Alejados de la NIC 41: ¿Es correcta la valoración del patrimonio neto de las empresas agrarias?

Este trabajo pretende detallar la prescripción de la NIC 41 Agricultura y su seguimiento a nivel español. Inicialmente existía una voluntad de asumir la NIC 41 pero la realidad muestra que la normativa contable española no aplica el valor razonable para los activos biológicos y productos agrarios, incluso cuando existen mercados activos que garantizan la formación de precios; es decir, la utilización del coste histórico se impone en las empresas españolas agrarias, a pesar de la existencia de importantes debates sobre la bondad del valor razonable, lo que supone una valoración patrimonial diferente.

O tratamento dos activos biológicos nas microentidades

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Dr. Paulo Filipe Teixeira Aguiar

Balanced Scorecard aplicado às instituições agro-pecuárias

Mestrado em Contabilidade Internacional

Fair value versus historical cost-based valuation for biological assets: Predictability of financial information

There is an intense debate on the convenience of moving from historical cost (HC) toward the fair value (FV) principle. The debate and academic research is usually concerned with financial instruments, but the IAS 41 requirement of fair valuation for biological assets brings it into the agricultural domain. This paper performs an empirical study with a sample of Spanish farms valuing biological assets at HC and a sample applying FV, finding no significant differences between both valuation methods to assess future cash flows. However, most tests reveal more predictive power of future earnings under fair valuation of biological assets, which is not explained by differences in volatility of earnings and profitability. The study also evidences the existence of flawed HC accounting practices for biological assets in agriculture, which suggests scarce information content of this valuation method in the predominant small business units existing in the agricultural sector in advanced Western countries

Avaliação de ativos biológicos: análise e proposta de metodologia de avaliação para o mercado brasileiro

O conceito de valor justo na agricultura, introduzido com a adoção das normas CPC 29 e IAS 41, entre 2009 e 2010, estabeleceu uma nova forma de mensurar e contabilizar os ativos biológicos. A mensuração dos ativos biológicos passa a ser feita, também, pelo meio do valor presente dos fluxos de caixa que o ativo gerará durante sua vida. Através deste novo panorama, o presente trabalho tem como objetivo principal propor uma metodologia que permita mensurar o valor justo de qualquer de ativo biológico, aliando conceitos econômicos e agronômicos. Assim, para compor a proposta metodológica do cálculo do valor justo dos ativos biológicos, buscou-se ajustar alguns parâmetros da composição do fluxo de caixa descontado para que o método consiga aferir a situação da planta ou do animal a ser avaliado no local onde eles se encontram. Além dos ajustes propostos no fluxo de caixa, uma avaliação das condições agronômicas dos ativos biológicos foi recomendada, como parte integrante da metodologia de avaliação proposta. Posteriormente, como alvo secundário, testou-se empiricamente a metodologia proposta (em exceção a parte agronômica) com uma avaliação da lavoura de soja.

Formas de mensuração X stewardship: implicações nos ativos biológicos

A aprovação da norma contábil IAS 41- Agriculture em 2001 trouxe uma série de desafios nas práticas contábeis das empresas, sendo a principal delas o reconhecimento de ganhos/perdas durante o crescimento biológico de um ativo e a mensuração destes ganhos/perdas pelo valor justo. Toda forma de reconhecimento e mensuração apresenta relação com o modelo de negócios da empresa e irá afetar o relacionamento entre os envolvidos neste contexto e a forma como os usuários da informação contábil avaliam a gestão dos recursos investidos na entidade, que é o stewardship. Desta forma o objetivo deste trabalho foi discutir quais e como os fatores internos e externos presentes no contexto social das organizações, contribuíram para que a informação contábil a valor justo atingisse o objetivo de stewardship. Para isto foi realizado um estudo etnográfico por meio de entrevistas direcionadas aos responsáveis pela informação contábil em onze empresas de diferentes segmentos do agronegócio. O modelo de analise primeiramente se ateve ao entendimento do Modelo de Mensuração dos ativos biológicos dentro destas empresas, e como esta informação é utilizada para fins de stewardship. Em três empresas, a informação contábil referente ao ativo biológico é utilizada para fins de avaliação de performance global e do gestor e para o relacionamento com o credor, que constituem elementos para a proxy do stewardship. O processo de mudança nestas empresas, analisado conforme modelo desenvolvido por Miller (1991) se deu primeiramente pela Problematização ocorrida no contexto social destas empresas, em que seu modelo de negócios tem a madeira como produto final, bem como no modelo de gestão que visa em primeiro lugar o retorno do capital investido, mensurado pela valorização da floresta ao longo dos anos. Os atores que agem para que isto se torne numa mudança efetiva, denominados de Comunidades Epistêmicas, são os acionistas e os credores destas empresas. Os acionistas que são fundos de investimentos têm que apresentar aos seus cotistas a valorização destes investimentos, e o credor (em uma das empresas) vincula a garantia dos empréstimos ao valor da floresta. Também atua neste processo de uma forma mais distante (Ação à Distância) a cultura dos fundos de investimentos, em que a gestora florestal é responsável pela formação e venda de novas áreas florestais, bem como a legislação específica da constituição destes fundos. Nas outras empresas, além de o ativo biológico ser um insumo de produção no modelo de negócios na maioria dos casos analisados, o modelo de gestão é baseado na eficiência operacional. Desta forma, a mensuração a ser utilizada deve ser relacionada tanto ao modelo de negócios como ao modelo de gestão da empresa, que são fatores que revelam como os ativos estão sendo geridos, e isto influencia na perspectiva de geração de caixa do negócio. Apesar da obrigatoriedade que uma norma contábil impõe, a prática contábil segue suas próprias leis no âmbito social que operam as empresas, e qualquer alteração imposta passa por um extenso processo de problematização antes de esta norma ser socialmente aceita.

Escolas de governo europ??ias reformam o ensino e voltam-se ?? Europa

As principais escolas nacionais de governo da Europa encontram-se hoje em processo de transforma????o. Nas agendas de mudan??a, ressaltam-se a ???europeiza????o??? da forma????o e o refor??o no ensino de lideran??a. ?? o caso da ENA ??? Ecole Nationale d???Administration, que oferece cursos de forma????o inicial e continuada aos servidores que comp??em a chamada ???alta fun????o p??blica??? da Fran??a. As cr??ticas lan??adas ?? tradicional escola ??? ???francesa, parisiense, tecnocr??tica e elitista demais??? ??? tiveram impacto no resultado da reforma. Um ter??o do per??odo de forma????o inicial passou a ser dedicado ao estudo da Europa, o campus foi transferido de Paris a Strasbourg, a forma????o te??rica ?? hoje alternada com a realiza????o de est??gios e os concursos passaram a ser abertos a um p??blico n??o apenas puramente acad??mico.

Bay 41-2272, A Soluble Guanylate Cyclase Stimulator, Relaxes Isolated Human Ureter In A Standardized In Vitro Model.

To characterize the relaxation induced by BAY 41-2272 in human ureteral segments. Ureter specimens (n = 17) from multiple organ human deceased donors (mean age 40 ± 3.2 years, male/female ratio 2:1) were used to characterize the relaxing response of BAY 41-2272. Immunohistochemical analysis for endothelial and neuronal nitric oxide synthase, guanylate cyclase stimulator (sGC) and type 5 phosphodiesterase was also performed. The potency values were determined as the negative log of the molar to produce 50% of the maximal relaxation in potassium chloride-precontracted specimens. The unpaired Student t test was used for the comparisons. Immunohistochemistry revealed the presence of endothelial nitric oxide synthase in vessel endothelia and neuronal nitric oxide synthase in urothelium and nerve structures. sGC was expressed in the smooth muscle and urothelium layer, and type 5 phosphodiesterase was present in the smooth muscle only. BAY 41-2272 (0.001-100 μM) relaxed the isolated ureter in a concentration dependent manner, with a potency and maximal relaxation value of 5.82 ± 0.14 and 84% ± 5%, respectively. The addition of nitric oxide synthase and sGC inhibitors reduced the maximal relaxation values by 21% and 45%, respectively. However, the presence of sildenafil (100 nM) significantly potentiated (6.47 ± 0.10, P <.05) this response. Neither glibenclamide or tetraethylammonium nor ureteral urothelium removal influenced the relaxation response by BAY 41-2272. BAY 41-2272 relaxes the human isolated ureter in a concentration-dependent manner, mainly by activating the sGC enzyme in smooth muscle cells rather than in the urothelium, although a cyclic guanosine monophosphate-independent mechanism might have a role. The potassium channels do not seem to be involved.

Bay 41-2272 Activates Host Defence Against Local And Disseminated Candida Albicans Infections.

In our previous study, we have found that 5-cyclopropyl-2-[1-(2-fluoro-benzyl)-1H-pyrazolo[3,4-b]pyridine-3-yl]-pyrimidin-4-ylamine (BAY 41-2272), a guanylate cyclase agonist, activates human monocytes and the THP-1 cell line to produce the superoxide anion, increasing in vitro microbicidal activity, suggesting that this drug can be used to modulate immune functioning in primary immunodeficiency patients. In the present work, we investigated the potential of the in vivo administration of BAY 41-2272 for the treatment of Candida albicans and Staphylococcus aureus infections introduced via intraperitoneal and subcutaneous inoculation. We found that intraperitoneal treatment with BAY 41-2272 markedly increased macrophage-dependent cell influx to the peritoneum in addition to macrophage functions, such as spreading, zymosan particle phagocytosis and nitric oxide and phorbol myristate acetate-stimulated hydrogen peroxide production. Treatment with BAY 41-2272 was highly effective in reducing the death rate due to intraperitoneal inoculation of C. albicans, but not S. aureus. However, we found that in vitro stimulation of peritoneal macrophages with BAY 41-2272 markedly increased microbicidal activities against both pathogens. Our results show that the prevention of death by the treatment of C. albicans-infected mice with BAY 41-2272 might occur primarily by the modulation of the host immune response through macrophage activation.

Normal Doppler velocimetry of renal vasculature in Persian cats

Renal diseases are common in older cats. Decreased renal blood flow may be the first sign of dysfunction and can be evaluated by Doppler ultrasound. But previous studies suggest that the resistive index (RI) has a low sensitivity for detecting renal disease. Doppler waveforms of renal and intrarenal arteries demonstrate decreased blood flow before there are any changes in the RI. The purpose of this study was to evaluate the normal Doppler flowmetrics parameters of renal arteries (RAs), interlobar arteries (IAs) and abdominal aorta (AO) in adult healthy, Persian cats. Twenty-five Persian cats (13 females and 12 males with mean age of 30 months and an age range 12-60 months) with normal clinical examinations and biochemical tests and normal systemic blood pressure were given B-mode ultrasonographies in order to exclude all nephropathies, including polycystic kidney disease. All measurements were performed on both kidneys. Both kidneys (n = 50) were examined by color mapping of the renal vasculature. Pulsed Doppler was used to examine both RAs, the IAs at cranial, middle and caudal sites, and the AO. The RI was calculated for all of the vessels. Early systolic acceleration (ESA) of RA and IA was obtained with Doppler spectral analysis. Furthermore, the ratio indices between RA/AO, and IA/RA velocities were calculated. The mean values of peak systolic velocity (PSV) and the diameter for AO were 53.17 +/- 13.46 cm/s and 0.38 +/- 0.08 cm, respectively. The mean RA diameter for all 50 kidneys was 0.15 +/- 0.02 cm. Considering the velocimetric values in both RAs, the mean PSV and RI that were obtained were 41.17 +/- 9.40 cm/s and 0.54 +/- 0.07. The RA had a mean ESA of 1.12 +/- 1.14 m/s(2) and the calculated upper limit of the reference value was 3.40 m/s(2). The mean renal-aortic ratio was 0.828 +/- 0.296. The IA showed PSV and RI values of 32.16 +/- 9.33 cm/s and 0.52 +/- 0.06, respectively. The mean ESA of all IAs was 0.73 +/- 0.61 m/s(2). The calculated upper limit of the reference value was 2.0 m/s(2). The mean renal-interlobar artery ratio was 1.45 +/- 0.57. The RI values obtained in this study were similar to values reported in the literature. Some conditions that lead to a decrease in compliance and to an increase in vascular resistance can affect the Doppler spectral waveforms without changes in RI. To our knowledge, there are no studies that were directed toward to the normal ESA values of the renal vasculature in Persian cats. This study introduced a new ratio between the PSV of the RA and the IA. This index was developed based on the well-known effects of Doppler on the detection of stenosis, regardless of the cause. Further studies are necessary to verify the hemodynamic behavior of this index under pathological conditions in cats as well as the effect of aging, nephropathies and systemic pressure on Doppler velocimetric parameters. (C) 2010 ISFM and AAFP. Published by Elsevier Ltd. All rights reserved.

Adsorption in mesopores: A molecular-continuum model with application to MCM-41

The classical model of surface layering followed by capillary condensation during adsorption in mesopores, is modified here by consideration of the adsorbate solid interaction potential. The new theory accurately predicts the capillary coexistence curve as well as pore criticality, matching that predicted by density functional theory. The model also satisfactorily predicts the isotherm for nitrogen adsorption at 77.4 K on MCM-41 material of various pore sizes, synthesized and characterized in our laboratory, including the multilayer region, using only data on the variation of condensation pressures with pore diameter. The results indicate a minimum mesopore diameter for the surface layering model to hold as 14.1 Å, below which size micropore filling must occur, and a minimum pore diameter for mechanical stability of the hemispherical meniscus during desorption as 34.2 Å. For pores in-between these two sizes reversible condensation is predicted to occur, in accord with the experimental data for nitrogen adsorption on MCM-41 at 77.4 K.

Modification of MCM-41 by surface silylation with trimethylchlorosilane and adsorption study

Siliceous MCM-41 samples were modified by silylation using trimethylchlorosilane (TMCS). The surface coverage of functional groups was studied systematically in this work. The role of surface silanol groups during modification was evaluated using techniques of FTIR and Si-29 CP/MAS NMR. Adsorption of water and benzene on samples of various hydrophobicities was measured and compared. It was found that the maximum degree of surface attachments of trimethylsilyl (TMS) groups was about 85%, corresponding to the density of TMS groups of 1.9 per nm(2). The degree of silylation is found to linearly increase with increasing pre-outgassing temperature prior to silylation. A few types of silanol groups exist on MCM-41 surfaces, among which both free and geminal ones are responsible for active silylation. Results of water adsorption show that aluminosilicate MCM-41 materials are more or less hydrophilic, giving a type IV isotherm, similar to that of nitrogen adsorption, whereas siliceous MCM-41 are hydrophobic, exhibiting a type V adsorption isotherm. The fully silylated Si-MCM-41 samples are more hydrophobic giving a type III adsorption isotherm. Benzene adsorption on all MCM-41 samples shows type IV isotherms regardless of the surface chemistry. Capillary condensation occurs at a higher relative pressure for the silylated MCM-41 than that for the unsilylated sample, though the pore diameter was found reduced markedly by silylation. This is thought attributed to the diffusion constriction posed by the attached TMS groups. The results show that the surface chemistry plays an important role in water adsorption, whereas benzene adsorption is predominantly determined by the pore geometry of MCM-41.

Irreversible change of pore structure of MCM-41 upon hydration at room temperature

The pore structure stability of MCM-41 materials upon hydration/dehydration was studied by XRD, Si-29 MAS NMR, and gravimetric adsorption techniques. Results demonstrated that collapses of the pore structure of MCM-41 occurred upon rehydration at room temperature due to the hydrolysis of the bare Si-O-Si(Al) bonds in the presence of water vapor. Full structure collapses of MCM-41 were found to occur when a MCM-41 sample was left in air for three months. It is also suggested that care must be taken when XRD is used to evaluate the structure property of MCM-41 materials to avoid the possible adverse effects of water vapor.

Experimental and theoretical investigations of adsorption hysteresis and criticality in MCM-41: Studies with O-2, Ar, and CO2

MCM-41 materials of six different pore diameters were prepared and characterized using X-ray diffraction, transmission electron microscopy, helium pycnometry, small-angle neutron scattering, and gas adsorption (argon at 77.4 and 87.4 K, nitrogen and oxygen at 77.4 K, and carbon dioxide at 194.6 K). A recent molecular continuum model of the authors, previously used for adsorption of nitrogen at 77.4 K, was applied here for adsorption of argon, oxygen, and carbon dioxide. While model predictions of single-pore adsorption isotherms for argon and oxygen are in satisfactory agreement with experimental data, significant deviation was found for carbon dioxide, most likely due to its high quadrupole moment. Predictions of critical pore diameter, below which reversible condensation occurs: were possible by the model and found to be consistent with experimental estimates, for the adsorption of the various gases. On the other hand, existing models such as the Barrett-Joyner-Halenda (BJH), Saito-Foley, and Dubinin-Astakhov models were found to be inadequate, either predicting an incorrect pore diameter or not correlating the isotherms adequately. The wall structure of MCM-41 appears to be close to that of amorphous silica, as inferred from our skeletal density measurements.