English / ქართული /
bahçe dekorasyonu evde ek gelir eskişehir haber sondakika haberleri magazin haberleri seo sorgulama site analiz seo analiz google sıra bulucu backlink sorgulama sunucu tarama çekiliş çekiliş sitesi Who is html kod şifreleme seo hacklink hacklink satış hacklink panel youtube video indir instagram video indir facebook video indir wso shell php shell hacklink hacklink panel hızlı seo hacklink seo nedir wso shell instagram takipçi hilesi instagram takipçi hilesi
kuvvet macunusertleştirici hap isimlerieczane geciktirici hapsertleştirici haplarmarmaris escortcaptain black sigaradjarum blackMarlboro Double Fusionmarlboro shufflemarlboro double fusionmarlboro double fusionbets10 girisbetboo girisbahsegel girisbetist girismarlboro shufflecaptain black sigaraCamel WhiteEsse BlackCaptain Black BlueMarlboro Double FusionMarlboro ShuffleMilano EjectKENT D RANGE BLUEMore Sigara Kırmızı PaketLucky Strike Double ClickMarlboro Touch GrayWinston Dark BlueRothmans SigaraPall Mall Switch MentollüCavallo By Vasily Vinteroff MentollüWinston SlenderKent SwitchKent Mix Aroma SigaraMarlboro Double Fusion Summer KarpuzMarlboro Double FusionMarlboro Double MixDuty Free ShopDjarum VanillaKent MentollüMarlboro Touch AquaHEETSMarlboro TouchDjarum BlackMarlboro Goldcaptain blackParliament Aqua BlueCaptain Black sigaraParliament Night BlueKent SwitchDjarum BlackCaptain Black Darm CremaOlmeca TekilaJack Daniels Tennessee HoneyChivas Regal ViskiAmarula LikörAbsnithe Yeşil Perifree shopfree shop sigaracaptain black puroCaptain Black Bluefree shopmarlboro double fusiondjarum blackcaptain blackcaptain black sigaramarmaris escortcaptain black sigaracaptain blackdjarum blackdjarum blackmarlboro double fusioncaptain blackmarlboro double fusionfree shop sigarakent mentollüCaptain Black Dark CremaMarvel Compact Party MixMarlboro Double Fusion Summer Karpuzkent d range blueMarlboro ShuffleParliament Night BlueCaptain Black Sigarasupertotobet girisvdcasino girisMarlboro Double Fusiontipobet365 girisLucky strikekent switchparliament night bluemarlboro redmarlboro shuffleizmit escortkocaeli escortescort bursabursa escortgörükle escortbursa escortbursa merkez escortizmit escort bayanmini shellwso shellcgi telnetwso shellindoxploit shellsivas escortdüzce escortaksaray escorturfa escortbatman escortvan escortkarabük escortyalova escortredwin giristrabzon escortdiyarbakır escorttekirdağ escortsamsun escortmarlboro double fusionCaptain Black Bluesakarya escortniğde escortordu escortdjarum blackcaptain blacknevşehir escortmuğla escortkent switchmardin escortmaraş escortmalatya escortmanisa escortkütahya escortkonya escortizmit escortgebze escortısparta escortçorum escortkayseri escortkocaeli escorthatay escortantep escorteskişehir escorterzurum escortedirne escortçanakkale escortdenizli escortbursa escortaydın escortbalıkesir escortantalya escortafyon escortadana escortyozgat escortzonguldak escortyalova escorttunceli escortvan escortuşak escorttokat escortşırnak escortsinop escortsiirt escortrize escortniğde escortosmaniye escortnevşehir escortkütahya escortkırklareli escortkırşehir escortmuş escortkırıkkale escortkilis escortkastamonu escortkaraman escortkars escortkarabük escortizmit escortısparta escortığdır escorthakkari escortgümüşhane escortistanbul escortgiresun escortelazığ escortgebze escorterzincan escortedirne escortdüzce escortçankırı escortçanakkale escortçorum escortburdur escortbilecik escortbingöl escortbitlis escortbolu escortbayburt escortbartın escortartvin escortardahan escortbatman escortantalya escortağrı escortafyon escortamasya escortaksaray escortadıyaman escortmanisa escortçerkezköy escortçorlu escortsivas escortizmir escortbalıkesir escorthatay escorterzurum escorturfa escortsamsun escorttrabzon escorttekirdağ escortsakarya escortmuğla escortordu escortadana escortbursa escortantep escortdenizli escortaydın escortankara escortdiyarbakır escortmardin escortkonya escortmalatya escorteskişehir escortmaraş escortmersin escortkayseri escortkocaeli escortistanbul escortşişli escort bayanşişli bayan escortmecidiyeköy escortşişli escortizmir escortantalya escortsakarya escorthaymana escortgölbaşı escortkeçiören escortmamak escortpolatlı escortescort bayaneskort ankaragörükle escortnilüfer escortantalya escortsakarya escortizmir escortAn0n 3xPloiTeRBase 64 EncodeIndoSec Shellmobilbahis giriscavallo sigaracavallo sigaramarlboro touch aquacaptain black puroizmir escortankara escortmersin escorteskişehir escortgaziantep escortsakarya escortkayseri escortantalya escortistanbul escortbursa escortadana escortdenizli escortavcılar escortbüyükçekmece escortümraniye escortbakırköy escortkurtköy escortsamsun escortkadıköy escortkartal escortşirinevler escortbeylikdüzü escortşişli escortyalova escortataşehir escortbahçeşehir escortbahçelievler escortmecidiyeköy escortfatih escortbeşiktaş escortbağcılar escortkonya escortbaşakşehir escortnişantaşı escortelazığ escortpendik escorthalkalı escortkocaeli escortdiyarbakır escortesenyurt escorttuzla escortgebze escortizmit eskortCaptain Black Bluecialis nedircialis fiyatıcialiscialiscialis siparişonline cialiscialis ilaccialis ilaccialis satın alcialis fiyatcialiscialiscialiscialiscialiscialissertlesme sorunuerkeklerde sertlesmecialiscialis alcialis 100 mgcialis 20 mgcialis 20 mgcialiscialis 5 mgcialis 5 mgcialis 20 mgtadalafilcialis 100 mgcialiscialiscialiscialis nedirereksiyoncialis ilaccialiscialiscialis 5 mgcialiscialis satin alcialis fiyatlaricialis yan etkicialiscialiscialiscialiscialiscialiscialiscialis 100 mgadall fotosellihasta yatağıepoksibftmedilab aestheticmedilabseobridge istanbulnice türkiyeviagra nedirviagra fiyatviagra fiyatviagra kullanı mıviagra yan etkileriviagra satın alviagra nedirviagra eczanesildenafilviagra yan etkileriviagra kullanımıviagra satın alviagra fiyatısildenafil fiyatıviagra fiyatıviagra fiyatı 2022 eczaneviagra fiyatları 2022viagra siparişviagraviagra fiyatlarıviagra fiyatlarıviagra fiyatlarıviagra fiyatviagraviagra fiyatlariviagra 100 mgviagra kremviagra siparişviagra eczane fiyatıviagra 50 mgviagra eczaneviagra fiyativiagra satisviagra fiyatviagra 100 mgviagra 100 mgviagra 100 mgviagra satisviagra fiyatıviagra eczaneviagra fiyatlarıviagraviagraankara escortAnkara rus escortankara escortankara escort bayanSincan escortankara escortEscort ankaraAnkara escort kızlarSincan escort bayanEscort sincanEryaman escortEryaman escort bayanEscort eryamanKeçiören EscortKeçiören escort bayanEtlik escortEtlik escort bayanÇankaya escortÇankaya escort bayanKızılay escortKızılay escort bayanantalya escortantalya escort bayanEscort antalyaantalya escortantalya escort bayanEscort antalyaankara escortankara escort bayanEscort ankaramucize kremsakal serumuegzama şampuanıescort bursaseboreik dermatit şampuanegzama için şampuankeratin serumpriligy 60 mg fiyatıdapoksetin fiyatıpriligy 30 mg fiyatıpriligy fiyatyapay kızlık zarıtitan jeldelay spreytitan jelgeciktirici hapcialis fiyatcialis 100 mgviagra fiyatıpenis büyütücü kremhacklink satışetlik escortemek escortulus escortdemetevler escortdikmen escortsincan escorteryaman escorteczanelerde satılan sertleştiricilerAtaşehir escortŞerifali escortÜmraniye escortGöztepe escortAnadolu yakası escortAtaşehir escortKadıköy escortBostancı escortKadıköy escortÜmraniye escortBostancı escortAnadolu yakası escortAtaşehir escortKüçükyalı escortİçerenköy escortAnadolu Yakası escortAtaşehir escortAtaşehir escortKadıköy escortBostancı escortKozyatağı escortAcıbadem escortÜmraniye escortataşehir escortkadıköy escortbostancı escortümraniye escortkartal escortmaltepe escortpendik escortkurtköy escortanadolu yakası escortataşehir escort bayanbostancı escortkadıköy escortpendik escortkartal escortümraniye escortgöztepe escorttuzla escortmaltepe escortkurtköy escortmaltepe escortkurtköy escort bayankartal escort bayananadolu yakası escortpendik escort bayancanli bahis oynagaziantep escortmersin escortsohbet numaralarıtyrone unblocked gamessohbet hattıadana escortadana escortadana escortkayseri escortpendik escortdeneme bonusukurtköy escortkurtköy escortgaziantep escorttuzla escortsohbet numaralarıpendik escortmaltepe escortbedava bonus veren bahis sitelerikartal escortdeneme bonusu veren bahis sitelerianadolu yakası escortAnadolu Yakası Escortanadolu yakası escortmaltepe escortpendik escortanadolu yakası escortgöztepe escortkartal escortkurtköy escortkadıköy escortanadolu yakası escortümraniye escortbostancı escortataşehir escortKent Switchjetbahis girismarlboro ice bluebostancı escortkurtköy escortkartal escortümraniye escortmaltepe escortpendik escortanadolu yakası escortanadolu yakası escortmaltepe escorttuzla escortanadolu yakası escortAtaşehir Escortanadolu yakası escortataşehir escortkadıköy escortAvcılar EscortArnavutköy EscortAtaköy Escortataşehir escortZeytinburnu EscortYeşilköy EscortSuadiye EscortTaksim EscortŞişman EscortTopkapı EscortYenibosna EscortÜmraniye EscortÜsküdar EscortSınırsız EscortŞişli EscortSilivri EscortŞirinevler Escortseks hikayeleriadana escortadana escortadana escortadana escortafyon escortafyon escortafyon escortafyon escortağrı escortseks hikayeleriağrı escortalanya escortalanya escortalanya escortalanya escortalanya escortalanya escortantalya escortantalya escortalanya escortalanya escortantep escortantalya escortartvin escortartvin escortantep escortartvin escortaydın escortseks hikayeleriartvin escortantalya escortkonya escortbalıkesir escortmersin escortaydın escortartvin escortordu escortbeylikdüzü escortbolu escortbeylikdüzü escortrize escortbodrum escortbeylikdüzü escortbolu escortbodrum escortbolu escortbeylikdüzü escortburdur escortburdur escortçanakkale escortburdur escortbodrum escortbodrum escortbursa escortbursa escortçanakkale escortbursa escortbolu escortçanakkale escortçanakkale escortçanakkale escortçanakkale escortçeşme escortçanakkale escortçeşme escortcanakkale escortçeşme escortçeşme escortçorum escortdenizli escortçorum escortyozgat escortdenizli escortdidim escortdidim escortdidim escortyalova escortdiyarbakır escorturfa escorttunceli escortuşak escorttrabzon escortdidim escortvan escortsivas escortdiyarbakır escortdiyarbakır escortzonguldak escortdüzce escorttokat escorttekirdağ escortşırnak escortdüzce escortedirne escortsinop escortdüzce escortedirne escortsiirt escortedirne escortsamsun escortedirne escortsakarya escortelazığ escortrize escortedirne escortosmaniye escortelazığ escortordu escortelazığ escortmuş escortelazığ escortniğde escortelazığ escortnevşehir escortelazığ escorterzincan escorterzincan escorterzincan escortmuğla escortmersin escortmaraş escorterzincan escortmardin escorterzurum escorterzincan escorterzurum escortmanisa escortkonya escorterzurum escortmalatya escorteskişehir escorterzurum escortkütahya escortkocaeli escorterzurum escortkırıkkale escorrtağrı escortkırklareli escortadana escortkırşehir escortafyon escortantalya escortantep escortantalya escortkilis escortkayseri escortkıbrıs escortkastamonu escortbalıkesir escortaydın escortadana escortartvin escortafyon escortantalya escortbeylikdüzü escortbalıkesir escortbodrum escortbodrum escortbolu escortgiresun escortgiresun escortkaraman escortkarabük escortkars escortizmit escortısparta escortistanbul escortizmir escortgiresun escortsex hikayelerigümüşhane escortığdır escorthakkari escorthatay escortgümüşhane escorthatay escorthatay escortgümüşhane escorthatay escortgümüşhane escortsex hikayesisex hikayesisex hikayesisex hikayelerisex hikayesisex hikayesisex hikayesisex hikayesisex hikayesisex hikayesisex hikayesisex hikayesisex hikayesiısparta escortısparta escortısparta escortısparta escortmalatya escortsex hikayesihacklink satışVhosts Bypass shellwebadmin.php shellk2ll33d shellhtml kod şifrelemehtml code encryptionistanbul escortkurtköy escortşişli escortmecidiyeköy escortistanbul escortbodrum escortbodrum escortkurtköy escortpendik escortbeşiktaş escortesenyurt escortbeylikdüzü escortcevizlibağ escorteminönü escortçağlayan escortbeyoğlu escortbayrampaşa escortavrupa yakası escortbomonti escortflorya escortbebek escortesenler escortbodrum escortantalya escortankara escortbeylikdüzü escortbeşiktaş escortantalya escortistanbul escortadana escortdedektiftravestibodrum escortescort bodrumbodrum escortadana escortafyon escortadıyaman escortağrı escortantalya escortaydın escortamasya escortbartın escortankara escortbatman escortardahan escortaksaray escortbalıkesir escortartvin escortbilecik escortbayburt escortbingöl escortbitlis escortçankırı escortedirne escortdenizli escortçanakkale escortelazığ escortdiyarbakır escortburdur escortbolu escortdüzce escorterzurum escortçorum escortbursa escorterzincan escorteskişehir escortgaziantep escorthakkari escortizmir escortgümüşhane escortkars escortistanbul escortgebze escortkırıkkale escortgiresun escortkilis escortkastamonu escortığdır escorthatay escortısparta escortkırklareli escortkarabük escortkıbrıs escortkaraman escortkayseri escortkırşehir escortmersin escortkocaeli escortmuş escortsamsun escortmuğla escortsiirt escortnevşehir escortordu escortkütahya escortmanisa escortmalatya escortniğde escortosmaniye escortsinop escortmaraş escortmardin escortrize escortkonya escortsakarya escortşırnak escortsivas escorttokat escortvan escortyalova escortyozgat escortalanya escorttekirdağ escorturfa escortdidim escortzonguldak escortuşak escorttunceli escorttrabzon escortkuşadası escortfethiye escortmanavgat escortçankaya escortselçuklu escortyenimahalle escorttorbalı escortetimesgut escortküçükçekmece escortkeçiören escortşahinbey escortbahçelievler escortosmangazi escortbaşakşehir escortyalıkavak escortuludağ escorttorba escorttarsus escorttürkbükü escortside escortsöke escortsilifke escortselimiye escortserdivan escortşile escortseferihisar escortselçuk escortşarköy escortsarıgerme escortsapanca escortreyhanlı escortortaca escortodunpazarı escortölüdeniz escortmudanya escortmilas escortmenemen escortmenderes escortmarmaris escortmanavgat escortlüleburgaz escortlara escortmalkara escortlapseki escortkuşadası escortkumluca escortkundu escortköyceğiz escortkonyaaltı escortkumla escortkonak escortkırıkhan escortkaş escortkemer escortkeşan escortkartepe escortkarasu escortkapadokya escortislahiye escortkaraburun escortiskenderun escortinegöl escortiğneada escortgüvercinlik escortgümbet escortiçmeler escortgüllük escortgöynük escortGörükle EscortGölcük Escortgöcek escortgelibolu escortfinike escortgazipaşa escortfethiye escorteryaman escorterdemli escortezine escortenez escortedremit escorterdek escortdörtyol escortdidim escortdikili escortdatça escortdemre escortdalyan escortşehitkamil escortbağcılar escortsultangazi escortsincan escortpendik escortmaltepe escortümraniye escortavcılar escortbergama escortesenler escortantakya escortkartal escortbornova escortkarşıyaka escortiskenderun escortizmit escortbeylikdüzü escortataşehir escortgaziemir escortnarlıdere escortarnavutköy escorttuzla escortüsküdar escortesenyurt escortnazilli escortmarmaris escortbeşiktaş escortsancaktepe escortbeyoğlu escortbeykoz escortşişli escortsarıyer escortzeytinburnu escortgaziosmanpaşa escortkağıthane escortçekmeköy escortfatih escortbayrampaşa escortkonak escortbuca escortbodrum escortalsancak escortantalya escortadıyaman escortadana escortdiyarbakır escorterzurum escortaksaray escortbitlis escortkadıköy escortbalıkesir escortbatman escortçeşme escortafyon escortburdur escorthatay escortmuğla escortkastamonu escortgiresun escortgebze escortbursa escortkonya escortmalatya escortniğde escortkilis escortısparta escortsakarya escortkarabük escortedirne escortgaziantep escorteskişehir escortkütahya escortordu escortsamsun escorttokat escortmersin escortsiirt escortsincan escorttekirdağ escortosmaniye escortmardin escorturfa escortmaraş escortuşak escortmanisa escortvan escortescortyalova escortturgutreis escortyozgat escortzonguldak escortPendik EscortMerter EscortOlgun EscortOrtaköy EscortNişantaşı EscortMaslak EscortMahmutbey EscortMecidiyeköy EscortMaltepe EscortLevent EscortKurtköy EscortKüçükyalı EscortKüçükçekmece EscortKartal Escortfulya escortfındıkzade escorthalkalı escortgebze escortgüngören escorteyüp escortfikirtepe escortferiköy escortgöztepe escortGalata Escortfirüzköy escortfanerbahçe escortfatih escortesentepe escortetiler escortesenyalı escortedirnekapi escortdudullu escorterenköy escortdavutpaşa escorthalıcıoğlu escorthaliç escortgüzelyurt escortgöktürk escortgürpınar escortgüneşli escortçubuklu escortgültepe escortçırpıcı escortcihangir escortcevizli escortçengelköy escortçekmeköy escortçavuşbaşı escortçapa escortçamlıca escortçakmak escortcaddebostan escortbüyükçekmece escortbeylerbeyi escortbulgurlu escortbeykoz escortbeyazıt escortbatışehir escortbaşakşehir escortbostancı escortbalmumcu escortbalat escortbahçelievler escortbakırköy escortbahçeşehir escortavcılar escortbağlarbaşı escortataşehir escortbağcılar escortateştuğla escortatalar escortataköy escortataakent escortarnavutköy escortaltunizade escortalibeyköy escortaksaray escortağva escortacıbadem escortKağıthane Escortİkitelli EscortFatih Escortkadıköy escortEtiler EscortErenköy EscortGöztepe EscortHaramidere EscortKadıköy EscortÇağlayan EscortGenç EscortBüyükçekmece EscortHalkalı EscortFındıkzade EscortEscort Numaralarıİstanbul EscortFlorya EscortÇapa Escortçorum escortçankırı escortçanakkale escortbursa escortdenizli escortdiyarbakır escortelazığ escortedirne escortdüzce escortburdur escortgiresun escorteskişehir escorterzincan escortbolu escortbitli escortbingöl escorterzurum escortbilecik escortbayburt escortbatman escortbartın escortaydın escortbalıkesir escortartvin escortardahan escortantalya escortantep escortankara escortankara escortaksaray escortamasya escortağrı escortafyon escortadıyaman escortsex hikayeleriteknoloji haberlerigüncel haberlergüncel haberlergüncel haberleradana escortgüncel haberlergüncel haberlergüncel haberlerpendik escortkurtköy escortbakirkoy escortbesiktas escorttaksim escortcaglayan escortcevizlibag escortkurtkoy escortgungoren escortbahcelievler escorteminonu escortescort istanbulbomonti escortbeyoglu escortbeykoz escortbeyazit escortatasehir escortbebek escortbayrampasa escortbasaksehir escortbalmumcu escortbahcesehir escortbahcelievler escortbahcekoy escortbahariye escortatasehir escortatakent escortarnavutkoy escortalibeykoy escortanal escortacibadem escortadalar escortadapazari escortpendik escortalibeykoy escortaltinsehir escortduty free shopEsenyurt EscortEscort Bayanlarçekmeköy escortElit EscortÇıtır Escortşerifali escortsuadiye escortüsküdar escortCihangir Escortgöztepe escortbostancı escortCevizli EscortBostancı Escortgöztepe escortbostancı escorterenköy escortBeyoğlu EscortCennet Mahallesi Escortümraniye escortbursa eskortbursa ucuz escortbursa escort bayanbodrum escortbiotin fiyatsaç vitaminilifta 5 mg 28 tablet en ucuz fiyatlifta 5 mg 28 tablet eczane fiyatıcialis 5 mg 28 tablet fiyatlifta 5 mg 28 tablet fiyatlifta 5 mg fiyatcialis 5 mg fiyatlifta 20 mg fiyatpriligy fiyateczanelerde satılan sertleştiricilerpriligy 30 mg fiyatıcialis 20 mg kullanıcı yorumlarıgeciktirici hap eczanegeciktirici sprey eczanelifta 20 mg yorumlarlifta 5 mg 28 tablet kullanıcı yorumlarıcialis kullananlardapoksetin fiyatılifta 5 mg 28 tablet fiyatizmir escorteskişehir escortantalya escortankara escortfethiye escortmersin escortkocaeli escortgaziemir escortdikili escortselçuk escortaliağa escortayvalık escortdidim escortkuşadası escortfethiye escortmarmaris escortbodrum escortçeşme escortkarabağlar escortgaziemir escortbornova escortkonak escortalsancak escortbuca escortkarşıyaka escortgüncel haberlergüncel haberlergüncel haberlerkadın haberlerigüncel haberlergüncel haberlerguncel haberlergüncel haberlergüncel haberlergüncel haberlergüncel haberlergüncel haberlergüncel haberlergüncel haberlerspor haberlerikadın haberleriyemek tarifleriteknoloji haberleriyemek tarifleriyemek tarifleriteknoloji haberleriteknoloji haberleriteknoloji haberleriteknoloji haberleriteknoloji haberlerifutbol haberlerispor haberlerikadın haberlerispor haberleriekonomi haberleriekomomi haberleriekonomi haberlerispor haberlerispor haberlerisağlık haberlerisağlık haberlerikadın haberlerikadın haberlerikadın haberlerikadın haberlerikadın haberleriigüncel haberlergüncel haberlergüncel haberlergüncel haberlerteknoloji haberlerigüncel haberlergüncel haberlergüncel haberlergüncel haberlerekonomi haberleriekonomi haberleriekonomi haberlerigüncel haberleroyun haberlerioyun haberlerispor haberleriavrupa yakası escortsuadiye escortanadolu yakası escortBeylikdüzü EscortBeşiktaş Escortanadolu yakası escortBayrampaşa EscortBaşakşehir Escortümraniye escortatalar escortBakırköy EscortBağcılar EscortAnadolu Yakası Escortataşehir escortbostancı escortümraniye escortBahçelievler EscortAvrupa Yakası Escortbostancı escortkadıköy escortmaltepe escortcevizli escortkartal escortBağdat Caddesi Escortkurtköy escortÜmraniye EscortSilivri EscortTaksim EscortSarıyer EscortZeytinburnu EscortSultangazi EscortÜsküdar EscortAcıbadem EscortSuadiye EscortTopkapı EscortYakacık EscortTuzla EscortSancaktepe EscortŞirinevler Escortpendik escortmaltepe escortAvcılar Escortataşehir escortPendik EscortMerter EscortGöztepe EscortAksaray EscortMecidiyeköy EscortŞişli Escortaydınlı escortanadolu yakası escortKartal EscortBüyükçekmece Escortkadıköy escortAtalar EscortAtaşehir EscortAtaköy EscortMaltepe Escortİstanbul Escortİkitelli Escortümraniye escortKadıköy EscortHalkalı EscortGüngören EscortKurtköy Escortİçerenköy Escortistanbul escortmalatya escortelazığ escortantalya escortadana escortbursa escortbatman escortantep escortkocaeli escortdiyarbakır escortkayseri escortanadolu yakası escortmutlukent escortEsenyurt Escortgebze escortEsenler EscortGebze EscortCennet Mahallesi Escorttuzla escorthatay escortEtiler Escortsamsun escortankara escortdenizli escortkonya escort bayansakarya escorteskişehir escortizmir escorterzurum escortkuşadası escortadana escortağrı escortmaraş escortosmaniye escortkaraman escortbayburt escortkarabük escortkars escortbingöl escortsiirt escortniğde escorttunceli escortkastamonu escortaksaray escortyalova escortmuş escortamasya escortnevşehir escortvan escortuşak escortbatman escorttekirdağ escortbitlis escortdüzce escortadapazarı escortbolu escortsakarya escortçanakkale escortısparta escorttrabzon escortamasya escortyalova escortkarşiyaka escorttekirdağ escortkırklareli escortkırıkkale escortsinop escortgaziemir escortçankırı escortkırsehir escortkuşadası escortkaraman escortartvin escortkarabük escortkastamonu escortrize escortyozgat escortgiresun escortniğde escorterzurum escortçorum escortordu escortelazığ escortmaraş escortaydın escortmardin escortvan escorturfa escortaksaray escortburdur escortçeşme escortelazığ escortkütahya escortardahan escortmardin escortedirne escortçankırı escortrize escorterzincan escortordu escortburgaz escortçorum escortığdır escortçorlu escorthatay escorteskişehir escortbursa escortaydın escortçanakkale escortdenizli escortkonya escortbilecik escortizmit escortalanya escortyozgat escortburdur escortkütahya escortuşak escorttrabzon escorthatay escortkıbrıs escortbalıkesir escortmuğla escortalanya escortmutlu son masajÇatalca Escortanadolu yakası escortadıyamanescortbodrum escortbartın escortafyon escorttokat escortaksaray escortkırıkkale escorturfa escortzonguldak escortsinop escortvan escorttrabzon escortmaltepe escortyozgat escortkurtköy escort bayanBeylikdüzü Escortpendik escortBostancı EscortBayrampaşa Escortcorum escortkütahya escortBakırköy Escorttekirdağ escortBeykoz Escorturfa escortaydın escortpendik escort bayanmanisa escortbostancı escortçanakkale escortmardin escortyalova escortgiresun escortosmaniye escortkurtköy escortbalıkesir escortafyon escortmuğla escortedirne escorterzurum escortmanisa escorttokat escortantalya escortordu escortataköy escorttaksim escortgaziosmanpaşa escorteyüp escortbebek escortlevent escortetiler escortsarıyer escortbayrampaşa escortesenler escortüsküdar escortbeyoğlu escortarnavutköy escortsancaktepe escortbeykoz escortküçükçekmece escortzeytinburnu escorttrabzon escortmalatya escortdjarum black karanfildjarum black satın almarlboro touchmuratti sigaracamel sigarakent mentollüKent Mix böğürtlenliParliament Night Bluemarlboro double fusionWinston Dark Blueankara escortağrı escortaydın escortbostancı escortkağıthane escortamasya escortiçerenköy escortkozyatağı escortkıbrıs escortmerter escortortaköy escorterenköy escortşaşkınbakkal escortçekmeköy escortsultançiftliği escortzonguldak escortyozgat escortvan escortuşak escorttunceli escortardahan escortmaraş escorturfa escortsivas escortgiresun escortkartal escort bayanyakacık escortBahçeşehir Escortnice yetkili serviskartal escortBahçelievler Escortkadıköy escortAvrupa Yakası Escortartvin escortbalıkesir escortbartın escortbatman escorttokat escortbayburt escortbilecik escortbingöl escorttekirdağ escortsivas escortşırnak escortsinop escortrize escortsiirt escortosmaniye escortbitlis escortordu escortniğde escortnevşehir escortmuş escortmuğla escortmardin escortmanisa escortkütahya escortkırşehir escortkırklareli escortkırıkkale escortkilis escortkastamonu escortkars escortkarabük escortbolu escortburdur escortçanakkale escortmaraş escortısparta escortKent Switchfree shopDjarum Blackkent switchMarlboro Shufflecaptain blackMarlboro Touchfree shop alkolmarlboro touch blueMarlboro Touch Graymilano sigaracaptain black sigara fiyatığdır escortçankırı escorthatay escortçorum escortgümüşhane escortgiresun escorterzurum escorterzincan escortedirne escortdüzce escortankara escortescort ankaraçankaya escortadana escortkurtköy escortKurtköy EscortEscort KurtköyKurtkoy Escort BayanKurtkoy Escortdavidoff gold slenderdjarum black vişneWinston Lightcaptain blackcialismentollü sigaraWinston SlenderKENT D-RANGE BLUEMilano EjectCaptain Black Bluefree shop sigarafree shopMarlboro Double FusionCaptain Black SigaraMarlboro Double FusionMarlboro ShuffleMarlboro Double Fusioncaptain black sigaraKent SwitchCaptain Blackmarlboro gold touchmarlboro touch aquacaptain black satın alesse blackLucky Strike MixMarlboro Touch Aquadjarum black satın alMarlboro Double FusionKent Mixkent d range blueDjarum BlackLucky Strike Mix 4 AromalıOlmeca Tekiladjarum blackKent Switch MentollüGENTLEMAN JACKWinston LightWinston SlenderWinston Dark BlueWinston Light SigaraMarvel PipersVosue FrissonOme Super Slim MentollüMarlboro Double Fusion Summer Karpuzparliament night blueKent SlimROTMANS SigaraMarlboro Gold TouchMarlboro GoldKent Switchfree shop alkolCaptain Black Darm CremaMarlboro Double FusionMeharisKent SwitchBackwoods Islak PuroMarlboro RED KırmızıVosue FrissonKENT D RANGE BLUEDavidoff Gold SlenderCaptain Blackfree shopWinston Slenderescort bayanmersinescortDavidoff SigaraGENTLEMAN JACKChivas RegalMarlboro Gold Touchfree shopmarlboro touchKENT D-RANGE BLUEDavidoff SigaraCavallo By Vasily Vinteroff MentollüMarvel Compact Party MixDjarum VanillaAlcapone Sigaracamel brownkent slimRothmans SigaraColts Red Deluxe Vişne SigaraTekel 2001Djarum BlackLucky Strike Double ClickKent MentollüMarlboro Double MixDuty Free ShopWinston Classic Red SigaraPall Mall Switch MentollüRothmans SigaraLucky Strikefree shop alkolParliament Aqua BlueMarlboro TouchMarlboro Touch AquaDjarum VanilyaDuty Free ShopAmarula LikörAbsnithe Yeşil PeriDavidoff Gold SlenderParliament Night Bluecaptain blackMarlboro Touch AquaMarlboro Double Fusion SummerMarlboro Touch AquaTekirdağ Rakı Çeşitleriolmeca tekilaDjarum BlackParliament Night BlueMarlboro Double Fusion Summer KarpuzWinston Dark BlueDavidoff SigaraCaptain Black BlueMarvel Compact Party MixMarlboro Gold Touchfree shop puroMilano EjectEsse BlackROTMANS SigaraMore Sigara KırmızıMarlboro Touch GrayRothmans SigaraToscanello Puroşişli escortmecidiyeköy escortMarlboro RED KırmızıKent MentollüMarlboro Double BurstMarlboro Double Fusion Summer Karpuzmarvel sigaraspor haberlerizonguldak escortzonguldak escortzonguldak escortsex hikayeleriyozgat escortmalatya escortkars escortdenizli escortmanisa escortmersin escorttokat ecsortbeylikdüzü escortbodrum escortbolu escortburdur escortburdur escortbursa escortbursam escortçeşme escortçorum escortdidim escortdiyarbakır escortdiyarbakır escorttekirdağ escorterzincan escorterzurum escorteskişehir escorteskişehir escortgiresun escortgiresun escorthatay escortısparta escortkastamonu escortkayseri escortkonya escortkuşadası escortkütahya escortmalatya escortmaraş escortmersin escortordu escortrize escortsamsun escortsivas escorttekirdağ escorttrabzon escortvan escortyalova escortyozgat escortzonguldak escortzonguldak escortsex hikayelerisex hikayelerisex hikayelerieskişehir escorteskişehir escortsex hikayelerisex hikayelerisex hikayeleriantep escortantep escortantep escortantep escortgiresun escortgiresun escortkars escortkars escortkastamonu escortkastamonu escortkastamonu escortkastamonu escortkayseri escortkayseri escortkayseri escortkıbrıs escorrtkıbrıs escortkıbrıs escortkıbrıs escortMadspot shellkıbrıs escortwso shellr57 shellkocaeli escortkocaeli escortkonya escortkonya escortMarlboro Touch GrayKent MentollüParliament Aqua BlueDjarum VanillaWinston Lightfree shopJagermeisterMarlboro ShuffleCaptain Black Dark CremaKent SwitchVosue FrissonMarlboro REDkocaeli escortkonya escortkuşadası escortkuşadası escortkütahya escortkütahya escortkütahya escortkütahya escortsex hikayelerisex hikayelerimalatya escortmalatya escortmanisa escortmanisa escortmanisa escortmanisa escortmaraş escortmaraş escortmardin escortmardin escortmardin escortmardin escortmardin escortmarmaris escortmarmaris escortmarmaris escortsex hikayelerimuğla escortmuğla escortmuğla escortnevşehir escortnevşehir escortnevşehir escortnevşehir escortnevşehir escortniğde escortniğde escortniğde escortordu escortniğde escortniğde escortordu escortordu escortsex hikayelerisex hikayelerisex hikayeleririze escortsakarya escortrize escortrize escortsakarya escortbursa escortsakarya escortsakarya escortsakarya escortsakarya escortsamsun escortsamsun escorturfa escorturfa escorturfa escortbursa escortsex hikayelerisex hikayelerisex hikayelerisex hikayelerisex hikayelerisex hikayelerisinop escortsinop escortsinop escortsinop escortsinop escortsivas escortsivas escortsivas escortsivas escortsex hikayeleritekirdağ escorttekirdağ escorttekirdağ escorttokat escorttokat escorttrabzon escorttrabzon escorttrabzon escorttrabzon escortsex hikayeleriurfa escorturfa escortuşak escortuşak escortuşak escortvan escortvan escortvan escortvan escortyalova escortyalova escortyalova escortyalova escortyozgat escortyozgat escortyozgat escorthostagor bypass shellsecure server bypass shell1xbetcanlı bahis oynawso shellısparta escortgebze escortizmit escortankara eve gelen escortetimesgut escortankara sınırsız escortbursa escort bayanWinston Dark BlueMuratti SigaraMarvel Party Mixfree shop sigaraataköy escortbahcelievler escortWinston SlenderMilano Ejectmersin escortizmir escortantalya escortankara escortOme Super Slim MentollüWinston Classic RedKent NanoKent Mentollü ÜrünlerimizLucky Strike MixMini MoodsBackwoods Islak PuroMonte Cristo Habanagorukle escortfree shop sigaramecidiyeköy escorthalkali escortbeşiktaş escortnişantaşı escortsefaköy escortKENT D RANGE BLUEr57 shellc99 shellgaziantep escort1xet girişsohbet numaralarıwso shell








Journal number 1 ∘ Levan SabauriNadezhda Kvatashidze
Some As Aspects of Identification of Enterprises Association

Topic: The article deals with the criteria of identification of business combinations and its  importance for providing relevant and fair information to users of financial statements.  

Objective and Tasks: Sharing the changes made by the International Accounting Standards Board in the criteria of identification of the business combinations and their implementation in the practice. A  novelty of the identification criteria is clarification of the criteria for businesses and introduction of the “Asset fair Value Concentration Test” 

Methodology: Relevant standards, guidelines, recommendations, scientific articles, monographs, systematization and comparison methods approved by the International  Accounting  Standards Board were used in this study.

Results: Businesses identification elements (resources, processes, products) and criteria (enterprise and control) are established; Characteristics of the essential processes, in particular,  a “principal importance" of the processes for manufacturing the  products and the organized labor resources, are discussed; Significance of the  “Asset fair Value Concentration Test” is analyzed. 

Refinement of the criteria of business combinations simplifies the process of such identification with limiting its scope of recognition, which affects a quality of financial information  

 Keywords: Business Combinations; enterprise; control; concentration test; essential processes; organizational labor forces.  

JEL Codes:  L50, L51, L53

 

Introduction

 

        In the context of globalization, the number of enterprises is decreasing, but their size is increasing. This trend has become more relevant in the context of the economic crisis caused by the pandemic, which is accompanied by different types of combinations of enterprises -   business combinations associations. As a result of business combinations,  separate economic entities or enterprises are combined  into one accountable economic entity.  A motivation of business combinations is to find a new market for sales, new perfect technologies, new competitive products, increase profits, reduce competition. The business combination  increases the scales of a single enterprise and its competitiveness, with making it possible to invest free money  and manage company’s capital.  

      It is important for investors to know what they have acquired - the enterprise (business) or a group of assets, since s their accounting methods and financial reporting rules are different. In case an economic event is not identified as a business combination, it should be recognized as an acquisition of assets. The economic events that will be identified as “business - combinations” must be accounted and recorded in the financial statements in accordance with International Standard IFRS 3  - “Business Combinations”. According to this Standard,  acquisition of a business is reflected by the “acquisition method" and a full consolidation of reporting, while in  case of “acquisition of assets”, the reporting is not consolidated, but new assets are recognized in their own financial statements. It is obvious that the accounting method affects the financial performance of a company, such as goodwill, its impairment loss, non-controlling interest, group’s profit, etc.  Goodwill is not recognized with the “acquisition of assets”, instead, it is recognized (included) in the assets (but should not exceed their fair value).

     Thus, it is important to find out in which cases events and operations can be identified as business combinations and what is  “business combinations”  - which economic events can be identified as acquisition of an enterprise (business)  and what criteria should be met for recognition of business combinations (Levan Sabauri, Nadezhda Kvatashidze, 2020). 

       According to thea new interpretation of the IFRS 3, Business Combination is a transaction or other event in which an acquirer obtains control of one or more businesses. (IFRS Foundation, 2021).   

          Thus, the criteria for identifying the business combinations are business and  acquisition of control of such business  by  the acquiring business. Therefore it is important to clarify the categories of enterprise and control.  

     

 

Business Identification Criteria

 

The International Accounting Standards Board  (IASB)  has made changes to the concept of business combinations, thus simplifying the criteria and process for its identification.   According to IFRS 3, business is an integrated set of activities and assets that is capable of being conducted and managed for: 

  • Providing goods and services to   clients; 

  • Earning  investment income (such as dividends or interest);

  • or earning other types of income from ordinary activities.

According to IFRS 3, any business must consist of the following three elements  

a) Input:   Any economic resource, that creates or has the ability to create, outputs when one or more processes are applied to it. Examples include non-current assets (including intangible assets or rights to use non-current assets), intellectual property, the ability to obtain access to necessary materials or rights and employees.

b) Process: Any system, standard, protocol, convention or rule that when applied to an input or inputs, creates or has the ability to create outputs. Examples include strategic management processes, operational processes and resource management processes.  It includes also an organized workforce having the necessary skills and experience following rules and conventions may provide the necessary processes that are capable of being applied to inputs to create outputs.  

c) Output: The result of inputs and processes applied to those inputs that provide or have the ability to provide goods and services to clients; to receive investment income (such as dividends or interest); or, to receive other types of income from ordinary activities. 

      It should be noted that according to the amendments to IDRS 3, output  is not mandatory for the identification of  business. It is deemed that any business needs to have two main elements – input and processes applied to input. It is not necessary for a business to integrate all the inputs and processes that a seller used in operating that business s used to operate it. In order for an integrated set of activities and assets to belong to a business,  it must, at a minimum, include inputs and any substantive process that together may contribute significantly to the ability to create output (IFRS Foundation, 2021)  

      IFRS introduces and defines a concept of “Essential Processes”. If the acquired set  of activities and assets does not have the output at the acquisition date, the acquired process (or group of processes) should only be considered essential, if:

a) It has a substantive importance for the ability of processing the acquired input or inputs  or transforming them into output; and  

b) Acquired inputs include both the organized workforce having the necessary skills, knoweledge, and praqtical experience to activate/implement this process (or group of processes), and other inputs  that could be processed or transformed into organized workforce  

Changes are made in the definition of output (production), as well. Earlier,  the outputs were defined as income in the form of dividends, cost reductions, or other economic benefits directly attributable to investors or other owners. Through the changes made in IFRS 3, the IASB certainly limited the above definition andб shifted еhe focus to goods or services provided to consumers, investment income (such as dividends or interest), and other income from ordinary activities.

According to the explanation given by the Board, the previous reference - to equate the outputs (production with the reduction of costs and other economic benefits provided directly to investors, did not reflect the difference between assets and the enterprise. For example, the acquisition of various  assets may be motivated by cost reduction, but may not involve the acquisition of a substantial process. This formulation was therefore excluded from the definition of  outputs and businesses. 

Assets Fair Value Concentration Test

 

    The business characteristics (input, essential processes, organized workforce) assessment process can be simplified  through the so called “Assets Fair Value Concentration Test”  offered by IFRS 3 for identification of a business (business combinations). The main question of the test is: whether the fair value of the total acquired assets is concentrated in a single asset or group of assets (PWC, 2021).   If the answer is yes, the acquisition is not a business, so,  there is no need to continue its further analysis. If the answer on concentration test is negative, or the business decides  not to use the given test, then it should conduct the following  analysis (Grant Thornton, 2020):

  • Analysis of the structure of acquired assets – whether one asset or a group of assets is acquired; 

  • Whether a practically total  fair value of the acquired assets is concentrated in a single identifiable asset or a group of similar identifiable assets;    

  • Whether the acquired processes are essential 

 

The fair value concentration test is required to determine the fair value of all acquired assets (and not of the net assets), since, for example, accounts payable and loans are of particular importance in assessing whether a business has been acquired; Cash, deferred taxes and goodwill are not taken into account. The fair value of total assets can be determined by primary (direct) and indirect (indirect) methods (Deloitte, 2020): 

By Direct method: fair value of acquired assets + goodwill - cash and cash equivalents - deferred tax asset;

By Indirect method: Paid remuneration  + fair value of the assumed liabilities  (excluding deferred tax liabilities) - cash and cash equivalents - deferred tax asset.

 

Identify Control of Economic Input

 

     An investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee.   

Control links economic input to a business. . According to the conceptual basis of financial reporting, an economic input  is a right that has the potential to generate economic benefits (IFRS Foundation, 2021). 

      A business controls an economic input if it already has the current (effective) ability to determine how to use the economic input and to receive the economic benefits that can be derived from that economic input.  Control also includes the current (effective) ability to prevent other parties from determining how to use an economic input and from obtaining the economic benefits that can be derived from that economic input.  This means that if one party controls the economic input,  no other party can control that resource.

      The guidelines of IFRS 10 “Consolidated Financial Statements” should be used to identify the acquiring business i.e. the entity  that controls the acquired business 

According to IFRS 10, An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (IFRS Foundation, 2021).   

 Thus, an investor controls an investee if and only if the investor has all the following: 

a) Power over the investee (see paragraphs 10–14); 

b) Exposure to risks;  and

(c) The ability to use its power over the investee to affect the amount of the investor’s returns.

When the business combination is implemented, but, with using the IFRS 10 guidelines it is not clear which of the combined businesses  is the acquiring entity, then the business  should consider the factors described in IFRS 10.  

 

Conclusion

  • Business Combinationsis a common way of increasing the size of companies and a transaction in which the acquiring entity takes control of another (acquired)  entity(acquisition). The combinations criteria are control and the existence of an  enterprise. According to IFRS, a business is an integrated set of activities and assets that can provide investors with income through the supply of products, services, dividends, interest or other economic benefits.  

  • A business  consists of three components:  input, processes, and output  (products). At the same time, the two components of an integrated set of activities and assets, such as inputs  and processes, are sufficient for recognition as a business, as they have the ability to facilitate the manufacturing of products, that is sufficient to be considered a business. In particular, when an integrated set of activities and assets does not have output at the acquisition date, it must include substantive processes to identify it as a business.  The essential characteristics of processes are their fundamental importance in the transformation of inputs into  outputs and the existence of organized workforce  that have the appropriate intellectual potential - skills, knowledge and practical experience to transform inputs  into outputs.  

  • Outputs of the business are no longer abstract, and it is clear and specific what is meant by the outputs. These are the supply of goods or services to consumers, the receipt of investment income in the form of dividends or interest, and other types of income from ordinary activities; 

  • Changes in the definition of a business combination will lead to the recognition of a large proportion of transactions as an acquisition of assets (especially in the real estate, pharmaceutical, oil and gas businesses).

References:

  • Deloitte. (2020). New in IFRS –Review of Issued Amendments and Current Projects of the IASB . November 19, 2020.

  • Grant Thornton. (2020).Insights into IFRS 3. Definition of a Business (Amendments to IFRS 3). 2020. December 3, 

  • IFRS Foundation. Conceptual Framework for Financial Reporting. IFRS Foundation. 4.20. London, December 4, 2021.

  • IFRS Foundation. IFRS 10 Consolidated Financial Statements. IFRS Foundation, 6-7. London, 2021.

  • IFRS Foundation. IFRS 3 - Business Combinations. London, December 22, 2021.

  • IFRS Foundation. IFRS 3-Business Combinations, b8. London, December 22, 2021.

  • Levan Sabauri, Nadezhda Kvatashidze. (2020). "Some Aspects of loan and Capital Financial Instruments." ECONOMICS AND BUSINESS, 108-116.

  • PWC. IFRS Bulletin, 30 June 2019. December 24, 2021.