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He recommended a teacher named Jean Hamilton , who had a studio in a dingy Manhattan building on Eighth Avenue in the fifties , and this is how I , of all unlikely people , came to take ballet classes . In Illustration 15 , the Board determined that the non-compete agreement would not effect the determination of the requisite service period and the award should be accounted for as a share award with a clawback feature . It always gave me a lift to go from an engineering office to a ballet class , to put off jacket and tie and put on practice clothes . Aside from the necessity to explain a companies ' business activities , management also needs to provide financial statements and discuss results of operations , cash flow , liquidity and financial condition in MD & A. Remember , reporting is a communication exercise , not a compliance exercise . Basically , if you buy a business with which you have a preexisting relationship , determine how much you would have paid ( or would have received ) to terminate the relationship absent the business combination and that is the amount of your settlement gain or loss ( provided no amounts are already on the balance sheet ) . Last year at this conference , I spoke about the problems caused by a compliance focus to financial reporting , including a willingness perhaps even a desire to structure transactions around the accounting literature . Statement 141 requires intangible assets that are acquired in a business combination to be recognized at their estimated fair values2 . The answer is that it applies anytime you have something that qualifies as a business combination . I believe that the complexity of accounting standards is amongst the things that foster transaction structuring and lead to such a compliance mindset . In a recent example , a business that was previously owned by a group of investors was acquired for cash by a newly formed entity . These are deemed to be multi-element transactions - a business combination and a settlement of a relationship .