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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
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recurring operating deficits or significant adverse changes in legal or
economic factors that affect the businesses acquired. If such analysis
indicates impairment, the intangible asset would be adjusted in the period
such changes occurred based on its estimated fair value, which is derived from
expected cash flow of the businesses.
 Fair Value of Financial Instruments
  The Partnerships' financial instruments include cash and cash equivalents,
receivables, accounts payable and notes payable. The estimated fair value of
cash and cash equivalents, receivables and payables approximate their carrying
amounts due to the short maturity of these instruments. The estimated fair
value of the Partnership's credit facilities approximates their carrying value
due to their variable interest rate terms. The estimated fair value of the
Partnership's subordinated loans approximates their carrying value due to the
anticipated retirement of the loans at their carrying value in connection with
LPI's initial public offering.
 Foreign Currency Translation
  The financial statements of subsidiaries outside the United States, except
those subsidiaries located in highly inflationary economies, are generally
measured using the local currency as the functional currency. The assets and
liabilities of these subsidiaries are translated at the rates of exchange at
the balance sheet date. The resultant translation adjustments are included as
a separate component of partners' capital. Income and expense are translated
at average monthly rates of exchange. Gains and losses from foreign currency
transactions of these subsidiaries are included in net earnings. For
subsidiaries operating in highly inflationary economies, gains and losses from
balance sheet translation adjustments are included in net earnings.
 Revenue Recognition
  Advisory and management fees are recognized in the period in which the
services are performed. Transaction commissions are recorded as income at the
time the related services are provided unless significant future contingencies
exist. Construction and Development Management fees are generally recognized
as billed, which approximates the percentage of completion method of
accounting. Fees recognized in the current period that are expected to be
received beyond one year have been discounted to the present value of future
  Depreciation and amortization is calculated for financial reporting purposes
using the straight-line method based on the estimated useful lives of the
assets. Furniture totaling $12,109 and $14,400 at December 31, 1995 and 1996,
respectively, is depreciated over seven years. Computer equipment and software
totaling $12,023 and $13,862 at December 31, 1995 and 1996, respectively, are
depreciated over three years. Leasehold improvements totaling $8,900 and
$9,597 at December 31, 1995 and 1996, respectively, are amortized over the
lease periods ranging from one to 10 years.
 Income Tax Provision
  Included in the accompanying Combined Statements of Earnings is a federal
and state income tax provision for wholly-owned corporate subsidiaries and a
state tax provision for certain states which require partnerships to pay
income taxes. No other provision for income taxes has been made as any
liability for such taxes would be that of the respective partners.

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