Mensuração do valor justo de ativos biológicos de culturas permanentes

Abstract

In the last years, especially with the advent of IAS 41 and the CPC 29, several studies on the biological assets have been published. However, the issue still raises many questions, particularly with regard to the measurement of fair value of biological assets of permanent crops, which, for lack of an active market, need to be evaluated by the method from discounted cash flows to present value. For this reason, allied with the importance of the theme and considering the scarcity of works, especially as regards the demonstration of the steps involved in the calculation by this method for these assets, the study aims to define how this measurement can be performed; trying to establish it by applying the theory in a practical case - an orchard of citrus in Faxinal do Soturno/RS. To this purpose, the study starts up with the hypothesis that it is possible to estimate the fair value reliably following defined steps. In this regard, it was determined that it is necessary to estimate the revenues, costs, expenses (investments) and selling expenses and also project these values over the useful life of the asset evaluated to apply a discount rate (in this situation defined by CAPM) in order to bring all cash flows to present value. Thereby it was possible to establish the fair value of the orchard in question, however, it is to be noted that the study suffered from limitations, especially with respect to the application of the discount rate, which, despite being the most recommended in the literature, cannot considered that include that the necessary factors to determine the correct rate.