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    Part 45

    Part 45 - Government Property

    45.000 Scope of part.

    Subpart 45.1 - General

    45.101 Definitions. 45.102 Policy. 45.103 General.

    45.104 Responsibility and liability for Government property.

    45.105 Contractors’ property management system compliance.

    45.106 Transferring accountability.

    45.107 Contract clauses.

    Subpart 45.2 - Solicitation and Evaluation Procedures

    45.201 Solicitation.

    45.202 Evaluation procedures.

    Subpart 45.3 - Authorizing the Use and Rental of Government Property

    45.301 Use and rental.

    45.302 Contracts with foreign governments or international organizations.

    45.303 Use of Government property on independent research and development programs.

    Subpart 45.4 - Title to Government Property

    45.401 Title to Government-furnished property.

    45.402 Title to contractor-acquired property.

    Subpart 45.5 - Support Government Property Administration

    45.501 Prime contractor alternate locations.

    45.502 Subcontractor and alternate prime contractor locations.

    45.503 Support property administrator findings.

    Subpart 45.6 - Reporting, Reutilization, and Disposal

    45.600 Scope of subpart.

    45.601 [Reserved]

    45.602 Reutilization of Government property.

    45.602-1 Inventory disposal schedules.

    45.602-2 Reutilization priorities.

    45.602-3 Screening.

    45.602-4 Interagency property transfer costs.

    45.603 Abandonment or destruction of personal property.

    45.604 Sale of surplus personal property.

    45.604-1 Sales procedures.

    45.604-2 Use of GSA sponsored sales centers.

    45.604-3 Proceeds from sales of surplus property.

    45.604-4 Sale of property pursuant to the exchange/sale authority.

    45.605 Inventory disposal reports.

    45.606 Contractor scrap procedures.

    45.000 Scope of part.

    (a) This part prescribes policies and procedures for providing Government property to contractors; contractors’ management and use of Government property; and reporting, redistributing, and disposing of contractor inventory.

    (b) It does not apply to-

    (1) Government property provided under any statutory leasing authority, except as to non-Government use of property under 45.301(f);

    (2) Property to which the Government has acquired a lien or title solely because of partial, advance, progress, or performance based payments;

    (3) Disposal of real property;

    (4) Software and intellectual property; or

    (5) Government property that is incidental to the place of performance, when the contract requires contractor personnel to be located on a Government site or installation, and when the property used by the contractor within the location remains accountable to the Government. Items considered to be incidental to the place of performance include, for example, office space, desks, chairs, telephones, computers, and fax machines.

    Subpart 45.1 - General

    45.101 Definitions.

    As used in this part-

    Cannibalize means to remove parts from Government property for use or for installation on other Government property.

    Contractor-acquired property means property acquired, fabricated, or otherwise provided by the contractor for performing a contract and to which the Government has title.

    Contractor inventory means-

    (1) Any property acquired by and in the possession of a contractor or subcontractor under a contract for which title is vested in the Government and which exceeds the amounts needed to complete full performance under the entire contract;

    (2) Any property that the Government is obligated or has the option to take over under any type of contract, e.g., as a result either of any changes in the specifications or plans thereunder or of the termination of the contract (or subcontract thereunder), before completion of the work, for the convenience or at the option of the Government; and

    (3) Government-furnished property that exceeds the amounts needed to complete full performance under the entire contract.

    Contractor’s managerial personnel means the contractor’s directors, officers, managers, superintendents, or equivalent representatives who have supervision or direction of-

    (1) All or substantially all of the contractor’s business;

    (2) All or substantially all of the contractor’s operation at any one plant or separate location; or

    (3) A separate and complete major industrial operation.

    Demilitarization means rendering a product unusable for, and not restorable to, the purpose for which it was designed or is customarily used.

    Discrepancies incident to shipment means any differences (e.g., count or condition) between the items documented to have been shipped and items actually received.

    Equipment means a tangible item that is functionally complete for its intended purpose, durable, nonexpendable, and needed for the performance of a contract. Equipment is not intended for sale, and does not ordinarily lose its identity or become a component part of another article when put into use. Equipment does not include material, real property, special test equipment or special tooling.

    Government-furnished property means property in the possession of, or directly acquired by, the Government and subsequently furnished to the contractor for performance of a contract. Government-furnished property includes, but is not limited to, spares and property furnished for repair, maintenance, overhaul, or modification. Government-furnished property also includes contractor-acquired property if the contractor-acquired property is a deliverable under a cost contract when accepted by the Government for continued use under the contract.

    Source : www.acquisition.gov


    Frequent-flyer program

    From Wikipedia, the free encyclopedia

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    For other uses, see Frequent flyer (disambiguation).

    United MileagePlus cards

    A frequent-flyer program (FFP) (or frequent-flyer programme) is a loyalty program offered by an airline.

    Many airlines have frequent-flyer programs designed to encourage airline customers enrolled in the program to accumulate points (also called miles, kilometers, or segments) which may then be redeemed for air travel or other rewards. Points earned under FFPs may be based on the class of fare, distance flown on that airline or its partners, or the amount paid. There are other ways to earn points. For example, in recent years, more points have been earned by using co-branded credit and debit cards than by air travel. Another way to earn points is spending money at associated retail outlets, car hire companies, hotels, or other associated businesses. Points can be redeemed for air travel, other goods or services, or for increased benefits, such as travel class upgrades, airport lounge access, fast track access, or priority bookings.

    Frequent-flyer programs can be seen as a certain type of virtual currency, one with unidirectional flow of money to purchase points, but no exchange back into money.[1]


    1 History 2 Accrual 2.1 Flying 2.1.1 Bonus points

    2.1.2 Minimum credit guarantee

    2.2 Credit card purchases

    2.3 Other purchases 3 Elite status 4 Redemption 4.1 Flights

    4.2 Products and services

    4.3 Value of points

    5 Accounting and regulatory issues

    5.1 Competition 6 Flight shame 7 Mileage runs 8 Status challenge 9 Status match 10 See also 11 References 12 External links


    Although United Airlines had tracked customers far back as the 1950s, the first modern frequent-flyer program was created in 1972 by Western Direct Marketing for United. It gave plaques and promotional materials to members. In 1979, Texas International Airlines created the first frequent-flyer program that used mileage tracking to give 'rewards' to its passengers, while in 1980 Western Airlines created its Travel Bank, which ultimately became part of Delta Air Lines' program upon their merger in 1987.[2][3] American Airlines' AAdvantage program launched in 1981 as a modification of a never-realized concept from 1979 that would have given special fares to frequent customers.[4] It was quickly followed later that year by programs from United Airlines (Mileage Plus), Delta (Delta Air Lines Frequent Flyer Program, which later changed to SkyMiles), Continental Airlines (OnePass), Air Canada (Altitude), and in 1982 from British Airways (Executive Club).[5]

    Frequent-flyer programs have grown since. In 2005, 163 million people were enrolled in frequent flyer programs from over 130 airlines.[6] By then, 14 trillion frequent-flyer points had been accumulated by people worldwide, for a value of 700 billion US dollars.[6] When United Airlines filed for bankruptcy in 2002, its frequent flyer program was its only money-making business.[6] Tom Stuker is the world's most frequent flier having logged over 21 million miles with United.[7]


    Frequent flyer program rules can be complex; this 1988 pamphlet from TWA's program ran to 27 pages


    Main article: List of frequent flyer programs

    Most larger airlines around the world have frequent flyer programs; each has a program name, and policies and restrictions regarding joining, accumulating, and redeeming points.

    The primary method of obtaining points in a frequent-flyer program until recent years was to fly with the associated airline.[6] Paying expenses using an airline-sponsored credit card, even those charged to an employer, can rack up frequent flyer points.[6] Most systems reward travelers with a specific number of points based on the distance traveled (such as 1 point per mile flown), although systems vary. Many discount airlines, rather than awarding points per mile, award points for flight segments in lieu of distance or the amount paid. For example, a number of airlines in Europe offer a fixed number of points for domestic or intra-European flights regardless of the distance (but varied according to class of travel).[8] With the introduction of airline alliances and code-share flights, frequent-flyer programs are often extended to allow benefits to be used across partner airlines.[9]

    Bonus points[edit]

    Further information: Fare basis code

    Most, if not all, programs award bonus earnings to premium-cabin passengers and to their elite-status members based on tier status; earning an extra 25%-100% of miles flown are common bonuses. While these bonus points may not count toward ascension to (or retention of) elite status, they count toward the member's total balance for normal redemption purposes.

    Minimum credit guarantee[edit]

    Source : en.wikipedia.org

    IAS 38 — Intangible Assets

    IAS 38 outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised). IAS 38 was revised in March 2004 and applies to intangible assets acquired in business combinations occurring on or after 31 March 2004, or otherwise to other intangible assets for annual periods beginning on or after 31 March 2004.

    IAS 38 — Intangible Assets

    IAS 38 — Intangible Assets Overview

    IAS 38 outlines the accounting re­quire­ments for in­tan­gi­ble assets, which are non-mon­e­tary assets which are without physical substance and iden­ti­fi­able (either being separable or arising from con­trac­tual or other legal rights). In­tan­gi­ble assets meeting the relevant recog­ni­tion criteria are initially measured at cost, sub­se­quently measured at cost or using the reval­u­a­tion model, and amortised on a sys­tem­atic basis over their useful lives (unless the asset has an in­def­i­nite useful life, in which case it is not amortised).

    IAS 38 was revised in March 2004 and applies to in­tan­gi­ble assets acquired in business com­bi­na­tions occurring on or after 31 March 2004, or otherwise to other in­tan­gi­ble assets for annual periods beginning on or after 31 March 2004.

    History of IAS 38

    Date De­vel­op­ment Comments

    February 1977 Exposure Draft E9

    July 1978 IAS 9 (1978) issued Effective 1 January 1980

    August 1991 Exposure Draft E37 published

    December 1993 IAS 9 (1993) issued Operative for annual financial state­ments covering periods beginning on or after 1 January 1995

    June 1995 Exposure Draft E50 published

    August 1997 E50 was modified and re-ex­posed as Exposure Draft E59

    September 1998 IAS 38 issued Operative for annual financial state­ments covering periods beginning on or after 1 July 1998

    31 March 2004 IAS 38 issued Applies to in­tan­gi­ble assets acquired in business com­bi­na­tions occurring on or after 31 March 2004, or otherwise to other in­tan­gi­ble assets for annual periods beginning on or after 31 March 2004

    22 May 2008 Amended by (ad­ver­tis­ing and pro­mo­tional ac­tiv­i­ties, units of pro­duc­tion method of amor­ti­sa­tion) Effective for annual periods beginning on or after 1 January 2009

    16 April 2009 Amended by (mea­sure­ment of in­tan­gi­ble assets in business com­bi­na­tions) Effective for annual periods beginning on or after 1 July 2009

    12 December 2013 Amended by (pro­por­tion­ate re­state­ment of ac­cu­mu­lated de­pre­ci­a­tion under the reval­u­a­tion method) Effective for annual periods beginning on or after 1 July 2014

    12 May 2014 Amended by Clar­i­fi­ca­tion of Ac­cept­able Methods of De­pre­ci­a­tion and Amor­ti­sa­tion (Amend­ments to IAS 16 and IAS 38) Effective for annual periods beginning on or after 1 January 2016

    Related In­ter­pre­ta­tions

    IFRIC 12 IFRIC 20

    IAS 16 su­per­sedes SIC-6


    Amend­ments under con­sid­er­a­tion by the IASB

    Research project — Rate-reg­u­lated ac­tiv­i­ties

    Research project — In­tan­gi­ble assets

    Summary of IAS 38


    The objective of IAS 38 is to prescribe the accounting treatment for in­tan­gi­ble assets that are not dealt with specif­i­cally in another IFRS. The Standard requires an entity to recognise an in­tan­gi­ble asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount of in­tan­gi­ble assets and requires certain dis­clo­sures regarding in­tan­gi­ble assets. [IAS 38.1]


    IAS 38 applies to all in­tan­gi­ble assets other than: [IAS 38.2-3]

    financial assets (see IAS 32 )

    ex­plo­ration and eval­u­a­tion assets (see IFRS 6 )

    ex­pen­di­ture on the de­vel­op­ment and ex­trac­tion of minerals, oil, natural gas, and similar resources

    in­tan­gi­ble assets arising from insurance contracts issued by insurance companies

    in­tan­gi­ble assets covered by another IFRS, such as in­tan­gi­bles held for sale (IFRS 5 ), deferred tax assets (IAS 12 ), lease assets (IAS 17 ), assets arising from employee benefits (IAS 19 (2011)), and goodwill (IFRS 3 ).

    Key de­f­i­n­i­tions

    In­tan­gi­ble asset: an iden­ti­fi­able non-mon­e­tary asset without physical substance. An asset is a resource that is con­trolled by the entity as a result of past events (for example, purchase or self-cre­ation) and from which future economic benefits (inflows of cash or other assets) are expected. [IAS 38.8] Thus, the three critical at­trib­utes of an in­tan­gi­ble asset are:


    control (power to obtain benefits from the asset)

    future economic benefits (such as revenues or reduced future costs)

    Iden­ti­fi­a­bil­ity: an in­tan­gi­ble asset is iden­ti­fi­able when it: [IAS 38.12]

    is separable (capable of being separated and sold, trans­ferred, licensed, rented, or exchanged, either in­di­vid­u­ally or together with a related contract) or

    arises from con­trac­tual or other legal rights, re­gard­less of whether those rights are trans­fer­able or separable from the entity or from other rights and oblig­a­tions.

    Examples of in­tan­gi­ble assets

    patented tech­nol­ogy, computer software, databases and trade secrets

    trade­marks, trade dress, newspaper mastheads, internet domains

    video and au­dio­vi­sual material (e.g. motion pictures, tele­vi­sion pro­grammes)

    customer lists

    mortgage servicing rights

    licensing, royalty and stand­still agree­ments

    import quotas

    franchise agree­ments

    customer and supplier re­la­tion­ships (including customer lists)

    marketing rights

    In­tan­gi­bles can be acquired:

    by separate purchase

    as part of a business com­bi­na­tion

    by a gov­ern­ment grant

    by exchange of assets

    Source : www.iasplus.com

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