Características dos tributos diferidos nas companhias abertas brasileiras após a adoção das IFRS

Esta pesquisa investigou as motivações econômicas que explicam o nível de reconhecimento dos tributos diferidos sobre o lucro nas companhias abertas brasileiras no período inicial de adoção das IFRS no Brasil e da vigência obrigatória do Regime Tributário de Transição. Foram selecionadas companhias abertas não financeiras brasileiras componentes no índice IBrX 100, sendo identificadas 68 companhias nos anos de 2010 à 2013 compreendendo assim 272 observações. A análise descritiva dos dados evidenciou que o montante dos passivos fiscais diferidos foi superior ao montante dos ativos fiscais diferidos em todos os anos pesquisados, situação esta que contrata com o cenário pré-IFRS onde existiam menos passivos fiscais diferidos devido às reduzidas opções de exclusões temporárias, e que os ativos fiscais diferidos são majoritariamente oriundos de diferenças temporárias, porém ocorrendo um crescimento maior dos créditos fiscais referentes a prejuízos fiscais no período combinado com uma evolução maior dos ativos fiscais totais do que dos passivos fiscais diferidos. Por meio da análise multivariada de regressão múltipla com dados em painel foi possível constatar que: (i) não há relacionamento significativo entre o reconhecimento de tributos diferidos e o endividamento da empresa, isto é, não existe evidência que as companhias utilizem os tributos diferidos com a finalidade de influenciar o nível de endividamento, apesar da possibilidade de quebra de covenants e, consequentemente, aumento de seu risco de crédito, (ii) as maiores empresas tendem a registrar um valor menor de ativos fiscais diferidos líquidos de forma a reduzir seus lucros e divulgar sua sobretaxação a fim de reduzir sua exposição pública, e (iii) as empresas menos lucrativas são propensas a reconhecer um montante maior de ativos fiscais diferidos líquidos para, presumivelmente, atenuar o baixo resultado da empresa e com isso mascarar o seu fraco desempenho, e também, por outro lado, as companhias que possuem maior rentabilidade tendem a registrar valores menores de ativos fiscais diferidos líquidos no sentido de reduzir o lucro, e com isso, diminuir seus custos políticos. Assim, os resultados obtidos sugerem que as empresas utilizam a discricionariedade proporcionada pela regulação contábil dos tributos diferidos para atingir seus objetivos e demandas, no sentido de reduzir sua exposição pública e melhorar sua rentabilidade.

Lune, Wyre & Furness Fisheries Advisory Committee 4th April, 1977.

This is the report from the Lune, Wyre and Furness Fisheries Advisory Committee meeting, which was held on the 4th April, 1977. The report contains information on byelaws, net limitation on the River Lune, Goosanders and Mergansers which concentrates on predation issues of these birds groups upon young salmonids, fisheries income and expenditure and fisheries activities. The section on fisheries activities includes an update on Middleton Hatchery; fishing conditions; and fisheries improvement work on the River Leven. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996.

Lune Wyre & Furness Fisheries Advisory Committee 24th October, 1977

This is the report from the Lune, Wyre and Furness Fisheries Advisory Committee meeting, which was held on the 24th October, 1977. It covers fisheries income and expenditure, licence duties, and information on possible reasons for the apparent depletion of fish stocks on the River Leven. It also comments on the progress report on goosanders and mergansers and the consequent effect they were having on fisheries, net licences, erosion and a brief summary of the present situation of the development of coarse angling on Halton Fishery. Also covered is the report by the area fisheries officer on fisheries activities which includes information on fishing conditions, Skerton Weir, Forge Weir Fish Counter, fish mortalities and the construction of the fishery groynes in the River Lune. The report also includes the numbers of fish passing through counting stations at Haverthwaite and Halton, migratory fish propagation and information on the stocking of salmon and sea trout into the Kent, Leven, Crake, Duddon, Keer, Wyre and Lune watershed, and the Lakes of Windermere, Esthwaite and Grasmere watersheds. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996.

Lune Wyre & Furness Fisheries Advisory Committee 16th January, 1978

This is the report from the Lune, Wyre and Furness Fisheries Advisory Committee meeting, which was held on the 16th January, 1978. It covers information on fisheries income and expenditure, licence duties, regional water resources study, fish stocks in the River Leven, Skerton fishery and radioactive discharge in relation to fishery interests. It also includes investigations for future water supplies to South West Cumbria and the report by the area fisheries officer on river conditions and fishing for salmon, sea trout, and coarse fish, numbers of fish movements at Haverthwaite, Broadraine and Forge Weir fish monitoring station. Included in this report is also work at Middleton Hatchery, a brief note on fish disease in migratory fish in the Lune and Kent, and net catch figures for the year for the Rivers Lune, Kent, Leven and Duddon. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996.

Eden & District Fisheries Advisory Committee 4th April, 1978

This is the report from the Eden and District Fisheries Advisory Committee meeting, which was held on the 4th April, 1978. It covers information on fisheries income and expenditure, net licence duties and a fishery dispute in the Solway Firth. It also includes the report by the area fisheries officer on river conditions and fishing, and Holmwrangle hatchery which include sections on disease outbreaks, movements of fish and stock lists. Included in this report is also fish disease, biological work and a brief note on the spotting of Cormorants on the Eden and the worry about the effect this will have on shoals of smolts. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996.

South Lancashire Fisheries Advisory Committee 5th April, 1978

This is the report from the South Lancashire Fisheries Advisory Committee meeting, which was held on the 5th April, 1978. It covers information on fisheries income and expenditure, net licence duties and the concern over the growning population of the feral mink. It also includes the report by the area fisheries officer on river conditions and fishing, and migratory fish movements at Waddow Weir, Winckley Hall and Locks Weir. Included in this report is an update on Langcliffe hatchery, the stocking of brown trout and rainbow trout by the Water Authority and Angling Associations, and fish mortality and fish disease. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996.

Pulling net in Lune Estuary 1949

Two fishermen pulling a net in a boat in Lune Estuary, North West England, UK. This photo is part of a Photo Album that includes pictures from 1935 to 1954.

Year 1 operational report: Improving employment and income through development of Egypt’s aquaculture sector(IEIDEAS) project

Implementation of the SDC funded project ‘Improving Employment and Income through Development of Egypt’s Aquaculture Sector’ commenced on 1st December 2011 and will continue until late 2014. This report summarizes the results of the first 10 months until 30th September 2012. The project was based on a value chain analysis carried out by WorldFish in September 2011. The information in the VCA acts as the baseline for the main project parameters. It established that the aquaculture value chain is a significant employer (14 FTE per 100 tonnes of annual production), particularly in rural areas and there was scope to increase employment of youth and women.