaerisen,ss ubsidihaerlibdey sa ssociaantdej so,i vnetn turTehsec. o m­
plexiotfgy r ouspt ructhuarsbe ese mna tchbeyds ophistimceattheodod fsf inancainndng o vel
formosf c onsidertaots ieocnu trhee a cquisitNiootsn usr.p risitnrgaldyi,t iaocncaolu nting
methohdasv bee en fowuanndt iinngd ealiwnigt thh esnee ws tructaunrdfe isn anacriraaln ge­
mentsT.h erhea sb eenno s hortahgoew,e veirnt, h es upployfi nnovataicvceo unttirnega t­
mentfso trh esdee velopmeRnattsh.et rh,eo pposihtaseb eetnr uwei tcho mpaniaensdt heir
auditdoervsi sniengwa ccounttirnega tmeantat m su chf astreartt eh atnh es tandasredt ting
bodiceasn d eawli tehf fectively.
Therhea vbee esno m anyc hangienst het heoarnyd p ractoifac cec ountfiongrgr oupssi nce
ConsolidFaitneadn cSitaalt emewnatssp ublisihn1e d9 8t7h aPta uTlay lohra sc ompletreelwyr it­
tenh ibso oka ndg iveinta b rannde wt itCloen,s olidFaitneadn cRieaplo rtiInthg a.sr etaian ed
numbeorft hef eatuwrheisc mha det heo rigibnoaolks o p opulwairt sht udeanntdst eachers.
Thesien cluadb ea lancceodv eraogfce o nceptthse,o rainedst echniqauc easr,e feuxlp osition
ofw hyp articmueltahro fdoscr o nsolidnaeteitdoo bn e u seadn dh owt hesyh oubleda pplied,
anda h osotfw orkeedx amplaensde xercifsoserts u detnotc so mpleftoetr h emselves.
Theraer ea lssoe vermaalj ocrh angferso tmh ep reviobuoso kw hicrhe fltehcent e wd evel­
opmentisnp rofessiaocncaolu ntrienqgu iremfeonrgt rso upFso.re xamplteh,e raer en ew
chaptoenrf sa ir vaanldug eoso dwialnldg roucpa sfhl oswt atemeTnhtebs o.o akl sdoe alwsi th
thec ontinucionngt roveorfgs rioeusap c countsiuncgah s m ergearc countfionrge,ic gunr ren­
cyt ranslaatnidso eng menrteaplo rtTihnegs.ae r ee xplorbeyrd e feretnobc oet ahl ternative
accounttihnego rainedst her ecommendaotfin oantsi oannadli nternataicocnoauln tsitnagn ­
dar-ds etters.
A veruys effuela tuorfCe o nsolidFaitneadn cRieaplo rtiisnt gh fel exibwiiltiwhth yi cthh beo ok
canb eu sedF.o ru niversstiutdye nttask ianngi ntermedcioautreis nef inancaicaclo unting
emphasciasnb eg ivetnot hfeu ndamenctoanlc eapntdst echniqoufce osn solidFaotrfi ionna.l
yeasrt udenwtista h g oodg roundiinnag c counttihnego trhyec haptaenrdss ectiwohnisc h
discutshsem ainc ontroveorfsg ireosua pc counmtasyb es electSetdu.d enttask ipnrgo fes­
sioneaxla minatairoean lss coa terfeodbr y t heb ooke'xst ensiilvleu stroaftc ioonnsso lidation
techniqaunedts h ed etaicloevde raagnede valuaotfin oant ioannadli nternataicocnoauln ting
standaarnddse xposudrrea fts.
COllsoliFdiantaendcR ieaplo rtiisntg h em ostc omprehenuspi-vteo,- daantdae c cessbiobolke
ong rouapc counttobs e f ounidn t heb ookshoIptws i.l slu rebleya ss uccesassfi utplsr ede­
cessionrt hsee ries.
MichaSehle rer
ColchesEtsesre1,x 9,9 5
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PREFACE
My intentiinso tna rttihnibgso okw ast ow ritaes econd edoifat nie oanr lbioeorkI w rote,
ConsoliFdianteadn cSitaalt emeCnotnsc:e pts,a nIdsT seucehsn iq(uPeasuC lh apmaPnu blishing,
1987I)ts. o obne camaep paretnhtat th ea rehaa dc hangseodr adicailntl hyel aseti ghyte ars
thaatc omplerteew riwtaesn ecessaanrdhy ,e ncteh inse wb oohka sb eebno r(no rra thqeura r­
riedI!th) a.st hsea meo bjectaistv hepesr evious' tofona ec,i laintu antdee rstanodfti hntege ch­
nicparlo cesusnedse rlycionngs olidaantdig orno ufpi nancrieaplor ting twhiect ohnitneo xft
contemporary atchceoouarnnytd ip nrga ctice'.
Consolidfaitneadn rceipaolr tiison fgt evni eweadsa m eret echniecxaelr cIitis ser .e legated
tor elatoibvsec uriinmt ayn ya dvancaecdc ountcionugr saesas n ecesseavriyals ,e rioefhs a rd
techniqtuobe esm asterTehdi.is sr eflecitnte hdet reatmgeinvte innm anyt extHso.w ever,
recednetv elopmmeenatnst haitth asa lsboe comoen eo ft hec entriafnl o,tt hem ostc entral,
newc onceptauraelai snf inanaccicaolu ntainndcg e,r tatihnmelo ys itn telleccthuaalllleyn ging
areaat t hec entorfet hec urreanctc ountdienbga tMeo.s tn ewf inancrieaplo rtsitnagn dards
foculsa rgeolrey x clusiovneg lryo uapc countmiantgt eMross.t t opiccaoln trovearlssioe s
relattoge r ouapc countmiantgt ers.
How ist hibso okd ifferfernotom t hebro okosn c onsolidfaitneadn csitaalt emeWnhtisl?s t
aiminfgo rt echniecxacle lleintgc reo,u ncdosn solidpartoicoend uwrietsh ai nc learsltyr uc­
turetde chniacnadcl o nceptfuraalm ewowrhki csht restshedese velopmoefin ntt uiutnidveer ­
standiWnigt.h itnh ifsr amewocrokn trovearrseiaaasnl dd ebataebso ugtr ouapc countairneg
addresasneddt hee vidence exTahmuiisnt eb de.c omes potsoss eiebw lheya lternaetxiivsets
andt oo btaais ne nsoefp erspecotnic vuer repnrta ctaincdel ikefluyt udreev elopmeTnhtes .
arehaa sb ecomseoa pparenctolmyp letxh,a t wiatc hloeuagtrr ,o undiendt uiutnidveer stand­
ingi,ti sn opto ssitbonl eeg otioantee'w sa yt hrouigtwhi tahn yc onfideTnhcebe o.o akl spor o­
videasm plceo veraogfae r eawsh icahr neo rmalolnyl cyu rsorciolvye rienmd o sptr ofession­
alt exotnsc onsolidsautciho nca,os n solidcaatsfehld o swt atemesnttast,e meonftt ost raelc og­
nizegda inasn dl ossfeosr,e icgunr rentcrya nslaatnidso eng menrteaplo rting.
Theb ooiks d esignseotd h atth ree adcearns elescetc tions trohe ilosar ht eedri nterweistths­
outh avintgop lougthh rouigrhr elemvaatnetr Miaaln.yo ft hese ctiaornsese lf-contained and
thosweh iccha nb eo mittiefdd e,s irweidt,h oluotsi snc ontinaurimeta yr,k ecdl earTlhyu.sf ,o r
examplteh,re e admeorr ei ntereisnst terda ight technciacanul s etm haebs otoeikrn ay s tream­
linewda y,a ndt her eadmeorr ei ntereisntd eids cussainoddn esb atceasna lscoh ooasc el ear­
lyd efinaeldt ernartoiuvtteeh rouigtTh. h ea uthoerx'pse rieinstc heam to sstt udefnitnstd h e
aresat imulating wheni s't sepcihcwneiidtq'chu o en ceapntdsi ssuTehse.b lenodfc alculation
andd iscusshiaosan s ynergiesftfiec-c cta lculations illustcroantter ovceoarnnscdie epst,u al
conceptcuoanlt roveirlsliuemsi tnhaeut see o ft echnique.
Eacohf t hmea jofri nansctiaatle meinset xsa minientd urinn,c ludtihnecg o nsolidcaatsehd
floswt atemaenndtt ,h eiinrt errelateixoanmsihniAepd ms.a josrt renogftt hh eb ookis i np ro­
vidicnlge laary ouftosar p plyitnegc hniqsuote hsa,wt h yt hewyo rka ndw hate xacttlhyef ig­
uremse ani,sg iveansm uchp romineansch eo wt ou set het echniqGureesac.ta rhea sb een
takeinne nsurionngls yt ep-byi-nsctreepa isnde isf ficiunel atcych h aptseort ,h atth es tudent
isn ots uddenlloysi tna y awnincgh asomf u nexplaicnomepdl exCiatryhe.a sa lsboe en taken
nott oo bscuprrei nciwpilteuhsn necesscaormipllyec xa lculatTihoenraser. ea significant
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viiCiO NSOLIDATED FINANRCEIPOARLT ING
numbeorfw orkeedx amplaensdo fb otthe chniacnaddl i scussioenx-esrtcyilsee s.
Theb ooka lscoo vecrosn trovearrseiaaasnl d d ebatienss ucha reaass a cquisiatnido n
mergearc countfianivgra, l uaetsa cquisigtoioodnw,if lolr,e icgunr rentrcayn slaatnidso eng,­
mentarle portTihnegs.ae r ee xaminferdo mt hep oinotfv iewo fm oderanc counttihnego ry
ande mpiriecvaild enicnae d,d ittiooc no nsidetrhiepn rgo fessdieobnaatlTe hsem. a terials are
alssoe ti ntaon i nternatcioonntaelax ntd i nternataicocnoauln tsitnagn daerxdasm ined.
Certaaidnv ancteodp iacrsae l saod dressed intchletu rdainnsgl aotffi oorne icgunr renccays h
floswt atemesnutbss,i dsihaarryie s suaensd,c ross-holodfsi hnagrse s.
Theb ooki sa imeadt s econadn dt hiryde aurn dergradautau tneisv erspirtoifeess,s ional
examinactainodni daatnedps o,s tgraduMaatteesr.iw ailtsh iithn a vbee ecnl ass-tienbs ottehd
undergradaunadMt aes te'lr esvceolu rsaetLs a ncasUtneirv ersaintdsy, i milmaart eriinat lh e
previobuoso kh asb eewni deluys enda tionaanldli yn ternatiIotin sta hleal uy.t hoerx'pse ri­
encteh atth em aterpiraels enhteerdhe a ss ufficviaernitea tnydd epttho f oram s ubstantial
coroefa dvancfeidn anaccicaolu ntainndag c counttihnego croyu rsSetsu.d elnitksie tb ecause
itc ontatiencsh nibquueti, ti st hea uthovri'esw t haotn liyf t heorpyr,a ctaincdet echnique
arep roperilntye griastt ehder ichnoefsa sc countaisan nga cademaincdp rofesssiuobnjaelc t
realized.
Thef irssetv ecnh aptaerrwesh amta nyw oulrde gaarsnc orceh aptearnsdi, ti sn ecesstaor y
covetrh esaep proximaitnoe rldye( rt houngohtt oc ovearlt lh es ectiionen asc chh apteTrh)e.
remaincihnagp tcearnbs e c overienad n yo rdeerx,c etpont o tteh amta teroinat lh feo reicgunr ­
renctyr anslaatnidto hnce asfhl oswt atemienCn hta pt1e1r requpirrieorser a dionfCg h apter
9.T heriesa s olutions manuatlo a daovpatieolrfats bh lete e xwth iccho ntasionlsu titooan lsl
thep roblelmasio du tc onsistweinttthlh yee xamplients h et exTth.e raer ea lsloa ser-printed
slide-mafsotared rosp tewrhsi ccha nb ep hotocoptiome adk ea ccompanyliencgt usrlei des.
Possiubslaeg oeft het exitnd iffetryepnetos fc oursiesss u ggesatsef do llows:
Couresmep hasis Covgeer a
Mainstrienatmr oductioCno rsee ctioof1n -sa7 n da s elecotfit ohnre e maincihnagp ters
Technifcoaclu s 1,t echnsieccatli oof3n -s1 2
Issdure ivfeonc us Discusasrieooanfs 1 ,2 ,3 ,4 ,5 ,6 ,1 11,2
Accountsitnagn dafrodcsu s Tehcnicaarle aasn di nstitudtiisocnuaslsi in1o -n5s8, ,9 ,111,2
Changfreosm thep reviobuoso kA:l lt hec haptaenrdsm osta reawsi thcihna pthearvsbe e en
newly wroirtr teewnr itttore enf ltehcest e a-chainnpg reo fessaicocnoauln trienqgu irements
anda cadempiecr specstiinv1ce9es8 7T.h eraer nee wc haptoenrf sa ivra luaensd g oodwialnld
casfhl oswt atemeTnhtets r.a nslaotff ioorne icgunr recnacsyfh l oswt atemeinsdt esa wlitt ihn
Chapt1e1ra, n dt her elatiobnesthwiepge rno uapc countdienvge lopmaenndtp sr ofessional
bodiecso'n ceptfuraalm ewoirsek xsa minientd h lea scth apter.
Chaptearnsds ectiwointsh cihna ptwehrisc cho vesri mitlaorp itcots h per eviobuosoh ka ve
beeenx tensirveeolryg ansiozt ehdat to piacrsem orec leadrellyi neaFtoered x.a mplient, h e
chapteorncs o nsolidaadtjiuosnt metnhteds i,s cussoifco onn solidcaotnicoenph tassb een
movedt oa separsaetcet itohnet; r eatmoefan sts ocihaatsbe ese rna tionaalnidze exdt ended.
Manym orew orkeedx amplaensde xerchiasvebese einn cludaenddt, h per esentoaftt ieocnh ­
niquiemsp rovaesda r esuolfet x perieMnocreed. e tailed insmtaitteurthiiaaosbln e aelsn e g­
regatseoid t c anb er eaodr o mittweidt holuotsi snc ontinuAirteyaw.sh icuhs erosft hep re­
vioubso ohka vien dicawteerdne o tw ideulsye hda vbee ecnu otr c urtaitlome adk er oomf or
morer elevmaantte rial.
CopyrigMhatteedr ial
PREFACEi x
ACKNOWLEDGEMENTS
Iw oulldi kteoe xpremsys g ratittuotd heef ollowing wpheoot phlreo ugh ctohmemiern ts,
suggestainodne sn courageamsesnits itnet dhe p reparaotfit ohnib so oko ri ni mprovimnyg
understanodfti hneag r eoaf g rouapc countainndcg o nsolidCaltiiTfoafny :l omry; c olleagues
atL ancasUtneirv eyr,sP ietlhaGmo reT,. SH.o ,R ogeMra ceM,i chaMeulm forKde,n Peasnell
andJ ohOn' Hanloanl;sP or ofesDsioert Oerrd elheBiadrer,Sy h ippeEnl,i zabSettehp henson,
MarianLnaeg ranogfPe a uClh apmaPnu blishainndpg a,s atn dp reseunntd ergradounat thees
ACF3 01c oursaensdp ostgradounaA tCeFs6 01a nd6 03w hoe ndurtehde m anye rroarnsd
manyd rafatnsd,w hop rovidtehdes timulfuotsrh eb ookI.a m gratetfoTu hle B OCG roup
andT horEnM If opre rmisstioro enp rodeuxcter afcrtostm h eaicrc ounItw so.u ladl sloi kteo
thanMko reeCnu nlifLfien,dA ai reJya,c kDioew nhamP,e nny GraenedFr r eda Widders for
theaidrm inistrhaetlwiphv iec h fmreet eocd o ncentornaw trei titnhgeb ooka,n dv arious staff
ofs tandard-sbeotdtiieonsftg, e chnidceapla rtmeonfat csc ountfiinrgma sn,do fp rofessional
bodiwehso d idt hebiers ttoa nswenru meroduisf fiocbuslctu,or res ,o metipmleassi inl tleyc,h ­
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