Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Ciência Florestal (Online) |
Texto Completo: | https://periodicos.ufsm.br/cienciaflorestal/article/view/24460 |
Resumo: | Upon seeing the forest valuation in a knowledge-based framework and, although there are studies that indicate how the Chilean forestry companies evaluate their forestry assets, existing information can be inferred only on large and medium-sized enterprises; in the case of small enterprises there are no tangible data to know what the method of valuation of its assets. To provide a critical assessment of the valuation methods commonly used for the valuation of forests, this paper has two objectives. First, to evaluate compatibility of valuation criteria based on the fair value method of the biological assets of forest companies after adopting the International Financial Reporting System (IFRS), and second, to establish a method for the proper use of IAS 41 (International Accounting Standard) in the forestry sector through case studies in Chile. Fair value was determined according to IAS 41, in an immature plantation (eight years) established with Pinus radiata, using the “cost approach” and the “income approach”. The main findings suggest that the estimation of fair value using the “income approach” valuation method becomes more precise the younger the stand, i.e. calculating fair value based on the net present value of the stand, promises more accuracy. Nonetheless, the use of growth and yield simulation software for stands of exotic species, impede widespread use of this method. Results indicate the need to harmonize methodological criteria to measure fair value in crops of forest species. |
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Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiataValor justo de madeira em pé no contexto da IAS 41: um estudo de caso com Pinus radiataIAS 41Fair valueForest valuationPremerchantable timberNIC 41Valor justoValorização das florestasMadeira pré-comercialUpon seeing the forest valuation in a knowledge-based framework and, although there are studies that indicate how the Chilean forestry companies evaluate their forestry assets, existing information can be inferred only on large and medium-sized enterprises; in the case of small enterprises there are no tangible data to know what the method of valuation of its assets. To provide a critical assessment of the valuation methods commonly used for the valuation of forests, this paper has two objectives. First, to evaluate compatibility of valuation criteria based on the fair value method of the biological assets of forest companies after adopting the International Financial Reporting System (IFRS), and second, to establish a method for the proper use of IAS 41 (International Accounting Standard) in the forestry sector through case studies in Chile. Fair value was determined according to IAS 41, in an immature plantation (eight years) established with Pinus radiata, using the “cost approach” and the “income approach”. The main findings suggest that the estimation of fair value using the “income approach” valuation method becomes more precise the younger the stand, i.e. calculating fair value based on the net present value of the stand, promises more accuracy. Nonetheless, the use of growth and yield simulation software for stands of exotic species, impede widespread use of this method. Results indicate the need to harmonize methodological criteria to measure fair value in crops of forest species.Ao ver a valorização da floresta em um quadro baseado no conhecimento e embora existam estudos que indicam como as empresas florestais chilenas avaliam seus ativos florestais, a informação existente pode ser inferida apenas em grandes e médias empresas; no caso das pequenas empresas não existem dados concretos para saber o que o método de valorização de seus activos. Para fornecer uma avaliação crítica dos métodos de avaliação comumente usados para a avaliação de florestas, este artigo tem dois objetivos. Primeiro, avaliar a compatibilidade dos critérios de avaliação baseados no método de valor justo dos ativos biológicos de empresas florestais depois de adotar o Sistema de Informação Financeira Internacionais (IFRS) e, segundo, estabelecer um método para o uso adequado da NIC 41 (Norma Internacional de Contabilidade) no setor florestal por meio de estudos de caso no Chile. O valor justo foi determinado de acordo com a IAS 41, em uma plantação de imatura (oito anos) estabelecida com Pinus radiata, usando a “abordagem de custo” e a “abordagem de renda”. Os principais resultados sugerem que a estimativa do valor justo usando o método de avaliação “abordagem de renda” se torna mais precisa quanto mais jovem o estande, ou seja, calcular o valor justo com base no valor presente líquido do estande, promete mais precisão. No entanto, o uso de softwares de simulação de crescimento e produtividade para áreas de espécies exóticas impedem o uso disseminado desse método. Os resultados indicam a necessidade de harmonizar critérios metodológicos para mensurar o valor justo em culturas de espécies florestais.Universidade Federal de Santa Maria2020-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufsm.br/cienciaflorestal/article/view/2446010.5902/1980509824460Ciência Florestal; Vol. 30 No. 4 (2020); 1217-1229Ciência Florestal; v. 30 n. 4 (2020); 1217-12291980-50980103-9954reponame:Ciência Florestal (Online)instname:Universidade Federal de Santa Maria (UFSM)instacron:UFSMenghttps://periodicos.ufsm.br/cienciaflorestal/article/view/24460/pdfCopyright (c) 2020 Ciência Florestalinfo:eu-repo/semantics/openAccessAcuña, EduardoPinto, AntonioCancino, JorgeSandoval, Simón2021-05-20T04:00:48Zoai:ojs.pkp.sfu.ca:article/24460Revistahttp://www.ufsm.br/cienciaflorestal/ONGhttps://old.scielo.br/oai/scielo-oai.php||cienciaflorestal@ufsm.br|| cienciaflorestal@gmail.com|| cf@smail.ufsm.br1980-50980103-9954opendoar:2021-05-20T04:00:48Ciência Florestal (Online) - Universidade Federal de Santa Maria (UFSM)false |
dc.title.none.fl_str_mv |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata Valor justo de madeira em pé no contexto da IAS 41: um estudo de caso com Pinus radiata |
title |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata |
spellingShingle |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata Acuña, Eduardo IAS 41 Fair value Forest valuation Premerchantable timber NIC 41 Valor justo Valorização das florestas Madeira pré-comercial |
title_short |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata |
title_full |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata |
title_fullStr |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata |
title_full_unstemmed |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata |
title_sort |
Fair value of standing timber in the context of IAS 41 implementation: a case study with Pinus radiata |
author |
Acuña, Eduardo |
author_facet |
Acuña, Eduardo Pinto, Antonio Cancino, Jorge Sandoval, Simón |
author_role |
author |
author2 |
Pinto, Antonio Cancino, Jorge Sandoval, Simón |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Acuña, Eduardo Pinto, Antonio Cancino, Jorge Sandoval, Simón |
dc.subject.por.fl_str_mv |
IAS 41 Fair value Forest valuation Premerchantable timber NIC 41 Valor justo Valorização das florestas Madeira pré-comercial |
topic |
IAS 41 Fair value Forest valuation Premerchantable timber NIC 41 Valor justo Valorização das florestas Madeira pré-comercial |
description |
Upon seeing the forest valuation in a knowledge-based framework and, although there are studies that indicate how the Chilean forestry companies evaluate their forestry assets, existing information can be inferred only on large and medium-sized enterprises; in the case of small enterprises there are no tangible data to know what the method of valuation of its assets. To provide a critical assessment of the valuation methods commonly used for the valuation of forests, this paper has two objectives. First, to evaluate compatibility of valuation criteria based on the fair value method of the biological assets of forest companies after adopting the International Financial Reporting System (IFRS), and second, to establish a method for the proper use of IAS 41 (International Accounting Standard) in the forestry sector through case studies in Chile. Fair value was determined according to IAS 41, in an immature plantation (eight years) established with Pinus radiata, using the “cost approach” and the “income approach”. The main findings suggest that the estimation of fair value using the “income approach” valuation method becomes more precise the younger the stand, i.e. calculating fair value based on the net present value of the stand, promises more accuracy. Nonetheless, the use of growth and yield simulation software for stands of exotic species, impede widespread use of this method. Results indicate the need to harmonize methodological criteria to measure fair value in crops of forest species. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-12-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.ufsm.br/cienciaflorestal/article/view/24460 10.5902/1980509824460 |
url |
https://periodicos.ufsm.br/cienciaflorestal/article/view/24460 |
identifier_str_mv |
10.5902/1980509824460 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://periodicos.ufsm.br/cienciaflorestal/article/view/24460/pdf |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Ciência Florestal info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Ciência Florestal |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria |
dc.source.none.fl_str_mv |
Ciência Florestal; Vol. 30 No. 4 (2020); 1217-1229 Ciência Florestal; v. 30 n. 4 (2020); 1217-1229 1980-5098 0103-9954 reponame:Ciência Florestal (Online) instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Ciência Florestal (Online) |
collection |
Ciência Florestal (Online) |
repository.name.fl_str_mv |
Ciência Florestal (Online) - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
||cienciaflorestal@ufsm.br|| cienciaflorestal@gmail.com|| cf@smail.ufsm.br |
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1799944131241312256 |