Formação do valor justo dos ativos biológicos sem mercado ativo: uma análise baseada no valor presente / Formation of the fair value of the biological assets without active market: an analysis based on the present value

AUTOR(ES)
FONTE

IBICT - Instituto Brasileiro de Informação em Ciência e Tecnologia

DATA DE PUBLICAÇÃO

04/01/2012

RESUMO

This study contributes to the accounting department to consider the scientific and academic discussion on the measurement of biological assets, analyzing the main elements used to estimate the fair value based on the concepts of present value. Therefore, aims to conduct a critical analysis of the formation of the fair value of biological assets that do not have an active market using as basis the fundamentals and present value techniques. To achieve the goal was established as the exploratory research methodology and research strategy as the study of multiple cases. In this sense was carried out an case study in three large companies in the rural sector to explore the production of biological assets, in order to verify how they measure the fair value of biological assets. The main elements were analyzed revenues, production costs and discount rates used in the measurement process. The main parameters established on the basis of theoretical and practical concepts were: a) estimating the expected production based on past experience of the company, designed for all the productive phase of the asset you want to explore, in the case of active fruitful, or estimate based on optimum harvest for assets that must be exhausted; b) calculate the selling price of the product using the market price of the date of preparation of financial statements; c) the direct costs of production as labor and supplies must be included as a reduction of revenue for the formation of the cash flow based on market prices of the measurement date; d) the indirect costs should be included in the same proportion and that the criteria adopted for purposes of managerial decision making. This item stand out some costs that effectively should not be included in the training of cash flows, such as costs of return on capital invested in production and taxes on incomes of those assets; e) suggests the use of asset pricing models such as CAPM and the SIM to estimate discount rates, and the best results were obtained in tests performed using the CAPM. In multiple case study it was found that the studied companies do not adopt the recommended parameters. It was also shown that all companies used to estimate production based on their own expectations, but it was a diverse way to establish the selling price to obtain the gross revenue. The formation of the cost was found that companies adopt the same assumptions of investment analysis and consider cost as the return on capital invested in land, infrastructure and income tax as a deduction from future cash flow. Regarding interest rates, it was found that companies adopt assumptions based on WACC adjusted for capital structure and arbitrary rates discounts or at least unexplained reports accessed.

ASSUNTO(S)

accounting (value) agricultura agriculture contabilidade (valor) interest juros

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