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Chapter 3 — Real Estate Operations Acquired or to Be Acquired

3.3 Measuring the Significance of Real Estate Operations

3.3 Measuring the Significance of Real Estate Operations

The requirements of Rule 3-14 and Rule 3-05 differ with respect to significance tests as well as the form and content of the financial statements presented. In terms of significance tests, for example, Rule 3-14 addresses only one of the significance tests described in Rule 1-02(w) (i.e., the investment test) and also does not have a tiered threshold for disclosure requirements (i.e., a single 20 percent threshold results in one year of audited statements).