 Welcome back to Corporate Governance, we have embarked upon a new journey of seeing how competition and then we see that in that competition there is a lot of aggressive business strategies and now we are going to be complimenting all of that with a new topic which is interrelated and that is special purpose vehicle and complex accounting procedures. We basically see that the special purpose vehicles was utilized by the very famous debacle and notoriety of Enron and that Enron scandal basically was perpetuated through these special purpose vehicles and therefore understanding them is very important in the context of corporate governance. Now the creation of SPVs is an easy route to kill organizations as evidenced in the collapse of the Enron corporation. Enron tried to solve its financial dilemma by allegedly looking for outside investors to help finance its investments. These joint investments were typically structured as separate entities or special purpose vehicles. The entities could borrow from the credit markets possibly with different guarantees and therefore the real investor would be hidden and based upon that many multiple debts would be accumulated which later on when called would create the financial mess that basically Enron corporation also had to face. So many times we make these special purpose vehicles for the betterment of the company but in the long run it has been seen that they can create ambiguity and confusion and can also lead towards over debt collection or over overloaning being given to that organization and later on creating complications in its financial structure. SPVs in many aspects of its business, synthetic lease transactions, sales to SPVs or debt or equity interest, sales to merchant hedging whereby the stock basically contracts enable them to receive their own stock and transfers to SPVs of assets often at above market value. So this is a very detrimental what we see the transfers to SPV of assets of an organization at above market value and therefore the organizational structure and the organizational financial position is being dealt a severe blow through these special purpose vehicles. Now when we look at a complex accounting procedures then information asymmetries and conflicts of interest between contracting parties are considered important reasons for the commitment to increased transparency. We also see that the information environment plays a central role both in determining the extent of these contracts and conflicts and in designing the mechanisms to mitigate all of them. Accounting is a fundamental part of contracting mechanisms since it provides information for designing and evaluating contracts. So in these CAPs which is the complex accounting procedures we see that there is multi-layered and multi-tiered accounting mechanisms whereby it is developed in such a way that it is easier to design and evaluate contracts and thereby ensure corporate governance and also tend to hedge from the different prospects of loss if all of this is not done in the right particular way. We see that high quality financial reporting is essential to decrease the severity of information asymmetry between managers and market participants. The important role of financial accounting information is related to the limitations of relevant information for monitoring managerial behavior. So again what we see is that lack of communication information barriers and constraints between the managers and the product supervisors or the product managers can lead to a lot of ambiguity and confusion and therefore it is very important that these complex accounting procedures are in place. Orders insist on compliance based on norms set by accounting standards laid down by regulators and international financial reporting standards and that is what we basically were seeing in past sessions. The importance of the international financial reporting standards and again also the fact that by setting down accounting standards then the auditors can ensure better compliance. So therefore what we see is that ladies and gentlemen that SPVs that the special purpose vehicles even though having a very positive aura but they have been used negatively by organizations to create gaps within their financial systems and to create proxies whereby the auditors and accountants are unable to identify the real issues and also the undermining through overvaluation of stocks when given to a particular SPV. And then if we have complex accounting procedures then again it would ensure that the auditors can follow the international financial reporting standards and also the accounting standards which have been laid down by its regulators. Thank you so much.