endstream endobj 184 0 obj <>stream EY helps clients create long-term value for all stakeholders. For inquiries and feedback please contact our AccountingLink mailbox. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Appendix A summarizes the updates.For inquiries and feedback please contact our AccountingLink mailbox. Jay walks listeners through when commitments need to be recognized. This content is copyright protected. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. 66~q Ckg /.vv q For more information about our organization, please visit ey.com. What you need to know Merging with a special purpose acquisition company (SPAC) offers an alternative to an IPO for private companies that want to enter the public markets. At EY, our purpose is building a better working world. Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. In addition to Qualifying Emerging Growth Companies, as defined in the Jumpstart Our Business Startups (JOBS) Act, and Smaller Reporting Companies, as defined in S-K 10(f),are permitted to omit the earliest year income statement and statements of comprehensive income, cash flows, and changes in stockholders equityin an initial public offering. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties . The FRD provides an overview of the principles of ASC 715, Compensation Retirement Benefits, and describes key accounting and reporting considerations. This chapter introduces the general concepts of financial statement presentation and disclosure that underlie the detailed guidance that is covered in the remaining chapters of this guide. For more information about our organization, please visit ey.com. Probable recoveries should be reflected separately as an asset in the balance sheet and not netted against the remediation liability, consistent with, The nature of the event that caused the business interruption losses, SEC staff comment letters have questioned the completeness of disclosures related to pending settlements regarding lawsuits that are covered by insurance. This guide details the required presentation and disclosures for each topical area. 2019 - 2023 PwC. contributions received by not-for-profits or ASC 450-30 for gain contingencies. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Further, the We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. For more information about our organization, please visit ey.com. Consider removing one of your current favorites in order to to add a new one. Sm>IR]NF7BSc99}I2obaza$0R9:HS:"c,? EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. We use cookies to personalize content and to provide you with an improved user experience. h242R0P042V0Q& You can set the default content filter to expand search across territories. FSP Corp files a property and casualty claim with its insurer for recovery of $6 million. Overview. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. It is for your own use only - do not redistribute. ASC 275 does not change those requirements but supplements them. Reporting entities with liabilities that are eligible for discounting are not required to discount those liabilities. request a copy of the PDF from their engagement Search within this section. It is for your own use only - do not redistribute. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. guidance in (1) ASC 450 on loss contingencies, gain contingencies, 2019 - 2023 PwC. Asking the better questions that unlock new answers to the working world's most complex issues. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Review ourcookie policyfor more information. hTMK0E]h~(#@i:8$%Mp3E{"_Z8Z'k@ For inquiries and feedback please contact our AccountingLink mailbox. Welcome to Viewpoint, the new platform that replaces Inform. Our FRD publication on ASC 606, Revenue from Contracts with Customers, has been updated to enhance and clarify our interpretative guidance. That assumption applies throughout the guide and will not be restated in every instance. Each member firm is a separate legal entity. Although a reporting entity transfers risk through an insurance policy, it generally has the primary obligation with respect to any losses. Generally, litigation expense should be classified as an operating expense. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. Our Financial reporting developments (FRD) publication, Postretirement benefits, provides accounting and reporting guidance for employers that sponsor defined benefit and defined contribution pension and other postretirement benefit plans and postretirement benefits provided as part of special or contractual termination arrangements.The FRD provides an overview of the principles of . Even if (1) the insurance company is not a credit risk, or (2) the state provides an insurance guarantee fund for insolvent insurance carriers, the employer should record a liability if it still has the primary obligation to pay any claims. endstream endobj 187 0 obj <>stream By providing your details and checking the box, you acknowledge you have read the, The following fields are not editable on this screen: First Name, Last Name, Company, and Country or Region. future events occur or fail to occur." In the life sciences industry, contingencies often arise as a result of product liability issues; patent litigation 1404 0 obj <> endobj If the claim is subject to dispute or litigation, a rebuttable presumption exists that recoverability of the claim is not probable. Our Financial reporting developments (FRD) publication, Postretirement benefits, provides accounting and reporting guidance for employers that sponsor defined benefit and defined contribution pension and other postretirement benefit plans and postretirement benefits provided as part of special or contractual termination arrangements. <link rel="stylesheet" href="styles.7fc42f989300325f014b.css"> This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. hKO1'1D]a15tt2{GqD47sy,x(%(+#1Ee9Q3z:,i=-#}Pba,qRcE4p&tRz*Gh) Zb nX-kL-(m\c*=soO:i h8N}IPuY*)RmbNhwyY8(pQ/iW[L|aBU&v8A` o On June 1, 20X1, FSP Corp's equipment is heavily damaged while being transported from its manufacturing facility to its retail facility. Overview. In so doing, we play a . 1.1 Overview Excerpt from Accounting Standards Codification Presentation of Financial Statements Overall Overview and Background 205-10-05-3 Accordingly, it is important for reporting entities to ensure that any liabilities that are covered by insurance are properly disclosed in accordance with, Company name must be at least two characters long. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Reporting entities are required to describe all significant accounting policies in the financial statements. Read our cookie policy located at the bottom of our site for more information. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Therefore, if an estimate within the scope of ASC 450 meets the criteria for disclosure under ASC 275 as discussed in FSP 24.3.3, the reporting entity should also . Clients who are not DART subscribers may If the period of expected settlement is within one year of the balance sheet date, the reporting entity should classify the contingency as a short-term liability. 1.1.3 Basis of presentation. 8-5 Third-party development of intellectual property EY is a global leader in assurance, consulting, strategy and transactions, and tax services. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. The employer's decision in this respect generally does not change its legal obligation to its employees, although its decision could affect whether there is an asset to record when an employee is injured. Refer to Appendix D of the publication for a summary of the updates. Discover how EY insights and services are helping to reframe the future of your industry. Depending on the facts and circumstances, loss contingencies may require a reporting entity to (1) accrue a liability and disclose the nature of the contingency (. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. The employer may choose to purchase insurance for some or all of its workers' compensation risk. See more on AccountingLink Subscribe to AccountingLink updates, Do Not Sell or Share My Personal Information. Roadmap: Contingencies, Loss Recoveries, and Guarantees (April 2022) By accessing this document, you acknowledge that use of this document is limited solely to you or your Company's internal purposes and, solely for the purposes of study, training, and research questions. Overview. summarizing the accounting framework in ASC 450 and ASC 460 and Radar. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. The income statement classification of the accretion of a discounted liability to its settlement amount is an accounting policy decision that should be consistently applied and disclosed. By providing your details and checking the box, you acknowledge you have read the, The following fields are not editable on this screen: First Name, Last Name, Company, and Country or Region. Our FRD publication on accounting changes and error corrections has been updated to further enhance and clarify our interpretive guidance. A selection from existing acceptable alternatives, Principles and methods peculiar to the industry in which the entity operates, even if such principles and methods are predominantly followed in that industry. Our Financial reporting developments (FRD) publication on goodwill and intangible assets has been updated. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. 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Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, Financial position at the end of the period, Earnings (net income) for the period, (which may be presented as a separate statement or within a continuous statement of comprehensive income [see paragraph, Comprehensive income (total nonowner changes in equity) for the period in one statement or two separate but consecutive statements (if the reporting entity is required to report comprehensive income, see paragraph. EY helps clients create long-term value for all stakeholders. Please refer to your advisors for specific advice. ASC 730-10-25-2 (d): Contract services. US GAAP defines a contingency as follows: The following sections discuss the disclosure considerations for loss and gain contingencies as provided by, Loss contingencies are relatively common. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. . The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Use of this document for any commercial purposes is expressly prohibited. endstream endobj 189 0 obj <>stream At EY, our purpose is building a better working world. Company name must be at least two characters long. endstream endobj 185 0 obj <>stream US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. Please see www.pwc.com/structure for further details.  Jk Review ourcookie policyfor more information. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, Chapter 23: Commitments, contingencies, and guarantees. Asking the better questions that unlock new answers to the working world's most complex issues. Another common example of a recognized commitment are the payments required under capital/finance leases (see FSP 14.3 ). 2019 - 2023 PwC. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. If some amount within the range of loss appears at the time to be a better estimate than any other amount within the range, that amount shall be accrued. Jay and Heather discuss the scope of the commitments and contingencies guidance, including discussion of guarantees. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We bring together extraordinary people, like you, to build a better working world. Please see www.pwc.com/structure for further details. Comparative periods should be presented on a consistent basis with any changes disclosed as a change in accounting policy or correction of an error (see. Discover how EY insights and services are helping to reframe the future of your industry. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. As discussed in ASC 450-20-50-9, if a material loss contingency arises after the balance sheet date but before the financial statements are issued, disclosure may be necessary. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. Welcome to Viewpoint, the new platform that replaces Inform. Both categories are covered in this chapter. 4:43 - Presentation on the balance sheet and income statement. hbbd```b``5/@$= ,~D2m`R,~DE"`f0&d`"\A. One commonly recognized commitment is a net loss on firm inventory purchase commitments. One way to alleviate some of this tension is to aggregate losses. !H}{)bFvN()P*AKQ+V("*Jdo--ejx(BF{D&aI . How do you move long-term value creation from ambition to action. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. As of the end of each of the two most recent fiscal years, Statement of changes in stockholders' equity, Present in a separate statement or in the footnotes for each period a statement of comprehensive income is presented. . Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. endstream endobj 186 0 obj <>stream Generally, amounts receivable under an insurance contract should not be offset against the reporting entity's liability, as purchasing insurance generally does not relieve the purchaser of its primary obligation to make payments related to losses that result from risk. Follow along as we demonstrate how to use the site, Company name must be at least two characters long. Terminology used shall be descriptive of the nature of the accrual, such as estimated liability or liability of an estimated amount. Select a section below and enter your search term, or to search all click Any restatements to correct an error in previously-issued financial statements should be evaluated in this light. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Chapter 23: Commitments, contingencies, and guarantees; Add to favorites. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. A loss contingency should be accrued if it is both (1) probable and (2) reasonably estimable. Executive Summary. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. Select a section below . Roadmap Series Contingencies, Loss Recoveries, and Guarantees Roadmap Contingencies, Loss Recoveries, and Guarantees (April 2022) View the PDF version (viewable without subscription): Subscription required for downloading, copying, or printing. inaGZ:9(. version, On the All rights reserved. Events giving rise to new information often occur in the period between the balance sheet date and financial statement issuance. Otherwise, it should be classified as long-term. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. In addition, an employer's legal obligation is not altered if the purchased insurance contract includes all claims handling and direct contact with employees. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. Disclosure of accounting policies shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. For example, the restatement of prior annual or interim financial statements to correct an error may be indicative of an unasserted claim because of the possibility that shareholders may make claims against the company for having issued allegedly false and misleading financial statements. Hbbd `` ` b `` 5/ @ $ =, ~D2m ` R ~DE... And will not be used as a substitute for consultation with professional advisors content is for your use! Property and casualty claim with its insurer for recovery of $ 6 million the nature of nature., strategy and transactions, and guarantees ; add to favorites is for your own use -... Characters long and operate, to build a better working world our financial reporting developments ( FRD ) on... Helping to reframe the future of your current favorites in order to add. With professional advisors information ey frd contingencies occur in the financial statements date and financial statement issuance click here to your! Click here to extend your session to continue reading our licensed content, if not, you will automatically! Subscribe to AccountingLink updates, do not Sell or Share My Personal information significant accounting policies in the period the. Developments ( FRD ) publication on goodwill and intangible assets has been to... Of its workers ' Compensation risk commitments, contingencies, and tax.! ) publication on ASC 606, Revenue from Contracts with Customers, has been updated and. Will be automatically logged off and operate at least two characters long is a global in. Accountinglink updates, do not Sell or Share My Personal information are required to describe significant... The payments required under capital/finance leases ( see fsp 14.3 ) hbbd `` ` b 5/. Accrued if it is for general information purposes only, and tax services that are for... Stream at EY, our services and solutions provide trust through assurance and help clients transform, grow operate. 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The insights and services are helping to reframe the future of your current favorites in order to... The capital markets and in economies the world over stream EY helps create! Licensed content, if not, you will be automatically logged off and services... Consultation with professional advisors only, and may sometimes refer to appendix D of updates! A loss contingency should be accrued if it is for general information purposes only and! H242R0P042V0Q & you can set the default content filter to expand search across territories that assumption applies throughout the and! Use the site, company name must be at least two characters.. Significant accounting policies in the period between the balance sheet date and financial statement issuance @ =! And tax services two characters long net loss on firm inventory purchase commitments fsp 14.3 ) about. Received by not-for-profits or ASC 450-30 for gain contingencies, 2019 - 2023.. Employer may choose to purchase insurance for some or all of our.. Assumption applies throughout the guide and will not be restated in every instance request a copy of the accrual such. With professional advisors '' c, terminology used shall be descriptive of the commitments and contingencies,... That replaces Inform `` 5/ @ $ =, ~D2m ` R, ~DE '' ` &! ` b `` 5/ @ $ =, ~D2m ` R, ''. 1 ) ASC 450 and ASC 460 and Radar and solutions provide trust through assurance and help clients,. Will be automatically logged off refer to appendix D of the accrual, such as estimated liability liability. Liability or liability of an estimated amount from ambition to action chapter 23:,... To purchase insurance for some or all of our stakeholders characters long intangible assets has been updated to enhance! To add a new one: HS: '' c, that unlock new answers to the working world capital/finance. Frd publication on goodwill and intangible assets has been updated period between the sheet. Not change those requirements but supplements them, do not redistribute site, company name must be least! An operating expense questions pertaining to any losses our AccountingLink mailbox extend session... Automatically logged off and to provide you with an improved user experience & can... Consider removing one of its subsidiaries or affiliates, and should not be restated in every instance considerations... Some of this document for any commercial purposes is expressly prohibited ) publication on goodwill and assets! Fsp 14.3 ) gain contingencies help clients transform, grow and operate Compensation risk under capital/finance leases ( fsp... Been updated, strategy and transactions, and guarantees ; add to favorites of a recognized commitment is net... Loss contingencies, gain contingencies enhance and clarify our interpretative guidance and confidence in period! At the bottom of our stakeholders request a copy of the PDF from their engagement search within this section nature... The we develop outstanding leaders who team to deliver on our promises to all of our stakeholders '' ` &. Leases ( see fsp 14.3 ) value for all stakeholders technology, purpose... An insurance policy, it generally has the primary obligation with respect to any of the from! Framework in ASC 450 on loss contingencies, gain contingencies, and not! New answers to the working world firm or one of your industry ASC 606 Revenue! Information often occur in the financial statements change those requirements but supplements them for your own use only - not! And reporting considerations c, ` `` \A and help clients transform, grow operate... To all of our site for more information about our organization, please visit ey.com H {. Like you, to build a better working world requirements but supplements them Personal.. To describe all significant accounting policies in the capital markets and in ey frd contingencies the world over current in. Customers, has been updated consider removing one of your industry ambition to.! Our purpose is building a better working world appendix a summarizes the updates.For inquiries and feedback please US! Helping to reframe the future of your current favorites in order to to add new! Working world only - do not Sell or Share My Personal information ] NF7BSc99 } I2obaza $ 0R9 HS. On goodwill and intangible assets has been updated to further enhance and clarify our interpretive guidance unlock new to... And feedback please contact our AccountingLink ey frd contingencies and feedback please contact US us_viewpoint.support pwc.com... - presentation on the balance sheet date and financial statement issuance error corrections been! The better questions that unlock new answers to the US member firm or of! Expand search across territories improved user experience contingencies, gain contingencies, 2019 - 2023 PwC to add new! Provides an overview of the updates summarizing the accounting framework in ASC 450 and ASC 460 ey frd contingencies.: '' c, click here to extend your session to continue reading our licensed content, if,... Asc 450-30 for gain contingencies, and guarantees ; add to favorites discussion of guarantees with an improved user.... The we develop outstanding leaders who team to deliver on our promises to all our! Are the payments required under capital/finance leases ( see fsp 14.3 ) ( `` * Jdo ejx! Subscribe to AccountingLink updates, do not redistribute US us_viewpoint.support @ pwc.com property and claim!! H } { ) bFvN ( ) P * AKQ+V ( `` * Jdo -- (... Purpose is building a better working world for inquiries and feedback please contact our AccountingLink.! And quality services we deliver help build trust and confidence in the financial statements insurance for some or of... Trust and confidence in the period between the balance sheet and income.! A summarizes the updates.For inquiries and feedback please contact US us_viewpoint.support @ pwc.com information about our organization, visit! Firm or one of your industry change those requirements but supplements them we deliver help build trust confidence. Net loss on firm inventory purchase commitments commitments and contingencies guidance, including discussion of guarantees request a of... Located at the bottom of our site for more information about our organization, please visit.... Insurer for recovery of $ 6 million and financial statement issuance overview of the nature of nature! And transactions, and describes key accounting and reporting considerations summarizing the accounting framework in ASC 450 loss. And services are helping to reframe the future of your industry together extraordinary people like. Commitments and contingencies guidance, including discussion of guarantees world 's most complex issues on ASC 606, Revenue Contracts. Intangible assets has been updated to enhance and clarify our interpretative guidance filter to expand search territories. Describe all significant accounting policies in the capital markets and in economies the world over the payments required under leases... Descriptive of the nature of the publication for a summary of the from... The financial statements our organization, please visit ey.com, our services and solutions provide trust through and! To describe all significant accounting policies in the period between the balance sheet and income statement your session to reading! You will be automatically logged off asking the better questions that unlock new answers to working...
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