https://www.proz.com/kudoz/english-to-polish/accounting/6553267-partner-lifting.html

partner lifting

Polish translation: tankowanie przez stronę partnerską

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:partner lifting
Polish translation:tankowanie przez stronę partnerską
Entered by: Frank Szmulowicz, Ph. D.

13:28 Aug 19, 2018
English to Polish translations [PRO]
Bus/Financial - Accounting
English term or phrase: partner lifting
Nie mam pojęcie co znaczy słowo lifting w takich zdaniach:

Throughput fee income which is automatic posted when partner is lifting.

albo

Fee to be paid for lifting at a terminal if the partner owns the product.
PaulinaJJ
Poland
Local time: 07:37
tankowanie przez stronę partnerską
Explanation:
In general, lifting refers to the bringing of fuel up (to the surface, as in drilling, for example), that is pumping. Here, lifting may refer to the pumping of fuel up to the plane or out of storage, depending on the context..
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Rynek ten obejmuje nie tylko dostarczenie paliwa do samolotu i jego tankowanie, lecz także inne czynności z tym związane, takie jak: koordynacja tankowania samolotów, kontrola ilości i jakości paliwa, przechowywanie paliwa, dystrybucja paliwa, czy neutralizacja resztek materiałów napędowych. https://ecitydoc.com/queue/usugi-portow-lotniczych-w-unii-eu...
Selected response from:

Frank Szmulowicz, Ph. D.
United States
Local time: 01:37
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
2tankowanie przez stronę partnerską
Frank Szmulowicz, Ph. D.
Summary of reference entries provided
lifting
Frank Szmulowicz, Ph. D.
lifting / overlift and underlift
geopiet

Discussion entries: 2





  

Answers


1 hr   confidence: Answerer confidence 2/5Answerer confidence 2/5
tankowanie przez stronę partnerską


Explanation:
In general, lifting refers to the bringing of fuel up (to the surface, as in drilling, for example), that is pumping. Here, lifting may refer to the pumping of fuel up to the plane or out of storage, depending on the context..
-----------------------
Rynek ten obejmuje nie tylko dostarczenie paliwa do samolotu i jego tankowanie, lecz także inne czynności z tym związane, takie jak: koordynacja tankowania samolotów, kontrola ilości i jakości paliwa, przechowywanie paliwa, dystrybucja paliwa, czy neutralizacja resztek materiałów napędowych. https://ecitydoc.com/queue/usugi-portow-lotniczych-w-unii-eu...

Frank Szmulowicz, Ph. D.
United States
Local time: 01:37
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 142
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Reference comments


27 mins
Reference: lifting

Reference information:
g. Tank Bottoms: Customer may be required to carry a pro rata amount of Product inventory at the Terminals in tank bottoms, based on Customer’s pro rata share of throughput capacity, that is not available for lifting during the Term of this Agreement. The total volume of tank bottoms at each Terminal is the number of gallons for each Terminal as described in Exhibit G. At the termination of this Agreement, Customer’s pro-rata share of such tank bottoms shall be returned to Customer for final lifting from the applicable Terminal.

Customer shall deliver and accept redelivery of Product to and from each Terminal on a ratable basis. Operator reserves the right, in its sole discretion, to delay or cancel the in-flow of additional Product deliveries into a Terminal at any time during which Customer is not in compliance with the requirement for timely lifting of its Product from a Terminal.

Operator will provide daily transaction reports of truck liftings with accompanying bills of lading (BOLs) for each Terminal

https://www.lawinsider.com/contracts/1JkgSLBR3P2FojSYGEHtov/...

Frank Szmulowicz, Ph. D.
United States
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 142
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2 hrs
Reference: lifting / overlift and underlift

Reference information:
2.6.1 Overlift and underlift

Many joint ventures (JV) share the physical output, such as crude oil, between the joint venture partners. Each JV partner is responsible for either using or selling the oil it takes.

The physical nature of production and transportation of oil is such that it is often more efficient for each partner to lift a full tanker-load of oil. A lifting schedule identifies the order and frequency with which each partner can lift. The amount of oil lifted by each partner at the balance sheet date may not be equal to its working interest in the field. Some partners will have taken more than their share (overlifted) and others will have taken less than their share (underlifted).

Overlift and underlift are in effect a sale of oil at the point of lifting by the underlifter to the overlifter. The criteria for revenue recognition in para 14 of IAS 18 Revenue are considered to have been met. Overlift is therefore treated as a purchase of oil by the overlifter from the underlifter.

The sale of oil by the underlifter to the overlifter should be recognised at the market price of oil at the date of lifting [IAS 18 para 9]. Similarly, the overlifter should reflect the purchase of oil at the same value.

Underlift by a partner is an asset in the balance sheet and overlift is reflected as a liability. An underlift asset is the right to receive additional oil from future production without the obligation to fund the production of that additional oil. An overlift liability is the obligation to deliver oil out of the entity’s equity share of future production.

The initial measurement of the overlift liability and underlift asset is at the market price of oil at the date of lifting, consistent with the measurement of the sale and purchase. Subsequent measurement depends on the terms of the JV agreement. JV agreements that allow the net settlement of overlift and underlift balances in cash will fall within the scope of IAS 39 unless the ‘own use’ exemption applies [IAS 39 para 5]. Overlift and underlift balances that fall within the scope of IAS 39 must be remeasured to the current market price of oil at the balance sheet date. The change arising from this remeasurement is included in the income statement as other income/expense rather than revenue or cost of sales.

Overlift and underlift balances that do not fall within the scope of IAS 39 are measured at the lower of carrying amount and current market value. Any remeasurement should be included in other income/ expense rather than revenue or cost of sales.

https://www.pwc.com/gx/en/services/audit-assurance/assets/pw... - page 24

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Determining the transaction price

Settlement by the overlifter to the under-lifter is usually made via a change in the lifting schedule, which allows the underlifter to take additional liftings in the future.
The additional liftings will be ‘non-cash consideration’, which will be measured at fair value where the overlifter meets the definition of a customer, and the transaction is not a non-monetary exchange between entities in the same line of business.

The accounting and presentation for the transaction will be similar to current IFRS if an overlifter does meet the definition of a customer, unless the transaction is a non-monetary exchange. When determining the transaction price, the standard requires that non-cash consideration is measured at fair value.

The accounting and presentation for an under-lift might be different from current practice if an overlifter does not meet the definition of a customer. The entity should use judgement in selecting an
accounting policy that is relevant and reliable. If the transaction is not a non-monetary exchange, this accounting policy might reflect the principles of the new revenue standard. However, an entity should ensure that any income classified as revenue is consistent with the definition of revenue in the Framework. - page 137

geopiet
Native speaker of: Native in PolishPolish
PRO pts in category: 64
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