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S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
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            LA SALLE PARTNERS LIMITED PARTNERSHIP AND SUBSIDIARIES
 
       LA SALLE PARTNERS MANAGEMENT LIMITED PARTNERSHIP AND SUBSIDIARIES
 
              NOTES TO COMBINED FINANCIAL STATEMENTS--(CONTINUED)
 
statements include the accounts of the Partnerships and their majority owned
and controlled partnerships and subsidiaries. All material intercompany
transactions between the Partnerships and their subsidiaries have been
eliminated in consolidation and combination.
 
 Use of Estimates
 
  The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
 
 Cash Held for Others
 
  The Partnerships control certain cash and cash equivalents as agents for
their investment and property management clients. Such amounts, which total
$198,821 and $338,504 at December 31, 1995 and 1996, respectively, are not
included in the accompanying Combined Balance Sheets.
 
 Statement of Cash Flows
 
  Cash and cash equivalents include demand deposits and investments in U.S.
Treasury instruments (generally held available for sale) with maturities of
three months or less. The combined carrying value of such investments of
$5,979 and $1,000 approximates their market value at December 31, 1995 and
1996, respectively.
 
 Impairment of Long-Lived Assets
 
  The Partnerships adopted the provisions of Statement of Financial Accounting
Standards (SFAS) No. 121 Accounting for the Impairment of Long-lived Assets
and Long-lived Assets to be Disposed of on January 1, 1996. This statement
requires that long-lived assets and certain identifiable intangibles are to be
reviewed for impairment whenever events or change in circumstances indicate
that the carrying amount of an asset may not be recoverable. Recoverability of
assets to be held and used is measured by a comparison of the carrying amount
of an asset to future net cash flows expected to be generated by the asset. If
such assets are considered to be impaired, the impairment to be recognized is
measured by the amount by which the carrying value of the assets exceed the
fair value of the assets. Assets to be disposed of are reported at the lower
of the carrying amount or fair value less costs to sell. Adoption of SFAS No.
121 did not have a material impact on the Partnerships' financial position,
results of operations, or liquidity.
 
 Investments in Real Estate Ventures
 
  The Partnerships have limited and general partner interests in various real
estate ventures with interests ranging from less than 1% to 49.5% which are
accounted for using the equity method (note 6).
 
  The Partnerships also have nominal limited and general partner interests in
certain real estate ventures for which no significant capital will be
contributed. These investments, which represent ownership interests of up to
2%, are accounted for under the cost method.
 
 Intangibles Resulting from Business Acquisitions
 
  The Partnerships periodically evaluate the recoverability of the carrying
amount of intangibles resulting from business acquisitions by assessing
whether any impairment indications are present, including substantial
 
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