Mensuração do valor justo de empresas do ramo de combustíveis: um estudo de caso

Abstract

Recently, with the publication of CFC Resolution n° 1.428/13 (that approves the NBC TG 46, based on the CPC 46 and IFRS 13 of IASB), it has become compulsory the use of mensuration by fair value for all large and publicly traded organizations that adopt the international accounting norms. With this, researchers have shown interest in elucidate the ways of measure the entities assets. Through them, it was realized that it is a complex measure, since there is no precise and incontestable way to define this value. Due to this, this study aims to determine a reliable way of measuring this fair value so that there is compliance of CPC 46 and the business transactions can be performed, basing on conditions of equilibrium and independence between the involved parts. For this, it was applied the theory to a practical case (two companies in the business of trading and distribution of fuel located in central region of Rio Grande do SW state). To meet the objective, it was collected the necessary information, the cash flow was projected and, posteriorly, it was brought to present value through an adequate discount rate (defined by the CAPM model). Thus, there was obtained the fair value of both organizations object of the study.