The number of shares to be received by the holder is based on the market price of the reporting entitys stock on the settlement date of the contract. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Warrants are frequently issued in connection with the formation and initial registered offerings of SPACs, but apparently there have been some problems with accounting for some of these warrants, or at least, so it appears from this Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ("SPACs") from Acting In some cases, a legally issued and outstanding share of common stock may be accounted for as a contract to issue shares (e.g., if the shares are contingently returnable (subject to recall)) rather than an outstanding share for accounting purposes. However, if the warrant is held by another party, the settlement amount may include the impact of the make whole table. The first step is to allocate the proceeds to the debt instrument and the warrants, based on their relative fair values (ASC . When an entity enters into a financing transaction that includes items that can be legally detached and exercised separately, those items are separate freestanding . If separate classes of securities, which each meet the requirements for equity classification (such as preferred or common stock), are issued together in a single transaction, the issuance proceeds should be allocated to each class based upon their relative fair values. Read our cookie policy located at the bottom of our site for more information. For example, using the terms in Example FG 8-4: The contract payment liability discussed in. Please seewww.pwc.com/structurefor further details. Entities should also consider Deloitte's Roadmap Contracts on an Entity's Own Equity for guidance on equity-linked . There may be other features in a warrant agreement that result in changes to settlement amounts or how settlement amounts are calculated depending on who holds the warrant. There may also be features in the warrants issued to the public that may involve different settlement terms depending on who holds the warrants. Issuance costs not specifically related to an instrument issued should be allocated in the same proportion as the proceeds are allocated to the debt (or preferred) and warrants. Each member firm is a separate legal entity. Welcome to Viewpoint, the new platform that replaces Inform. If the reporting entity receives less than the fair value of the warrants, it should assess whether there is a BCF when the warrants are exercised and the convertible shares are received, similar to liability-classified warrants. All rights reserved. Please see www.pwc.com/structure for further details. Deloitte's Roadmap Distinguishing Liabilities From Equity provides a comprehensive discussion of the classification, recognition, measurement, presentation and disclosure, and EPS guidance in ASC 480 and ASC 480-10-S99-3A. If you register with us for a free acccount, you can access PDF files of this year's consolidated IFRS Accounting Standards, IFRIC Interpretations, the Conceptual Framework for Financial Reporting and IFRS Practice Statements, as well as available translations of Standards. For example, the debt instrument may have a five year life, with a remarketing after 2.75 years, and the variable share forward delivery agreement will mature at the end of 3 years. Kenway Mack Slusarchuk Stewart LLP. Presumably you are asking about detachable warrants issued in conjunction with a debt instrument. We understand that this is an example of a provision addressed in the SECs public statement. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. PwC. As a result, these warrants would be classified as liabilities and reported at fair value with changes in fair value reported in current earnings. This example provides an accounting analysis of a specific provision under the classified in stockholders equity guidance. The remainder of the proceeds shall be allocated to the debt instrument portion of the transaction. has a strike price of $11.50, in the event that the stock price of the company exceeds $18, the company can redeem the warrant for $0.01, if the company elects to redeem the warrant: the warrant holder can exercise the warrant and. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. FG Corp issues 100 warrants that allow each holder to buy convertible preferred shares. Each member firm is a separate legal entity. The reporting entity receives a premium from the holder when it issues a warrant on its own stock, although oftentimes the premium may be in the form of a lower interest rate on a debt instrument or some other noncash consideration. Welcome to Viewpoint, the new platform that replaces Inform. Usually, the underlying security is an equity instrument, which can be a company's common stock. Further analysis of the warrant would be required under. Understanding Stock Warrants. The amount of the BCF cannot exceed the proceeds allocated to the warrant, and should be amortized over the life of the warrants. A stock warrant gives holders the option to buy company stock at a fixed price, the exercise price, until the expiration date and receive newly issued stock from the company. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. Typically, the terms of the debt instrument issued as part of a mandatory unit structure include: The number of shares issued under the variable share forward delivery agreement will depend on the price of the underlying stock at the end of the contract. The numerator also shall be adjusted for any nondiscretionary adjustments based on income (net of tax). Partner, Dept. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Select a section below and enter your search term, or to search all click The debt instrument is initially pledged to secure the investors obligation to pay the settlement price of the variable share forward delivery agreement. us Financing guide 8.4. Our Financial reporting developments (FRD) publication, Issuer's accounting for debt and equity financings (before the adoption of ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity), has been updated to enhance and clarify our interpretative guidance. It is important to note that this example is not a holistic analysis of the warrant under the accounting literature. Similar to Example 1-8, this warrant has an exercise contingency as the issuers redemption option can shorten the maturity of the warrant and thus should be analyzed under step one. Finally, if the share price is greater than $60, Entity D will issue .833 shares. The fact that the shares are puttable (which allows the holder to compel the reporting entity to redeem the shares) is the key fact in determining the warrants classificationas a liability. The reporting entity receives a premium from the holder when it issues a warrant on its own stock, although oftentimes the premium may be in the form of a lower interest rate on a debt instrument or some other noncash consideration. This is because providing too much flexibility in the arrangement may suggest that when utilized, a substantive modification of the debt has occurred that would need to be accounted for as an extinguishment of the old debt and issuance of a new debt instrument. 2019 - 2023 PwC. This usually results in a discount (or, occasionally, a reduced premium), which shall be accounted for under Topic 835 [Interest]. the company cannot redeem the warrant while it is held by the sponsor/founder of the SPAC; the company is only able to redeem the warrant if the sponsor/founder transfers the warrant. Since the shares underlying the warrant are issuable for little or no consideration (assuming $0.01 is non-substantive in relation to the current share price), they should be considered outstanding in the context of basic earnings per share, as discussed in, Penny warrants often do not meet the definition of a derivative under, Penny warrants may also be issued on redeemable preferred stock or redeemable common stock, which, similar to a penny warrant on non-redeemable common stock, is economically similar to holding the underlying shares (assuming that the $0.01 exercise price is non-substantive). PwC. Overview. Although less common than modifications or exchanges of preferred stock, a reporting entity may modify or exchange its common stock, often in conjunction with a broader recapitalization of the reporting entity. FG Corp issues $1,000 of debt and 100 detachable warrants to purchase its common stock, in exchange for $1,000 in cash. The SEC has been known to scrutinize companies in the registration process that have issued stock or granted stock options or warrants significantly below their listing price before an anticipated IPO transaction. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. With equity being a popular form of compensation for many pre-IPO companies, so-called "cheap stock" can create issues that may . The percent is multiplied by the original issue price to determine the proceeds applicable to each. The new guidance provides relief for instruments with down-round protection as defined in the standard. A reporting entity may issue a warrant that allows the holder to purchase shares of the reporting entitys next issuance of preferred stock at the same price paid by other investors in that preferred stock. The contract payments result from the fact that the purchased put in the variable share forward delivery agreement has a greater value than the written call, resulting in a net premium which must be paid for the net purchased put on the reporting entitys own stock. Additional criteria must be met for instruments and features to qualify for the scope . The two main rules to account for stock warrants are that the issuer must recognize the fair value of the equity instruments issued or the fair value of the consideration received, whichever can be more reliably measured; and recognize the asset or expense related to the provided goods or . strengths and weaknesses of interpersonal communication; importance of set design in theatre; biltmore forest country club membership cost. The accounting for such items often includes critical accounting estimates that require significant judgment. We use cookies to personalize content and to provide you with an improved user experience. If common stock is sold using an escrow arrangement in which cash is deposited in an escrow account for the purchase of the shares, the issuer should determine who owns the escrow account in the event of the investors bankruptcy. The liability is subsequently accreted using the effective interest method over the life of the variable share forward delivery agreement, with an offsetting entry to interest expense. In the event the company elects to redeem certain warrants and the holders exercise their warrants, the settlement amount may be different if the holder is a director or officer of the company. The SEC staff has focused on the transparency and quality of . 4.3 Accounting for the issuance of common stockupdated November 2021. Accounting Standards Update No. the option valuation model works differently if the warrant is held by the founder/sponsor (not reflecting any ability of the company to redeem the warrants if transferred to a third party) or a third party (reflecting the companys ability to redeem the warrants). If the warrant is held by the sponsor/founder, the holders settlement amount will not include the impact of the make whole table. PwC. In our experience, there are a number of features in warrants that are issued to the founders/sponsors of the SPAC that may cause changes in how the warrants settlement amount is calculated in the event the founder/sponsor transfers the warrant to a third party. This warrant would not be considered indexed to a companys own stock. A warrant gives the holder the right to buy or sell shares of stock to or from the . However, although the penny warrant on redeemable shares is economically similar to owning the underlying shares, the penny warrant is not legally an outstanding share. of Professional Practice, KPMG US. If the likelihood of a failed remarketing became reasonably possible (i.e., more than remote likelihood), the reporting entity would need to begin to use the if-converted method in computing earnings per share. Read our cookie policy located at the bottom of our site for more information. Understanding contracts on an entitys own equity. A three-year variable share forward delivery agreement with a 1% contract payment. the trailing average of stock price based on the date a warrant is exercised when held by the sponsor/founder and based on the date the warrant is redeemed by the company if held by others. Analyzing a warrant under the indexation guidance requires careful analysis of all of the provisions both individually and collectively. 2020-06DebtDebt with Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingContracts in Entity's Own Equity (Subtopic 815-40)Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, Accounting for convertible instruments and own equity contracts, 6.6A Convertible debt with a cash conversion featurebefore adoption of ASU 2020-06, 5.2 Analysis of an equity-linked instrument, 5.3 Determine whether an instrument is freestanding or embedded, Implementation Guidance and Illustrations, 5.6 Analysis of a freestanding equity-linked instrumentafter adoption of ASU 2020-06, 5.6A Analysis of a freestanding equity-linked instrumentbefore adoption of ASU 2020-06, 6.1 Chapter overview of convertible debt accountingafter adoption of ASU 2020-06, DebtDebt with Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingContracts in Entity's Own Equity (Subtopic 815-40)Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, Company name must be at least two characters long. sam local startapi environment variables tesco pay dates 2023; uniden sds200 mods custom exotic cowboy boots; clean master for firestick 2022 arts and crafts of bicol region ppt; orion stars agent Read our cookie policy located at the bottom of our site for more information. However, the warrants that are held by the public may not contain such features. The warrant is classified as a financial liability at initial recognition. A stock warrant is similar to its better-known cousin, the stock option. Sharing your preferences is optional, but it will help us personalize your site experience. Each member firm is a separate legal entity. With at least 90 days difference between the debt instruments remarketing date and the maturity of the variable share forward delivery agreement, the two instruments are not considered coterminous so the treasury stock method should be applied. If the investors creditors have access to the escrowed cash in the event of the investors bankruptcy, the cash held in escrow should not be recorded on the issuers balance sheet and the common stock should not be recorded until the escrowed cash is legally transferred to the issuer and the shares are delivered to the investor. They should be assessed to determine if they are compensatory in nature and are within the scope of, The Acting Director of the SECs Division of Corporate Finance and the SECs Acting Chief Accountant issued a. FASB Accounting Standards Codification (ASC) 470-20, Debt with Conversion and Other Options, contains the guidance for debt issued with warrants. The effective conversion price is calculated as follows: ($13,000 carrying amount of the warrant liability plus $1,000 exercise price of the warrant) 500 shares (the number of common shares received upon conversion of the convertible shares). How to Account for Stock Warrants. Warrants do not carry an obligation, though. A fixed price contract typically allows for a price adjustment upon the occurrence of specified events. Welcome to Viewpoint, the new platform that replaces Inform. The Course Content/Outline mentioned herein is indicative and may be modified by NSE Academy in the best . Please see www.pwc.com/structure for further details. Please seewww.pwc.com/structurefor further details. By continuing to browse this site, you consent to the use of cookies. +1 212-909-5664. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. Most SPAC transactions involve issuing warrants to purchase the companys common stock. Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. FG Corp calculates the quarterly contract payment as follows: FG Corp records the cash paid for the contract payment obligation; the offsetting entry is recorded to reduce the contract payment liability and recognize interest expense using the interest method on the contract payment liability. A stock warrant differs from an option in two key ways: a company issues its own warrants, and the company issues new shares for the transaction. The following are examples of provisions within warrants and the resulting application of the indexation guidance. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. The exercise price is $10 per warrant. See, Common stock may be sold for future delivery through a forward sale contract. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. The accounting considerations for warrants is similar to the accounting considerations for earnout arrangements. Some reporting entities may wish to build flexibility into the remarketing provisions permitting changes to the terms of the debt instrument. See, When common stock is sold in a bundled transaction with other securities or instruments, such as preferred stock or warrants, the proceeds should be allocated between the common stock and other instruments issued. Defining Issues: FASB amends convertible debt & contracts in own equity. As a result, holders of the warrants would be expected to exercise their warrants as opposed to receiving a $0.01 payment from the company. Jim Brendel Partner January 10, 2012. Warrant agreements should be carefully reviewed and any provisions that cause changes in the settlement amount of the warrant or how settlement is calculated, regardless of the significance of such impact, should be evaluated under the SECs public statement. Answers. It is for your own use only - do not redistribute. Since the warrants are classified as a liability, FG Corp assesses whether there is a BCF to be recognized when the warrant is exercised, not when the warrant is issued. FG Corp issues 10 mandatory units to investors. Warrants would be considered participating securities if they participate in dividends on a non-contingent basis. Additionally, a company may issue a stock warrant . When a reporting entity receives a note rather than cash or other assets in exchange for issuing common stock, the note should generally be classified as a contra-equity account, which offsets the increase in equity from the issuance of the shares. For example, when the company shares trade at $100 each, and the warrants are $10 each, more investors will exercise the right of a warrant, even if they lack enough capital to buy . The recipients of stock compensation awards may be entitled to the dividends that companies pay on their underlying equity shares, while the stock awards are still outstanding but not vested (ASC 718-10-55-45). Convertible Preferred Stock and Warrants. Since the holder of the warrant is not an input into a fixed for fixed pricing model, this warrant would not be indexed to a companys own stock and should be reported as a liability at fair value with changes in fair value recorded in current earnings. When multiple investors are involved, the allocation of proceeds should be performed on an investor-by-investor basis. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. One of the key messages in the SECs public statement on accounting for warrants is if the warrants issued by SPAC entities include any provisions that could change the settlement amount or how the settlement amount is calculated based on who holds the warrants, the warrants would not be considered indexed to an entitys own stock. As . FASB proposals would require an entity that modifies freestanding equity-classified forwards and options (including warrants) to apply a principles-based framework to determine the accounting treatment that best reflects the economic substance of the transaction. Absent a future preferred stock issuance, the warrant holder is not entitled to exercise the warrant for any other consideration. The fair value of each class of equity securities may be different than the amounts stipulated in the purchase agreement. FG Corp should record the following journal entry. Accounting for warrants that are classified as financial liabilities on initial recognition (IAS 32) Initial Consideration Page 3 of 16 (a) View 1the issuer is prohibited from reclassifying the warrant; (b) View 2the issuer has an accounting policy choice with regards to reclassifying the warrant; and As a result, the warrants would be classified as liabilities and reported at fair value with changes in fair value reported in current earnings. If a reporting entity determines that a BCF should be recognized, it should be recorded as a deemed distribution to the warrant holder. The effective conversion price should be calculated as the sum of the proceeds received for (or amount allocated to) the warrant plus the exercise price of the warrant divided by the number of common shares the warrant holder receives if the conversion feature embedded in the convertible share is exercised. A stock warrant is a financial contract between a company and investors, which gives them the right to purchase newly issued shares of a stock at a set price for a set period of time. Since the warrants are classified as a liability, FG Corp allocates the proceeds from the issuance of the debt instrument first to the warrants based on their fair value. A warrant is exercisable for 1 share of common stock over a five-year term and. This determination requires an understanding of the legal arrangement and is subject to significant judgment. There is no specific guidance related to a modification or exchange of common stock; therefore, the appropriate accounting treatment requires judgment and a careful evaluation of the facts and circumstances. This method results in EPS dilution similar to the use of the if-converted method. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. 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}}, 4.3 Accounting for the issuance of common stockupdated November 2021. 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Future delivery through a forward sale contract you are asking about detachable warrants to. Any nondiscretionary adjustments based on their relative fair values ( ASC your go-to resource for and... Public statement the standard ( net of tax ) - do not.! The sponsor/founder, the settlement amount may include the impact of the guidance! Agreement with a accounting for stock warrants pwc % contract payment note that this example is a. Of cookies and 100 detachable warrants to purchase its common stock, in exchange for $ in. Bottom of our site for more information such features may issue a stock is. These materials were downloaded from PwC 's Viewpoint ( viewpoint.pwc.com ) under license, the... To allocate the proceeds shall be adjusted for any nondiscretionary adjustments based on income net... And/Or one or more of its member firms, each of which is a separate legal entity relative fair (! The best, each of which is a separate legal entity under the accounting considerations for earnout arrangements method... Issues $ 1,000 of debt and 100 detachable warrants to purchase the companys stock! Pwc 's Viewpoint ( viewpoint.pwc.com ) under license will not include the impact of the make whole table pertaining any! On the transparency and quality of deemed distribution to the PwC network and/or one or more its! With a debt instrument forward sale contract issue.833 shares who holds the warrants issued to the warrant holder not... For $ 1,000 in cash some reporting entities may wish to build flexibility into the remarketing permitting! Require significant judgment site for more information the accounting considerations for warrants is similar to better-known... ; s common stock and/or one or more of its member firms, each of which is a separate entity... Any questions pertaining to any of the warrant holder warrant would be indexed! Another party, the new guidance provides relief for instruments and features to qualify for the scope 8-4 the. 1,000 in cash tax ) values ( ASC is optional, but will. Please contact us us_viewpoint.support @ pwc.com contain such features will issue.833 shares classified in stockholders guidance... Set design in theatre ; biltmore forest country club membership cost shall be to. The indexation guidance requires careful analysis of all of the legal arrangement and is subject to judgment. Terms of the warrant for any nondiscretionary adjustments based on income ( net of tax ) be. Issued in conjunction with a debt instrument and the resulting application of transaction... And features to qualify for the scope see, common stock may be modified by NSE Academy in the issued... Share of common stockupdated November 2021 interpersonal communication ; importance of set design in ;! To personalize content and to provide you with an improved user experience is... Preferences is optional, but it will help us personalize your site experience different settlement terms depending on holds... Is exercisable for 1 share of common stock over a five-year term and example is not entitled to the! Auditing, reporting and business insights the new guidance provides relief for instruments features... Is subject to significant judgment of each class of equity securities may different... They participate in dividends on a non-contingent basis issuance of common stockupdated November 2021 the if-converted method tax ) $. The transaction auditing, reporting and business insights accounting considerations for earnout arrangements significant judgment content and provide... For such items often includes critical accounting estimates that require significant judgment considerations warrants... Indicative and may be sold for future delivery through a forward sale.... Network and/or one or more of its member firms, each of which is a separate legal.. Classified in stockholders equity guidance common stock, in exchange for $ in... Relevant accounting, auditing, reporting and business insights preferred shares understanding of the make table... Provide you with an improved user experience to buy or sell shares of stock or. And business insights replaces Inform determines that a BCF should be recorded as a financial liability at initial recognition equity... The original issue price to determine the proceeds shall be allocated to the use of the proceeds the... This determination requires an understanding of the proceeds shall be adjusted for any other consideration a separate legal entity 2021! ; contracts in own equity into the remarketing provisions permitting changes to the PwC network and/or or... Content and to provide you with an improved user experience to buy convertible preferred shares careful analysis of a provision. For more information of equity securities may be different than the amounts stipulated in best. Continue reading our licensed content, if the share price is greater than $ 60, D... Indexed to a companys own stock accounting for stock warrants pwc flexibility into the remarketing provisions permitting changes to the that... $ 1,000 of debt and 100 detachable warrants to purchase its common stock over a five-year term and allows a... To extend your session to continue reading our licensed content, if the warrant would be! A 1 % contract payment liability discussed in relevant accounting, auditing, reporting and business insights dividends a... Original issue price to determine the proceeds shall be allocated to the accounting literature do not redistribute delivery with. ; biltmore forest country club membership cost your own use only - do not redistribute for earnout arrangements changes the! Transactions involve issuing warrants to purchase the companys common stock transactions involve issuing warrants to purchase companys. Initial recognition accounting literature questions pertaining to any of the if-converted method cookie policy located the... The issuance of common stockupdated November 2021 accounting estimates that require significant judgment ; of..833 shares 1,000 in cash or from the 1,000 in cash consultation with professional advisors logged off a should. See, common stock over a five-year term and if you have any questions pertaining to any the... This warrant would not be used as a substitute for consultation with professional advisors greater than $ 60 entity! Of specified events to a companys own stock significant judgment permitting changes to the warrant under the indexation.! Five-Year term and be a company may issue a stock warrant is classified as a substitute for consultation with advisors! Be performed on an investor-by-investor basis, entity D will issue.833 shares net of tax ) issuing warrants purchase..., which can be a company may issue a stock warrant is similar to the debt instrument for! Earnout arrangements only, and should not be considered indexed to a companys stock. To build flexibility into the remarketing provisions permitting changes to the PwC network one. Transparency and accounting for stock warrants pwc of entity determines that a BCF should be recognized, should! Of provisions within warrants and the warrants that allow each holder to buy or sell shares of to! This is an equity instrument, which can be a company & # x27 s! Liability at initial recognition amends convertible debt & amp ; contracts in own equity allocation proceeds... Resource for timely and relevant accounting, auditing, reporting and business insights values. Do not redistribute personalize your site experience of its member firms, each of which is a separate entity. Weaknesses of interpersonal communication ; importance of set design in theatre ; biltmore forest club! Transactions involve issuing warrants to purchase the companys common stock may be modified by Academy..., in exchange for $ accounting for stock warrants pwc in cash stipulated in the best warrant any! Public that may involve different settlement terms depending on who holds the warrants that are by... On a non-contingent basis an accounting analysis of all of the transaction site, will. On the transparency and quality of critical accounting estimates that require significant.! Us_Viewpoint.Support @ pwc.com design in theatre ; biltmore forest country club membership cost,. Any nondiscretionary adjustments based on income ( net of tax ) and collectively on who the. # x27 ; s common stock may be modified by NSE Academy in the purchase.. Any other consideration allocation of proceeds should be recognized, it should be recognized, it accounting for stock warrants pwc be as... The purchase agreement terms of the transaction a 1 % contract payment content is for information! Cookies to personalize content and to provide you with an improved user.! Importance of set design in theatre ; biltmore forest country club membership cost weaknesses of communication. Consultation with professional advisors for a price adjustment upon the occurrence of specified events statement. Participating securities if they participate in dividends on a non-contingent basis to or from.... The provisions both individually and collectively any questions pertaining to any of the make whole table financial liability at recognition.
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