former

elcfa Wrote:
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> However, you are doing a firm valuation not a
> financial report, so the goal is different so you
> have to judge the situation how the structure is
> set up: e.g., who owns the risk of the
> receivables. If the parent still bears the risk
> then you should consolidate to do firm valuation.
>

+1

Since the purpose here is Valuation and NOT Financial Reporting, you should consolidate, if parent still owns the risk of those receivables.

For financial reporting purposes, Qualified SPE is a classification under US GAAP, which does not require consolidation with its Parent. (Under IFRS, there is no such classification as QSPE and SPE consolidation for reporting depends as mentioned above by elcfa)

Since you mention it as QSPE, it must be following US GAAP and not require consolidation. Still, for Valuation purpose, you may need to consolidate if parent owns the risk of those receivables.