Impactos de la NIC 41 y la DPC-10 en Fincas Lara Marambio & Asociados RIF: J-00327665-0 Impactos de la NIC 41 y la DPC-10 en Fincas OPENING COMMENTS The following are applicable only if presented as a stand-alone module: Welcome participants. Introduce yourself with special emphasis on practical experience. If necessary - use introduction as an ice-breaker. Introduce content map and objectives. Set learning environment guidelines (questions any time). Emphasise peer learning opportunities (working in pairs, sharing problems). Introduce Module Learning Objectives Understanding the rationale and conceptual logic of the Standard. The principal issues in accounting for biological assets are the identification of biological assets and measurement at fair value. Module opening comments This Standard is a new Standard effective for annual financial statements covering periods beginning on or after 1 January 2003. Earlier application is encouraged. If the Standard is adopted for a financial period beginning before this date, the enterprise should disclose that fact. The Standard results in minor amendments to IAS 2, Inventories, IAS 16, Property, Plant & Equipment, IAS 17, Leases, IAS 18, Revenue, IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, IAS 36, Impairment of Assets and IAS 40, Investment Properties. The amendments largely change the scope of these Standards to specifically exclude items covered by IAS 41. Date of review of module and approval by technical specialist: Date: 08/01 Octubre, 2007

Agricultura (NIC 41).

NIC 41 Objetivo de la norma Establece el tratamiento contable de los activos biológicos y productos agrícolas Principales aspectos: Registro de los activos biológicos. Valoración de los productos agrícolas. Tratamiento específico de las subvenciones gubernamentales. Slides Level: 1 and 2 The objective of IAS 41 is to prescribe the accounting treatment, financial statements presentation and disclosure related to agricultural activity. The principal issues in accounting for agricultural activity are: how to account for all biological assets used in agricultural activity; how to initially measure agricultural produce created from biological assets at the point of harvest; how to account for government grants relating to biological assets. Source: IAS 41.Objective and IAS 41.1 NIC 41 Vigente para ejercicios económicos comenzados a partir del 1 de enero de 2003. NIC 41

Alcance y definiciones Aplica a todas las empresas que desarrollen actividades agrícolas No aplica a los siguientes elementos: Terrenos relacionados con la actividad agrícola. Activos intangibles relacionados con la actividad agrícola. Productos agrícolas con posterioridad al momento de la cosecha. Contratos de futuros. Actividad agrícola Gestión de la transformación de activos biológicos para originar productos agrícolas o convertirlos en otros activos biológicos. Activo biológico: Plantas y animales vivos. Transformación biológica – el proceso de crecimiento, degradación, producción y reproducción  cambios cualitativos y cuantitativos en los activos biológicos. NIC 41

Reconocimiento y valoración Los activos biológicos y la producción agrícola deben reconocerse si, y sólo si: Se trata de una activo “controlado” por la empresa. Es probable que sus beneficios económicos futuros fluyan a la empresa. Su costo o valor razonable puede ser medido con fiabilidad. Deben valorarse en el momento inicial y en cualquier fecha posterior al Valor razonable, menos los costos de traslado al punto de venta, salvo si en el momento de reconocimiento inicial el valor razonable no puede ser medido con fiabilidad. En tal caso se valorará por su costo menos amortización acumulada y pérdidas de valor hasta que pueda utilizarse el método de valor razonable. NIC 41 Presume que el valor razonable puede medirse de forma fiable para la mayor parte de activos biológicos y siempre para los productos agrícolas NIC 41

NIC 41 Valor razonable Basado en la situación y condicion actual Incluye una reducción por el transporte y otros costos de comercialización a incurrir. Ignora contratos de venta futuros Cuando no existe un mercado activo, se pueden usar aproximaciones al valor razonable. Slide Level: 1 and 2 Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. Fair value is based on present location and condition. Therefore transport and other costs necessary to get an asset to market are deducted from market values to get to a fair value. Also, future sales contracts should not be taken into account in determining fair value as they may not reflect current market conditions. (However, consider whether IAS 37, Provisions, Contingent Liabilities and Contingent Assets, applies in relation to onerous contracts.) Quoted market price in an active market is seen as the most reliable basis for determining fair value. Where more than one active market exists the enterprise uses the one most relevant, generally the market expected to be used. If an active market does not exist fair value should be determined considering: the most recent market transaction price, where economic circumstances have not changed; market prices for similar assets with adjustments to reflect differences; sector benchmarks, often in terms of quality or end product; net present value of expected net future cash flows discounted at a current market-determined pre- tax rate, where market-determined prices are not available for assets in present condition. This is the present value based on present location and condition therefore future value changes due to, or costs related to, transformation should not be considered. In addition, cash flows should not be included in relation to financing the assets, taxation, or reestablishing biological assets after harvest; or historical cost, where little biological transformation has taken place or has little impact on price. In agreeing an arm's length transaction price, knowledgeable, willing buyers and sellers consider the possibility if variations in cash flows. It follows that fair value reflects the possibility of such variations. Accordingly, an enterprise incorporates expectations about possible variations in cash flows into either the expected cash flows, or the discount rate, or some combination of the two. In determining a discount rate, an enterprise uses assumptions consistent with those used in estimating te expected cash flows, to avoid te effect of some assumptions being double-counted or ignored. Where these methods result in different conclusions as to the fair value, consideration should be given to the reasons for the differences, in order to arrive at the most reliable estimate of fair value within a relatively narrow range of reasonable estimates. For biological assets that are physically attached to land for which a separate market for the biological asset does not exist (eg trees in a plantation forest). However, an active market exists for the combined assets. An enterprise may use information regarding the combined assets to determine the fair value for the biological assets by deducting the fair value of the raw land and improvements from the combined assets value. Source: IAS 41.8, 9, 16 - 25 Valor razonable – Valor de mercado en mercados organizados “activos”. Si no existe un mercado “Activo” – métodos alternativos: Última transacción realizada. Precio de mercado de productos similares. Flujos de caja descontados NIC 41

Productos agrícolas y activos biológicos Se registran resultados (ganancias y pérdidas): Por el reconocimiento inicial del activo biológico o del producto agrícola Por los ajustes debido a las valoraciones posteriores NIC 41

Presentación y revelaciones Presentación separada de los activos biológicos en el balance. Descripción de los activos clasificados por grupos. Métodos usados para determinar el Valor Razonable. Detalle de los ingresos y gastos derivados de los cambios de valor. Movimiento del período de los activos biológicos separando: cambios de valoración, incremento por compra, reducciones por venta, por cosecha, etc. Slide Level: 1 and 2 An enterprise should present the carrying amount of its biological assets separately on the face of the balance sheet. An enterprise should disclose: the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less estimated point-of-sale costs of biological assets; description of each group of biological assets, distinguishing between consumable and bearer or mature and immature biological assets, as appropriate; Question: What is the difference between consumable and bearer biological assets? Answer: Consumable biological assets are those that are toi be harvested as agricultural produce or sold as biological assets. Eg livestock for meat production/held for sale, crops, trees grownfor timber Bearer biological assets are those other than consumable biological assets. Eg. livetsock held for milk produce, grape vines, they are self-regenerating rather than agricultural produce. Mature biological assets are those that have attained harvestable specifications or are able to sustain regular harvests. a description of the nature of its activities for each group of biological assets, with non- financial measures or estimates of the physical quantities of each group of biological assets at the end of the financial period and the output of agricultural produce during the period; the methods and significant assumptions used to determine fair value for each group of biological assets and agricultural produce at the point of harvest; for each group of harvested agricultural produce the fair value less point-of-sale costs at the time of harvest; the amount of commitments for the development or acquisition of biological assets; restrictions on title of biological assets and details of items pledged as security; financial risk management strategies related to agricultural activity; reconciliation of changes in the carrying amount of biological assets, showing separately changes in value (either fair value changes or depreciation and impairment adjustments), purchases, sales and harvesting (No comparatives are required and separate disclosure of price and physical change is encouraged). Source: IAS 41.39-53 NIC 41

Normas para la elaboración de estados financieros ajustados por efectos de la inflación (DPC-10) .

Efectos más relevantes de la DPC-10 Esta norma se emitió considerando que en Venezuela siguen presentes altos niveles de inflación que distorsionan la información financiera, que originarían la descapitalización de las empresas por efecto de impuestos y dividendos, y que haría inútil la información financiera presentada en cifras nominales. Slide Level: 1 and 2 An enterprise should present the carrying amount of its biological assets separately on the face of the balance sheet. An enterprise should disclose: the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less estimated point-of-sale costs of biological assets; description of each group of biological assets, distinguishing between consumable and bearer or mature and immature biological assets, as appropriate; Question: What is the difference between consumable and bearer biological assets? Answer: Consumable biological assets are those that are toi be harvested as agricultural produce or sold as biological assets. Eg livestock for meat production/held for sale, crops, trees grownfor timber Bearer biological assets are those other than consumable biological assets. Eg. livetsock held for milk produce, grape vines, they are self-regenerating rather than agricultural produce. Mature biological assets are those that have attained harvestable specifications or are able to sustain regular harvests. a description of the nature of its activities for each group of biological assets, with non- financial measures or estimates of the physical quantities of each group of biological assets at the end of the financial period and the output of agricultural produce during the period; the methods and significant assumptions used to determine fair value for each group of biological assets and agricultural produce at the point of harvest; for each group of harvested agricultural produce the fair value less point-of-sale costs at the time of harvest; the amount of commitments for the development or acquisition of biological assets; restrictions on title of biological assets and details of items pledged as security; financial risk management strategies related to agricultural activity; reconciliation of changes in the carrying amount of biological assets, showing separately changes in value (either fair value changes or depreciation and impairment adjustments), purchases, sales and harvesting (No comparatives are required and separate disclosure of price and physical change is encouraged). Source: IAS 41.39-53 DPC 10

Efectos más relevantes de la DPC-10 Método de ajuste: Nivel General de Precios (NGP) Costos corrientes Mixto: NGP + CC (NEP) Generales Slide Level: 1 and 2 An enterprise should present the carrying amount of its biological assets separately on the face of the balance sheet. An enterprise should disclose: the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less estimated point-of-sale costs of biological assets; description of each group of biological assets, distinguishing between consumable and bearer or mature and immature biological assets, as appropriate; Question: What is the difference between consumable and bearer biological assets? Answer: Consumable biological assets are those that are toi be harvested as agricultural produce or sold as biological assets. Eg livestock for meat production/held for sale, crops, trees grownfor timber Bearer biological assets are those other than consumable biological assets. Eg. livetsock held for milk produce, grape vines, they are self-regenerating rather than agricultural produce. Mature biological assets are those that have attained harvestable specifications or are able to sustain regular harvests. a description of the nature of its activities for each group of biological assets, with non- financial measures or estimates of the physical quantities of each group of biological assets at the end of the financial period and the output of agricultural produce during the period; the methods and significant assumptions used to determine fair value for each group of biological assets and agricultural produce at the point of harvest; for each group of harvested agricultural produce the fair value less point-of-sale costs at the time of harvest; the amount of commitments for the development or acquisition of biological assets; restrictions on title of biological assets and details of items pledged as security; financial risk management strategies related to agricultural activity; reconciliation of changes in the carrying amount of biological assets, showing separately changes in value (either fair value changes or depreciation and impairment adjustments), purchases, sales and harvesting (No comparatives are required and separate disclosure of price and physical change is encouraged). Source: IAS 41.39-53 Específicos Clasificación de los cambios de precios Relativos DPC 10

Método del Nivel General de Precios (NGP) Efectos más relevantes de la DPC-10 Método del Nivel General de Precios (NGP) Es la aplicación integral de un índice que permite la estimación de precios constante en la economía. Es la aplicación de una unidad monetaria de poder adquisitivo constante a los estados financieros históricos.

Efectos más relevantes de la DPC-10 Procedimiento general de ajuste P A S O I. Balance General: 1.- Clasificación entre partidas monetarias y no monetarias Partidas monetarias Partidas no monetarias 2.- Anticuar las partidas: determinar las fechas de origen de las partidas no monetarias.

Efectos más relevantes de la DPC-10 Procedimiento general de ajuste I. Balance General (cont.): 3.- Determinar el coeficiente de ajuste. 4.- Multiplicar el costo origen por el coeficiente de ajuste. 5.- Mantener la aplicabilidad de los PCGA. II. Estado de Resultados: Todas las partidas son no monetarias P A S O

Efectos más relevantes de la DPC-10 Dudas que se presentan frecuentemente sobre el ajuste por inflación en la industria agrícola: Activos biológicos Productos agrícolas Slide Level: 1 and 2 An enterprise should present the carrying amount of its biological assets separately on the face of the balance sheet. An enterprise should disclose: the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less estimated point-of-sale costs of biological assets; description of each group of biological assets, distinguishing between consumable and bearer or mature and immature biological assets, as appropriate; Question: What is the difference between consumable and bearer biological assets? Answer: Consumable biological assets are those that are toi be harvested as agricultural produce or sold as biological assets. Eg livestock for meat production/held for sale, crops, trees grownfor timber Bearer biological assets are those other than consumable biological assets. Eg. livetsock held for milk produce, grape vines, they are self-regenerating rather than agricultural produce. Mature biological assets are those that have attained harvestable specifications or are able to sustain regular harvests. a description of the nature of its activities for each group of biological assets, with non- financial measures or estimates of the physical quantities of each group of biological assets at the end of the financial period and the output of agricultural produce during the period; the methods and significant assumptions used to determine fair value for each group of biological assets and agricultural produce at the point of harvest; for each group of harvested agricultural produce the fair value less point-of-sale costs at the time of harvest; the amount of commitments for the development or acquisition of biological assets; restrictions on title of biological assets and details of items pledged as security; financial risk management strategies related to agricultural activity; reconciliation of changes in the carrying amount of biological assets, showing separately changes in value (either fair value changes or depreciation and impairment adjustments), purchases, sales and harvesting (No comparatives are required and separate disclosure of price and physical change is encouraged). Source: IAS 41.39-53 DPC 10

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