Accounting for forests in Fiji : the experience of Future Forests (Fiji) Limited

"in a world which is experiencing unprecedented deforestation and widespread global environmental threats there is something intuitively right about planting a tree" (Future Forests (Fiji) Limited) The above quote demonstrates that even in the wake of global environmental crisis that hope still remains and that humans can still control their destiny. This opportunity to effect positive environmental change is one of the main aims of the South Pacific Stock Exchange’s (SPSE) most recent publicly listed company: Future Forest (Fiji) Limited. Incorporated in 2004 and listed on SPSE in 2011, the company is Fiji’s first large-scale commercial hardwood forest plantation and nursery. Future Forest (FF) is the only company listed on the SPSE with biological assets or “living assets.” The accounting standard for biological assets is IAS 41: Agriculture. This standard prescribes the use of fair value as the basis of valuation. While a more relevant method of valuation, the application of fair value accounting can be more costly and burdensome for companies in developing economies (White 2008). In line with the journal’s theme of agriculture, this article explores the issues, challenges and potential benefits involved in applying fair value accounting for biological assets in a developing economy such as Fiji using the case of Future Forest (Fiji) Limited.

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

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.

Comprehensive study of surface chemistry of MCM-41 using 29Si CP/MAS NMR, FTIR, pyridine-TPD, and TGA

A comprehensive study was conducted on mesoporous MCM-41. Spectroscopic examinations demonstrated that three types of silanol groups, i.e., single, (SiO)3Si-OH, hydrogen-bonded, (SiO)3Si-OH-OH-Si(SiO)3, and geminal, (SiO)2Si(OH)2, can be observed. The number of silanol groups/nm2, ?OH, as determined by NMR, varies between 2.5 and 3.0 depending on the template-removal methods. All these silanol groups were found to be the active sites for adsorption of pyridine with desorption energies of 91.4 and 52.2 kJ mol-1, respectively. However, only free silanol groups (involving single and geminal silanols) are highly accessible to the silylating agent, chlorotrimethylsilane. Silylation can modify both the physical and chemical properties of MCM-41.

Advances in mesoporous molecular sieve MCM-41

The discovery of mesoporous molecular sieves, MCM-41, which possesses a regular hexagonal array of uniform pore openings, aroused a worldwide resurgence in this field. This is not only because it has brought about a series of novel mesoporous materials with various compositions which may find applications in catalysis, adsorption, and guest-host chemistry, but also it has opened a new avenue for creating zeotype materials. This paper presents a comprehensive overview of recent advances in the field of MCM-41. Beginning with the chemistry of surfactant/silicate solutions, progresses made in design and synthesis, characterization, and physicochemical property evaluation of MCM-41 are enumerated. Proposed formation mechanisms are presented, discussed, and identified. Potential applications are reviewed and projected. More than 100 references are cited.

Dual Z-source inverter with three-level reduced common mode switching

This paper presents the design of a dual Z-source inverter that can be used with either a single dc source or two isolated dc sources. Unlike traditional inverters, the integration of a properly designed Z-source network and semiconductor switches to the proposed dual inverter allows buck-boost power conversion to be performed over a wide modulation range with three-level output waveforms generated. The connection of an additional transformer to the inverter ac output also allows all generic wye- or delta-connected loads with three-wire or four-wire configuration to be supplied by the inverter. Modulation-wise, the dual inverter can be controlled using a carefully designed carrier-based pulse-width modulation (PWM) scheme that always will ensure balanced voltage boosting of the Z-source network, while simultaneously achieving reduced common-mode switching. Because of the omission of dead-time delays in the dual inverter PWM scheme, its switched common-mode voltage can be completely eliminated, unlike in traditional inverters where narrow common-mode spikes are still generated. Under semiconductor failure conditions, the presented PWM schemes can easily be modified to allow the inverter to operate without interruption and for cases where two isolated sources are used, zero common-mode voltage can still be ensured. These theoretical findings together with the inverter practicality have been confirmed both in simulations using PSIM with Matlab/Simulink coupler and experimentally using a laboratory implemented inverter prototype.

The role of lysine-41 in RNase A catalysis - A quantum chemical study on the active site ligand complex

Several mechanisms have been proposed to explain the action of enzymes at the atomic level. Among them, the recent proposals involving short hydrogen bonds as a step in catalysis by Gerlt and Gassman [1] and proton transfer through low barrier hydrogen bonds (LBHBs) [2, 3] have attracted attention. There are several limitations to experimentally testing such hypotheses, Recent developments in computational methods facilitate the study of active site-ligand complexes to high levels of accuracy, Our previous studies, which involved the docking of the dinucleotide substrate UpA to the active site of RNase A [4, 5], enabled us to obtain a realistic model of the ligand-bound active site of RNase A. From these studies, based on empirical potential functions, we were able to obtain the molecular dynamics averaged coordinates of RNase A, bound to the ligand UpA. A quantum mechanical study is required to investigate the catalytic process which involves the cleavage and formation of covalent bonds. In the present study, we have investigated the strengths of some of the hydrogen bonds between the active site residues of RNase A and UpA at the ab initio quantum chemical level using the molecular dynamics averaged coordinates as the starting point. The 49 atom system and other model systems were optimized at the 3-21G level and the energies of the optimized systems were obtained at the 6-31G* level. The results clearly indicate the strengthening of hydrogen bonds between neutral residues due to the presence of charged species at appropriate positions. Such a strengthening manifests itself in the form of short hydrogen bonds and a low barrier for proton transfer. In the present study, the proton transfer between the 2'-OH of ribose (from the substrate) and the imidazole group from the H12 of RNase A is influenced by K41, which plays a crucial role in strengthening the neutral hydrogen bond, reducing the barrier for proton transfer.

Problems with geoengineering schemes to combat climate change

The accelerated rate of increase in atmospheric CO2 concentration in recent years has revived the idea of stabilizing the global climate through geoengineering schemes. Majority of the proposed geoengineering schemes will attempt to reduce the amount of solar radiation absorbed by our planet. Climate modelling studies of these so called 'sunshade geoengineering schemes' show that global warming from increasing concentrations of CO2 can be mitigated by intentionally manipulating the amount of sunlight absorbed by the climate system. These studies also suggest that the residual changes could be large on regional scales, so that climate change may not be mitigated on a local basis. More recent modelling studies have shown that these schemes could lead to a slow-down in the global hydrological cycle. Other problems such as changes in the terrestrial carbon cycle and ocean acidification remain unsolved by sunshade geoengineering schemes. In this article, I review the proposed geoengineering schemes, results from climate models and discuss why geoengineering is not the best option to deal with climate change.

Predicting the cost of eradication for 41 Class 1 declared weeds in Queensland

The feasibility of state-wide eradication of 41 invasive plant taxa currently listed as ‘Class 1 declared pests’ under the Queensland Land Protection (Pest and Stock Route Management) Act 2002 was assessed using the predictive model ‘WeedSearch’. Results indicated that all but one species (Alternanthera philoxeroides) could be eradicated, provided sufficient funding and labour were available. Slightly less than one quarter (24.4%) (n = 10) of Class 1 weed taxa could be eradicated for less than $100 000 per taxon. An additional 43.9% (n = 18) could be eradicated for between $100 000 and $1M per taxon. Hence, 68.3% of Class 1 weed taxa (n = 28) could be eradicated for less than $1M per taxon. Eradication of 29.3% (n = 12) is predicted to cost more than $1M per taxon. Comparison of these WeedSearch outputs with either empirical analysis or results from a previous application of the model suggests that these costs may, in fact, be underestimates. Considering the likelihood that each weed will cost the state many millions of dollars in long-term losses (e.g. losses to primary production, environmental impacts and control costs), eradication seems a wise investment. Even where predicted costs are over $1M, eradication can still offer highly favourable benefit:cost ratios. The total (cumulative) cost of eradication of all 41 weed taxa is substantial; for all taxa, the estimated cost of eradication in the first year alone is $8 618 000. This study provides important information for policy makers, who must decide where to invest public funding.

Exterior view of expressionist painter Emil Luethy's home; Gotthardstr. 41 (Basel?) Architecture Residences Exterior

Handwritten on verso: zu obest mein Atelier (My studio on the top floor)

New reagents 41. Reduction of sulphonyl chlorides and sulphoxideswith aluminum iodide

Aluminium iodide reduces sulphonyl chlorides to disulphides and sulphoxides to sulphides under mild conditions in acetonitrile.

Exterior view of expressionist painter Emil Luethy's home; Gotthardstr. 41 (Basel?) Architecture Residences Exterior

Handwritten on verso: zu obest mein Atelier (My studio on the top floor)

Heat shock response in mulberry silkworm races with different thermotolerances

The thermal sensitivity and heat shock response of the different races of the mulberry silkworm Bombyx mori have been analysed. The multivoltine race, strains C. Nichi and Pure Mysore showed better survival rates than the bivoltine race, strain NB4D2 exposed to 41 degrees C and above. In general, the fifth instar larvae and the pupae exhibited maximum tolerance compared to the early larval instars, adult moths or the eggs. Exposure up to 39 degrees C for 1 or 2 h was tolerated equally whereas temperatures above 43 degrees C proved to be lethal for all. Treatment of larvae at 41 degrees C for Ih resulted in a variety of physiological alterations including increased heart beat rates, differential haemocyte counts, enlargement of granulocytes and the presence of additional protein species in the tissues and haemolymph. The appearance of a 93 kDa protein in the haemolymph, fat bodies and cuticle, following the heat shocking of larvae in vivo was a characteristic feature in all the three strains examined although the kinetics of their appearance itself was different. In haemolymph, the protein appeared immediately in response to heat shock in C. Nichi reaching the maximal levels in 2-4 h whereas its presence was noticeable only after 2-4 h recovery time in Pure Mysore and bivoltine races. The fat body from both C. Nichi and NB4D2 showed the presence of 93 kDa, 89 kDa and 70 kDa proteins on heat shock. The haemocytes, on the other hand, expressed only a 70 kDa protein consequent to heat shock. The 93 kDa protein in the haemolymph, therefore could have arisen from some other tissue, possibly the fat body. The 93 kDa protein was detected after heat shock in pupae and adult moths as well, although the presence of an additional (56 kDa) protein was also apparent in the adults. The presence of 46 kDa and 28 kDa bands in addition to the 93 kDa band in the cuticular proteins immediately following heat shock was clearly discernible. The 70 kDa band did not show much changes in the cuticular proteins on heat shock. In contrast to the changes in protein profiles seen in tissues and haemolymph following heat shock in vivo, the heat treatment of isolated fat body or haemolymph in vitro resulted in protein degradation.