Analisis e Interpretacion de Estados Financieros

HNHEOQOQ K ONZKVTVKZHAOCN JK KQZHJCQ IONHNAOKVCQ A.T.A.A. Bovkyh Bcnzkqoncq B{voeec

ACNAKTZCQ …

HNHEOQOQ." ―Joqzonaoñn y qkthvhaoñn jk ehq thvzkq jk {n zcjc `hqzh eekghv h acncakv q{q tvonaotocq c kekbknzcq‒< tkvc jke hnèeoqoq jk ecq Kqzhjcq Ionhnaokvcq `haoknjc ýnoahbknzk ke kphbkn hoqehjc jk q{q jokvqcq kekbknzcq acbtcnknzkq nc t{kjkn kqtkvhvqk acnae{qocnkq jkionozohq% acn vkqtkazc h ehq ah{qhq x{k `hn tvcj{aojc ecq ahbfocq knzvk ecq vkq{ezhjcq jke thqhjc y ecq haz{hekq% y ke kikazc x{k zhekq ahbfocq t{kjkn zknkv kn ke i{z{vc% qonc x{k kq nkakqhvoc `hakv acbthvhaocnkq knzvk q{q jokvqcq acbtcnknzkq y kphbonhv q{ acnzknojc thvh tcjkv bkjov eh bhgnoz{j vkehzoh jk ecq boqbcq. Vcfkvzc Bhaohq Tonkjh y M{hn Vhbñn Qhnzoeehnh Gcn}hekq ―Ke Hnèeoqoq jk ecq Kqzhjcq Ionhnaokvcq‒ 

ACNAKTZCQ …

Nongýn bïzcjc jk hnèeoqoq t{kjk jhv {nh vkqt{kqzh jkionozoh% bèq fokn q{gokvk tvkg{nzhq x{k kqzèn gcfkvnhjhq tcv ke avozkvoc% x{k qovkn jk g{âh h eh onzkvtvkzhaoñn jk ehq aoivhq. Vcfkvzc Bhaohq Tonkjh y M{hn Vhbñn Qhnzoeehnh Gcn}hekq ―Ke Hnèeoqoq jk ecq Kqzhjcq Ionhnaokvcq‒ 

ACNAKTZCQ …

ONZKVTVKZHAOCN JK EHQ AOIVHQ Eh bkzh jke kqz{joc kqz{joc jk jk ehq aoivhq jk ecq nkgcaocq nkgcaocq kq eh jkzkvbonhaoñn jk ehq ah{qhq jk `ka`cq y zknjknaohq jke thqhjc y jke tvkqknzk< jk tvkikvknaoh ec vkikvknzk h ecq `ka`cq y zknjknaohq tkvm{joaohekq h eh kbtvkqh% acn ke cfmkzc jk tcjkv jkvohv kpteoahaocnkq vkehzohq h eh haz{haoñn jk zhekq ah{qhq kn eh bhva`h jke nkgcaoc% h ion jk keobonhv ecq kikazcq jkqihcvhfekq y icbknzhv hx{keehq x{k ecq zknghn ihcvhfekq. Eh onzkvtvkzhaoñn onzkeogknzk jktknjk jke kqz{joc jk ehq ah{qhq i{njhbknzhekq jke jkqkx{oeofvoc y jk eh ctcvz{nojhj jk eh jkzkvbonhaoñn y kpteoahaoñn jk eh vh}ñn jk qkv q{ kpoqzknaoh. Vcfkvzc Bhaohq Tonkjh y M{hn Vhbñn Qhnzoeehnh Gcn}hekq ―Ke Hnèeoqoq jk ecq Kqzhjcq Ionhnaokvcq‒ 

ACNAKTZCQ   M[OAOC% KPTKVOKNAOH _ ACNCAOBOKNZC JKE NKGCAOC KN THVZOA[EHV% qcn ehq a{heojhjkq onjoqtknqhfekq x{k jkfk vk{nov ke hnheo}hjcv   thvh tcjkv `hakv {nh acvvkazh onzkvtvkzhaoñn jk ehq aoivhq% jkfojc h x{k eh onzkvtvkzhaoñn kq eh fhqk kn eh a{he qk i{njh eh hjctaoñn jk ecq tehnkq x{k qk kqzobkn acnknoknzkq thvh aobknzhv eh tceâzoah i{z{vh jk {n nkgcaoc. Vcfkvzc Bhaohq Tonkjh y M{hn Vhbñn Qhnzoeehnh Gcn}hekq ―Ke Hnèeoqoq jk ecq Kqzhjcq Ionhnaokvcq‒ 

HNHEOQOQ K ONZKVTVKZHAOCN JK KQZHJCQ IONHNAOKVCQ …

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Ke a{kvtc jk eh onicvbhaoñn x{k jkqavofk `hqzh eh bhq tkx{køh kbtvkqh kq kncvbk y acbtvknjk ehq ctkvhaocnkq onzkvnhq jk eh cvghno}haoñn y q{q vkehaocnkq acn ke b{njc kpzkvocv. Thvh x{k kqzh onicvbhaoñn qkh ýzoe% qk jkfk cvghno}hv kn {n acnm{nzc jk jhzcq% ac`kvknzkq y jk ièaoe acbtvknqoñn

JKFOEOJHJKQ _ ICVZHEK]HQ JK ECQ NKGCAOCQ ICVZHEK]HQ

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[n f{kn vkqg{hvjc thzvobcnohe

Bheh gkqzoñn jk acfvcq

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CFMKZOYCQ JKE HNHEOQOQ K ONZKVTVKZHAOCN JK ECQ KQZHJCQ IONHNAOKVCQ 8. Jkzkvb Jkzkvbonhv onhv eh qoz{h qoz{haoñn aoñn ionhnao ionhnaokvh kvh%% kacnñboah% thzvobcnohe jk {nh kbtvkqh thvh {n tkvocjc jkzkvbonhjc 6. Jkzkvb Jkzkvbonhv onhv ehq ehq ah{qh ah{qhq q x{k `hn `hn cvogo cvogonhj nhjc c eh qoz{haoñn haz{he 1. Jkzkvb Jkzkvbonhv onhv eh eh kqzv{az{ kqzv{az{vh vh jke jke ahtozhe ahtozhe (hmkn (hmknc c y tvctoc/% acbc thvzoaothaoñn kn ke hazoc zczhe jk eh kbtvkqh. :. Jkzkvb Jkzkvbonhv onhv eh eox{o eox{ojk} jk} y ecq ie{mcq ie{mcq jk jk kikazoc jk eh kbtvkqh

CFMKZOYCQ JKE HNHEOQOQ K ONZKVTVKZHAOCN JK ECQ KQZHJCQ IONHNAOKVCQ ;. Jkzkvbonh Jkzkvbonhvv eh vknzhfoeo vknzhfoeojhj jhj jk ecq ecq ahtozhek ahtozhekq q tvctocq= tvctocq= (+/ 2 [zoeojhj Nkzh # Thzvobcnoc 9. Jkzkvbonh Jkzkvbonhvv ke vknjoboknz vknjoboknzc c jk eh onkvqoñn onkvqoñn== (+/ 2 [zoeojhj Nkzh # Hazoc Zczhe 7. Jkzkvbonh Jkzkvbonhvv eh kioaokna kioaoknaoh oh jk eh eh gkqzoñn gkqzoñn gkvknaohe gkvknaohe y kqzhfekakv ehq qoz{haocnkq jk kx{oeofvoc 0. Kn fhqk fhqk he onicvbk onicvbk jke hnheoq hnheoqzh zh ionhnaokv ionhnaokvc% c% tehnzkh tehnzkhvv vkacbknjhaocnkq vkacbknjhaocnkq zknjknzkq h acvvkgov qoz{haocnkq jk jkqkx{oeofvoc.

ICVZHEK]HQ _ JKFOEOJHJKQJK ECQ KQZHJCQ IONHNAOKVCQ ICVZHEK]HQ JKFOEOJHJKQ Tkvbozk hecv h eh onicvbhaoñn acnzhfek

Onaojk kn eh onicvbhaoñn `oqzñvoah

F{qah ke qognoioahjc vkhe jk ehq aoivhq

Vkacgk ehq eobozhaocnkq tvctohq jk ecq KK.II.

Kheýh ke thqhjc y ke tvkqknzk kn ahqcq jk acnzhv acn KK.II. Tvcykazhjcq% tkvbozk vkheo}hv kqzobhaocnkq thvh ke i{z{vc

Onaojk kn ke hnèeoqoq jk vhzocq% tknqhnjc x{k qcec keecq jhvèn {nh oqoñn acbtekzh jk eh qoz{haoñn jke nkgcaoc

Tkvbozk vkheo}hv {nh hjka{hjh tehnoioahaoñn ionhnaokvh Tkvbozk vkheo}hv {n hjka{hjc acnzvce gkvknaohe Kphbonh ehq kqzv{az{vhq

IHQKQ JKE HNHEOQOQ K ONZKVTVKZHAOCN JK KQZHJCQ IONHNAOKVCQ 8

h/ Vkactoe Vkactoehaoñ haoñn n jk eh Onicvb Onicvbhaoñ haoñn n Ionhnao Ionhnaokvh kvh f/ Hteoaha Hteoahaoñn oñn jk ecq ecq bïzcj bïzcjcq cq jk Hnèeo Hnèeoqoq qoq jk ecq ecq Kqzhjc Kqzhjcq q Ionhnaokvcq a/ Onzkvvke Onzkvvkehaoñ haoñn n y accvjon accvjonhaoñ haoñn n jk ecq ecq vkq{ezhj vkq{ezhjcq cq jk ecq ecq Kqzhjcq Ionhnaokvcq j/ Onzkvtv Onzkvtvkzha kzhaoñn oñn jk ecq ecq vkq{ezhj vkq{ezhjcq cq jk Hnèeoq Hnèeoqoq oq Ionhnaok Ionhnaokvc vc 6 kikaz{hjc k/ Acnae{q Acnae{qocnk ocnkq q k Onicvb Onicvbk k jke Hnèeoq Hnèeoqoq oq Ionhna Ionhnaokvc okvc

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8. Hnèeo Hnèeoqo qoq q jk Yhvo Yhvoha haoc ocnk nkq qc H{bknzcq y Joqbon{aocnkq (Acbthvhzoc knzvk hecvkq 6. Hnèeo Hnèeoqo qoq q jk Zkn Zknjk jkna naohq ohq hfqce{zcq Q#. y hecvkq vkehzocq +/ 1. Hnèe Hnèeoq oqoq oq Gvèi Gvèioa oacq cq

HNHEOQOQ KQZV[AZ[VHE c YKVZOAHE HNHEOQOQ JK ACKIOAOKNZKQ C VHZOCQ IONHNAOKVCQ

8. Hnèeo Hnèeoqo qoq q jk Vkj{ Vkj{aa aaoñ oñn nh tcvaoknzcq c tcvaknzhmkq

8. Kqzè Kqzèzo zoac acq q (F. (F.G/ G/ h/ Eox{ ox{ojk} f/ Qcek cekn naoh a/ Qceojk}

6. Jonè Jonèbo boac acq q (KG (KG y T/ T/ j/ Vknz Vknzhf hfoe oeoj ojhj hj

8. Kqzèzo Kqzèzoacq acq ‑ Jonèbo Jonèboacq acq (FG (FG ‑

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HNÈEOQOQ JOHGNCQZOAC KBTVKQHVOHE

8. KFOZJH 6. T{nz T{nzc c jk jk Kx{o Kx{oeof eofvoc voc 1. Ekkvh Ekkvhgk gk c Hthehna Hthehnahbo hboknz knzc c Ctkvhzoc

HNÈEOQOQ JK TEHNKHBOKNZC I[Z[VC

8. Ie{mc Ie{mc jk jk ahmh ahmh tvcy tvcyka kazhj zhjc c 6. YHN ‑ ZOV