Valor razonable de los activos biológicos de la Industria Azucarera - Plantaciones de caña de azúcar

Abstract

Sugar mills must measure the biological assets at the time of their initial recognition as well as at the end of the reporting period, at their fair value less costs to sell, in accordance with International Accounting Standard 41. The purpose of this work is to provide an option for the measurement of those assets. A descriptive methodology was used through the reading and analysis of international financial reporting standards that rule for biological assets and their valuation, as well as meetings with field and finance personnel from three different sugar mills of the region. The valuation technique focused on income was chosen; this converts future amounts (cash flows or income and expenses) into a single present amount (that is, discounted) by considering that it provides the best estimate of the fair value for sugar cane plantations. A model of discounted cash flows is proposed for sugar cane plantations that is fed by indicators from each sugar mill and permits to identify easily the cost structure, income from sale of cut sugar cane and cash flows obtained during the life of the biological asset. The following considerations are taken into account in the flow: • The life of a sugar cane plant is estimated in thirteen months, as well as its capacity to generate income. • The cash flows of a sugar cane plantation extend to the cutting of the cane or harvesting. • Not included are costs for adaptation and preparation of land as expense. The financial impact of the application of the rule will correspond to the profit or loss for the period corresponding to the difference between the cost of the plantation recorded in the accounting and the reasonable value determined in the cash flow discounted