May 2012

TAO completes IFRS conversion and implementation for securitization SPV financial statements.

TAO Administration Inc. recently completed the implementation of IFRS accounting and reporting for two securitization trusts under its administration in connection with the Trusts’ year end audits.  The audits covered both a single seller as a well as multi-seller trusts.  In the case of the single seller vehicle, TAO worked closely with the Trust’s sponsor, which consolidates the Trust, and its auditor in the preparation of the Trust’s annual financial statements, the development of the required new note disclosures and the restatement of prior year’s statements in accordance with the requirements of IFRS presentation.  The multi-seller trust audit covered the Trust’s first year of operations and addressed its own complexities.  Notwithstanding the new presentation and note disclosure requirements, both audits were completed within the required deadlines according to the related Trust Indentures.

TAO’s professionals have extensive experience working with major accounting firms including Deloitte & Touche, Ernst & Young and PricewaterhouseCoopers, in connection with the preparation and annual audit of financial statements for SPVs under its administration.

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