1.

𝑬𝒙𝒑𝒍𝒂𝒊𝒏 𝒕𝒉𝒆 𝒇𝒖𝒏𝒅𝒂𝒎𝒆𝒏𝒕𝒂𝒍 𝒐𝒃𝒋𝒆𝒄𝒕𝒊𝒗𝒆𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈

𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍

𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌, 𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒒𝒖𝒂𝒍𝒊𝒕𝒂𝒕𝒊𝒗𝒆 𝒄𝒉𝒂𝒓𝒂𝒄𝒕𝒆𝒓𝒊𝒔𝒕𝒊𝒄𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍

𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒔 𝒑𝒆𝒓 𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔

𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌, 𝑬𝒙𝒂𝒎𝒊𝒏𝒆 𝒕𝒉𝒆 𝒓𝒐𝒍𝒆 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔

𝒊𝒏 𝒑𝒓𝒐𝒗𝒊𝒅𝒊𝒏𝒈 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒕𝒐 𝒖𝒔𝒆𝒓𝒔

𝒖𝒏𝒅𝒆𝒓 𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌, 𝑾𝒉𝒂𝒕 𝒊𝒔 𝒕𝒉𝒆 𝒊𝒎𝒑𝒐𝒓𝒕𝒂𝒏𝒄𝒆

𝒐𝒇 𝒄𝒐𝒎𝒑𝒂𝒓𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝒄𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒄𝒚

𝒊𝒏 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍

𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌?

𝑻𝒉𝒆 𝒇𝒖𝒏𝒅𝒂𝒎𝒆𝒏𝒕𝒂𝒍 𝒐𝒃𝒋𝒆𝒄𝒕𝒊𝒗𝒆𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈, 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐

𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌, 𝒂𝒓𝒆 𝒕𝒐 𝒑𝒓𝒐𝒗𝒊𝒅𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏
𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒑𝒐𝒔𝒊𝒕𝒊𝒐𝒏, 𝒑𝒆𝒓𝒇𝒐𝒓𝒎𝒂𝒏𝒄𝒆, 𝒂𝒏𝒅 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒊𝒏
𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒑𝒐𝒔𝒊𝒕𝒊𝒐𝒏 𝒐𝒇 𝒂𝒏 𝒆𝒏𝒕𝒊𝒕𝒚 𝒕𝒉𝒂𝒕 𝒊𝒔 𝒖𝒔𝒆𝒇𝒖𝒍 𝒕𝒐 𝒂 𝒘𝒊𝒅𝒆 𝒓𝒂𝒏𝒈𝒆 𝒐𝒇
𝒖𝒔𝒆𝒓𝒔 𝒊𝒏 𝒎𝒂𝒌𝒊𝒏𝒈 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔. 𝑻𝒉𝒊𝒔 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒔𝒉𝒐𝒖𝒍𝒅 𝒃𝒆
𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒆𝒅 𝒊𝒏 𝒂 𝒘𝒂𝒚 𝒕𝒉𝒂𝒕 𝒊𝒔 𝒖𝒔𝒆𝒇𝒖𝒍, 𝒓𝒆𝒍𝒆𝒗𝒂𝒏𝒕, 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒆, 𝒂𝒏𝒅 𝒄𝒐𝒎𝒑𝒂𝒓𝒂𝒃𝒍𝒆.

𝑻𝒉𝒆 𝒒𝒖𝒂𝒍𝒊𝒕𝒂𝒕𝒊𝒗𝒆 𝒄𝒉𝒂𝒓𝒂𝒄𝒕𝒆𝒓𝒊𝒔𝒕𝒊𝒄𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏, 𝒂𝒔 𝒑𝒆𝒓

𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌, 𝒊𝒏𝒄𝒍𝒖𝒅𝒆 𝒓𝒆𝒍𝒆𝒗𝒂𝒏𝒄𝒆 𝒂𝒏𝒅 𝒇𝒂𝒊𝒕𝒉𝒇𝒖𝒍
𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏. 𝑹𝒆𝒍𝒆𝒗𝒂𝒏𝒄𝒆 𝒎𝒆𝒂𝒏𝒔 𝒕𝒉𝒂𝒕 𝒕𝒉𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒑𝒓𝒐𝒗𝒊𝒅𝒆𝒅 𝒊𝒔
𝒄𝒂𝒑𝒂𝒃𝒍𝒆 𝒐𝒇 𝒎𝒂𝒌𝒊𝒏𝒈 𝒂 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒄𝒆 𝒊𝒏 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏-𝒎𝒂𝒌𝒊𝒏𝒈 𝒃𝒚 𝒉𝒆𝒍𝒑𝒊𝒏𝒈
𝒖𝒔𝒆𝒓𝒔 𝒕𝒐 𝒆𝒗𝒂𝒍𝒖𝒂𝒕𝒆 𝒑𝒂𝒔𝒕, 𝒑𝒓𝒆𝒔𝒆𝒏𝒕, 𝒂𝒏𝒅 𝒇𝒖𝒕𝒖𝒓𝒆 𝒆𝒗𝒆𝒏𝒕𝒔. 𝑭𝒂𝒊𝒕𝒉𝒇𝒖𝒍
𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒂𝒏𝒔 𝒕𝒉𝒂𝒕 𝒕𝒉𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒇𝒂𝒊𝒕𝒉𝒇𝒖𝒍𝒍𝒚 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒔
𝒕𝒉𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒓𝒆𝒂𝒍𝒊𝒕𝒚 𝒊𝒕 𝒑𝒖𝒓𝒑𝒐𝒓𝒕𝒔 𝒕𝒐 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕, 𝒘𝒊𝒕𝒉𝒐𝒖𝒕 𝒃𝒊𝒂𝒔 𝒐𝒓
𝒎𝒂𝒕𝒆𝒓𝒊𝒂𝒍 𝒆𝒓𝒓𝒐𝒓.Classification criteria for investment property under IFRS include:

1. The property is held to earn rental income or for capital appreciation, or both.

2. The property is not occupied by the owner for use in the production or supply of goods or services, or
for administrative purposes.

3. The property is not held for sale in the ordinary course of business.

Accounting Treatment for Investment Property under IFRS:

Investment property is initially recognized at cost, including transaction costs. Subsequently, investment
property is measured at fair value, with changes in fair value recognized in profit or loss. If fair value
cannot be reliably measured, investment property is measured at cost less accumulated depreciation
and any impairment losses.

Differences between Investment Property and Owner-Occupied Property:

1. Measurement Basis:

- Investment Property: Measured at fair value with changes recognized in profit or loss.

- Owner-Occupied Property: Measured at cost less accumulated depreciation, with no revaluation to fair
value.

2. Accounting Treatment:

- Investment Property: Fair value changes are recognized in profit or loss.

- Owner-Occupied Property: Depreciation is recognized in profit or loss.

3. Intent of Use:

- Investment Property: Held for rental income, capital appreciation, or both.

- Owner-Occupied Property: Used in the production or supply of goods or services, or for administrative
purposes.

4. Presentation in Financial Statements:

- Investment Property: Presented as a separate line item on the balance sheet.

- Owner-Occupied Property: Included within property, plant, and equipment on the balance sheet.
In summary, investment property and owner-occupied property are distinguished by their intended use,
measurement basis, accounting treatment, and presentation in financial statements. Understanding
these differences is essential for accurate financial reporting and compliance with IFRS standards.

𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒑𝒍𝒂𝒚 𝒂 𝒄𝒓𝒖𝒄𝒊𝒂𝒍 𝒓𝒐𝒍𝒆 𝒊𝒏 𝒑𝒓𝒐𝒗𝒊𝒅𝒊𝒏𝒈 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏

𝒕𝒐 𝒖𝒔𝒆𝒓𝒔 𝒖𝒏𝒅𝒆𝒓 𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌 𝒃𝒚 𝒔𝒖𝒎𝒎𝒂𝒓𝒊𝒛𝒊𝒏𝒈
𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒑𝒐𝒔𝒊𝒕𝒊𝒐𝒏, 𝒑𝒆𝒓𝒇𝒐𝒓𝒎𝒂𝒏𝒄𝒆, 𝒂𝒏𝒅 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒊𝒏 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍
𝒑𝒐𝒔𝒊𝒕𝒊𝒐𝒏 𝒐𝒇 𝒂𝒏 𝒆𝒏𝒕𝒊𝒕𝒚. 𝑻𝒉𝒆 𝒑𝒓𝒊𝒎𝒂𝒓𝒚 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒊𝒏𝒄𝒍𝒖𝒅𝒆
𝒕𝒉𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒔𝒉𝒆𝒆𝒕, 𝒊𝒏𝒄𝒐𝒎𝒆 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕, 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕 𝒐𝒇 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒊𝒏
𝒆𝒒𝒖𝒊𝒕𝒚, 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕 𝒐𝒇 𝒄𝒂𝒔𝒉 𝒇𝒍𝒐𝒘𝒔, 𝒂𝒏𝒅 𝒏𝒐𝒕𝒆𝒔 𝒕𝒐 𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍
𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔. 𝑻𝒉𝒆𝒔𝒆 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒉𝒆𝒍𝒑 𝒖𝒔𝒆𝒓𝒔 𝒎𝒂𝒌𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒆𝒅
𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔 𝒃𝒚 𝒑𝒓𝒐𝒗𝒊𝒅𝒊𝒏𝒈 𝒕𝒉𝒆𝒎 𝒘𝒊𝒕𝒉 𝒓𝒆𝒍𝒆𝒗𝒂𝒏𝒕 𝒂𝒏𝒅 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒆
𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏.

𝑪𝒐𝒎𝒑𝒂𝒓𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝒄𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒄𝒚 𝒂𝒓𝒆 𝒊𝒎𝒑𝒐𝒓𝒕𝒂𝒏𝒕 𝒊𝒏 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍

𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝒕𝒉𝒆 𝑰𝑨𝑺𝑩'𝒔 𝒄𝒐𝒏𝒄𝒆𝒑𝒕𝒖𝒂𝒍 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌 𝒃𝒆𝒄𝒂𝒖𝒔𝒆
𝒕𝒉𝒆𝒚 𝒆𝒏𝒉𝒂𝒏𝒄𝒆 𝒕𝒉𝒆 𝒖𝒔𝒆𝒇𝒖𝒍𝒏𝒆𝒔𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒇𝒐𝒓 𝒖𝒔𝒆𝒓𝒔.
𝑪𝒐𝒎𝒑𝒂𝒓𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒍𝒍𝒐𝒘𝒔 𝒖𝒔𝒆𝒓𝒔 𝒕𝒐 𝒊𝒅𝒆𝒏𝒕𝒊𝒇𝒚 𝒔𝒊𝒎𝒊𝒍𝒂𝒓𝒊𝒕𝒊𝒆𝒔 𝒂𝒏𝒅
𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒄𝒆𝒔 𝒂𝒎𝒐𝒏𝒈 𝒊𝒕𝒆𝒎𝒔 𝒊𝒏 𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒐𝒇 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕
𝒆𝒏𝒕𝒊𝒕𝒊𝒆𝒔, 𝒂𝒔 𝒘𝒆𝒍𝒍 𝒂𝒔 𝒘𝒊𝒕𝒉𝒊𝒏 𝒕𝒉𝒆 𝒔𝒂𝒎𝒆 𝒆𝒏𝒕𝒊𝒕𝒚 𝒐𝒗𝒆𝒓 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕
𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒑𝒆𝒓𝒊𝒐𝒅𝒔. 𝑪𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒄𝒚 𝒆𝒏𝒔𝒖𝒓𝒆𝒔 𝒕𝒉𝒂𝒕 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒊𝒔
𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒆𝒅 𝒊𝒏 𝒂 𝒘𝒂𝒚 𝒕𝒉𝒂𝒕 𝒊𝒔 𝒄𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒕 𝒐𝒗𝒆𝒓 𝒕𝒊𝒎𝒆, 𝒂𝒍𝒍𝒐𝒘𝒊𝒏𝒈 𝒖𝒔𝒆𝒓𝒔 𝒕𝒐
𝒄𝒐𝒎𝒑𝒂𝒓𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒄𝒓𝒐𝒔𝒔 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈
𝒑𝒆𝒓𝒊𝒐𝒅𝒔. 𝑻𝒐𝒈𝒆𝒕𝒉𝒆𝒓, 𝒄𝒐𝒎𝒑𝒂𝒓𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝒄𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒄𝒚 𝒉𝒆𝒍𝒑 𝒖𝒔𝒆𝒓𝒔
𝒎𝒂𝒌𝒆 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒆𝒅 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔 𝒃𝒚 𝒑𝒓𝒐𝒗𝒊𝒅𝒊𝒏𝒈 𝒕𝒉𝒆𝒎 𝒘𝒊𝒕𝒉
𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒆 𝒂𝒏𝒅 𝒄𝒐𝒎𝒑𝒂𝒓𝒂𝒃𝒍𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏.

2. 𝑬𝒙𝒑𝒍𝒂𝒊𝒏 𝒕𝒉𝒆 𝒄𝒐𝒏𝒄𝒆𝒑𝒕 𝒐𝒇 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒂𝒏𝒅 𝒊𝒕𝒔

𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒄𝒆 𝒊𝒏 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈, 𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆

𝒉𝒊𝒆𝒓𝒂𝒓𝒄𝒉𝒚 𝒐𝒇 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒖𝒏𝒅𝒆𝒓 𝒕𝒉𝒆 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍

𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺) 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌,

𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒊𝒎𝒑𝒍𝒊𝒄𝒂𝒕𝒊𝒐𝒏𝒔 𝒐𝒇 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕

𝒕𝒚𝒑𝒆𝒔 𝒐𝒇 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔, 𝒔𝒖𝒄𝒉 𝒂𝒔

𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒔𝒕𝒓𝒖𝒎𝒆𝒏𝒕𝒔, 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 (𝑷𝑷&𝑬), 𝒂𝒏𝒅

𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔?

𝑭𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒊𝒔 𝒕𝒉𝒆 𝒑𝒓𝒐𝒄𝒆𝒔𝒔 𝒐𝒇 𝒅𝒆𝒕𝒆𝒓𝒎𝒊𝒏𝒊𝒏𝒈 𝒕𝒉𝒆 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇

𝒂𝒏 𝒂𝒔𝒔𝒆𝒕 𝒐𝒓 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒃𝒂𝒔𝒆𝒅 𝒐𝒏 𝒕𝒉𝒆 𝒑𝒓𝒊𝒄𝒆 𝒕𝒉𝒂𝒕 𝒘𝒐𝒖𝒍𝒅 𝒃𝒆 𝒓𝒆𝒄𝒆𝒊𝒗𝒆𝒅 𝒕𝒐 𝒔𝒆𝒍𝒍
𝒂𝒏 𝒂𝒔𝒔𝒆𝒕 𝒐𝒓 𝒑𝒂𝒊𝒅 𝒕𝒐 𝒕𝒓𝒂𝒏𝒔𝒇𝒆𝒓 𝒂 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒏 𝒂𝒏 𝒐𝒓𝒅𝒆𝒓𝒍𝒚 𝒕𝒓𝒂𝒏𝒔𝒂𝒄𝒕𝒊𝒐𝒏
𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝒎𝒂𝒓𝒌𝒆𝒕 𝒑𝒂𝒓𝒕𝒊𝒄𝒊𝒑𝒂𝒏𝒕𝒔 𝒂𝒕 𝒕𝒉𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒅𝒂𝒕𝒆. 𝑻𝒉𝒆
𝒄𝒐𝒏𝒄𝒆𝒑𝒕 𝒐𝒇 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒊𝒔 𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒕 𝒊𝒏 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍
𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒂𝒔 𝒊𝒕 𝒑𝒓𝒐𝒗𝒊𝒅𝒆𝒔 𝒖𝒔𝒆𝒓𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒘𝒊𝒕𝒉
𝒓𝒆𝒍𝒆𝒗𝒂𝒏𝒕 𝒂𝒏𝒅 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒂𝒏 𝒆𝒏𝒕𝒊𝒕𝒚'𝒔
𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔.

𝑼𝒏𝒅𝒆𝒓 𝒕𝒉𝒆 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺)

𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌, 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒊𝒔 𝒄𝒂𝒕𝒆𝒈𝒐𝒓𝒊𝒛𝒆𝒅 𝒊𝒏𝒕𝒐 𝒕𝒉𝒓𝒆𝒆
𝒍𝒆𝒗𝒆𝒍𝒔 𝒐𝒇 𝒂 𝒉𝒊𝒆𝒓𝒂𝒓𝒄𝒉𝒚:

1. 𝑳𝒆𝒗𝒆𝒍 1: 𝑸𝒖𝒐𝒕𝒆𝒅 𝒑𝒓𝒊𝒄𝒆𝒔 𝒊𝒏 𝒂𝒄𝒕𝒊𝒗𝒆 𝒎𝒂𝒓𝒌𝒆𝒕𝒔 𝒇𝒐𝒓 𝒊𝒅𝒆𝒏𝒕𝒊𝒄𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔 𝒐𝒓 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 𝒕𝒉𝒂𝒕
𝒄𝒂𝒏 𝒂𝒄𝒄𝒆𝒔𝒔 𝒂𝒕 𝒕𝒉𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒅𝒂𝒕𝒆. 𝑻𝒉𝒊𝒔 𝒍𝒆𝒗𝒆𝒍 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒔 𝒕𝒉𝒆
𝒎𝒐𝒔𝒕 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒆 𝒂𝒏𝒅 𝒐𝒃𝒋𝒆𝒄𝒕𝒊𝒗𝒆 𝒊𝒏𝒑𝒖𝒕𝒔 𝒇𝒐𝒓 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕.

2. 𝑳𝒆𝒗𝒆𝒍 2: 𝑰𝒏𝒑𝒖𝒕𝒔 𝒐𝒕𝒉𝒆𝒓 𝒕𝒉𝒂𝒏 𝒒𝒖𝒐𝒕𝒆𝒅 𝒑𝒓𝒊𝒄𝒆𝒔 𝒊𝒏𝒄𝒍𝒖𝒅𝒆𝒅 𝒊𝒏 𝑳𝒆𝒗𝒆𝒍 1 𝒕𝒉𝒂𝒕

𝒂𝒓𝒆 𝒐𝒃𝒔𝒆𝒓𝒗𝒂𝒃𝒍𝒆 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒐𝒓 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒚, 𝒆𝒊𝒕𝒉𝒆𝒓 𝒅𝒊𝒓𝒆𝒄𝒕𝒍𝒚 𝒐𝒓
𝒊𝒏𝒅𝒊𝒓𝒆𝒄𝒕𝒍𝒚. 𝑻𝒉𝒊𝒔 𝒍𝒆𝒗𝒆𝒍 𝒊𝒏𝒄𝒍𝒖𝒅𝒆𝒔 𝒊𝒏𝒑𝒖𝒕𝒔 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒎𝒂𝒓𝒌𝒆𝒕 𝒅𝒂𝒕𝒂 𝒐𝒓 𝒐𝒕𝒉𝒆𝒓
𝒄𝒐𝒓𝒓𝒐𝒃𝒐𝒓𝒂𝒕𝒊𝒗𝒆 𝒆𝒗𝒊𝒅𝒆𝒏𝒄𝒆 𝒕𝒉𝒂𝒕 𝒄𝒂𝒏 𝒃𝒆 𝒖𝒔𝒆𝒅 𝒕𝒐 𝒆𝒔𝒕𝒊𝒎𝒂𝒕𝒆 𝒕𝒉𝒆 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆.

3. 𝑳𝒆𝒗𝒆𝒍 3: 𝑼𝒏𝒐𝒃𝒔𝒆𝒓𝒗𝒂𝒃𝒍𝒆 𝒊𝒏𝒑𝒖𝒕𝒔 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒐𝒓 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒕𝒉𝒂𝒕 𝒂𝒓𝒆

𝒃𝒂𝒔𝒆𝒅 𝒐𝒏 𝒕𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚'𝒔 𝒐𝒘𝒏 𝒂𝒔𝒔𝒖𝒎𝒑𝒕𝒊𝒐𝒏𝒔 𝒂𝒏𝒅 𝒂𝒓𝒆 𝒏𝒐𝒕 𝒄𝒐𝒓𝒓𝒐𝒃𝒐𝒓𝒂𝒕𝒆𝒅
𝒃𝒚 𝒎𝒂𝒓𝒌𝒆𝒕 𝒅𝒂𝒕𝒂. 𝑻𝒉𝒊𝒔 𝒍𝒆𝒗𝒆𝒍 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒔 𝒕𝒉𝒆 𝒍𝒆𝒂𝒔𝒕 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒆 𝒊𝒏𝒑𝒖𝒕𝒔 𝒇𝒐𝒓
𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕.

𝑻𝒉𝒆 𝒊𝒎𝒑𝒍𝒊𝒄𝒂𝒕𝒊𝒐𝒏𝒔 𝒐𝒇 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒕𝒚𝒑𝒆𝒔 𝒐𝒇

𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 𝒄𝒂𝒏 𝒗𝒂𝒓𝒚:

1. 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒔𝒕𝒓𝒖𝒎𝒆𝒏𝒕𝒔: 𝑭𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒊𝒔 𝒄𝒐𝒎𝒎𝒐𝒏𝒍𝒚

𝒖𝒔𝒆𝒅 𝒇𝒐𝒓 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒔𝒕𝒓𝒖𝒎𝒆𝒏𝒕𝒔 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒔𝒕𝒐𝒄𝒌𝒔, 𝒃𝒐𝒏𝒅𝒔, 𝒂𝒏𝒅
𝒅𝒆𝒓𝒊𝒗𝒂𝒕𝒊𝒗𝒆𝒔. 𝑻𝒉𝒆𝒔𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 𝒂𝒓𝒆 𝒐𝒇𝒕𝒆𝒏 𝒕𝒓𝒂𝒅𝒆𝒅 𝒊𝒏
𝒂𝒄𝒕𝒊𝒗𝒆 𝒎𝒂𝒓𝒌𝒆𝒕𝒔, 𝒎𝒂𝒌𝒊𝒏𝒈 𝒊𝒕 𝒆𝒂𝒔𝒊𝒆𝒓 𝒕𝒐 𝒅𝒆𝒕𝒆𝒓𝒎𝒊𝒏𝒆 𝒕𝒉𝒆𝒊𝒓 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆.
2. 𝑷𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 (𝑷𝑷&𝑬): 𝑭𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕
𝒊𝒔 𝒍𝒆𝒔𝒔 𝒄𝒐𝒎𝒎𝒐𝒏 𝒇𝒐𝒓 𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒍𝒊𝒌𝒆 𝑷𝑷&𝑬, 𝒂𝒔 𝒕𝒉𝒆𝒔𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒓𝒆
𝒕𝒚𝒑𝒊𝒄𝒂𝒍𝒍𝒚 𝒄𝒂𝒓𝒓𝒊𝒆𝒅 𝒂𝒕 𝒉𝒊𝒔𝒕𝒐𝒓𝒊𝒄𝒂𝒍 𝒄𝒐𝒔𝒕 𝒍𝒆𝒔𝒔 𝒂𝒄𝒄𝒖𝒎𝒖𝒍𝒂𝒕𝒆𝒅
𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏. 𝑯𝒐𝒘𝒆𝒗𝒆𝒓, 𝒊𝒏 𝒄𝒂𝒔𝒆𝒔 𝒘𝒉𝒆𝒓𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒓𝒆 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒅 𝒕𝒐 𝒃𝒆
𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒂𝒕 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 (𝒆.𝒈., 𝒊𝒏 𝒄𝒂𝒔𝒆𝒔 𝒐𝒇 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕), 𝒕𝒉𝒆 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆
𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒑𝒓𝒐𝒄𝒆𝒔𝒔 𝒎𝒂𝒚 𝒊𝒏𝒗𝒐𝒍𝒗𝒆 𝒆𝒔𝒕𝒊𝒎𝒂𝒕𝒊𝒏𝒈 𝒕𝒉𝒆 𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒎𝒂𝒓𝒌𝒆𝒕
𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕𝒔.

3. 𝑰𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔: 𝑰𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔, 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒈𝒐𝒐𝒅𝒘𝒊𝒍𝒍 𝒐𝒓

𝒑𝒂𝒕𝒆𝒏𝒕𝒔, 𝒎𝒂𝒚 𝒂𝒍𝒔𝒐 𝒃𝒆 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒅 𝒕𝒐 𝒃𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒂𝒕 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒊𝒏 𝒄𝒆𝒓𝒕𝒂𝒊𝒏
𝒔𝒊𝒕𝒖𝒂𝒕𝒊𝒐𝒏𝒔, 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒊𝒏 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒄𝒐𝒎𝒃𝒊𝒏𝒂𝒕𝒊𝒐𝒏𝒔. 𝑻𝒉𝒆 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆
𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒐𝒇 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒎𝒂𝒚 𝒊𝒏𝒗𝒐𝒍𝒗𝒆 𝒆𝒔𝒕𝒊𝒎𝒂𝒕𝒊𝒏𝒈 𝒕𝒉𝒆
𝒇𝒖𝒕𝒖𝒓𝒆 𝒄𝒂𝒔𝒉 𝒇𝒍𝒐𝒘𝒔 𝒂𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒅 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒅𝒊𝒔𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈
𝒕𝒉𝒆𝒎 𝒕𝒐 𝒑𝒓𝒆𝒔𝒆𝒏𝒕 𝒗𝒂𝒍𝒖𝒆.

𝑶𝒗𝒆𝒓𝒂𝒍𝒍, 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒑𝒍𝒂𝒚𝒔 𝒂 𝒄𝒓𝒖𝒄𝒊𝒂𝒍 𝒓𝒐𝒍𝒆 𝒊𝒏 𝒑𝒓𝒐𝒗𝒊𝒅𝒊𝒏𝒈 𝒓𝒆𝒍𝒆𝒗𝒂𝒏𝒕 𝒂𝒏𝒅 𝒓
𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒂𝒏 𝒆𝒏𝒕𝒊𝒕𝒚'𝒔 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔,
𝒂𝒍𝒍𝒐𝒘𝒊𝒏𝒈 𝒖𝒔𝒆𝒓𝒔 𝒐𝒇 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒕𝒐 𝒎𝒂𝒌𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒆𝒅
𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚'𝒔 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒑𝒐𝒔𝒊𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒑𝒆𝒓𝒇𝒐𝒓𝒎𝒂𝒏𝒄𝒆.

3. 𝑬𝒙𝒑𝒍𝒂𝒊𝒏 𝒕𝒉𝒆 𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒄𝒆 𝒐𝒇 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅𝒔 𝒊𝒏

𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒂𝒏𝒅 𝒄𝒐𝒎𝒑𝒂𝒓𝒆 𝒕𝒉𝒆

𝑭𝑰𝑭𝑶 𝒂𝒏𝒅 𝒘𝒆𝒊𝒈𝒉𝒕𝒆𝒅 𝒂𝒗𝒆𝒓𝒂𝒈𝒆 𝒄𝒐𝒔𝒕 𝒎𝒆𝒕𝒉𝒐𝒅𝒔, 𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒍𝒐𝒘𝒆𝒓 𝒐𝒇

𝒄𝒐𝒔𝒕 𝒐𝒓 𝒎𝒂𝒓𝒌𝒆𝒕 (𝑳𝑪𝑴) 𝒓𝒖𝒍𝒆 𝒂𝒏𝒅

𝒊𝒕𝒔 𝒂𝒑𝒑𝒍𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒊𝒏 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏?

𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅𝒔 𝒑𝒍𝒂𝒚 𝒂 𝒄𝒓𝒖𝒄𝒊𝒂𝒍 𝒓𝒐𝒍𝒆 𝒊𝒏 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍

𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒂𝒔 𝒕𝒉𝒆𝒚 𝒉𝒆𝒍𝒑 𝒅𝒆𝒕𝒆𝒓𝒎𝒊𝒏𝒆 𝒕𝒉𝒆 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒂 𝒄𝒐𝒎𝒑𝒂𝒏𝒚'𝒔
𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒊𝒏 𝒊𝒕𝒔 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔. 𝑻𝒉𝒆 𝒎𝒆𝒕𝒉𝒐𝒅 𝒄𝒉𝒐𝒔𝒆𝒏 𝒄𝒂𝒏
𝒊𝒎𝒑𝒂𝒄𝒕 𝒌𝒆𝒚 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒂𝒕𝒊𝒐𝒔 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒄𝒐𝒔𝒕 𝒐𝒇 𝒈𝒐𝒐𝒅𝒔 𝒔𝒐𝒍𝒅, 𝒈𝒓𝒐𝒔𝒔
𝒑𝒓𝒐𝒇𝒊𝒕 𝒎𝒂𝒓𝒈𝒊𝒏, 𝒂𝒏𝒅 𝒐𝒗𝒆𝒓𝒂𝒍𝒍 𝒑𝒓𝒐𝒇𝒊𝒕𝒂𝒃𝒊𝒍𝒊𝒕𝒚.

𝑻𝒘𝒐 𝒄𝒐𝒎𝒎𝒐𝒏 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅𝒔 𝒂𝒓𝒆 𝒕𝒉𝒆 𝑭𝑰𝑭𝑶 (𝑭𝒊𝒓𝒔𝒕-𝑰𝒏,

𝑭𝒊𝒓𝒔𝒕-𝑶𝒖𝒕) 𝒂𝒏𝒅 𝒘𝒆𝒊𝒈𝒉𝒕𝒆𝒅 𝒂𝒗𝒆𝒓𝒂𝒈𝒆 𝒄𝒐𝒔𝒕 𝒎𝒆𝒕𝒉𝒐𝒅𝒔. 𝑭𝑰𝑭𝑶 𝒂𝒔𝒔𝒖𝒎𝒆𝒔 𝒕𝒉𝒂𝒕
𝒕𝒉𝒆 𝒇𝒊𝒓𝒔𝒕 𝒖𝒏𝒊𝒕𝒔 𝒑𝒖𝒓𝒄𝒉𝒂𝒔𝒆𝒅 𝒂𝒓𝒆 𝒕𝒉𝒆 𝒇𝒊𝒓𝒔𝒕 𝒖𝒏𝒊𝒕𝒔 𝒔𝒐𝒍𝒅, 𝒍𝒆𝒂𝒅𝒊𝒏𝒈 𝒕𝒐 𝒂
𝒎𝒐𝒓𝒆 𝒂𝒄𝒄𝒖𝒓𝒂𝒕𝒆 𝒓𝒆𝒇𝒍𝒆𝒄𝒕𝒊𝒐𝒏 𝒐𝒇 𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒄𝒐𝒔𝒕𝒔. 𝑶𝒏 𝒕𝒉𝒆 𝒐𝒕𝒉𝒆𝒓
𝒉𝒂𝒏𝒅, 𝒕𝒉𝒆 𝒘𝒆𝒊𝒈𝒉𝒕𝒆𝒅 𝒂𝒗𝒆𝒓𝒂𝒈𝒆 𝒄𝒐𝒔𝒕 𝒎𝒆𝒕𝒉𝒐𝒅 𝒄𝒂𝒍𝒄𝒖𝒍𝒂𝒕𝒆𝒔 𝒕𝒉𝒆 𝒂𝒗𝒆𝒓𝒂𝒈𝒆
𝒄𝒐𝒔𝒕 𝒐𝒇 𝒂𝒍𝒍 𝒖𝒏𝒊𝒕𝒔 𝒊𝒏 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚, 𝒍𝒆𝒂𝒅𝒊𝒏𝒈 𝒕𝒐 𝒂 𝒎𝒐𝒓𝒆 𝒔𝒕𝒂𝒃𝒍𝒆 𝒂𝒏𝒅
𝒑𝒓𝒆𝒅𝒊𝒄𝒕𝒂𝒃𝒍𝒆 𝒄𝒐𝒔𝒕 𝒐𝒇 𝒈𝒐𝒐𝒅𝒔 𝒔𝒐𝒍𝒅.

𝑻𝒉𝒆 𝒍𝒐𝒘𝒆𝒓 𝒐𝒇 𝒄𝒐𝒔𝒕 𝒐𝒓 𝒎𝒂𝒓𝒌𝒆𝒕 (𝑳𝑪𝑴) 𝒓𝒖𝒍𝒆 𝒊𝒔 𝒂 𝒎𝒆𝒕𝒉𝒐𝒅 𝒐𝒇 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚

𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒘𝒉𝒆𝒓𝒆 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒊𝒔 𝒗𝒂𝒍𝒖𝒆𝒅 𝒂𝒕 𝒆𝒊𝒕𝒉𝒆𝒓 𝒊𝒕𝒔 𝒉𝒊𝒔𝒕𝒐𝒓𝒊𝒄𝒂𝒍 𝒄𝒐𝒔𝒕
𝒐𝒓 𝒎𝒂𝒓𝒌𝒆𝒕 𝒗𝒂𝒍𝒖𝒆, 𝒘𝒉𝒊𝒄𝒉𝒆𝒗𝒆𝒓 𝒊𝒔 𝒍𝒐𝒘𝒆𝒓. 𝑻𝒉𝒊𝒔 𝒓𝒖𝒍𝒆 𝒆𝒏𝒔𝒖𝒓𝒆𝒔 𝒕𝒉𝒂𝒕
𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒊𝒔 𝒏𝒐𝒕 𝒐𝒗𝒆𝒓𝒔𝒕𝒂𝒕𝒆𝒅 𝒐𝒏 𝒕𝒉𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒔𝒉𝒆𝒆𝒕 𝒂𝒏𝒅 𝒓𝒆𝒇𝒍𝒆𝒄𝒕𝒔 𝒕𝒉𝒆
𝒄𝒐𝒏𝒔𝒆𝒓𝒗𝒂𝒕𝒊𝒔𝒎 𝒑𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆 𝒊𝒏 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈.

𝑻𝒉𝒆 𝒂𝒑𝒑𝒍𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝒕𝒉𝒆 𝑳𝑪𝑴 𝒓𝒖𝒍𝒆 𝒊𝒏𝒗𝒐𝒍𝒗𝒆𝒔 𝒄𝒐𝒎𝒑𝒂𝒓𝒊𝒏𝒈 𝒕𝒉𝒆 𝒐𝒓𝒊𝒈𝒊𝒏𝒂𝒍

𝒄𝒐𝒔𝒕 𝒐𝒇 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒘𝒊𝒕𝒉 𝒊𝒕𝒔 𝒓𝒆𝒑𝒍𝒂𝒄𝒆𝒎𝒆𝒏𝒕 𝒄𝒐𝒔𝒕 𝒐𝒓 𝒔𝒆𝒍𝒍𝒊𝒏𝒈 𝒑𝒓𝒊𝒄𝒆. 𝑰𝒇
𝒕𝒉𝒆 𝒎𝒂𝒓𝒌𝒆𝒕 𝒗𝒂𝒍𝒖𝒆 𝒊𝒔 𝒍𝒐𝒘𝒆𝒓 𝒕𝒉𝒂𝒏 𝒕𝒉𝒆 𝒉𝒊𝒔𝒕𝒐𝒓𝒊𝒄𝒂𝒍 𝒄𝒐𝒔𝒕, 𝒕𝒉𝒆 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒊𝒔
𝒘𝒓𝒊𝒕𝒕𝒆𝒏 𝒅𝒐𝒘𝒏 𝒕𝒐 𝒕𝒉𝒆 𝒍𝒐𝒘𝒆𝒓 𝒗𝒂𝒍𝒖𝒆. 𝑻𝒉𝒊𝒔 𝒘𝒓𝒊𝒕𝒆-𝒅𝒐𝒘𝒏 𝒊𝒔 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒂𝒔
𝒂𝒏 𝒆𝒙𝒑𝒆𝒏𝒔𝒆 𝒐𝒏 𝒕𝒉𝒆 𝒊𝒏𝒄𝒐𝒎𝒆 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕 𝒂𝒏𝒅 𝒓𝒆𝒅𝒖𝒄𝒆𝒔 𝒕𝒉𝒆 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒕𝒉𝒆
𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒐𝒏 𝒕𝒉𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒔𝒉𝒆𝒆𝒕.

𝑶𝒗𝒆𝒓𝒂𝒍𝒍, 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅𝒔 𝒂𝒓𝒆 𝒄𝒓𝒖𝒄𝒊𝒂𝒍 𝒇𝒐𝒓 𝒂𝒄𝒄𝒖𝒓𝒂𝒕𝒆

𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒂𝒏𝒅 𝒄𝒂𝒏 𝒊𝒎𝒑𝒂𝒄𝒕 𝒂 𝒄𝒐𝒎𝒑𝒂𝒏𝒚'𝒔 𝒑𝒓𝒐𝒇𝒊𝒕𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅
𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒉𝒆𝒂𝒍𝒕𝒉. 𝑻𝒉𝒆 𝑳𝑪𝑴 𝒓𝒖𝒍𝒆 𝒆𝒏𝒔𝒖𝒓𝒆𝒔 𝒕𝒉𝒂𝒕 𝒊𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝒊𝒔 𝒗𝒂𝒍𝒖𝒆𝒅
𝒂𝒑𝒑𝒓𝒐𝒑𝒓𝒊𝒂𝒕𝒆𝒍𝒚 𝒂𝒏𝒅 𝒓𝒆𝒇𝒍𝒆𝒄𝒕𝒔 𝒕𝒉𝒆 𝒕𝒓𝒖𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒓𝒆𝒂𝒍𝒊𝒕𝒊𝒆𝒔 𝒐𝒇 𝒕𝒉𝒆
𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔.

4. 𝑬𝒙𝒑𝒍𝒂𝒊𝒏 𝒕𝒉𝒆 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒕𝒊𝒐𝒏 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅

𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 (𝑷𝑷&𝑬) 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐

𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺) 𝒂𝒏𝒅 𝒅𝒊𝒔𝒄𝒖𝒔𝒔

𝒕𝒉𝒆 𝒔𝒖𝒃𝒔𝒆𝒒𝒖𝒆𝒏𝒕 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕

𝒑𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆𝒔, 𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅𝒔 𝒄𝒐𝒎𝒎𝒐𝒏𝒍𝒚 𝒖𝒔𝒆𝒅 𝒇𝒐𝒓

𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕

𝒂𝒏𝒅 𝒆𝒗𝒂𝒍𝒖𝒂𝒕𝒆 𝒕𝒉𝒆𝒊𝒓 𝒂𝒑𝒑𝒓𝒐𝒑𝒓𝒊𝒂𝒕𝒆𝒏𝒆𝒔𝒔 𝒊𝒏 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒔𝒄𝒆𝒏𝒂𝒓𝒊𝒐𝒔?

𝑹𝒆𝒄𝒐𝒈𝒏𝒊𝒕𝒊𝒐𝒏 𝑪𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓 𝑷𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝑷𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝑬𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 (𝑷𝑷&𝑬)

𝒖𝒏𝒅𝒆𝒓 𝑰𝑭𝑹𝑺:
𝑨𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝑰𝑭𝑹𝑺, 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 𝒔𝒉𝒐𝒖𝒍𝒅 𝒃𝒆
𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒂𝒔 𝒂𝒔𝒔𝒆𝒕𝒔 𝒊𝒇, 𝒂𝒏𝒅 𝒐𝒏𝒍𝒚 𝒊𝒇:

1. 𝑰𝒕 𝒊𝒔 𝒑𝒓𝒐𝒃𝒂𝒃𝒍𝒆 𝒕𝒉𝒂𝒕 𝒇𝒖𝒕𝒖𝒓𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔 𝒂𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒅 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆

𝒂𝒔𝒔𝒆𝒕 𝒘𝒊𝒍𝒍 𝒇𝒍𝒐𝒘 𝒕𝒐 𝒕𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚.

2. 𝑻𝒉𝒆 𝒄𝒐𝒔𝒕 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒄𝒂𝒏 𝒃𝒆 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒚 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅.

𝑺𝒖𝒃𝒔𝒆𝒒𝒖𝒆𝒏𝒕 𝑴𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝑷𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆𝒔 𝒇𝒐𝒓 𝑷𝑷&𝑬 𝒖𝒏𝒅𝒆𝒓 𝑰𝑭𝑹𝑺:

𝑨𝒇𝒕𝒆𝒓 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒕𝒊𝒐𝒏, 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 𝒂𝒓𝒆 𝒕𝒚𝒑𝒊𝒄𝒂𝒍𝒍𝒚

𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒂𝒕 𝒄𝒐𝒔𝒕 𝒍𝒆𝒔𝒔 𝒂𝒄𝒄𝒖𝒎𝒖𝒍𝒂𝒕𝒆𝒅 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒂𝒏𝒚
𝒂𝒄𝒄𝒖𝒎𝒖𝒍𝒂𝒕𝒆𝒅 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔𝒆𝒔. 𝑻𝒉𝒆 𝒄𝒐𝒔𝒕 𝒐𝒇 𝒂𝒏 𝒊𝒕𝒆𝒎 𝒐𝒇 𝑷𝑷&𝑬
𝒊𝒏𝒄𝒍𝒖𝒅𝒆𝒔 𝒊𝒕𝒔 𝒑𝒖𝒓𝒄𝒉𝒂𝒔𝒆 𝒑𝒓𝒊𝒄𝒆, 𝒅𝒊𝒓𝒆𝒄𝒕𝒍𝒚 𝒂𝒕𝒕𝒓𝒊𝒃𝒖𝒕𝒂𝒃𝒍𝒆 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐 𝒃𝒓𝒊𝒏𝒈
𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒕𝒐 𝒊𝒕𝒔 𝒘𝒐𝒓𝒌𝒊𝒏𝒈 𝒄𝒐𝒏𝒅𝒊𝒕𝒊𝒐𝒏 𝒇𝒐𝒓 𝒊𝒕𝒔 𝒊𝒏𝒕𝒆𝒏𝒅𝒆𝒅 𝒖𝒔𝒆, 𝒂𝒏𝒅 𝒂𝒏𝒚
𝒊𝒏𝒊𝒕𝒊𝒂𝒍 𝒆𝒔𝒕𝒊𝒎𝒂𝒕𝒆 𝒐𝒇 𝒅𝒊𝒔𝒎𝒂𝒏𝒕𝒍𝒊𝒏𝒈, 𝒓𝒆𝒎𝒐𝒗𝒂𝒍, 𝒐𝒓 𝒓𝒆𝒔𝒕𝒐𝒓𝒂𝒕𝒊𝒐𝒏 𝒄𝒐𝒔𝒕𝒔.

𝑫𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝑴𝒆𝒕𝒉𝒐𝒅𝒔 𝒇𝒐𝒓 𝑷𝑷&𝑬:

𝑻𝒉𝒆𝒓𝒆 𝒂𝒓𝒆 𝒔𝒆𝒗𝒆𝒓𝒂𝒍 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅𝒔 𝒄𝒐𝒎𝒎𝒐𝒏𝒍𝒚 𝒖𝒔𝒆𝒅 𝒇𝒐𝒓

𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕, 𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈:

1. 𝑺𝒕𝒓𝒂𝒊𝒈𝒉𝒕-𝑳𝒊𝒏𝒆 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑻𝒉𝒊𝒔 𝒎𝒆𝒕𝒉𝒐𝒅 𝒂𝒍𝒍𝒐𝒄𝒂𝒕𝒆𝒔 𝒕𝒉𝒆 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒃𝒍𝒆

𝒂𝒎𝒐𝒖𝒏𝒕 𝒐𝒇 𝒂𝒏 𝒂𝒔𝒔𝒆𝒕 𝒆𝒗𝒆𝒏𝒍𝒚 𝒐𝒗𝒆𝒓 𝒊𝒕𝒔 𝒖𝒔𝒆𝒇𝒖𝒍 𝒍𝒊𝒇𝒆. 𝑰𝒕 𝒊𝒔 𝒔𝒊𝒎𝒑𝒍𝒆 𝒕𝒐 𝒂𝒑𝒑𝒍𝒚
𝒂𝒏𝒅 𝒑𝒓𝒐𝒗𝒊𝒅𝒆𝒔 𝒂 𝒄𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒕 𝒄𝒉𝒂𝒓𝒈𝒆 𝒕𝒐 𝒕𝒉𝒆 𝒊𝒏𝒄𝒐𝒎𝒆 𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕 𝒆𝒂𝒄𝒉
𝒑𝒆𝒓𝒊𝒐𝒅.

2. 𝑼𝒏𝒊𝒕𝒔 𝒐𝒇 𝑷𝒓𝒐𝒅𝒖𝒄𝒕𝒊𝒐𝒏 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑻𝒉𝒊𝒔 𝒎𝒆𝒕𝒉𝒐𝒅 𝒄𝒉𝒂𝒓𝒈𝒆𝒔 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏

𝒃𝒂𝒔𝒆𝒅 𝒐𝒏 𝒕𝒉𝒆 𝒂𝒄𝒕𝒖𝒂𝒍 𝒖𝒔𝒂𝒈𝒆 𝒐𝒓 𝒑𝒓𝒐𝒅𝒖𝒄𝒕𝒊𝒐𝒏 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕. 𝑻𝒉𝒆
𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒆𝒙𝒑𝒆𝒏𝒔𝒆 𝒊𝒔 𝒅𝒊𝒓𝒆𝒄𝒕𝒍𝒚 𝒍𝒊𝒏𝒌𝒆𝒅 𝒕𝒐 𝒕𝒉𝒆 𝒍𝒆𝒗𝒆𝒍 𝒐𝒇 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚.
3. 𝑫𝒐𝒖𝒃𝒍𝒆-𝑫𝒆𝒄𝒍𝒊𝒏𝒊𝒏𝒈 𝑩𝒂𝒍𝒂𝒏𝒄𝒆 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑻𝒉𝒊𝒔 𝒎𝒆𝒕𝒉𝒐𝒅 𝒂𝒄𝒄𝒆𝒍𝒆𝒓𝒂𝒕𝒆𝒔
𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒃𝒚 𝒂𝒑𝒑𝒍𝒚𝒊𝒏𝒈 𝒂 𝒇𝒊𝒙𝒆𝒅 𝒑𝒆𝒓𝒄𝒆𝒏𝒕𝒂𝒈𝒆 𝒕𝒐 𝒕𝒉𝒆 𝒃𝒐𝒐𝒌 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇
𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒆𝒂𝒄𝒉 𝒚𝒆𝒂𝒓. 𝑰𝒕 𝒓𝒆𝒔𝒖𝒍𝒕𝒔 𝒊𝒏 𝒉𝒊𝒈𝒉𝒆𝒓 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒄𝒉𝒂𝒓𝒈𝒆𝒔 𝒊𝒏
𝒕𝒉𝒆 𝒆𝒂𝒓𝒍𝒚 𝒚𝒆𝒂𝒓𝒔 𝒐𝒇 𝒂𝒏 𝒂𝒔𝒔𝒆𝒕'𝒔 𝒍𝒊𝒇𝒆.

4. 𝑺𝒖𝒎-𝒐𝒇-𝒕𝒉𝒆-𝒀𝒆𝒂𝒓𝒔'-𝑫𝒊𝒈𝒊𝒕𝒔 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑻𝒉𝒊𝒔 𝒎𝒆𝒕𝒉𝒐𝒅 𝒂𝒍𝒔𝒐 𝒂𝒄𝒄𝒆𝒍𝒆𝒓𝒂𝒕𝒆𝒔

𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒃𝒖𝒕 𝒊𝒏 𝒂 𝒎𝒐𝒓𝒆 𝒈𝒓𝒂𝒅𝒖𝒂𝒍 𝒎𝒂𝒏𝒏𝒆𝒓 𝒄𝒐𝒎𝒑𝒂𝒓𝒆𝒅 𝒕𝒐 𝒕𝒉𝒆
𝒅𝒐𝒖𝒃𝒍𝒆-𝒅𝒆𝒄𝒍𝒊𝒏𝒊𝒏𝒈 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒎𝒆𝒕𝒉𝒐𝒅. 𝑻𝒉𝒆 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒃𝒍𝒆 𝒂𝒎𝒐𝒖𝒏𝒕 𝒊𝒔
𝒂𝒍𝒍𝒐𝒄𝒂𝒕𝒆𝒅 𝒃𝒂𝒔𝒆𝒅 𝒐𝒏 𝒂 𝒇𝒓𝒂𝒄𝒕𝒊𝒐𝒏 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕'𝒔 𝒖𝒔𝒆𝒇𝒖𝒍 𝒍𝒊𝒇𝒆.

𝑬𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝑫𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝑴𝒆𝒕𝒉𝒐𝒅𝒔 𝒊𝒏 𝑫𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝑺𝒄𝒆𝒏𝒂𝒓𝒊𝒐𝒔:

𝑻𝒉𝒆 𝒄𝒉𝒐𝒊𝒄𝒆 𝒐𝒇 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅 𝒅𝒆𝒑𝒆𝒏𝒅𝒔 𝒐𝒏 𝒗𝒂𝒓𝒊𝒐𝒖𝒔 𝒇𝒂𝒄𝒕𝒐𝒓𝒔

𝒔𝒖𝒄𝒉 𝒂𝒔 𝒕𝒉𝒆 𝒏𝒂𝒕𝒖𝒓𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕, 𝒊𝒕𝒔 𝒑𝒂𝒕𝒕𝒆𝒓𝒏 𝒐𝒇 𝒖𝒔𝒆, 𝒂𝒏𝒅 𝒕𝒉𝒆
𝒆𝒙𝒑𝒆𝒄𝒕𝒆𝒅 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔. 𝑭𝒐𝒓 𝒆𝒙𝒂𝒎𝒑𝒍𝒆:

- 𝑺𝒕𝒓𝒂𝒊𝒈𝒉𝒕-𝑳𝒊𝒏𝒆 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑺𝒖𝒊𝒕𝒂𝒃𝒍𝒆 𝒇𝒐𝒓 𝒂𝒔𝒔𝒆𝒕𝒔 𝒕𝒉𝒂𝒕 𝒈𝒆𝒏𝒆𝒓𝒂𝒕𝒆 𝒂

𝒄𝒐𝒏𝒔𝒊𝒔𝒕𝒆𝒏𝒕 𝒍𝒆𝒗𝒆𝒍 𝒐𝒇 𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆𝒊𝒓 𝒖𝒔𝒆𝒇𝒖𝒍 𝒍𝒊𝒇𝒆 𝒐𝒓 𝒘𝒉𝒆𝒏 𝒕𝒉𝒆𝒓𝒆 𝒊𝒔
𝒏𝒐 𝒄𝒍𝒆𝒂𝒓 𝒑𝒂𝒕𝒕𝒆𝒓𝒏 𝒐𝒇 𝒖𝒔𝒆.

- 𝑼𝒏𝒊𝒕𝒔 𝒐𝒇 𝑷𝒓𝒐𝒅𝒖𝒄𝒕𝒊𝒐𝒏 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑰𝒅𝒆𝒂𝒍 𝒇𝒐𝒓 𝒂𝒔𝒔𝒆𝒕𝒔 𝒘𝒉𝒐𝒔𝒆 𝒘𝒆𝒂𝒓 𝒂𝒏𝒅

𝒕𝒆𝒂𝒓 𝒅𝒆𝒑𝒆𝒏𝒅 𝒐𝒏 𝒕𝒉𝒆𝒊𝒓 𝒍𝒆𝒗𝒆𝒍 𝒐𝒇 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚, 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒎𝒂𝒄𝒉𝒊𝒏𝒆𝒓𝒚 𝒖𝒔𝒆𝒅 𝒊𝒏
𝒎𝒂𝒏𝒖𝒇𝒂𝒄𝒕𝒖𝒓𝒊𝒏𝒈.

- 𝑫𝒐𝒖𝒃𝒍𝒆-𝑫𝒆𝒄𝒍𝒊𝒏𝒊𝒏𝒈 𝑩𝒂𝒍𝒂𝒏𝒄𝒆 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑬𝒇𝒇𝒆𝒄𝒕𝒊𝒗𝒆 𝒇𝒐𝒓 𝒂𝒔𝒔𝒆𝒕𝒔 𝒕𝒉𝒂𝒕 𝒂𝒓𝒆

𝒎𝒐𝒓𝒆 𝒑𝒓𝒐𝒅𝒖𝒄𝒕𝒊𝒗𝒆 𝒊𝒏 𝒕𝒉𝒆𝒊𝒓 𝒆𝒂𝒓𝒍𝒚 𝒚𝒆𝒂𝒓𝒔 𝒂𝒏𝒅 𝒆𝒙𝒑𝒆𝒓𝒊𝒆𝒏𝒄𝒆 𝒓𝒂𝒑𝒊𝒅
𝒐𝒃𝒔𝒐𝒍𝒆𝒔𝒄𝒆𝒏𝒄𝒆.

- 𝑺𝒖𝒎-𝒐𝒇-𝒕𝒉𝒆-𝒀𝒆𝒂𝒓𝒔'-𝑫𝒊𝒈𝒊𝒕𝒔 𝑴𝒆𝒕𝒉𝒐𝒅: 𝑶𝒇𝒇𝒆𝒓𝒔 𝒂 𝒄𝒐𝒎𝒑𝒓𝒐𝒎𝒊𝒔𝒆 𝒃𝒆𝒕𝒘𝒆𝒆𝒏

𝒔𝒕𝒓𝒂𝒊𝒈𝒉𝒕-𝒍𝒊𝒏𝒆 𝒂𝒏𝒅 𝒅𝒐𝒖𝒃𝒍𝒆-𝒅𝒆𝒄𝒍𝒊𝒏𝒊𝒏𝒈 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒎𝒆𝒕𝒉𝒐𝒅𝒔, 𝒑𝒓𝒐𝒗𝒊𝒅𝒊𝒏𝒈 𝒂
𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝒂𝒄𝒄𝒆𝒍𝒆𝒓𝒂𝒕𝒆𝒅 𝒂𝒏𝒅 𝒆𝒗𝒆𝒏 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏.

𝑰𝒏 𝒄𝒐𝒏𝒄𝒍𝒖𝒔𝒊𝒐𝒏, 𝒕𝒉𝒆 𝒂𝒑𝒑𝒓𝒐𝒑𝒓𝒊𝒂𝒕𝒆𝒏𝒆𝒔𝒔 𝒐𝒇 𝒂 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒎𝒆𝒕𝒉𝒐𝒅 𝒇𝒐𝒓

𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕 𝒅𝒆𝒑𝒆𝒏𝒅𝒔 𝒐𝒏 𝒕𝒉𝒆 𝒔𝒑𝒆𝒄𝒊𝒇𝒊𝒄
𝒄𝒊𝒓𝒄𝒖𝒎𝒔𝒕𝒂𝒏𝒄𝒆𝒔 𝒐𝒇 𝒆𝒂𝒄𝒉 𝒂𝒔𝒔𝒆𝒕 𝒂𝒏𝒅 𝒕𝒉𝒆 𝒅𝒆𝒔𝒊𝒓𝒆𝒅 𝒎𝒂𝒕𝒄𝒉𝒊𝒏𝒈 𝒐𝒇
𝒆𝒙𝒑𝒆𝒏𝒔𝒆𝒔 𝒘𝒊𝒕𝒉 𝒓𝒆𝒗𝒆𝒏𝒖𝒆𝒔 𝒐𝒗𝒆𝒓 𝒕𝒊𝒎𝒆. 𝑪𝒐𝒎𝒑𝒂𝒏𝒊𝒆𝒔 𝒔𝒉𝒐𝒖𝒍𝒅 𝒄𝒐𝒏𝒔𝒊𝒅𝒆𝒓
𝒕𝒉𝒆𝒔𝒆 𝒇𝒂𝒄𝒕𝒐𝒓𝒔 𝒘𝒉𝒆𝒏 𝒔𝒆𝒍𝒆𝒄𝒕𝒊𝒏𝒈 𝒕𝒉𝒆 𝒎𝒐𝒔𝒕 𝒔𝒖𝒊𝒕𝒂𝒃𝒍𝒆 𝒎𝒆𝒕𝒉𝒐𝒅 𝒇𝒐𝒓 𝒕𝒉𝒆𝒊𝒓
𝒂𝒔𝒔𝒆𝒕𝒔 𝒖𝒏𝒅𝒆𝒓 𝑰𝑭𝑹𝑺 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕𝒔.

5. 𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒅𝒆𝒇𝒊𝒏𝒊𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓

𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐

𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺), 𝒂𝒏𝒅 𝒆𝒙𝒑𝒍𝒂𝒊𝒏

𝒕𝒉𝒆 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕 𝒇𝒐𝒓

𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝑬𝒙𝒑𝒍𝒂𝒊𝒏𝒔 𝒕𝒉𝒆 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒄𝒆𝒔 𝒃𝒆𝒕𝒘𝒆𝒆𝒏

𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝒂𝒏𝒅 𝒐𝒘𝒏𝒆𝒓-𝒐𝒄𝒄𝒖𝒑𝒊𝒆𝒅

𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈 𝒕𝒉𝒆𝒊𝒓 𝒓𝒆𝒔𝒑𝒆𝒄𝒕𝒊𝒗𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒂𝒏𝒅 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈

𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕?

𝑼𝒏𝒅𝒆𝒓 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺),

𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝒊𝒔 𝒅𝒆𝒇𝒊𝒏𝒆𝒅 𝒂𝒔 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒑𝒖𝒓𝒑𝒐𝒔𝒆
𝒐𝒇 𝒆𝒂𝒓𝒏𝒊𝒏𝒈 𝒓𝒆𝒏𝒕𝒂𝒍 𝒊𝒏𝒄𝒐𝒎𝒆, 𝒇𝒐𝒓 𝒄𝒂𝒑𝒊𝒕𝒂𝒍 𝒂𝒑𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏, 𝒐𝒓 𝒃𝒐𝒕𝒉.

Classification criteria for investment property under IFRS include:

1. The property is held to earn rental income or for capital appreciation, or both.

2. The property is not occupied by the owner for use in the production or supply of goods or services, or
for administrative purposes.

3. The property is not held for sale in the ordinary course of business.

Accounting Treatment for Investment Property under IFRS:

Investment property is initially recognized at cost, including transaction costs. Subsequently, investment
property is measured at fair value, with changes in fair value recognized in profit or loss. If fair value
cannot be reliably measured, investment property is measured at cost less accumulated depreciation
and any impairment losses.

Differences between Investment Property and Owner-Occupied Property:

1. Measurement Basis:

- Investment Property: Measured at fair value with changes recognized in profit or loss.

- Owner-Occupied Property: Measured at cost less accumulated depreciation, with no revaluation to fair
value.

2. Accounting Treatment:

- Investment Property: Fair value changes are recognized in profit or loss.

- Owner-Occupied Property: Depreciation is recognized in profit or loss.

3. Intent of Use:

- Investment Property: Held for rental income, capital appreciation, or both.

- Owner-Occupied Property: Used in the production or supply of goods or services, or for administrative
purposes.

4. Presentation in Financial Statements:

- Investment Property: Presented as a separate line item on the balance sheet.

- Owner-Occupied Property: Included within property, plant, and equipment on the balance sheet.

In summary, investment property and owner-occupied property are distinguished by their intended use,
measurement basis, accounting treatment, and presentation in financial statements. Understanding
these differences is essential for accurate financial reporting and compliance with IFRS standards.

6. 𝑾𝒉𝒂𝒕 𝒊𝒔 𝒕𝒉𝒆 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒚𝒊𝒏𝒈 𝒏𝒐𝒏-𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒔 𝒉𝒆𝒍𝒅

𝒇𝒐𝒓 𝒔𝒂𝒍𝒆 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍

𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺) 𝒂𝒏𝒅 𝒅𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈

𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒔𝒖𝒄𝒉 𝒂𝒔𝒔𝒆𝒕𝒔?
𝑨𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈 𝒕𝒐 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺),
𝒏𝒐𝒏-𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒓𝒆 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆 𝒘𝒉𝒆𝒏 𝒕𝒉𝒆
𝒇𝒐𝒍𝒍𝒐𝒘𝒊𝒏𝒈 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒂𝒓𝒆 𝒎𝒆𝒕:

1. 𝑴𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕 𝒊𝒔 𝒄𝒐𝒎𝒎𝒊𝒕𝒕𝒆𝒅 𝒕𝒐 𝒂 𝒑𝒍𝒂𝒏 𝒕𝒐 𝒔𝒆𝒍𝒍 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕.

2. 𝑻𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒍𝒆 𝒇𝒐𝒓 𝒊𝒎𝒎𝒆𝒅𝒊𝒂𝒕𝒆 𝒔𝒂𝒍𝒆 𝒊𝒏 𝒊𝒕𝒔 𝒑𝒓𝒆𝒔𝒆𝒏𝒕 𝒄𝒐𝒏𝒅𝒊𝒕𝒊𝒐𝒏.

3. 𝑨𝒏 𝒂𝒄𝒕𝒊𝒗𝒆 𝒑𝒓𝒐𝒈𝒓𝒂𝒎 𝒕𝒐 𝒍𝒐𝒄𝒂𝒕𝒆 𝒂 𝒃𝒖𝒚𝒆𝒓 𝒉𝒂𝒔 𝒃𝒆𝒆𝒏 𝒊𝒏𝒊𝒕𝒊𝒂𝒕𝒆𝒅.

4. 𝑻𝒉𝒆 𝒔𝒂𝒍𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒊𝒔 𝒉𝒊𝒈𝒉𝒍𝒚 𝒑𝒓𝒐𝒃𝒂𝒃𝒍𝒆 𝒘𝒊𝒕𝒉𝒊𝒏 𝒐𝒏𝒆 𝒚𝒆𝒂𝒓 𝒇𝒓𝒐𝒎 𝒕𝒉𝒆
𝒅𝒂𝒕𝒆 𝒐𝒇 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆.

𝑶𝒏𝒄𝒆 𝒂𝒏 𝒂𝒔𝒔𝒆𝒕 𝒎𝒆𝒆𝒕𝒔 𝒕𝒉𝒆 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒕𝒐 𝒃𝒆 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆, 𝒊𝒕

𝒊𝒔 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒂𝒕 𝒕𝒉𝒆 𝒍𝒐𝒘𝒆𝒓 𝒐𝒇 𝒊𝒕𝒔 𝒄𝒂𝒓𝒓𝒚𝒊𝒏𝒈 𝒂𝒎𝒐𝒖𝒏𝒕 𝒂𝒏𝒅 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆
𝒍𝒆𝒔𝒔 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐 𝒔𝒆𝒍𝒍. 𝑨𝒏𝒚 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔𝒆𝒔 𝒂𝒓𝒆 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒊𝒏 𝒑𝒓𝒐𝒇𝒊𝒕
𝒐𝒓 𝒍𝒐𝒔𝒔.

𝑻𝒉𝒆 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒏𝒐𝒏-𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒂𝒔𝒔𝒆𝒕𝒔 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒂𝒔

𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆 𝒖𝒏𝒅𝒆𝒓 𝑰𝑭𝑹𝑺 𝒊𝒏𝒄𝒍𝒖𝒅𝒆𝒔 𝒕𝒉𝒆 𝒇𝒐𝒍𝒍𝒐𝒘𝒊𝒏𝒈 𝒔𝒕𝒆𝒑𝒔:

1. 𝑹𝒆𝒄𝒐𝒈𝒏𝒊𝒕𝒊𝒐𝒏: 𝑻𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒊𝒔 𝒓𝒆𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒇𝒓𝒐𝒎 𝒊𝒕𝒔 𝒐𝒓𝒊𝒈𝒊𝒏𝒂𝒍 𝒄𝒂𝒕𝒆𝒈𝒐𝒓𝒚

(𝒆.𝒈., 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚, 𝒑𝒍𝒂𝒏𝒕, 𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒑𝒎𝒆𝒏𝒕) 𝒕𝒐 "𝑨𝒔𝒔𝒆𝒕𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆" 𝒐𝒏
𝒕𝒉𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒔𝒉𝒆𝒆𝒕.

2. 𝑴𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕: 𝑻𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒊𝒔 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒂𝒕 𝒕𝒉𝒆 𝒍𝒐𝒘𝒆𝒓 𝒐𝒇 𝒊𝒕𝒔 𝒄𝒂𝒓𝒓𝒚𝒊𝒏𝒈

𝒂𝒎𝒐𝒖𝒏𝒕 𝒂𝒏𝒅 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒍𝒆𝒔𝒔 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐 𝒔𝒆𝒍𝒍. 𝑭𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒍𝒆𝒔𝒔 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐
𝒔𝒆𝒍𝒍 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒔 𝒕𝒉𝒆 𝒂𝒎𝒐𝒖𝒏𝒕 𝒕𝒉𝒂𝒕 𝒘𝒐𝒖𝒍𝒅 𝒃𝒆 𝒐𝒃𝒕𝒂𝒊𝒏𝒆𝒅 𝒇𝒓𝒐𝒎 𝒔𝒆𝒍𝒍𝒊𝒏𝒈
𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒊𝒏 𝒂𝒏 𝒂𝒓𝒎'𝒔 𝒍𝒆𝒏𝒈𝒕𝒉 𝒕𝒓𝒂𝒏𝒔𝒂𝒄𝒕𝒊𝒐𝒏 𝒍𝒆𝒔𝒔 𝒕𝒉𝒆 𝒄𝒐𝒔𝒕𝒔 𝒅𝒊𝒓𝒆𝒄𝒕𝒍𝒚
𝒂𝒕𝒕𝒓𝒊𝒃𝒖𝒕𝒂𝒃𝒍𝒆 𝒕𝒐 𝒕𝒉𝒆 𝒔𝒂𝒍𝒆.

3. 𝑰𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕: 𝑰𝒇 𝒕𝒉𝒆 𝒄𝒂𝒓𝒓𝒚𝒊𝒏𝒈 𝒂𝒎𝒐𝒖𝒏𝒕 𝒐𝒇 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒆𝒙𝒄𝒆𝒆𝒅𝒔 𝒊𝒕𝒔

𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒂𝒃𝒍𝒆 𝒂𝒎𝒐𝒖𝒏𝒕 (𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒍𝒆𝒔𝒔 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐 𝒔𝒆𝒍𝒍), 𝒂𝒏 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕
𝒍𝒐𝒔𝒔 𝒊𝒔 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅. 𝑻𝒉𝒆 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔 𝒊𝒔 𝒄𝒂𝒍𝒄𝒖𝒍𝒂𝒕𝒆𝒅 𝒂𝒔 𝒕𝒉𝒆
𝒆𝒙𝒄𝒆𝒔𝒔 𝒐𝒇 𝒕𝒉𝒆 𝒄𝒂𝒓𝒓𝒚𝒊𝒏𝒈 𝒂𝒎𝒐𝒖𝒏𝒕 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒍𝒆𝒔𝒔 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐
𝒔𝒆𝒍𝒍 𝒂𝒏𝒅 𝒊𝒔 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒊𝒏 𝒑𝒓𝒐𝒇𝒊𝒕 𝒐𝒓 𝒍𝒐𝒔𝒔.

4. 𝑷𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏: 𝑨𝒔𝒔𝒆𝒕𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆 𝒂𝒓𝒆 𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒆𝒅 𝒔𝒆𝒑𝒂𝒓𝒂𝒕𝒆𝒍𝒚 𝒐𝒏

𝒕𝒉𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒔𝒉𝒆𝒆𝒕, 𝒂𝒏𝒅 𝒂𝒏𝒚 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 𝒅𝒊𝒓𝒆𝒄𝒕𝒍𝒚 𝒂𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒅 𝒘𝒊𝒕𝒉
𝒕𝒉𝒐𝒔𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒓𝒆 𝒂𝒍𝒔𝒐 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆.

5. 𝑫𝒊𝒔𝒄𝒍𝒐𝒔𝒖𝒓𝒆: 𝑨𝒅𝒅𝒊𝒕𝒊𝒐𝒏𝒂𝒍 𝒅𝒊𝒔𝒄𝒍𝒐𝒔𝒖𝒓𝒆𝒔 𝒂𝒓𝒆 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒅 𝒊𝒏 𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍

𝒔𝒕𝒂𝒕𝒆𝒎𝒆𝒏𝒕𝒔 𝒕𝒐 𝒑𝒓𝒐𝒗𝒊𝒅𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒃𝒐𝒖𝒕 𝒂𝒔𝒔𝒆𝒕𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆,
𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈 𝒅𝒆𝒕𝒂𝒊𝒍𝒔 𝒐𝒇 𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒕 𝒅𝒊𝒔𝒑𝒐𝒔𝒂𝒍𝒔 𝒂𝒏𝒅 𝒓𝒆𝒍𝒂𝒕𝒆𝒅 𝒊𝒏𝒄𝒐𝒎𝒆 𝒐𝒓
𝒆𝒙𝒑𝒆𝒏𝒔𝒆𝒔.

6. 𝑫𝒊𝒔𝒑𝒐𝒔𝒂𝒍: 𝑶𝒏𝒄𝒆 𝒂𝒏 𝒂𝒔𝒔𝒆𝒕 𝒊𝒔 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆, 𝒊𝒕 𝒔𝒉𝒐𝒖𝒍𝒅 𝒃𝒆

𝒔𝒐𝒍𝒅 𝒘𝒊𝒕𝒉𝒊𝒏 𝒐𝒏𝒆 𝒚𝒆𝒂𝒓 𝒇𝒓𝒐𝒎 𝒕𝒉𝒆 𝒅𝒂𝒕𝒆 𝒐𝒇 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒄𝒂𝒕𝒊𝒐𝒏. 𝑰𝒇 𝒕𝒉𝒆
𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆 𝒂𝒓𝒆 𝒏𝒐 𝒍𝒐𝒏𝒈𝒆𝒓 𝒎𝒆𝒕, 𝒕𝒉𝒆
𝒂𝒔𝒔𝒆𝒕 𝒊𝒔 𝒓𝒆𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒃𝒂𝒄𝒌 𝒕𝒐 𝒊𝒕𝒔 𝒐𝒓𝒊𝒈𝒊𝒏𝒂𝒍 𝒄𝒂𝒕𝒆𝒈𝒐𝒓𝒚 𝒂𝒏𝒅 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒆𝒅
𝒇𝒐𝒓 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈𝒍𝒚.

𝑶𝒗𝒆𝒓𝒂𝒍𝒍, 𝒕𝒉𝒆 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒏𝒐𝒏-𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒂𝒔𝒔𝒆𝒕𝒔 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅

𝒂𝒔 𝒉𝒆𝒍𝒅 𝒇𝒐𝒓 𝒔𝒂𝒍𝒆 𝒖𝒏𝒅𝒆𝒓 𝑰𝑭𝑹𝑺 𝒊𝒏𝒗𝒐𝒍𝒗𝒆𝒔 𝒎𝒆𝒂𝒔𝒖𝒓𝒊𝒏𝒈 𝒕𝒉𝒆 𝒂𝒔𝒔𝒆𝒕 𝒂𝒕 𝒇𝒂𝒊𝒓
𝒗𝒂𝒍𝒖𝒆 𝒍𝒆𝒔𝒔 𝒄𝒐𝒔𝒕𝒔 𝒕𝒐 𝒔𝒆𝒍𝒍, 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒊𝒏𝒈 𝒂𝒏𝒚 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔𝒆𝒔,
𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒊𝒏𝒈 𝒊𝒕 𝒔𝒆𝒑𝒂𝒓𝒂𝒕𝒆𝒍𝒚 𝒐𝒏 𝒕𝒉𝒆 𝒃𝒂𝒍𝒂𝒏𝒄𝒆 𝒔𝒉𝒆𝒆𝒕, 𝒂𝒏𝒅 𝒆𝒏𝒔𝒖𝒓𝒊𝒏𝒈 𝒕𝒊𝒎𝒆𝒍𝒚
𝒅𝒊𝒔𝒑𝒐𝒔𝒂𝒍 𝒊𝒏 𝒂𝒄𝒄𝒐𝒓𝒅𝒂𝒏𝒄𝒆 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒔𝒆𝒕 𝒐𝒖𝒕 𝒊𝒏 𝒕𝒉𝒆 𝒔𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔.

7. 𝑬𝒙𝒑𝒍𝒂𝒊𝒏 𝒕𝒉𝒆 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒕𝒊𝒐𝒏 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒄𝒄𝒐𝒓𝒅𝒊𝒏𝒈

𝒕𝒐 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍

𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅𝒔 (𝑰𝑭𝑹𝑺) 𝒂𝒏𝒅 𝒅𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆 𝒔𝒖𝒃𝒔𝒆𝒒𝒖𝒆𝒏𝒕

𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒑𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆𝒔, 𝑫𝒊𝒔𝒄𝒖𝒔𝒔 𝒕𝒉𝒆

𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅 𝒆𝒗𝒂𝒍𝒖𝒂𝒕𝒆 𝒕𝒉𝒆 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈

𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒕𝒚𝒑𝒆𝒔 𝒐𝒇

𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆𝒔 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒑𝒂𝒕𝒆𝒏𝒕𝒔, 𝒕𝒓𝒂𝒅𝒆𝒎𝒂𝒓𝒌𝒔, 𝒂𝒏𝒅 𝒈𝒐𝒐𝒅𝒘𝒊𝒍𝒍?

𝑹𝒆𝒄𝒐𝒈𝒏𝒊𝒕𝒊𝒐𝒏 𝒄𝒓𝒊𝒕𝒆𝒓𝒊𝒂 𝒇𝒐𝒓 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒖𝒏𝒅𝒆𝒓 𝑰𝑭𝑹𝑺 𝒂𝒓𝒆 𝒂𝒔
𝒇𝒐𝒍𝒍𝒐𝒘𝒔:

1. 𝑪𝒐𝒏𝒕𝒓𝒐𝒍: 𝑻𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚 𝒎𝒖𝒔𝒕 𝒉𝒂𝒗𝒆 𝒄𝒐𝒏𝒕𝒓𝒐𝒍 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆 𝒇𝒖𝒕𝒖𝒓𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄
𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔 𝒂𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒅 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕.

2. 𝑹𝒆𝒍𝒊𝒂𝒃𝒍𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕: 𝑻𝒉𝒆 𝒇𝒖𝒕𝒖𝒓𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔 𝒐𝒇 𝒕𝒉𝒆

𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕 𝒎𝒖𝒔𝒕 𝒃𝒆 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒚 𝒎𝒆𝒂𝒔𝒖𝒓𝒂𝒃𝒍𝒆.

3. 𝑷𝒓𝒐𝒃𝒂𝒃𝒍𝒆 𝒊𝒏𝒇𝒍𝒐𝒘 𝒐𝒇 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔: 𝑰𝒕 𝒊𝒔 𝒑𝒓𝒐𝒃𝒂𝒃𝒍𝒆 𝒕𝒉𝒂𝒕 𝒕𝒉𝒆

𝒇𝒖𝒕𝒖𝒓𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒃𝒆𝒏𝒆𝒇𝒊𝒕𝒔 𝒂𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒅 𝒘𝒊𝒕𝒉 𝒕𝒉𝒆 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕
𝒘𝒊𝒍𝒍 𝒇𝒍𝒐𝒘 𝒕𝒐 𝒕𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚.

4. 𝑪𝒐𝒔𝒕 𝒄𝒂𝒏 𝒃𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒚: 𝑻𝒉𝒆 𝒄𝒐𝒔𝒕 𝒐𝒇 𝒕𝒉𝒆 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕

𝒄𝒂𝒏 𝒃𝒆 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒅 𝒓𝒆𝒍𝒊𝒂𝒃𝒍𝒚.

𝑺𝒖𝒃𝒔𝒆𝒒𝒖𝒆𝒏𝒕 𝒎𝒆𝒂𝒔𝒖𝒓𝒆𝒎𝒆𝒏𝒕 𝒑𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆𝒔 𝒇𝒐𝒓 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒖𝒏𝒅𝒆𝒓

𝑰𝑭𝑹𝑺 𝒊𝒏𝒄𝒍𝒖𝒅𝒆:

1. 𝑪𝒐𝒔𝒕 𝒎𝒐𝒅𝒆𝒍: 𝑰𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒓𝒆 𝒊𝒏𝒊𝒕𝒊𝒂𝒍𝒍𝒚 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒂𝒕 𝒄𝒐𝒔𝒕

𝒂𝒏𝒅 𝒔𝒖𝒃𝒔𝒆𝒒𝒖𝒆𝒏𝒕𝒍𝒚 𝒄𝒂𝒓𝒓𝒊𝒆𝒅 𝒂𝒕 𝒄𝒐𝒔𝒕 𝒍𝒆𝒔𝒔 𝒂𝒄𝒄𝒖𝒎𝒖𝒍𝒂𝒕𝒆𝒅 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒂𝒕𝒊𝒐𝒏
𝒂𝒏𝒅 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔𝒆𝒔.

2. 𝑹𝒆𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝒎𝒐𝒅𝒆𝒍: 𝑰𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒄𝒂𝒏 𝒂𝒍𝒔𝒐 𝒃𝒆 𝒄𝒂𝒓𝒓𝒊𝒆𝒅 𝒂𝒕

𝒓𝒆𝒗𝒂𝒍𝒖𝒆𝒅 𝒂𝒎𝒐𝒖𝒏𝒕, 𝒘𝒉𝒊𝒄𝒉 𝒊𝒔 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒂𝒕 𝒕𝒉𝒆 𝒅𝒂𝒕𝒆 𝒐𝒇 𝒓𝒆𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏
𝒍𝒆𝒔𝒔 𝒔𝒖𝒃𝒔𝒆𝒒𝒖𝒆𝒏𝒕 𝒂𝒄𝒄𝒖𝒎𝒖𝒍𝒂𝒕𝒆𝒅 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔𝒆𝒔.

𝑰𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒓𝒆 𝒄𝒍𝒂𝒔𝒔𝒊𝒇𝒊𝒆𝒅 𝒂𝒔 𝒆𝒊𝒕𝒉𝒆𝒓 𝒊𝒅𝒆𝒏𝒕𝒊𝒇𝒊𝒂𝒃𝒍𝒆 𝒐𝒓

𝒖𝒏𝒊𝒅𝒆𝒏𝒕𝒊𝒇𝒊𝒂𝒃𝒍𝒆. 𝑰𝒅𝒆𝒏𝒕𝒊𝒇𝒊𝒂𝒃𝒍𝒆 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔 𝒉𝒂𝒗𝒆 𝒂 𝒎𝒆𝒂𝒔𝒖𝒓𝒂𝒃𝒍𝒆
𝒗𝒂𝒍𝒖𝒆 𝒂𝒏𝒅 𝒄𝒂𝒏 𝒃𝒆 𝒔𝒆𝒑𝒂𝒓𝒂𝒕𝒆𝒅 𝒇𝒓𝒐𝒎 𝒕𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚 𝒂𝒏𝒅 𝒔𝒐𝒍𝒅. 𝑬𝒙𝒂𝒎𝒑𝒍𝒆𝒔
𝒊𝒏𝒄𝒍𝒖𝒅𝒆 𝒑𝒂𝒕𝒆𝒏𝒕𝒔, 𝒕𝒓𝒂𝒅𝒆𝒎𝒂𝒓𝒌𝒔, 𝒂𝒏𝒅 𝒄𝒐𝒑𝒚𝒓𝒊𝒈𝒉𝒕𝒔. 𝑼𝒏𝒊𝒅𝒆𝒏𝒕𝒊𝒇𝒊𝒂𝒃𝒍𝒆
𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔, 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒈𝒐𝒐𝒅𝒘𝒊𝒍𝒍, 𝒅𝒐 𝒏𝒐𝒕 𝒉𝒂𝒗𝒆 𝒂 𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒇𝒐𝒓𝒎 𝒃𝒖𝒕
𝒔𝒕𝒊𝒍𝒍 𝒑𝒓𝒐𝒗𝒊𝒅𝒆 𝒗𝒂𝒍𝒖𝒆 𝒕𝒐 𝒕𝒉𝒆 𝒆𝒏𝒕𝒊𝒕𝒚.

𝑻𝒉𝒆 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝒕𝒓𝒆𝒂𝒕𝒎𝒆𝒏𝒕 𝒇𝒐𝒓 𝒅𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒕 𝒕𝒚𝒑𝒆𝒔 𝒐𝒇 𝒊𝒏𝒕𝒂𝒏𝒈𝒊𝒃𝒍𝒆 𝒂𝒔𝒔𝒆𝒕𝒔

𝒊𝒔 𝒂𝒔 𝒇𝒐𝒍𝒍𝒐𝒘𝒔:

1. 𝑷𝒂𝒕𝒆𝒏𝒕𝒔: 𝑷𝒂𝒕𝒆𝒏𝒕𝒔 𝒂𝒓𝒆 𝒍𝒆𝒈𝒂𝒍 𝒓𝒊𝒈𝒉𝒕𝒔 𝒈𝒓𝒂𝒏𝒕𝒆𝒅 𝒃𝒚 𝒕𝒉𝒆 𝒈𝒐𝒗𝒆𝒓𝒏𝒎𝒆𝒏𝒕 𝒇𝒐𝒓

𝒂 𝒔𝒑𝒆𝒄𝒊𝒇𝒊𝒄 𝒑𝒆𝒓𝒊𝒐𝒅 𝒐𝒇 𝒕𝒊𝒎𝒆 𝒕𝒐 𝒑𝒓𝒐𝒕𝒆𝒄𝒕 𝒂𝒏 𝒊𝒏𝒗𝒆𝒏𝒕𝒊𝒐𝒏. 𝑻𝒉𝒆𝒚 𝒂𝒓𝒆
𝒊𝒏𝒊𝒕𝒊𝒂𝒍𝒍𝒚 𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒂𝒕 𝒄𝒐𝒔𝒕 𝒂𝒏𝒅 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒆𝒅 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆𝒊𝒓 𝒖𝒔𝒆𝒇𝒖𝒍 𝒍𝒊𝒇𝒆.

2. 𝑻𝒓𝒂𝒅𝒆𝒎𝒂𝒓𝒌𝒔: 𝑻𝒓𝒂𝒅𝒆𝒎𝒂𝒓𝒌𝒔 𝒂𝒓𝒆 𝒔𝒚𝒎𝒃𝒐𝒍𝒔, 𝒍𝒐𝒈𝒐𝒔, 𝒐𝒓 𝒏𝒂𝒎𝒆𝒔 𝒖𝒔𝒆𝒅 𝒕𝒐

𝒅𝒊𝒔𝒕𝒊𝒏𝒈𝒖𝒊𝒔𝒉 𝒂 𝒄𝒐𝒎𝒑𝒂𝒏𝒚'𝒔 𝒑𝒓𝒐𝒅𝒖𝒄𝒕𝒔 𝒐𝒓 𝒔𝒆𝒓𝒗𝒊𝒄𝒆𝒔. 𝑻𝒉𝒆𝒚 𝒂𝒓𝒆 𝒊𝒏𝒊𝒕𝒊𝒂𝒍𝒍𝒚
𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅 𝒂𝒕 𝒄𝒐𝒔𝒕 𝒂𝒏𝒅 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒆𝒅 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆𝒊𝒓 𝒖𝒔𝒆𝒇𝒖𝒍 𝒍𝒊𝒇𝒆.

3. 𝑮𝒐𝒐𝒅𝒘𝒊𝒍𝒍: 𝑮𝒐𝒐𝒅𝒘𝒊𝒍𝒍 𝒂𝒓𝒊𝒔𝒆𝒔 𝒘𝒉𝒆𝒏 𝒂𝒏 𝒆𝒏𝒕𝒊𝒕𝒚 𝒂𝒄𝒒𝒖𝒊𝒓𝒆𝒔 𝒂𝒏𝒐𝒕𝒉𝒆𝒓

𝒄𝒐𝒎𝒑𝒂𝒏𝒚 𝒇𝒐𝒓 𝒂 𝒑𝒓𝒊𝒄𝒆 𝒉𝒊𝒈𝒉𝒆𝒓 𝒕𝒉𝒂𝒏 𝒕𝒉𝒆 𝒇𝒂𝒊𝒓 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒊𝒕𝒔 𝒂𝒔𝒔𝒆𝒕𝒔 𝒂𝒏𝒅
𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔. 𝑮𝒐𝒐𝒅𝒘𝒊𝒍𝒍 𝒊𝒔 𝒏𝒐𝒕 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒆𝒅 𝒃𝒖𝒕 𝒊𝒔 𝒊𝒏𝒔𝒕𝒆𝒂𝒅 𝒔𝒖𝒃𝒋𝒆𝒄𝒕 𝒕𝒐
𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒕𝒆𝒔𝒕𝒊𝒏𝒈 𝒂𝒕 𝒍𝒆𝒂𝒔𝒕 𝒂𝒏𝒏𝒖𝒂𝒍𝒍𝒚. 𝑰𝒇 𝒕𝒉𝒆 𝒄𝒂𝒓𝒓𝒚𝒊𝒏𝒈 𝒂𝒎𝒐𝒖𝒏𝒕 𝒐𝒇
𝒈𝒐𝒐𝒅𝒘𝒊𝒍𝒍 𝒆𝒙𝒄𝒆𝒆𝒅𝒔 𝒊𝒕𝒔 𝒓𝒆𝒄𝒐𝒗𝒆𝒓𝒂𝒃𝒍𝒆 𝒂𝒎𝒐𝒖𝒏𝒕, 𝒂𝒏 𝒊𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕 𝒍𝒐𝒔𝒔 𝒊𝒔
𝒓𝒆𝒄𝒐𝒈𝒏𝒊𝒛𝒆𝒅.