UNIVERSIDAD AUTÓNOMA DE SANTO DOMINGO (UASD) FACULTAD DE CIENCIAS ECONÓMICAS Y SOCIALES (FCES) ESCUELA DE CONTABILIDAD
Antecedentes de la conta!l!dad" Med!os C!#c$ndantes % Estados F!nanc!e#os& Katy Cristina Jiménez Mejía 100081982 Sustentante
Rubén Hernández Cabreja Instrut!r
C!ntabi"idad Su#eri!r I $si%natura
Sant! &!min%!'
.
&!min%! 02 de (ebrer! de 201)*
.
ÍNDICE 1 ANTECEDENTES DE LA CONTABILIDAD: MEDIOS CIRCUNDANTES Y IRCUNDANTES Y ESTADOS FINANCIEROS...5 1.1 INTRODUCCIÓN............................ ......................................... ........................... ............................ ........................... ........................... ............................ ........................... ............. 5 1.2 ANTECEDENTES DE LA CONTABILIDAD .......................... ........................................ ........................... ........................... ..................................... ....................... 5 1.2.1 ORÍGENES REMOTOS DE LAS PRIMERAS CIVILIZACIONES ........................................................6 1.2.1.1 MESOPOTAMIA (4500 A. C. A 500 A. C.).................. C.)........................... ................... ................... ................... ................... ................... ...................... ............ 6 1.2.1.2 EGIPTO (3600 A.C. A 30 A.C.)................ .C.)......................... ................... ................... ................... ................... ................... .................... ............................. ................... 1.2.1.3 GRECIA (1!00 A.C. A 400 A.C.)................ .C.).......................... ................... ................... ................... ................... ................... ................... ...........................! .................! 1.2.1.4 ROMA (!00 A.C. A 400 A.C.)................ .C.).......................... .................... ................... ................... ................... ................... ......................................10 ............................10 1.2.1.5 L A EUROPA MEDIEVAL................... ............................. ................... ................... ................... ................... ................... ................... ....................................11 ..........................11
1.2.2 DESARROLLO DE LA CONTADURÍA IDENTI"ICADA COMO PRO"ESIÓN......................................11 1.2.2.1 BENEDETTO CONTRUGLI.................. ............................ ................... ................... ................... ................... ................... ................... .................................. ........................ 11 1.2.2.2 EL PRIMER TE#TO IMPRESO$ "RA% LUCA P ACCIOLI.......................................................................12 1.2.2.3 LODORICO "LORI................... ............................. ................... ................... ................... ................... ................... ................... ................... ..................................13 .........................13
1.2.3 L A CONTABILIDAD INTERNACIONAL.......................... ........................................ ............................ ........................... ........................... ................... ..... 13 1.2.4 &ISTORIA DE LA CONTABILIDAD EN LA REP'BLICA DOMINICANA...........................................16 1.2.5 B ASE LEGAL DE LA CONTABILIDAD EN LA REP'BLICA DOMINICANA .......................................1 1.3 MEDIO CIRCUNDANTE........................ ...................................... ........................... ........................... ............................ ........................... ................................ ................... 1! 1.3.1 USOS % USUARIOS DE LA IN"ORMACIÓN SUMINISTRADA POR LA CONTABILIDAD "INANCIERA ...1! 1.3.1.1 USUARIOS CON INTERS DIRECTOS..............................................................................................20 1.3.1.2 USUARIOS CON INTERESES INDIRECTOS.................. ............................ ................... ................... .................... ................... ................... .....................20 ...........20
1.3.2 NECESIDADES COMUNES % ESPECIALES ........................... ......................................... ........................... ........................... ........................21 ..........21 1.4 ESTADOS "INANCIEROS ........................... ........................................ ........................... ............................ ........................... ........................................ ........................... 21 1.4.1 DE"INICIÓN........................... ........................................ ........................... ............................ ........................... ........................... ........................... ........................ ........... 21 1.4.2 C ARACTERÍSTICAS ....................................... ........................... ............................ ...................................................... ........................................ 22 ARACTERÍSTICAS .......................... 1.4.2.1 COMPRENSIBILIDAD.....................................................................................................................22 1.4.2.2 SUBETIVIDAD.............................................................................................................................22 1.4.2.3 UNI"ORMIDAD................... ............................ ................... ................... ................... ................... ................... .................... ................... ................... ..............................22 ....................22
1.4.3 N ATURALEZA DE LOS ESTADOS "INANCIEROS ............................ ......................................... ........................... .............................22 ...............22 1.4.4 OBETIVOS .......................... ........................................ ........................... ........................... ............................ ........................... ..................................... ........................ 23 1.4.5 LIMITACIONES .......................... ........................................ ............................ ........................... ........................... ............................................... ................................. 25 1.4.6 "UNCIONES ........................... ........................................ ........................... ............................ ........................... ........................... ............................ ....................... ......... 25 1.4. ESTADOS "IANCIEROS COMPRATIVOS ................................................................................26 1.4.! ESTADOS "INANCIEROS B*SICOS........................... ......................................... ........................... ........................... ................................. ................... 26 1.4.!.1 B ALANCE GENERAL.....................................................................................................................2 1.4.!.2 ESTADO DE RESULTADO................... ............................. ................... ................... .................... ................... ................... ..........................................2 ................................2 1.4.!.3 ESTADO DE "LUO DE E"ECTIVO................... ............................. ................... ................... ................... ................... .................... ..............................2 ....................2
1.4.+ NOTAS EN LOS ESTADOS "INANCIEROS .......................... ........................................ ............................ ........................... ....................... ..........2! 2! 1.5 M ARCO CONCEPTUAL DE LAS NORMAS INTERNACIONALES DE IN"ORMACIÓN "INANCIERA (NII").2+ 1.5.1 PROPÓSITO % VALOR NORMATIVO .......................... ....................................... ........................... .......................................... ............................ ....2+ .... 2+ 1.5.2 ALCANCE.......................... ....................................... ........................... ............................ ........................... ........................... ............................ ............................ .............. 30 1.6 NIC,S 1. PREPARACIÓN % PRESENTACIÓN DE LOS ESTADOS "INANCIEROS ..................................31 1.6.1 OBETIVO........................... ......................................... ............................ ........................... ........................... ............................ ....................................... ......................... 31 1.6.2 ALCANCE.......................... ....................................... ........................... ............................ ........................... ........................... ............................ ............................ .............. 31
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1.6.3 UNI"ORMIDAD EN LA PRESENTACIÓN ........................... ........................................ ........................... .......................................... ............................ 32 1.6.4 ESTRUCTURA % CONTENIDO........................... ......................................... ........................... ........................... ............................ ........................... ............. 32 1.6.5 IDENTI"ICACIÓN DE LOS ESTADOS "INANCIEROS........................... ......................................... ............................ ......................... ...........33 33 1.6.6 PERIODO CONTABLE SOBRE EL -UE SE IN"ORMA................................................................33 1. NII" 1. A DOPCIÓN POR PRIMERA VEZ........................ ...................................... ............................ ........................... ..................................33 .....................33 1..1 OBETIVO........................... ......................................... ............................ ........................... ........................... ............................ ....................................... ......................... 33 1..2 ALCANCE ........................... ......................................... ........................... ........................... ............................ ........................... ........................... .......................... ............ 34 1.! NORMA APA........................ APA..................................... ........................... ............................ ........................... ........................... ........................... ................................ ................... 35 1.+ GENERALIDADES EN LAS NORMAS APA......................... APA....................................... ........................... ........................... .................................36 ...................36 1.10 LE% 4+0!........................ 4+0!...................................... ............................ ........................... ........................... ........................... ............................................ ............................... 3! 1.10.1 SOCIEDADES ANÓNIMAS DE SUSCRIPCIÓN P'BLICA O PRIVADA .........................................3! 1.10.2 SOCIEDADES EN NOMBRE COLECTIVO.......................... ........................................ ........................... ........................... .........................3+ ...........3+ 1.10.3 SOCIEDADES EN COMANDITA SIMPLE.......................... ....................................... ........................... ........................................ .......................... 40 1.10.4 SOCIEDADES EN COMANDITA POR ACCIONES ...................................................................40 1.10.5 SOCIEDADES DE RESPONSABILIDAD LIMITADA.......................... ........................................ ........................... ...........................40 ..............40 1.10.6 EMPRESAS INDIVIDUALES DE RESPONSABILIDAD LIMITADA.................................................42 1.10. PROCESO DE TRANS"ORMACIÓN ........................... ......................................... ........................... ........................... ................................ .................. 42 1.11 LE% 3111/ -UE INTRODUCE NUEVAS MODI"ICACIONES A LA LE% 4+0!................................43 1.12 CONCLUSIONES.......................... ........................................ ........................... ........................... ............................ ........................... ........................... ........................ .......... 4 1.13 BIBLIOGRA"ÍA........................... ......................................... ........................... ........................... ............................ ........................... ........................... .......................... ............ 4! 1.14 ANE#OS.......................... ....................................... ........................... ............................ ........................... ........................... ............................ ................................... ..................... 4+
INDICE DE FOTOS FOTO 1-1 ESTELA DEL CÓDIGO DE HAMMURABI , EN PODER DEL MUSEO DEL LOUVRE (PARÍS). FOTO 1-! CÓDIGO DE HAMMURABI (DETALLE), EN EL MUSEO DEL LOUVRE.............................. FOTO 1-". LIBRO #DELLA MERCATURA ET DEL MERCANTI PERFETTO #, CUYO AUTOR FUE BENEDETTO COTINGLI RANGEO, $UIEN LO TERMINÓ DE ESCRIBIR EL !5%&' !5%&'%1 %15', 5', Y FUE PUBLICADO EN 15"........................... 15"........................................ ............................ .............................. ............................ ............................ ..........................1! ...........1! FOTO 1-. PIONERO EN EL ESTUDIO DE LA PARTIDA DOBLE A BENEDETTO COTRUGLI R ANGEO. .......................... ........................................ ............................. ............................ ............................ ............................. ............................ ............................. .............................1! ..............1! FOTO 1-5. LUCA PACIOLI DEMOSTRANDO UNO DE LOS TEOREMAS DE EUCLIDES (ACOPO DE*BARBARI, 1+5)............................... 1+5).............................................. ............................... ............................... ............................... .................................1" .................1" FOTO 1-. ALVISE CASANOVA, MAESTRO DE CONTABILIDAD, PUBLICÓ EN 155' 155' UNA OBRA DESTINADA A SUS ALUMNOS EN LA $UE INTRODUO LA INNOVACIÓN DE REFERIR LOS EEMPLOS A LAS ACTIVIDADES DE UNA COMPAÍA COMERCIAL................................................................1"
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I/9628<
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E F< F<$$ < ; ;7?8 7?8 ?: ?:7 7 898 898 78; 78; 8 8:8 :87 7 7 >7 >77 7 ?87 7<77 8:;78 8?8 7 ;:?;7 ;77:@ >8;?7 = ;7:797 ;:7 :8 :K8.
L7 = = 7 8 8 T79 T797$ 7$ <;K <;K 8; 7 8 87 7
L7 P8 P87 7 P7:;: P7:;:7$ 7$ 8 8: :8 8 < :; :; 8?8 8?8 8
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L8 L8 9 9= =8 8 ;7 ;7 8 8 7 7;K ;K7 78 8 ;7 ;7: :7; 7; 7 7: 7:: :7 7 8 87 78; 8; 8 <KJ7 8?8 7<:8; 8 S78; <: 797 7798 :7;:8 = ;:797 8 9: < 8:@ 7?9: 7?9: 7 ?:<:8:7 ?:<:8:7 8 7 < 7;:<7;/ 7;:<7;/ 78 78 7;K8 78/ 78/ 97<;8 = 8?;:7 8?;:7 797 < <7. %7 :K8 I 7 C;: C;:8 8 M8 M8 ; ;: :79 797 7 7 <7 <7 ; ;8 87 7 < < ><; ><;7 7 :7 :77 7 8 8;8 ;87 7;; 879? < 7;:?8:8. L8 K;7 K8:7 K7;8 7 ;>:87; < :9;8 879::7 7 ?7;7 < 7K<8 H:8;:78; H:8;:78; H7 ;J8 ; 8 < ;:?; 7;;88 7;;88 ;:::8 ;:::8 7 7;:7 89. A<< H7= 7K<7 :7 K;7 7<8;/ 8?8 C:;8 < 7; <7; 7 HH8/ 8 ?7:78 8><7 8?8 7;7 79; 7 : < ?88 7 7;:7 89 ;7 88:8 7 7:K7.
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D9:8 7 7 7: 87 7:<:7:@ 8?;:8 E<;87 8 :K8 8;:8; 7 7 7J7 :?;:8 ;8?78/ 7 ;:7 879 ? 8 ?8 8<:877 H79:<7 ?<8 7:K<8 77;:;8. L7 :7 879 :97 7 7;;87; <8 E<;87 7 7;:; 7: ;8 7 8? ;:?:8 8?;:8/ < 8?8 < ;:?; K;7 :?<8 8 7 ;<77. L7 ;<9:7 8?;:7 8?;:7 :7:77 :7:77 = 8 7J 978 ;J7 <;7 <;7 8 :?8 :?8 :K8 7 E7 M:7/ 7 ;K:8 ;K:8 <;87 < 7 :7 8?;:7 8?;:7 :97 7 ; ? :7. C8?8 8<:7 7<;7 7 ;:7 879 :;J7 7;;878 <8 ?88 8 7J/ = ;:7 89; 88 7 ;<9:7 I7:77 8 H79J7 <;K:; 7 <7 879::7.
1.!.! D0399644 D03996446 6 20 4 6/29 6/29= = 820/8 820/882 82 6?6 6?6 @96038<. @96038<. E 7;;88 7 879::7/ 8?8 =7 ?:87?8 >< 7;;878 8; 7;:8 :8 78 <;7 7 H:8;:7 H8?9; 8?8 <7 :7 ;K:;8 < 9:/ 9:/ <7/ 78;/ ./ ;8 < 8;:K 8?8 ::7 8?:7 8 7;;88 :7 88 = ;K:;8 7K<8 7<8; 8?8$
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1.!. 1.!.!. !.!!
E4 @98?0 98?099 /0/ /0/6 6 8?@9 ?@903 036 6: F9; F9; L P P88648 648.
L7 89;7 P7:8: <8 K;7 F:8/ 7;:<7;? 7;:<7;? 7 7; :77 :77 7 7 ;:7 8?;:7 = 879/ < >< ;:?;7 8; 7;78 7K<8 78 ?7 7;. D 7 ;::@ ;7:77 8; P7:8: ; < 8 8?;:7 :78 J7 J7 ; ;: :7 78 8 7 <: <:: :7; 7; ;:? ;:?; ; < 8:;78 8:;78 8?8 7; 7 879::7 879::7 ;8:7? ;8:7? :H7/ =7 < < 89;7 8:<= ;:?; ;7978 :?;8 89; ?7 879 = 7K 7K9; 9;7: 7:8 8. . E 89 89::8 8 ;: ;:: :7 7 P7 P7:8 :8:: >< >< : :7 7;; < : :? ?7 7 < < ;88;:87;7 7 8?;:7 :>8;?7:@ 88;<7 ;7:@ 7 < 7:8 = 89:K7:8. P7:8: F:7 7 :::8 < 89;7/ 8?8 ><7; 8; 7; ?;7;:8 < :7;:8/ :7;:8/ < 9; :::7; = ;?:7; ;?:7; ?:?8 J7/ 7;7 :7; 8:9 ;;8;/ :>:78 J7 = :7? K<7;7; 8 ?<H8 <:78. M 77 8 H797 7 <::7:@ ; :9;8 ;::7$ E ??8;:7 8 :9;8 J7/ :7;:8 = ?7=8;. E ??8 ??8;: ;:7 7 8 :9;8 :9;8 J7/ J7/ :: ::7 7 < < ;K: ;K:; ;8 8 7 7 ;7 ;77 7: :8 8 8@?:7/ 9;J7 ; 8<:7 ;88@K:7 8 ? 8?8 ;8 9; = <9;7=7 < 7;; ;:78/ D:7;:8/ ::7 < 8 9 ; :K 7= :? MJ7 1000!1+!2
12
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
;K:;8/ : < H7=7 7878 7 ??8;:7 8 8 9 ;K:;7; 978 7 >H7 8;;8:/ ::77 7 7; ;7 = 8 7K<8 8 78/ 8?8 7879:8 7 :;7 <7 (<8;7 = 7;8;7)/ < ::7;7 K:7 8;;8:. E; 8 879 ? 778 A: C7787/ < 79 <7 <7 ;:7 = K77:7. E 8;7 7 < 77 88 8 ?8:?:8 7 >:7 ;::8/ 8;7:@ < 8?:7 (77; : :9;8).
F6/6 1-5. L P8648 20?63/926 20?63/926 6 F6/6 F6/6 1-. 1-. A483 A48300 C3 C36 6, , ?03/9 ?03/96 6 20 20 463 /0690? /0690?3 3 20 E482 E48203 03 (6@ (6@6 6 6/784822, @748< 0 155' 679 20*B9798, 1+5). 203/ 203/882 2 33 33 4? 4?63 63 0 4 0 8/9 8/962 62 6 6 4 86 86 8 8< < 20 900 90098 9899 463 463 0 00? 0?@ @463 463 4 433 /8 /8822 82203 03 20 6?@= 6?0984.
1.!.!."
L626986 F4698
D::K< D::K< 7;7? 7;7? 7 9777 8?;897:@/ 8?;897:@/ < 8;;8 <8 = 7 7<77 7<77 >8;?7 ;;7; 8 :9;8 ?:7 7/ 7?9: 8<8 7 :?8;7:7 8 78 >:7:;8/ < ;7:@ = < 8?;897:@ ; 8;8
1.!." 1.! ." L 6/ 6/784 78482 822 2 8/09 8/098 86 644 E 88 88: :?: ?: 8 8 8;? 8;?7 7 8 879 79 87 87 / / :?: :?:7 7 7 8 8 ;8> ;8> :8 :87 7 8?::78 < 77 J7 ? 8?;8?:8 = ;:878 8; 8 7?9:8 8@?:8 ?<:7 = 8 ;<;:?:8 88:?:8 K897. S< >8;?7:@ 9777 8 8;?7 7;; 7:87 8 7 ::@ = 77 < < ;8>:87 7 7 87<;J7 9 9 ; 7<7? 7<7? 7;7 H7; 8? 8? ::: :8/ 8/ 7< 7< < ;;: ;;:8 8;: ;:8. 8. L7 : :K;7 K;7: :@ @ 8 8 7J 7J 7< 7<;8 ;8 (98<) 8?;:7 = 7 7::7 ; :>; :7 < ;777
7= :? MJ7 1000!1+!2
13
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
7 >;8;7 8 7:87/ ?77 < < 878; 9:8/ 8 87? 8?: 8?: 7 : :7 7 8 879 79 7: 7:87 87// :8 :8 < < 7?9 7?9: : ?7 ?7 7; 7; 7:79 7 ;77:8 :;7:87. L7 K;7 K;7 8;8;7 8;8;7:8 :8 ; ; 8; < 7:: 7::7 7 8?;: 8?;:7 7 8;8 8;8 ; :>; 7 8 ><;8 8:<:7. 8:<:7. E7 K897:7 K897:7 < K8:8 8; ?:8 7 7 F8;7:8/ 7 ;7 :;:8 7:7/ 8:8 ::7 ;;:8;:7 = 8?;78 ?;7 F;7;8 7;7 8?:; :K<77 8::8 8 8 K8:8 87. S: <7 ?;7 87 7 :K;7; 7 ?;78 F;7;8/ <8 8 ;<::8 7;:8 8>;; :>8;?7:@ ;77;. L7 :>8;?7:@ < ;7;7 7;:7? 9 7; 798;77 97 7 8;?7 < ;>;:9? 8 7 87/ :;/ 7 8;?7 = ;:::8 77 :;7:87 = < K7 77:@ 7 ?7=8;J7 8 7J 8 88?J7 <>::? 7;;877. T?8 < 7?::; < 88:?:8 879 ? 7778 K;7 8 8 7J 7J 7; 7;;8 ;87 78 8// ;78 ;787? 7?: : 8 8 ?<= ?<= : :8/ 8/ : 8?7 8?7?8 ?8 8:;7:@ 7 :?8;7:7 8 8? ;77:8 < ;7:7/ < 8;7:8 8@?:7 8 ? 8?7/ < 987 78; ;K:;7 8;? ;77:8 < ;;7 ?: ?:8 @7; :7;:7?/ 7 ?;7 ? :?8;7 ?<8 <;7 87:77 8 7J/ 8 ?7: <7 K;7 7::7 7 ::K7:@ :<;:7/ = 7?9: 7?9: H7 89:K78 89:K78 7 7 ;8>:@ 7 K;7; < ?8; 88:?:8 88:?:8 :8 :8 < 7 7 77 77 7: 7:> >7 7; ; 7 7 ?7 ?7 7 7 8 879 79 7;7 7;7 7 ? ? 8? 8? 7 7 ;77:8 8@?:7 ?<8 :;7:87 8 K8:8. C8 7 78 8 78 78 7 7: ::7 7 8?; 8?;:7 7 H7 H7 78 78 : :;7 ;7: :8 87 7: :7 78 8 = 7J 7J ?:? ?:?8 8 7 :>8 :>8;? ;?7 7:@ :@ 8 879 79. . :; :; < < < ?;7;:8 A?;:7 < ;7:7; < K8:8 A7/ = 7?98 :7 :;7?9:7; :>8;?7:8 879 7;7 ;;7; :H7 8;7:@ 8 7 ?7=8; ;7 ;77; 7;:7 :7// 7 7 :<7 :<7:@ :@// 8;:K: 8;:K:797 797 :;8 :;8 :8 :8: : = ;89 ;89?7/ ?7/ 9:8 7 < 7 ;87 :>; 7J J7 8 78 ;7;78 :>; >8;?7/ 8; 7 7:7:@ 7 8;?7 87/ ;78 :;::77. E 8; 7 ;7@ < <;K = 8 K;7 77:@ 7 N8;?7 I;7:87 C879::7/ :8 <8 8 ;::7 89:8 7 8K;7; 7 <:>8;?:7 7 ;7:@ 7 :>8;?7:8 8 E78 ":7:;8/ : :?8;7; 7 7:87:7 <: 7 ;7;78 = <: 8?8 <<7;:8 7 77:78 :;;78.
M620463 6/7403 E 77 7 879::7 < ::78; 7;;88 8 <98/ 7 <7:@/ : <<;7/ 8:7 8@?:8/ 7 >8;77 :?7 <::7 = 7 79::7 8J:7/ ;7 8 :?7 879 :7 = 7;7;J:7 ;8:7. N8 897 7 ;:7 8 8?< ?7=8; = ?8; K;78 8;8 7J/ 8 < H7 ;?::8 7 7 8?<:7 :;7:87 ::>:7; <7;8 98< 8 ?88 879/ < 77:7;?8 7 8:<7:@$ 7= :? MJ7 1000!1+!2
14
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
M62046 A>463< L7 :7 879 8;:77 H7:7 8 :;:8:7 = 8 7;8;/ 7;;88 8 ?;78 9<;: 7:?7 7:7 ;7978 8 8; ?;7 ?;7;:7 ;:7 .. S< ;:: ;::7 7 F8 F8 8 IK7 IK7;; ;;7/ 7/ E78 E78 U:8 U:8 A?;:7 = &877.
M62046 C6/80/4 L7 879::7 < :>8;?7:@ 7 :?7 >:7:;8 < ?7: ;H7 ;7:@ 8 8 ?;7;:8/ 7 8 <7 >7::7 8 7:7 ;7978. L8 7J ;8?88; ?88 8 7@/ A?7:7/ ";7:7/ I7:7/ E77/ N8;<K7/ S<:7/ = ? 7J E<;87 C8:7/ 8 7J 7>;:78 H797 >;77/ ; 8 M7;;<8/ SK7/ SK7/ T8K8 = C7?98=7/ ; 8;8.
M62046 S9?0986 S:?7 F<:8 8 7J 88 <;/ 8 7 88?J7 8 7>77 8; 7 :>7:@/ :>7:@/ >@?8 >@?8 8@?:8 8@?:8 < ;<:; 7< 7< 879 879 7;7 7<7:7; 7 :>8;?7:@ >:7:;7. E ?88 < 78 7 7 7<8;:7 >:7/ < ;88 77:@ ;7K:7 K<9;7?7. S 77 7 7:8 B;7:/ A;K:7/ P; = E<78;.
M62046 20 E66?= M8/ S:?7 8;:K:7;:8 8 7J 8;7 8?<:7 < ;7::@ 7 8 ?88 7: 7:7 7:: 7/ 7/ 8 8 7 8 879 79::: :7 7 9 9 7: 7:>7 >7 ;; <7 <7 8 88? 8?J7 J7 :;: :;:K: K:7 7 = ;7:77 8; 78/ = 7?9: <:; 78 7;7 <7 7?::;7:@ H7:7 :9; ?;78. S89;7 8 7J 7 U:@ S8::7/ V:7?/ R
O9>83?63 0?836903 20 69?3 8/0986403 E 2+ <:8 78 1+3 >< ;77 7 IASC (C8?: N8;?7 I;7:8 C8 C879 79::: :7 7)) : :::< <:@ :@ < < H7 ?: ?:: :8 8 7 87 87::7 7 7 7 NIC NIC (N8;? (N8;?7 7 I I; ;7 7:8 :87 7 C8 C879 79::: :7 7)) 88 88: :7 7 8; 8; < < :K :K7 7 :K :K IAS IAS (I;7:87 A8<:K S77;). E 7 7<7:7 :H7 8;?7 8 ?::7 8; IASB (C88 N8;?7 I;7:87 C879::7)/ ::<:@ ::<:@ ;77 78 2001/ < <:<=8 7 7 IASC = 88 8?8 NII" (N8;?7 I I; ;7 7:8 :87 7 I>8 I>8;? ;?7 7:@ :@ ":7 ":7 : :;7 ;7)) = < < :K :K7 7 :K :K I"RS I"RS (I;7:8 (I;7:87 7 ":77:7 R8;:K R8;:K S77;). S77;). D < ;7:@ ;7:@ H77 7 >H7/ 8;K7:?8 H7 7
7= :? MJ7 1000!1+!2
15
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
L7 "ASB (<7 N8;?7 ":7:;7 C879::7) < <7 ::<:@ < < ?: ?: 8 8 E7 E78 8 U: U:8 8 8 8 PCGA PCGA (P;: (P;: : ::8 :8 C8 C879 79::: :7 7 G;7? A78)/ 88:8 8; < :K7 :K GAAP/ <7 7 87 ::<:8 ;8>:87 8 7 <7 8;J7 8?7;7; IASB. M: ?;7 88 ?<8 H7 7878 7 NICNII" 8?8 ;::7 >< :>8;?7:@ >:7:;7/ E<;87/ 8; ?8 7 8?::@ E<;87 ?: ?::@ :@ <7 <7 8;? 8;?7 7 < < F:K F:K/ / 8 8 ?<= ?<= 87 87 F F :8 :8 / / < < 87 87 7 7 8:7 < 8: B87 = K7 < 8?:::8 8:7 7 U:@ E<;87/ ;7; < 78 >:7:;8 88:78 8>8;?:7 8 7 NICNII"/ 7 7;: 7;:;; 78 78 2005 2005.. E E ;< ;<;: ;:?: ?: 8 8 7> 7>8 8 7;8F 7;8F:? :?77 77? ? 7 /00 /000 0 ?;7/ :<:7 >::7/ 78:77 = ?;7 8<7 7 :7.
1.!. H83/698 H83/698 20 20 4 C6/78 C6/78482 4822 2 0 4 R0@74 R0@748 8 D6?88 D6?88 L7 87 879: 9:::7 7 K K@ @ 7 < <8 8 ?< ?<8 8 < <8 8 8 8 < <9; <9;:? :?: : 8 8 8; 8; 8 8 78. 78. E E77 <::797 <::797 8 :?7 :?7 8; 7;:7 7;:7 :?/ <7 8:J7 7; 7 <7 8; 89;7; = 8; 7K7;. C8 8 ;?:797 8 < 8J7 = 8 < 7<797. AJ ;?:797 7:7 :8 K77:7 8 ;:7 8?7;78 7:7 7<7 8 7;:8;. N< N<; ;8 8 78 78 88 88: :7 7 7 78 87 7 7 8?: 8?:7 7:@ :@ H7: H7::7 :77 7 8 ?8: ?8:>:>:@ @ 8 8 :?7 8;8 8@?:8. E; 8 8; :9;8 7 87 8;797 <;8 7;::8/ <7 P798 D<7;/ <: ?7 7 ><:@ 8?;:8 ;8:7 < 7;. L7 879: 879:: :7 7 ;8:7 ;8:7? ? :H7 :H7 79 79 >:: >::: :7? 7? <78 <78 8 ;7:H ;7:H 7<7;;8 8<:87 H77 8;:; 8;? ;7 ;7 K;7:7 7 7 :77:@ ?7<:7;:7 ?8:7 7 78;. P8; < 78 7 77 77; C<97 = ;?87H7 ";7:7 :?:;7/ 77 8 ;:8 8 H:8 ;7;/ :?<78 7 :;:8 8;. L8 7:7 = :8 < ?:K;7;8 <97 H7:7 R9:7 D8?::77 H::;8 8:9 < 7 :<;:7 7<7;;7 7:87 ;7>8;?7;7 89; 97 7:7:7/ <;7 8:7 7;:<797 >:::7? 7 7 88?J7 ?<:7. L7 ;8<:@ 77; R9:7 D8?::77 :9;@ 8 7:7 8?;:7 87/ ;8 <@ <7 <7 ; 8;8 ?7:<78 8; 97< 97<;8 ;8 = 8? 8?; ;:7 :7 E7 E78 8 U: U:8 8 A?; A?;: :7. 7. E8 E8 : :; ; >:7:;8 ::;J7 8 77 88 8 ;7:878 8 7 7 77; 7J 8?8
7= :? MJ7 1000!1+!2
16
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
?77 :8 >< 7 < ?<= ;88 K@ 7 :; ;7;78 7<8 879. L7 8<7:@ ?::7; E78 U:8 R9:7 D8?::77/ ;?::@ < 78 8 ?;7;:8 8?8 K89:;8 7J :><=;7 ?7;7 ::7 ?78 7 7?::;7:@ 9:7/ 79:8 ;8:?:8 = ;:7 < H::;8 :; :<8 ?9:8 8 79:?:8 ;:78. E K89: K89:; ;8 8 ?:: ?::7; F; F;7 7 ;8 ;8 >< >< ?88 ?88;; < < 8 88 8: :@/ @/ 8; 8; 7 ><; ><;7 7// 7 :7 8@?:7 7 8 8?::78/ :K 87J7.
1.!.5 B30 40>4 40>4 20 20 4 C6/78 C6/78482 4822 2 0 4 R0@74 R0@748 8 D6?88 D6?88 L7 L= < ;7 7 879::7 7 R9:7 D8?::77. E 7 N8. 633/ 16 <:8 1+44/ 8 ;>:; ; :;8 7<8 < 7 ::K7:8 ::K7:8 7;K77 7 8 C878; P9:8 A<8;:78 9 ;7; 8 :K<: < <8 8$$ 7; 7;< <;7 ;7 :9; :9;8 8 8 879 79 / / ; ;:>:>: :7 7:@ :@ = 7 7: :: : 7 78 8 >:7:;8/ <:8 977/ F;78 <7/ ; 8;8. L7 L= EF<<; N8. 111/ 79 7 :7 89; 7 8::@ 7;7 7;7 ; ;: :: :8 8 7J 7J 87 87 7 7 ;8> ;8> :8 :8 < < F: F:7 7 J<8 <8 <:;:7;:8. E F<<; 8 ;8>:87 7 879::7 8 H79::7 7;7 ;:>:7; 78 >:7:;8 8 7 KJ:?7 7 ;7:7 7 :>8;?7:8 :H8 8:::7 7 K:@ >:7:;7 E78/ : 7;7; < <::9;:8. L7 <H7 8; 7 ;8?<K7:@ <7 = 8K:7:@ 7;7 8 ;8>:87 7 879::7 9<7; 9:7? 7 <:>:7:@ 8 :;8 K;?:8 = 78:7:8 78:7:8 F: F: 7J <8 88 < = ;797 ;797 7;<7? 8; ?8 ;8 = 7;;88 7 879::7 8?8 ;8>:@/ 7<7:87 J7 7 J7 8>8;? 7 8 77 8?;:7 8?;:7 :<;:7. :<;:7. E; 8 K;?:8 :7?8$ •
I:<8 C878; P9:8 A<8;:78. C;78 8; 7 L= N8. 633. E; < ><:8 $ C8;:9<:; 7 778 7 879::7 = ;8; 7 7;;88 7 ;8>:@ 878; 9:8 7<8;:78. D:7; 8;?7 89:K78;:7 7 < 78:78 7;7 ;8:?:8 7<:8;J7/ ;:::8 879::7/ :7 ;8>:87/ .
7= :? MJ7 1000!1+!2
1
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
P;8?8; 7 7:87:7:@ ;::8 7 87<;J7 9:7 7 R9:7 D8?::77. •
A8:7:@ N7:87 C878; = A<:8; S8; P9:8. "<:8$ E; E;< << <;7 ;7;; 7 8 8 ;8> ;8> :8 :87 7 7 8 879 79::: :7 7 8; 8; ;7 ;7 :7:7 8; 9:8$ 7<:8;/ 878; K;7/ 8;78;/ K; >:7:;8/ . S;:; :7 78;7 = 8<:7 7 8 ::8 8; E78 8?::78/ 7 ;7 7 :7:7 ;8>:87 7 87<;J7 9:7. O;K7: O;K7:7; 7; 7 8 ;8> ;8>:8 :87 7 7 87 87<;J <;J7 7 9: 9:7 7 < ; ; ;::8 77 <7 7 ::<:8 E78 8?::78.
•
I:<8 A<:8; I;8 7 R9:7 D8?::77.
I8;8;77 ?:7 ;8 ;::7 N8. ++6/ 1+ A9;: 1+!3. T: 8?8 ?::@ ;8?8; = 7;;87; 7 ;8>:@ 7 87<;J7 :;7 8; ?:8 ;8K;7?7 <7:@ 8:<77 = 7::7 7?:77 7 7; ;:K:8 7<:8; :;8. S< ;::7 89:8 K;7; = 7?::;7; >:7? 8 >88 7;:8 7;7 7;7 8 8;; 7; 7; 7 798 798 ;8K; ;8K;7? 7?7 7 ;79 ;797 78 8 = ?7 ?7 ; ; ;: ;:?: ?: 8 8 8:8 ::<8.
1."
M0286 C892/0.
M:8 :;<7 8?; 88 :?7 8:7 < 7J/ < 8;K7:7:@ 77 77/ ;: ;:7 77/ 7/ = =// 8 8>:7 :7 7 ;7?7 ;7?7 :;;7:8 <7 8:7. D 7HJ < ;?:8 :?:7 :?:7 = 7?9:8. C8?8 7 879::7 >:7:;7 7; 7 ;7?7/ >8;87? ;7:87 >; 7 8 7?9:8 ?:8 = 7?9: 7; ?88; <8 7?9:8.
1.".1 U363 1.".1 U363 ; 398 39863 63 20 4 869? 869?8< 8< 3?88 3?883/9 3/92 2 @69 4 6/784 6/78482 822 2 8809. L7 :>8;?7:@ < ;88;:87 7 879::7 >:7:;7 <77 8; K;<8 :;8. L7 :7 = F7:7 8 <<7;:8 ;?:7 :8 :>8;? :>8;?7:@ 7:@ ;<; ;<;:7. :7. L8 K;<8 K;<8 <<7;:8 <<7;:8 < < 7:> 7:>:7 :7;/ ;/ J7 J7 K;7/ $ 1. L8 < : : < :; :; < :; :; :;8 :;8 7 7 ?;7 ?;7 =
7= :? MJ7 1000!1+!2
1!
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
2. L8 < < : : < :; :; ::; ::; 8. 8.
7= :? MJ7 1000!1+!2
1+
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.".1.1
U39863 6 8/093 2890/63.
AK<8 <<7;:8 : 8 :7 ; < :; :;8 7 ?;7. A 8:<7:@ 7 ?8 :H8 <<7;:8 = 8 :8 7<7:@ = ::8 7;7 8 <7 <7 7 :>8;?7:@ ;88;:877 8; 7 879::7 >:7:;7. A:8:7. M7;/ 7<78 8; 7 7?::;7:@. A;8; = P;88;/ F; ;:8/ ;?:7; 7 8::8 ;:8/ ;:8/ ;<;:; ;<;:; 7<<7 7<<7 K7;7J7 K7;7J7 8 ;;::7 ;;::7 8 8;78 8;78 797; 797; <::8 8 8::7; 7 <:9;7 8 7 7?::;7:@ <::7 7:77 78;77 7 7 ?;7 8?8 :. A:8:7/ 7;8; = ;88; 8:7. I;:; ;<;8 7 ?;7 ;?:7 ?88 7 :;:@ 7<7; <8 = ?78 ;<;8 ><78 8; 7 7?::;7:@. A?::;7:@ (:<=8 :;8 :;8; = ><:87;:8). E7<7; 7 7<;77 = 77 7 :7 >:7:7:@/ 7<7; 8 ;<78 7 ::8 8@?:7 ; >:7; 7 8J:7 ::8 ;8=7; 7 ><<;7 :<7:@ 7;:?8:7 = 8 ;<78/ 7<7; 7 8:9::7 ><:8 = 7<:::8/ ;8?7; 7 ;8;K7:7:@ 8 :8<:8. A<8;:7 :?8::7. E7<7; 7 7;7:8 <;J:7/ 8 :?<8 7 7K7; 8 7 ?<7 7 89;7;/ ><7; ::K7:8 = 7<:8;:7. E?78. NK8:7; ;?<;7:8 ;:;7; 7 8?7J7 8 78 ><<;8 ?78/ ;7; 8::< ?8 7 ?:?7. C: C: P;88:7; P;88:7; 7?9:8 ;:8/ ;:8/ 9<7; >< 7;7:7 7;7:7 8 97 ?7 7?:7 7;7:7 8 97 ?7 7?:7
1.".1.!
U39863 6 6 8 8/090303 8 82890/63
AK<8 <<7;:8 7 :>8;?7:@ ;88;:877 8; 7 879::7 >:7:;7 :;78 :;78 8; < ><:@ ><:@ < 8: 8: 7=<7; 7 ;8K; ;8K; 7 <: 8 8 : 7 ::@ 8; < :; :;8. E?8/ 77:7 = 8< 8<8; 8; >:7 >:7:; :;8/ 8/ 987 987 78; 78;// 798K7 798K78/ 8/ 8;K7: 8;K7:?8 ?8 8;8 8;8// ;7 >:7:;7 = 7K:7 :>8;?7:7 = 78:7:8 8?;:7.
7= :? MJ7 1000!1+!2
20
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.".! 1." .! N0 N0038 03822 2203 03 6?0 6?033 ; 03@08 03@0840 4033 L7 :>8;?7:@ :7:;7 < ; 8;:77 7 7 7 :7 :7 8?< 8?< <8 <8 8 ? ? 8 K;< K;<8 8 <<7 <<7;: ;:8 8 =7 ?:878 8 :7 ? :7:77. L8 ?8 ;:?; :8 :>8;?7:@ 8 8 :>8;? <8 K;7 7;7 7 :<7:@ 7;:?8:7/ ;8K;8 7 ?;7 = ><8 >:8/ 7?78 977 K;7/ 78 ;<78 = 78 ><8 >:8. E >7: 7 879::7 >:7:;7 8 ;8@:8 :>8;?7:@ K;7 977 977 7 <8 <8: ::@ :@ < < < ? ?;8 ;8 :?8 :?8; ;7 7 <<7; <<7;:8 :8 : :7 7 :>8;?7:@ :?:7;/ 7 :>8;?7:@ 7;7 <8 K;7 8 ;88 7:>7; 7 :7 :7:77 <<7;:8 :::<7.
1.
E3/263 F8 F880963
M<H7 7 :>8;?7:@ :>8;?7:@ 7;7 7 ?;7 = 8;7 8;K7:7:8 8;K7:7:8 < :8:9 7;7 <: 8?7 ::8 >:7:;7 7 >8;?7 78 >:7 >:7: :;8 ;8 7; 7; <9 <9: :7 78 8 :>8 :>8;? ;? 7<7 7<7 = ;:? ;:? ; ;7 7 7;7 7;7 8 8 7:8:7. E8 78 >:7:;8 Q977 K;7/ 78 ;<78 = 78 ><8 >:8 Q ;7;7 7<;8 8 ;K7 79:7 8; 7 ;8> ;8>: :@ @ 8 879 79 = / / 8; 8; 7 78/ 8/ :?8 :?8; ;7 7 88 88; ; 7 7 ;K ;K7 7.. S: S: ?97;K8/ 7 8 7:: >:7:;8 7<;8 8 7 >8;?7 < 7 ;8>: ;8>:@ @ 879 879 H7 :: ::8 8 ?:; ?:; :;7 :;7 7;:79 7;:79 >:7 >:7:; :;7 7 7 7.. E :K:>:78 ? :?8;7 : < ; 8 7 ?7;7 ?:; 8 78; 7:8 = 7:8.
1.. 1..11 D0 D08 88 88 8< < SK ?7;:7 <9:78 8; 7 UNIVERSIDAD PERUANA LOS ANDES/ L8 E78 ":7:;8 8>8;?7 8 ?:8 8?<:7:@ < 7 ?;7 <::7 7;7 F8; 7 :<7:@ < ;<;8 8@?:8 = >:7:;8 7 97 8 ;K:;8 879/ <::8 = :?7:8 < 8 7;:8 7;7 < ;7;7:@. EF;7 7:?:?8 8 7?9:8 < ;8< :H8 ;<;8 :: 7 7;:7:8 < ;<<;7 7;:?8:7.
7= :? MJ7 1000!1+!2
21
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.. 1. .!! C C9 9/ /09 09=3 =3/8 /8 33 L7 ;::7 7;7;J:7 8 7 :K<:$
1..!.1
C6?@9038784822
L8 E78 ":7:;8 9 ; 8?;:9/ 8 F;7 7 8::@ >:7:;7 = ;<78 7 8;7:8 ;::8 7<;8 8 ;:::8 879::7 K;7? 778 9 ; F<8 8; 78 >8;?7 :7 ;?::8 < >: 8?;:@ = < ;7:87 = 7<77 :;;7:@.
1..!.!
S70/8822
E < ;7;7:@/ 8 78 >:7:;8 <8 7 7?9:8 7 ?:7 < <;K HH8 :?8;7/ 8; 78/ 8 9 :;;7; 8 78 8:8 8 8:7:;8 <7 7 <::8 = :?7:8 < 7 7 8 8
1..!."
U869?822
D9 ; ;7;78 978 8;?7 = ?88 <:>8;? 7 >: >7::7; 7 8?7;7:@ 8 8 ? ;::8/ 7;7 >: ?::@ = 7::.
1.." 1. ." N/9 N/940 40 20 463 03/2 03/263 63 8 880 80963 963 L8 78 >:7:;8 ;7;7 8 >: ;7; <7 ;::@ ;:@:7 8 :>8;? 7 ;7 ;8K;8 7 7?::;7:@ = ;77; 89; 7 :<7:@ 7 :;:8 K8:8 = 8 ;<78 89:8 <;7 ;:88 < <:7. R>7 <7 8?9:7:@ HH8 ;K:;78/ 8:8 879 = <::8 ;87 = 8 <::8 = 8:8 7:78 7>7 K;78 <7:7. L8 7<78 8 <::8 7;:7? 7 8?:7 :K K;: ;:7 7 8 < < 8 8 >8;?< 8;?<7 7 = < 7H 7H: :@ @ 7 8 ;: ;:: :: :8 8 = 8:8 879 K;7? 778. E ;?:8 HH8 ;K:;78 ;>:; 7 8 78 778 8 ;K:;8 879 879. . P8; ? ?8/ 8/ 8 HH8 HH8 ;K:; ;K:;78 78 :<= :<= 78 78 7 7 8?8 8?8 7 7:7 >:8 77 = 978/ :?8; <7 8; 89;7; : : : = 8;8 <8;/ <8;/ 88 7:8 >:8/ 8 :?8; :?8; 7 7K7; 89; 8
7= :? MJ7 1000!1+!2
22
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
E ;? ;?: :8 8 8 8 : :8 8 8 879 79 H7 H7 ;> ;>; ; :7 :7 7 :; :;8 8 << << 8 8 ;8:?:8. A 8 >8 8 >: 8 78 >:7:;8 <8 <$ 1. L7
?;7
8:<7;
8?8
<
K8:8
?7;H7.
2. L8 L8 :K; :K; 8 8 = 8 8 8 88 8 ; ; <: <:::9; 9;7 78 8 <;7 <;7 < 8; 8;8 8 7 78 8 :>:78/ K;7? < 78. E <: <::8 :8 ; ;8 87 7 8?9 8?9: :7 7 8 8 8 8 HH HH8 8 ;K: ;K: ;7 ;78 8 = 7 7 ; ;: :7 7 8 8:8 879 8 78 >:7:;8 <78 C878; :$ 1. U: U:: :7; 7; <8 <8 8 8 : :; ;8 8 ? ?88 88 7;7 7;7 7 ;?: ;?:7 7: :@ @ 8 8 8>8;? 8;? 7 7 8;J 8;J7 7 < 7 ;:? ;:?;7 ;7 ?;7 ?;7J J7 7 ;:9 ;:9: :7 7 8 8 7 7 < < ;:? ;:?;7 ;7? ? 7 7 8 / 8 < 7 :?7 ?;7J7 ;:9:7 8 7 ;:?;7 7:; 8 ;/ = 5. RK: RK: ;7 ;7;; :; :;7 7 ;8K ;8K7 7:8 :8 8?8 8?8 K7 K78 8 7: 7:7 7 ; ; ;K:;78 8?8 K78 7 8;7:8 8 :;7.
1.. 1.. O7 O70/8 0/863 E 89:8 8 78 >:7:;8 9;:7; :>8;?7:@ 89; 7 8::@ >:7:;7/ ;<78 8;7:@/ 7?9:8 7 8::@ >:7:;7 <7 ?;7 7 8 <<7;:8 < :7 7 :>8;?7:@ 7;7 7 8?7 ::8. L7 8::@ >:7:;7 ;?: 8?7; ::8 8?78 <7 7 8:7 = :<: <7 ?;7. D9 ; ; < <78 H797 ;89?7 :<: <78 8 7:8 7 8;8 78 7 ?;7 8 <;:8; 7 8 7:8 8;;:. E 78 7 8:7 ;7 7
7= :? MJ7 1000!1+!2
23
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
?:?7 :<7:@/ ;8 8 < < ;:; 97 7;7 ;?:7; < 77:7 K;7; <::7 ;/ 8; 8 < < ;:; 97 7;7 ;?:7; < 77:7 ><<;8.
7= :? MJ7 1000!1+!2
24
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.. 1..55 L8?8 L8?8/ /8 86 603 03 L7 :>8 :>8;? ;?7 7:@ :@ >:7 >:7 : :;7 ;7 7 7 ?; ?;7 7 < <7 7 7 7 7 :K< :K<: : :?:7:8$ •
M<;7 <7 :<7:@ ;::87 88 8 78 7<:; >8 ;8979::7/ 9:8 7 8 F;78 7;:8;? :8 </ 7;7 < >8;?<7:@ :;: <::8 = :?7:8 8; 78 7 :>;7 ;>77 8 78 >:7:;8 7<:; <7 8::@ 8 >:::7.
P8; ?8/ ;:;:8 7<7:@ 7:8 ;?:7:@ 88 :?7:@ 7:8. •
•
M<;7 :>;7 7 78; H:@;:8/ 8 ;K:;8 879 8 F;78 7 78 78; ; 8 87 7 / / 8 8 < <: :7/ 7/ 7 8: 8:: :@ @ >:7 >:7: :;7 ;7 7; 7; :?; 7>77 8; 7< ;8: :K8 ?87;:8/ 7 7 >H7 < F8::@. M<;7 78; 88 <7:>:79 HH8 <7:7:8/ K;7? 8 7;; :::7 7 :<7:@ >:7:;7/ 8 8 F;78 8 78 >:7:;8 7 8?8 8; ?8$ K;78 >:::7 ;87 7?::;7 7?::;7:8 :8 = 8;7:8 8;7:8 7?9:8 <7:7 <7:7 7 ;:7 879 >8 ;K:? :?8::8 K;78 <>:::7 = 77:7 :777 7 ?7<:7;:7 = <:8 >8 8; 8@K:8/ . E ?<H8 78 78 8 8 7 7 8 8 8 8 8 8? ? 7 78 8 8?8 8?8 87 87 7 8 8 7 78 8 >:7:;8.
1.. 1.. F F88603 603 L8 78 >:7:;8 <:8 8@?:7 :?8;7. 1. P;8 P;88; 8;: :8 87 7 :> :>8; 8;?7 ?7: :@ @ 7 8 8 ;8: ;8: 7; 7;:8 :8 = 7; 7;8 8; ; 7 ? ?; ;7 7 7;7 7 :<7:@ 7<7 7 = < ?8 >:7:;8 7;:8;. A<< 8 78 >:7:;8 <9:78 ;7;7 ;88;:87 <>:: :>8;?7:@ 7;7 ;?::; K7; 7 <::8 8<= 7;7 ?8 7 8? 8?7 7J7 J7// ;8 ;88; 8;: :8 87 7 :: ::: :8 8 :?8 :?8; ;7 7 7; 7;7 7 7 7 8 8 7 7 8;7 8;7: :8 8 7 ?; ?;7 7 < < 9 9 F7? F7?: :7; 7; 8 8 ?7=8; ?7=8; <: <:7 78. 8. E 87:8/ <7 ?:<:87 7<:8;:7 8 78 >:7:;8 ;?: 7; <7 ?77 7?::;7:@ :<8 < >;7< (V; 7F8 3.1).
7= :? MJ7 1000!1+!2
25
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
2. L8 L8 7 78 8 >:7 >:7 : :;8 ;8 ;88 ;88; ;:8 :87 7 7 8 8 ;8: ;8: 7; 7;:8 :8 = 7; 7; 8; 8; <7 <7 >8;?7 8: 7;7 >:7; ?7 ?8 :?8; ;;::8 7 8 7?::;78; 7 ?;7. L7 <7 :;:7 <::7 8 78 >:7:;8 7;7 79; ?7 ?8 7;7 7 7?::;7:@. P8; ?8/ 7 <7 < 79; ?7 ;? ;?: :8 8 <7 <7 77 77 ; ;:? :?: : 8 8 7 7 <: <:: :7 7 8 879 79 8 ;:?:8 7:7. L8 7;8; >;<? :>:7 ;;::8 7 8 7:8:7 7 7?::;7:@ ><:@ ?:7 8?8 7 ;7@ 7:8 :;<77:8 :;<7. 3. L8 78 >:7: :;8 ;8 ;88; 8;:87 7: :7 8: 7;7 77:@ >:7:;7. M:7 7 ;7;7:@ ;8=:8 78 ;<78/ 977 = 78 ><8 >:8 7;7 7 8?7J7 < 8<8/ 8 7?::;78; < 8?;897; 7 8K;<:7 K897 8 7 7;78 798;78 ;8=8 ;8=8 8; ;8=8 = :?7; :?7; 8 ;<;:?: ;<;:?:8 8 87 >:7:7?: >:7:7?:8 8 7 ?;7 ?;7.. A<< A<< <7 <7 <:< <:<:; :; 8;7 8;7 7: 7:7 7 8; 78 78 >:7: >:7:;8 ;8 7; 7; ;88 77:@/ 77:@/ <7 77 :?8;7 :?8;7 <8 78 ;<78 7; = 977 K;7 < 7 K 7;::7 ;89 ;8979 79 ? ? >7?: >7?:::7; 7;: :7 77 7 8 8 8 8 8; 8; < 77 77: :7 7: :@ @ = < <7 7:@ :@ ;8>:87.
1.. 1. . E3/26 E3/263 3 F880 F880963 963 C6?@9 C6?@9/8 /86 633 L8 78 >:7:;8 9 ;7;7; = ;7; 8?7;78 8 78 7;:8; ?7;7 < 7;: 8 7?9:8 F;:?78 8; 7 ?;7
1..' 1. .' E3/26 E3/2633 F8 F880 80963 963 7J386 7J38633 L8 78 >:7:;8 9:8 8 8 :K<:$ 1. B77 B77 G G; ;7 7 2. E78 E78 G77 G77: :7 7 = P;: P;:7 7 3. E78 E78 C7?9:8 C7?9:8 P7;:? P7;:?8: 8:8 8 N8 N8 4. E78 E78 "< "<8 8 E> E>: :8 8 L8 78 >:7:;8 9 ;7; 8<7? 8 7 87/ 8 >8;?7 7; :K;7 88 = 77 <8 8 78 >:7:;8/ 8 <7 9 ; 8<7?/ 7;7 <7 8;;7 :;;7:@
7= :? MJ7 1000!1+!2
26
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1..'.1
B40 G0 G0094
E 977 K;7 <7 ?;7 ?<;7 < 7:8 = < 7:8 < ?8?8 ;?:78. L7 :>;:7 ; 7:8 = 7:8 78; 8 7 ?;7/ 7?78 7?9: 7:7 8 ;8:7;:8. P7;7 <7 88;7:@/ 78; 8 8?:7 7:7 8 7:8:7. L8 L8 78 78; ; 7: 7:8 8/ / 7: 7:8 8 = 78 78;; 8 8 78 7878 78 977 977 K K;7 ;7 <9:78 <7 8?7J7 ?: 8 88 H:@;:8 7<:::@ 7<; 7<;8 8 8 8 8 ;: ;:: :: :8 8 8 879 79 K K;7 ;7? ? 7 77 78 8 (PCGA (PCGA). ). L7 ":7:7 A8<:K S77; B87; 79 = ?8:>:7 ;:@:7? 8 ;:::8. C<7<:; 8?7J7 78 <:8 8 <7<:; 8;8 7J < 8:7; < 7:8 <7 987 E78 U:8/ 9 8;?7; ;K<7;? 89; < 7::7 ;78 78 >:7:;8 7 7 SEC.
1..'.!
E3/26 20 R034/26
E 78 ;<78 ;:7 8 ?:?8/ 7 :>;:7 ; :K;8 = K78. E 78 ;<78 88 7?9: 8?8 78 :K;8 8 78 ;:7 = K77:7. L7 :>;:7 ; :K;8 = 88 8 9: :8 8?8 8;7 7 7 7?7 ?7;K 9;<8/ = <:7 78; 7?7 <::7 8 :K;8 9;<8.
1..'."
E3/26 20 F46 20 E0/86
E 78 ><8 >:8 ?<;7 88 >:8 < ;8 = 7:@ 7 ?;7 <;7 < ;:88. E :>; 78 ;<78/ < ?<;7 8 :K;8 = K78 7 ?;7. E 78 ><8 >:8 < <?8 : 78 ;<78 8; 8 ;78. P;:?;8/ 8;7 7 :@ 8 < 8<;; 7 8::@ >:8 7 ?;7 8 :?8. I<8 ?;7 ;79 < F;:?7; 889;7 >:7:;7 : <7 : >:8. E7; : 78 ><8 >:8 ;?: 7 8 7?::;78; 7 ?;7 = 7 7 K 77 7 7 ; : 7 ?;7 7:8 = 8; <. P8; ?8/ ?8/ 7 ?< ?<8 8 ?; ?;7 7 ; ;79 79 < < ; ; ;: ;:7 7? ? <7 <7 8; 8;7 7 >:8 = : :>:<7 7;7 :7:;7. E 78 ><8 >:8 7?9: : 8;< :7 8 <::8 7;7 ;88:?:8 :K;8 = K78 < 87 78 ;<78. E 78 ;<78 977 8 ?88 879::7 7<8 8::8 >:8 = 8 88 K78 ><8 K7:8 >:8. 7 7 <::7 7 ;8;77 <7 ?;7 7 7>7 7= :? MJ7 1000!1+!2
2
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
?<H8 <::8 <::8 8; 7; 7 7?::;7 7?::;7:@ :@ 7;7 ?7 8?8 7 7<7:@ :7;:8 = 7 ;7: 7 ;:7:@ < 7:8 7K:9 = 7 7?8;:7:@ < 7:8 :7K:9. E7 ::8 879::7 7<= 89; 78 ><8 >:8. P8; 8:K<:/ ?:7 F7? 7 :>;:7 ; 78 ><8 >:8 7 ?;7 = 78 ;<78/ < 77:7 < ;?:7; :?78 7 ::8 879. E ><8 >:8 ;8: 7 7::7 8;7:7 (8 ><8 >:8 8;7:8) 8: 8 ><8 8::8 >:8 8; 7 7 8 ;8<8 7 ?;7 ?8 8 ><8 K7:8 >:8 8; K78 8?8 ?7;:7 = ?78 89;7.
1..+ 1. .+ N6/3 N6/3 0 463 463 E3/2 E3/263 63 F8 F880 80963 963 C<78 <7 8?7J7 <9:7 < 78 >:7:;8/ :<= 87 < 8>; ?7=8; ?7=8; 7 7 7;7 7;7 8 ?88 ?88 879 879 < H7 <78 <78 = 7 8: 8::@ :@ >:7:;7 >:7:;7 7 8?7J7. C8 >;<:7/ >;<:7/ 7 87 7 8 78 >:7:;8 >:7:;8 H7= ? :>8;?7:@ ;7 7;7 ; 7 ;7;7 8::@ >:7:;7 7 8?7J7 < 8 78 ?:?8. (V; ;<7;8 3.3) AK<8 <8 < 8?? 7 87 8 8 :K<:$ U7 F:7:@ 8 ?88 88 8 879 <: <::78 8. D9: 9:8 7 < 7 ?;7 ;?: :;7 :9;7 89; 8?8 :>8;?7; :;8 88 (8; ?8/ 7;K8 8; ;:7:@ J7 ;7 8?7;7:@ 8 ;:7:@ 7;77/ 8 ?88 88 :7;:8 LI"O 8 "I"O)/ 7 87 9 F:7; <7 ?88 J>:8 H7 ?78 ;7:7 7 8?7J7. M 7</ 8 7; 879::7 7?9:7 7 ?<8 = 7 8?7J7 < 7 F;7; 8 ;<78 78 7;:8; 7 87 <::78 8 7; <8. M7=8; 7=8; 7 7 8 < < 8 8: :; ; 7 :; :;8 8 7: 7:8 8 7 7: :8 8.. L7 L7 87 87 8>; 7 < ;>:; 7 7 8::8 = >H7 :?:8 <7 7 7;K8 = 8;8 78/ 7;;7?:8 = :?:7;. I> I>8;?7 8;?7:@ :@ ;> ;>; ; 7 7 ;< ;< <; <;7 7 7: 7:7 7 ? ?;7 ;7.. L7 L7 8 87 F:7 8::8 :K77 7 7 ;8:7 7 7:8 = 7 < ; 7; 7;: :< <7; 7;? ? : : 7;7 7;7 7 7<7 <7;; 7 < <; ;79 79::: :7 7 7 ?; ?; 7 7 7 7<:::8. D8< D8:7:;8 8 7 7<:::8 = :;:8/ = 7 87 F:7 :?78 7.
7= :? MJ7 1000!1+!2
2!
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
RK RK8 8 8 ? ? 8 8 ><; ><;7 7 977 977 . . C8 C8 >; >;< < : :7/ 7/ 7 7 8 87 7 :<K7 8 8;78 >:7:;8 >:7:;8 >:;?78 8; 7 ?;7 < 8 77; 977 K;7/ ;8 < < 7>7; ;8><7? < 8::@ >:7:;7. E; 7 7::7 8 8;78 ;:78/ 8 8;78 >8;W7;/ W7 = 8:8/ 8:8/ < <7 K;7? K;7? 7;7 ;<:; ;<:; :;7 F8::8 F8::8 7 ;:K8.
1.5 1.5 M M996 C6 C60@ 0@/ /4 4 20 43 N69 N69?3 ?3 I/09 /09 8 86 64 403 03 20 I6 I699?8 ?8< < F8809 (NIIF). L7 N8;?7 I;7:87 I;7:87 I>8;?7:@ I>8;?7:@ ":7:;7 (NII")/ 7?9: 88:7 8; < :K7 :K 8?8 I"RS (I;7:87 ":7:7 R8;:K S77;)/ 8 <7 8;?7 879 7877 8; IASB/ ::<:@ ;:77 8 L8;. C8:<= 8 E7; I;7:87 8 8;?7 :;7:87 7;;88 7 7::7 879 = <8 < ?7<7 879/ =7 < 7 7 879::7 7 >8;?7 8?8 779 ?<8. E M7;8 C8<7 ?::@ 8; IASB :?9; 2010. D;8K@ M7;8 C8<7 7;7 7 P;7;7:@ = P;7:@ E78 ":7:;8.
1.5.1 1.5 .1 P96@<3 P96@<38/ 8/6 6 ; 46 4699 69? 69?/8 /86 6 E M7;8 C8<7 C8<7 7 NII" 79 79 8 8 88 88 < <9=7 <9=7 7 ;7;7:@ = ;7:@ 8 78 >:7:;8 7;7 <<7;:8 F;8. E ;8@:8 M7;8 C8<7 $ (7) 7=<7; 7=<7; 7 C88 C88 7;;8 7;;88 8 ><<;7 ><<;7 NII" NII" = 7 ;::@ ;::@ 7 F: (9) 7=<7; 7=<7; 7 C8 C88 8 7 ;8?8 ;8?8:@ :@ 7 7;?8:7 7;?8:7:@ :@ ;K<7:8 ;K<7:8 // 8;?7 8;?7 879 879 = ;8: ;8:?: ?:8 8 78:7 78:78 8 8 7 ; ;7: 7:@ @ 78 >:7:;8/ ?:7 :7 >:7:;8 :;8/ / 7 7:7: 7:7:@ @ 7 NII" = ;77?:8 7K<8 78 < 87J7 8 H7 :8 898 <7 NII"
7= :? MJ7 1000!1+!2
2+
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
() 7=< 7=<7; 7; 7 8 8 7<: 7<:8; 8; 7 >8;?7 >8;?7: :@ @ <7 8:: 8::@ @ 7;7 7;7 : 8 78 >:7:;8 7<;8 8 7 NII" (>) 7=<7; 7=<7; 7 8 <<7;:8 <<7;:8 8 78 78 >:7: >:7:;8 ;8 7 :;; :;;7 7:@ :@ 7 :>8;?7:@ 8:7 8 78 >:7:;8 ;7;78 7<;8 8 7 NII" = (K) 8;?7:@ 7;7 < >8< 7;7 7 >8;?<7:@ 7 NII". E M7;8 C8<7 8 <7 NII"/ = 8; 78 8 >: 8;?7 7;7 :K<7 <:@ 7;:<7; ?:7 8 :>8;?7:@ 7 ;7;. N:K 8:8 M7;8 C8<7 ;8K7 <7<:; NII" J>:7. E C88 ;88 < < :?:78 ?;8 78 < H79; < 8>:8 ; M7;8 C8<7 = <7 NII". E 8 78 < F:7 8> 8>:: 8/ 8/ 8 8 ;< ;<;: ;:?: ?: 8 8 7 NII" NII" ;7 ;7 ; ; 89; 89; 8 8 M7; M7;8 8 C8<7. N8 897/ 8?8 C88 K<:7; 8; M7;8 C8<7 7 7;;87; ><<;7 NII" = < ;::@ 7 F:/ ?;8 78 8>:8 ; M7;8 C8<7 = 7 NII" :?:<:; 8 :?8. E M7;8 C8<7 ;:7; ;:@:7? ;:@:7?// 7 7;:; 7 F;::7 F;::7 < C88 H7=7 7<:;:8 ;79778 8 .
1.5 1.5.! A4 0 SK E M7;8 C8<7 ?::8 8; 7 IASB :?9; 2010 ;77$ (7) 89:8 7 :>8;?7:@ >:7:;7 (9) 7 7;7;J:7 <7:7:7 7 :>8;?7:@ >:7:;7 : () 7 >:::@/ ;88:?:8 = ?::@ 8 ?8 < 8:<= 8 78 >:7:;8 = () 8 88 7:7 = ?7:?:8 7:7.
7= :? MJ7 1000!1+!2
30
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1. NICK3 NICK3 1. P90@98< P90@98< ; @9030/8< @9030/8< 20 463 E3/263 E3/263 F880 F880963. 963. 1.. 1..11 O7 O70/8 0/86 E 89:8 7 8: 79; 7 97 7;7 7 ;7:@ 8 78 >:7:;8 8 ;8@:8 :>8;?7:@ K;7/ 7 >: 7K<;7; < 8 ?:?8 7 8?7;79/ 78 8 8 78 >:7:;8 7 ?:?7 :7 ;::8 7;:8;/ 8?8 8 8 8;7 :7 :>;. P7;7 777; 777; :H8 89:8/ 89:8/ 7 N8;?7 79/ 79/ ;:?; :7 >:7 : :;8 ;8 = 8>; 8>; :; :; ;: ;: 7;7 7;7 ;? ;?: :7; 7; < ; ;< << <;7/ ;7/ 7 7 < >:7 >:7 8 8 ;< ;<: :::8 8 ?J: ?J:?8 ?8 89; 89; < 8:8. 8:8. T78 ;88:?: ;88:?:8/ 8/ 8?8 7 78;7:@ = 7 :>8;?7:@ :>8;?7:@ 7 ;7; 89; ;?:77 ;77:8 = 8;8 8/ 798;7 8;7 N8;?7 I;;7:8.
1. 1..! A4 0 E7 N8;?7 7:7; 7 88 :8 78 >:7:;8 8 ;8@:8 :>8;?7:@ K;7/ < 7 798;78 = ;78 8>8;? 7 7 N8;?7 I;7:87 I>8;?7:@ ":7:;7 (NII"). L8 78 >:7:;8 8 ;8@:8 :>8;?7:@ K;7 8 7<8 < ; ; <9;:; 7 :7 8 <<7;:8 <<7;:8 < 8 8::8 8::8 F:K:; :>8;? 7 7 ?:7 < :7 J>:7 :>8;?7:@. L8 L8 7 78 8 >:7 >:7: :;8 ;8 8 8 ;8@ ;8@: :8 8 :>8 :>8;? ;?7: 7:@ @ K K;7 ;7 8? 8?; ; 7<8 < ;7 >8;?7 7;77/ 8 ;8 8;8 88;? 7<7 8 < >88 8 ;88 :>8;?7:@ 9<;:. L7 N8;?7 8 ; 7:7:@ 7 7 ;<<;7 = 8:8 8 78 >:7:;8 :;?:8 < ; >8;?7 877 = 798; 7<;8 8 7 NIC 34 I>8;?7:@ >:7:;7 :;?:7. N8 897/ 8 ;;7>8 13 7 41 ; 7:79 7 :H8 78. L7 ;K7 >:77 7 N8;?7 7:7; 7 ?:?7 ?7;7 7 87 7 :7/ 8 ::7 < 798; 78 >:7:;8 88:78 8 7;78/ 8?8 >: 7 NIC 2 E78 >:7:;8 88:78 = 7;78. L7 N8;?7 N8;?7 <: <:: :7 7 ;? ;?: :8 88K 8KJ7 J7 ;8: ;8:7 7 7 7 : :7 7 8 8 :? :?8 8 <; <;8/ 8/ :<= :<=8 8 7<7 7<7 ; ;: : 7 8; 8; 9: 9:8. 8. L7 :7 :7 < 8 ;:K7 >:7:7 <;7:7/ =7 ;7 7 8; ;:78 8 9:8/ 8 9: 7 <7<:; :8 7?::;7:@ 9:7/ : 7 7:7; 7 N8;?7/ 8;J7 ; 89:K77 7 ?8:>:7; 7 ;::8 <::77 7;7 :;7 7;:7 8 78 >:7:;8/ :<8 7?9:7; 7 8?:7:8 8 78 >:7:;8.
7= :? MJ7 1000!1+!2
31
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
D >8;?7 78K7/ 7 :7 < 7;7 7;:?8:8 8/ 7 8?8 >: 7 NIC 32 I;:7:;8$ P;7:@ (8; ?8/ ?8/ 7K<8 >88 :;:@)/ = 7<7 :7 <=8 7:7 8 7 7;:?8:8 8 (8; ?8/ 7K<7 :7 88;7:7) 8;J7 ; :7 777; 7 ;7:@ 7 7;::7:8 < ?:?9;8 8 7;J: 8 78 >:7:;8.
1.." 1. ." U869 U869?82 ?822 2 0 4 4 @9030 @9030/ /8< 8< L7 ;7:@ = 7:>:7:@ 7 7;:7 8 78 >:7:;8 8;7; < ;::8 7 8;8/ 7 ?8 <$ 7) ;7 ;7 < 7?9 7?9:8 :8 7 7<;7 7<;7 7 7 7 7 7: 7:: :7 7 7 : :7 7 8 <7 <7 ;::@ ;::@ < 78 >:7:;8/ >:7:;8/ 8K7 ?7:>:8 ?7:>:8 < ;J7 ? 7;8:77 8;7 ;7:@ < 8;7 7:>:7:@/ 8?78 8:;7:@ 8 ;:;:8 7;7 7 :@ = 7:7:@ 8J:7 879 7 NIC ! 8 9) <7 N8;?7 N8;?7 8 I;;7 I;;7:@ :@ ;<:;7 ;<:;7 < 7?9:8 7?9:8 7 ;7 ;7:@ :@ U7 7<:::@ 8 77:@ :K:>:7:7/ 8 <7 ;::@ 7 ;7:@ 8 78 >:7:;8/ 8;J7 :7:;8 : ; ;78 >8;?7 :>;. E 8 78/ 7 :7 7?9:7; 7 ; ; 7 7: :@ @ < < 7 78 8 >:7 >:7 : :;8 ;8 @8 @8 : :H :H8 8 7?9 7?9:8 :8 8;?7:@ :>8;?7:@ >:79 = ? ;7 ;7 7;7 8 <<7;:8 8 78 >:7:;8 >:7:;8// = 7 <7 ;<<;7 <:;7 :8 8:<:7/ >8;?7 < 7 8?7;79::7 8 <7 ;<:77. C<78 K7 :7; 7 :>8;?7:@ 8?7;7:7/ 7<;8 8 8 ;;7>8 3! = 3+.
1.. 1. . E3/9 E3/9 / /9 9 ; 6/0 6/08 826 26 L7 N8;?7 F:K < ;?:77 :>8;?7:8 ; 977/ 7 <7 ;<78 = 78 7?9:8 7;:?8:8 8/ ?:;7 < 8;7 < :<:; :<:; 78 <;8 8 78 >:7:;8 8?8 7 87. L7 NIC 79 8 ;<::8 ;7:@ 7;7 78 ><8 >:8. E 7 N8;?7 <::7 87:8 ;?:8 :>8;?7:@ 7 ;7; < ? 7?:8 :8/ :<=8 78 7 :>8;?7:@ < <;7 977/ 7 <7 ;<78/ 78 7?9:8 7;:?8:8 8 = 78 ><8 >:8/ 8?8 7 < 7;;87 7 87 ;>;: ;>;:7 7 7 8 ?:?8. ?:?8. O;7 O;7 N8;?7 N8;?7 I;; I;;7 7:8 :8 8: 8: 7?9: 7?9: 89:K7:8 ;7; :>8;?7:@. A 8 ; < 7 N8;?7 8 I;;7:@ 8;;8 8;;8: : : :>: >:< < 8 8;7 8;7;:8 ;:8// 7 7 :>8;? :>8;?7: 7:8 8 :<: :<:; ;// :::7? :::7?/ / <;8 8 78 >:7:;8 >:7:;8 (=7 7 977/ 7= :? MJ7 1000!1+!2
32
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
7 <7 ;<78/ 78 7?9:8 7;:?8:8 8 8 78 ><8 >:8) 8 7 87.
1..5 I20/88 I20/888< 8< 20 463 03/263 03/263 88096 8809633 L8 78 >:7:;8 >:7:;8 7; 7; 7;7? 7;7? ::>:78/ ::>:78/ = H79; 7;7; <7<:; 8;7 :>8;?7:@ <9:77 ?:?8 8
1.. 1. . P09862 P098626 6 6/74 6/740 0 36790 36790 04 0 30 869 869? ? L8 78 78 >:7 >:7:; :;8 8 798;7 798;7; ; 8 <7 ;:8: ;:8:: :7 7 < ;/ ;/ 8?8 8?8 ?J:?8/ 7<7. C<78 7?9: 7 >H7 977 7 :7 = 798; 78 >:7:;8 7;7 < ;:88 879 <;:8; 8 :>;:8; 7 < 78/ 7 :7 :7 9; :>8;?7; :>8;?7; ;:88 8;8 <9:;8 8; 8 78 >:7:;8 >:7:;8 =/ 7?/ $ 7) 7 ;7@ ;7@ 7;7 <:: <::7; 7; < ;:88 ;:88 :>;:8; :>;:8; 8 <;:8; <;:8; = 9) HH8 HH8 < 8 7 87 87? ? 8?7;7 8?7;79 9 7 :>;7 :>;7 < 8>; 8>; 7 <7 ;<78/ ;<78/ 78 7?9:8 7?9:8 7;:?8:8 7;:?8:8 8/ 78 ><8 >:8 = 7 87 8;;8:
1. NIIF 1. NIIF - 1. A A26@ 26@8 8< < @69 @69 @98 @98?0 ?09 9 0. 0. 1.. 1..11 O7 O70/8 0/86 E 89:8 7 NII" 7K<;7; < 8 ;:?;8 78 >:7:;8 8 7;;K8 7 7 NII" <7 :7/ :7/ 7J 8?8 < :>8;? >:7:;8 >:7:;8 :;?:8/ :;?:8/ ;7:8 7 <7 7; ;::8 <9:;8 8; 7 78 >:7:;8/ 8: :>8;?7:@ 77 7:7 <$ (7) 7 ;77; ;77; 7;7 8 <<7;:8 <<7;:8 = 8?7;79 7;7 88 88 8 ;::8 ;::8 < ; (9) 8;?7:@ ":7:;7 (NII") = () < <7 ; ; 89:7 7 < 8 8 < 8 F F7 7 7 8 9 >::8 ;88;:878 7 8 <<7;:8
7= :? MJ7 1000!1+!2
33
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.. 1..!! A4 40 0 U7 :7 7:7; 7 NII" $ (7) < ;:?;8 78 >:7:;8 8 7;;K8 7 7 NII" NII" = (9) 77 :>8;? >:7:;8 >:7:;8 :;?: :;?:8 8 </ < 78/ ; 7<;8 8 7 NIC 34 I>8;?7:@ ":7:;7 I;?:7/ ;7:8 7 <7 7; ;::8 <9:;8 8; < ;:?;8 78 >:7:;8 8 7;;K8 7 7 NII". L8 ;:?;8 78 >:7:;8 8 7;;K8 7 7 NII" 8 8 ;:?;8 78 >:7 >:7: :;8 ;8 7<7 7<7 8 8 <7 <7 7 : :7 7 78 787 7 7 NII" NII"// ?: ?:7 7 <7 <7 7;7:@/ FJ:7 = : ;;7/ 8:7 7 78 >:7:;8/ :7:;8 8 7;;K8 7 7 NII" 8 8 ;:?;8 78 >:7:;8 7 :7 K NII" :/ 8; ?8/ 7 ?:?7$ A. H7 ;78 < 78 >:7:;8 ;:8 ? ;:$ 1. SK SK ;<;: ;<;:?: ?: 8 8 7: 7:8 87 7 < < 8 8 8H; 8H; 88 88 8 8 78 8 7 NII" 2. D 8>8;?:7 8>8;?:7 8 7 NII" NII" 88 88 8 78 78// 78 78 < 7 7 78 78 >:7: >:7:;8 ;8 8 8 8K7 K7 <7 7;7 7;7:@ :@/ / FJ FJ:7 :7 = : ;;7 ;;7/ / ;7 8 7 ?:?7 ?7K:< ;?:77 K 7 NII" B. &7 ;7;78 ;7;78 78 78 >:7: >:7:;8 ;8 8 7;;K8 7;;K8 7 7 NII" :7? :7? 7;7 7;7 <8 :;8/ : 8;8 7 :8::@ 8 ;8:7;:8 7 :7 8 8;8 <<7;:8 F;8 () H7 ;7;78 ;7;78 < 7< :>8;?7:@ :>8;?7:@ 7<;8 7<;8 8 7 NII"/ NII"/ 7;7 < ?8 7 88:7:@/ < 8 8:<= < 8<8 8?8 78 >:7:;8/ K >: 7 NIC 1 P;7:@ E78 ":7:;8 8
7= :? MJ7 1000!1+!2
34
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
() 8 ;@ 78 78 >:7:;8 >:7:;8 ;::8 ;::8 7;:8;. 7;:8;. E7 NII" 7:7; <78 7 :7 787 8; ;:?;7 7 NII". N8 ; 7:7:@ <78/ 8; ?8/ 7 :7$ (7) (7) 797 978 87 7 7 ; ; 7:@ 7:@ 8 7 78 8 >:7 7::;8 ;8 K K 8 ;<;:?:8 7:87/ : 8 H7 ;78 7;:8;? <8 8 8;8 8;8 8 8< <8 8 7 78 8 >:7 >:7 : :;8 ;8 < < 8 8 J7 J7 <7 <7 7;7 7;7: :@/ @/ FJ:7 = : ;;7/ :7:;8 >:7:;8 K ;<;:?:8 ;<;:?:8 7:87/ = 7 78 >:7:;8 8J7 <7 7;7:@/ FJ:7 = : ;;7/ :7 >:7 : :;8 ;8 < < 8 8J J7 7 <7 <7 7;7:@/ FJ:7 = : ;;7/ 7; 7 8 7?9:8 7 8J:7 879 HH8 8; <7 :7 < =7 H<9:;7 7878 7 NII". T7 7?9:8 8 898 $ (7) ;< ;<; ;:? :?: : 8 8 J> J>: :8 8 ;7 ;7::8 8 7 7?9 7?9:8 :8 8J 8J::7 7 8 879 79 / / 8:8 7 NIC ! P8J:7 879/ 7?9:8 7 :?7:8 879 = ;;8; = (9) :8::8 :8::8 ;7:8; ;7:8;:7 :7 J> J>:7 :7 8: 8:7 7 8;7 NII".
1.' N69? A AP PA. L7 L7 N8;? N8;?7 7 APA APA 8 < 8 8< <8 8 7 7; ; ;7 ;78 8 8; 8; 7 A?; A?;: :7 7 P=H88K:7 A8:7:8 8 >: <:>:7; 7 >8;?7 ;7; ;7978 ;:8 7 : :;7:87/ :77 :7? 7;7 ;8=8 K;78 8 <7<:; :8 8::7 <7 8 ? 300 K:7.
7= :? MJ7 1000!1+!2
35
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.++ G0 1. G00 09 948 482 220 203 3 0 4 43 3 N69? N69?3 3 APA APA L8 :K<: < ;::7 977 F8 = ;:8 :K$ •
M;K$ M;K$ L7 ?;K ?;K 9 ; 2.54 ? 87 7 H87.
•
S7K;J7$ C:8 7:8 7 ;:?;7 J7 77 ;;7>8.
•
E7 E7: :7 78$ 8$ TF TF8 8 7 89 89 7 7:8 :8 = 7:7 7:78 8 7 7 :<: :<:;7 ;7// F F<7 <78 8 >:K<;7 = 797. D8 7:8 < <8 >:7 <7 8;7:@.
•
T:8 ;7$ T:? NW R8?7 7 < 7?78 12.
•
P7$ P7 7?78 C7;7.
P69/2$ L7 8;77 9 8;$ N8?9; B8< < 7 <;78. L7 K7<7 7 7 <7 ;. L7 7;;;7 < <:7. L7 :<7. E 78 ;7:@ ;7978.
E7 :>8;?7:@ 9 :; ;77/ ?7=<7 = :;:9<:7 :7?/ 7 8;?7 APA ::7 < 87 7 K:7 8
7= :? MJ7 1000!1+!2
36
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
< 7 79 97 78 8 7 7 ; ;H H7/ 7/ 7?9 7?9: : 9 9 : :<: <:;; < 7 79 97 78 8 ?7=<7 7:78 7 7 :<:;7 7 :::8 77 K:7.
C8/9 326 N69?3 APA L7 :7 8 <7 ;>;:7 7 <7 :7 8 7>:;?7:@ 8 79 7 >< >< 8 8;:K 8;:K ?:? ?:?8. 8. P7;7 P7;7 :7 :7;; <7 <78 8 7 7 8;? 8;?7 7 APA APA <: <:: :7 7 7;: 7;: ;8 F8 <7; 87 : K:7. L7 :7 9 :<:; :>8;?7:@ 89; 7<8; = 78 <9:7:@. L7 :7 < ; :;7 8 7;7>;777. C:7 :;7$ S< <78 F;7 >;7K?8 8 :7 F<7. L7 779;7 8?:77 ;?77 8; <8 <:8 (X). E 78 7;:8 :<:; 7:8 7<8;/ 78 <9:7:@ = 7 K:7 F8 F;7J8. C<78 7 :7 : ?8 40 779;7 ;:9 :?;7 F8 = ; 8?:7/ 8?:7/ 7?9:8 7 ?7=8; 40 779;7 ;:9 77; F8 8 7K;J7 = < <8 ?8; 7?78 7 ;7 : <7; 8?:7. C:7 7;7>;78$ S <::7 7;7 :7; 7 :7 < 7<8; ;8 8 >8;?7 F<7. E :8 :7 ;<:; 7:8 7<8; = 78 <9:7:@.
R009083 L7 ;>;:7 8 <7 :7 8 78 77 <7 7 >< 8<77 7;7 7 798;7:@ < 8< 7;7 ;:8;7; 7 :>8;?7:@ 8:7 7 8 8??7;7 8??7;7 78 ; 7;:8. 7;:8. E ?<= :?8;7 :?8;7 < 88 8 7<8; :78 8;:7 >:7 = <7 9 ;>;:7; 7 < 7<8; < 8 H7=7 :8 :78. L7 :7 ;>;:7 H7 8 :;:78 1.5/ 77 <7 9 ; 7K;J7 >;77 (88:7 7?9: 8?8 7K;J7 "4 8 7K;J7 ") = :78 9 8;K7:7; >8;?7 7>79:7 8 7:8 8 7<8;.
7= :? MJ7 1000!1+!2
3
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
A7908/93 PALABRA C7J<8 E::@ E::@ ;:77 E:8; (E:8;) T;7<8; () S: >H7 PK:7 (K:7) V88;? :8 S<?8
ABREVIATURA C7. E. E. R. E. (E.) T;7. S.". . (.) V8. V8. N8. P. I>. T. S<.
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
1.1&.1 S6802203 A<8?3 20 S398@8< S398@8< P748 6 P982. A;J<8 154. L7 8:7 7@:?7 7 < F: ; 8 8 ? ;87 978 <7 <7 8 8?: ?:7 7: :@ @ 8: 8:7 7 = 8? 8?8 8 F F< <: :7? 7? 8: 8:8 8 <=7 <=7 ;8 ;87 79: 9:::7 7 8; 8; 7 7 ;: ;:7 7 :?: :?:7 7 7 < < 78; 78;. . S< 7: 7:7 7 7 7; ;
7= :? MJ7 1000!1+!2
3!
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
;;78 8; J<8 :7? K8:79 8?:78 7:8/ 7 <7 9; ; JK;7? <;:7 = 7K77 7 < ?::@. A;J<8 15. S; 8:7 7@:?7 <;::@ 9:7 9:7 7 < ;<;;7 ; <;;7 7 7H8;;8 9:8 7;7 7 >8;?7:@ 8 78 I. L7 8:7 7@:?7 <;::@ 9:7 7; 8?:7 7 7 <;::@ 7 S<;::7 V78; < ;88 >8;?7:@ = 8;K7:7:@/ 8 78 ;7:8 7 7 ?8:>:7:@ < 7<8 8:7/ 8 7?9:8 7:7 8:7 :K<7?/ 7 ?::@ J<8 K8:79/ ;7 ;7>8 >8;?7 ;?7: :@/ @/ ><: ><:@ @// : :: :@ @// :8 :8< <: :@ @ = :< :<: :7 7:@ :@. . L7 L7 8: 8:7 7 7@:?7 <;::@ ;:77 8 87 7 ?. N?;8 A:8:7 MJ:?8 8 (2). D8?:7:@ S8:7 S >8;?7; :9;? ?:7 < 77:8 >77J7/ K<:7 7;:7? 7 779;7 S8:7 A@:?7 8 < 79;:7<;7 S.A. C7:7 MJ:?8 T;:7 M:8 M:8 P8 P8 D8?:: D8?::7 78 8 (RDY (RDY 30/000 30/000/00 /000.0 0.00)/ 0)/ <7 9; 9; 7; 7; <;:8 = 7K8/ 8?8 ?J:?8/ : 8; :8 (10). C8?:7;:8 C<7 C77 8:7 7@:?7 ; <;:77 8; <8 8 7;:8 8?:7;:8 <7 :K :K78 78 8; 7 77?9 77?97 7 K;7 K;7 7:8 7:8: :7 7 ; ; ;87 ;87 >J:7 >J:7. . D9; ; 7 7:7 878; 9:8 7<8;:78 7<8;:78 8 8; 8 ?8 ; (3) 78 F;::7 7<:8;J7 ?;7/ = 8; ; 7:8:7 8 8. A?::;7:@ 7 S8:7 L7 8:7 7@:?7 ; 7?::;77 8; < 88 7?::;7:@ 8?<8 ; (3) ?:?9;8 8; 8 ?8. N8 8; ; 7?::;78; <7 8:7 7@:?7 7 ;87 >J:7 < ; ;7 7 :?< :?< 7 7? ? ? ? : :8 8 (5) ?7 ?77 78 8 7?: 7?:: : ;7 ;78; 8; <7 <7< <: :;; :8 :8 8: 8: 7 7 8? 8?; ;:7 :7.. L7 <;7 <;7: :@ @ < < >< ><:8 :8 ; ; ;?:77 ;?:77 8 7<8 8; < ;J88 < 8 F; F; : (6) 78 78 :@ 8; 7 77?97 K;7
1.1&.! S6802203 0 N6?790 C640/86. C640/86. A;J<8 5+. L7 8:7 8?9; 8:8 8:8 7<7 < F: 978 <7 ;7@ 8:7 = 7 < 88 8 8:8 : 7 7:7 8?;:7 = ;8/ ?7;7 <9::7;:7/ ::?:77 = 8:7;:7/ 7 89:K7:8 8:7. P;;7>8. L8 7;8; 7 8:7 @8 8; ;K<:; 7K8 7 <7 8:7 8;7 < 78:78 < H79; <8 ?8;7 7 7 8:7 8; 78 F;7<::7.
7= :? MJ7 1000!1+!2
3+
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.1&." S6802203 0 C6?28/ S8?@40. S8?@40. A;J<8 5. S8:7 8?7:7 :? 7 < F: 978 <7 ;7@ 8:7 = 8?8 <8 8 7;:8 8:8 8?7:78 < ;8 ?7;7 <9::7;:7/ ::?:77 = 8:7;:7 7 89:K7:8 8:7/ = <8 8 7;:8 8?7:7;:8 < :7? 89:K78 7 7K8 < 78;7:8.
1.1&. S6802203 0 C6?28/ C6?28/ @69 A8603. A;J<8 141.L7 8:7 8?7:7 8; 7:8 8?8 <8 8 7;:8 8:8 8:8 8?7 8?7:7 :78 8 < ; ; 7 7:7 7:7 8?; 8?;:7 :7 = ;8 ;8; ; :>::7 = 8:7;:7? 7 <7 8:7/ = 8:8 8?7:7;:8/ < ; 7 7:7 7:8:7 = @8 88;7; 7 ;:7 7 ;88;:@ < 78;. S< 7:7 8:7 7; :::8 7:8. E ?;8 8 8:8 8?7:7;:8 8 8; ; :>;:8; 7 ; (3).
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
40
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
8:8. L7 8:7 8;7; 8?;8?:7 8; 8 78 = 7<7:8 <78 8; 8 8 K; 7 : 8 8 ;7:87 8 898 8:7/ 7 ?8 < ;<9 < ;;8 ;;8 J7 88:?:8 88:?:8 < 78 8 7<7:@ ;7 F;78 7 898 8:7 8 < 8 8J7 :K8;7;8 78 7 :;<7:7. C:@ = ;7?::@ C<87 S8:7 L7 :@ 7 <87 8:7 ; 8:8/ ; 7: = :/ = < ;7?::@ 8; J7 <:@ 8 :<:7:@ 8?<:7 9: ; 88/ ; :9;/ 78 :<7:@ 7<7;:7 8;7;:8. L7 :@ <87 8:7 7 ;;8 F;78 7 7 8: 8: 7 7// ;< ;<; ;:; :; 8 8 ::?: ?: 8 8 7 ?7= ?7=8;J7 8;J7 8 8 8: 8:8 8 < < ;; 8; 8 ?8 7 ; <7;7 (34) 7; 7 <87 8:7. S: 7 :@ 8 7;8977/ 8 8:8 9; 7<:;:;7 ;88;:87?/ 8>8;? 8 ;8:?:8 79:8 8; 7 L=.
7= :? MJ7 1000!1+!2
41
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
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
1.1&. P96036 20 /9369?8< /9369?8< &77 11 <:8 200+$ V 78 79:8 8; 7 = 7;7 < 87 7 8:7 7@:?7 F:/ 9:7 8 ;:77/ 8:<:7 7 7 L= 4+0! ;7: ;88 7<7:@ 8>8;?:7 8 7 =. T87 7 8:7 < ?7; 8?8 8:7 7@:?7 <;::@ ;:77 8 9:7 9; ;7:7; < 777:@ 78. R<::8$ E ;88 ;7:7 7 7 C?7;7 C8?;:8 8;;8:. L8 7< 7<8 8 8:7 8:7 9; 9; ; ?8:>: ?8:>:7 78 8 7;7 777; 777; < 8 8:8 :8 7 8;?7 79:7/ 7: 8?8 7:7? 8;78 8?;:7? = 8 < : 8;8;7:8 <>:: 7;7 < 7:7 <;:8;. EF: <7 8;?7 7 DGII < :7 7K8 :?<8 7:7 8; 7H7 = 7= :? MJ7 1000!1+!2
42
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
F: F: 7 7:8 :8 7;7 7;7 8 8 < < 8 ;7 ;7: : ;8 ;8 8 8 7 78 8 < < 8;;8. 1+ <:8 200+$ E;7 :K:7 7 = = :::7 78 ;7>8;?7:@ 7 8:7 < 8 ;?7; 8?8 8:7 7@:?7 = ;7>8;?7; <7 7 ?. E?8 < 7 8?7J7 8 < : 8;7:8 ?:8/ <8 < ;7>8;?7; <7 8:7 ;879::7 :?:77 (SRL) ?7:8 < 7:7 8:7 100 ?: 8 = 8 7 <7 7 <;::@ :7 < 8?:7;:8 <7. AJ 8?8 8:7 < ;7? 7 < 88 <8 = 8 < : 8;7:8 ;7:7? <8/ < 87; 8; <7 8:7 :::<7 ;879::7 :?:77. P7;7 7 ;7>8;?7:@/ 7?98 78 ; 7;:8 ?8:>:7; 8 7<8 7;7 777; 7 7 :8::8 7<7/ H7; 77?97 F;78;:7;:7 7;7 8; H7; >:7 7?9:8/ 7J 8?8 7 7 7:8 8 7:8:7 < 8 7 7 K<:; 7 8:7 : 78/ 88 8; ;7:7; ?:7 7 77?97 = 7 < 7:7 8:7. E E < ;< ;8;? 89; ?88 :878 8; </ 7;7 H7; ;<<8 7;7 7 ;7>8;?7:@ 7<;8 7 ?88 : :8 87 78/ 8/ 8?7 8?7 8 8 8: 8: ;7 ;7:@ :@ 8 8 78 78 F: F: // 7J 8?8 8?8 ?;8 8:7 < 87 <;8 :. A? 7 ;7>8;?7:@/ <7<:; 7?9:8 J>:8 < :;7;/ :>8;?7;8 >8;?7 8;7.
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
43
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
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
44
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
8 ?:?8/ ; 7:K7;8 8 77 7 7 ;8:7 A7?97 G;7 O;:7;:7 13) L7 :?:7:@ H77 :8 (5) ?778 7?::;7:@ 7;7 <7 87 ;87 >J:7 7;/ = 8; 78/ 8 H7= ;;::@. 14) C<7<:; ;7?8 89; 77?97/ <:7/ ./ ;;:9:; 8 (2) 78 78// 9;;8 2011 7;7 < 87 7 8:7 7K8 < ;8:?:8 ;7>8;?7:@ 8 7<7:@.
A9/. &". S ;88; 8 :K<: :8 8:7 (E C8K;8 N7:87 N8?9; 7 R<9:7/ 2011) •
L7 8:7 8?9; 8:8.
•
L7 8:7 8?7:7 :?.
•
L7 8:7 8?7:7 8; 7:8.
•
L7 8:7 ;879::7 :?:77.
•
L7 8:7 7@:?7.
•
L7 8:7 7@:?7 :?:>:77 (SAS). (E C8K;8 N7:87 N8?9; 7 R<9:7/ 2011)
% L7 = ;88; 7? 7 8:7 7:7 8 7;::7:@/ 7 <7 8 ; ;87:7 <;J:7. (E C8K;8 N7:87 N8?9; 7 R<9:7/ 2011) P7K<:7 3. D:H7 = ?8:>:7 7 ;<<;7 S<9 S:@ I/ C8:<:@ 8; <;::@ ;:77/ ;:77/ 7 S:@ VI C7J<8 II TJ<8 I 7 L= G;7 7 S8:7 S8:7 C8? C8?;: ;:7 7 = E?; E?;7 7 I: I:: :<7 <7 R R8 87 79: 9:::7 7 L:?: L:?:7 77 7// = < < ?8:>:7:8/ N8.4+0!/ 11 ::?9; 200!/ 7;7 < :K7$
S7 S08< I C63/8/8< 20 36802203 <8?3 A;J<8 10. 10 . S ?8:>:7 8 7;J<8 162/ 163/ 164 = 165 7 L= L = G;7 7 7 S8: S8: 7 7 C8? C8?; ;:7 :7 = E?; E?; 7 7 I: I:: :< <7 7 R R8 879 79::: :7 7 L:?:77/ = < ?8:>:7:8/ N8.4+0!/ 11 ::?9; 200!/ 7;7 < 7 7J$ A;J<8 162. A? 7 :<7:8 ::77 A;J<8 14 7 ; ; =/ =/ 8 8 7 7< <8 8 8: 8:7 7 9 9; ; 8 8; ; 8 8 8?9; 8?9; = ? ? 7= :? MJ7 1000!1+!2
45
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
K;7 8 ;:?;8 ?:?9;8 88 7?::;7:@ = 8 8?:7;:8 <7/ 8 87:7 < 77:8. P;;7>8 I. T; (3) J7 7 7 <;::@ 8; 88 8 7:8:7 8 7<8 8:7/ 8 ><78; 9; 89; < :>8;? < 89; 78; 7 78;7:8 7<;77 8 7 7<7 7 77 7;:<7; ;7 ;7 < 8?: 8?:7; 7;:8 :8 78; 78; < < 7F 7F7; 7; 7 8 8 7 7< <8 8 8: 8:7 7 // 8<7? 8 7 87:7 8>8;?:7 <;:7 8; 7 ;87 7 8;7 8 8 9>::7;:8 7 77. P;;7>8 II. E 8?:7;:8 9; ; < 878; 9:8 7<8;:78 8 < 778; 9:7? 7;:78 =8 ?7;:<78 I:<8 T778; 8?::78 8 ;K:;78 7 S<;::7 B78/ SK<;8 8 V78;.
7= :? MJ7 1000!1+!2
46
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.1!! C64 1.1 C64386 38603 03.. E78 ":7:;8 8 8 ?:8 8?<:7:@ 7 ?;7. L7 7;7;J:7 ;::7$ 8 8?;:9::7/ <9::7 = <:>8;?:7. E 7 >8;?<7:@ 8 E78 ":7:;8 :;: <::8 = :?7:8/ ?<;7 :>;7 7 78; H:@;:8 = ?<;7 88 78; <7:>:79 8 7J HH8 <7:7:8 8:<=8 < :?:7:8. L8 <<7;:8 7 :>8;?7:@ 8$ 7 K;:7/ ;87/ 8 :;:8:7 = 7 7?::;7:@ 9:7. L8 E78 ":7:;8 9:8 8 977 K;7/ 78 K77:7 = ;:7/ 78 7?9:8 7;:?8:8 8 = 78 ><8 >:8/ 8 9 ; ;78 8<7? 8 7 87 = 9 ; ;7;78 = ;78 8?7;78 8 78 7;:8;. E 11 D::?9; 200! >< ;8?<K77 8; P8; E<:8 7 L= G;7 7 S8:7 S8:7 C8?; C8?;:7 :7 = E?;7 E?;7 I:: I::<7 <7 R8 R879: 79:: :7 7 L:?:77 N?;8 4+0!/ 7 <7 ;8K7 = <:<= TJ<8 III C@:K8 C8?;:8 7 R9:7 D8?::77/ ;7:8 7 7 8:7 8?;:7/ < 8?; 8 7;J<8 1! H77 64. L7 L= 4+0! 8:<= <7 ;>8;?7 :K;7 <;7 K:7:@ ?7;:7 8:7;:7. E 89:8 ;::7 7 = H7 :8 ?8;:7; <;7 K:7:@ 8:7;:7 7J 8?8 8?8 87 87; ;7 7 ;>; ;>; K7 K7 ;7 ;7 7 7;: ;:8; 8;? ? 8 ;K< ;K<7 77 7/ / = ;>8;7; 7 ;8:@ < ::8 78;. E :8 7 L= 4+0! :; :;8 8< < 8 8 < <8 8 HJ HJ< <8 8 7;7 7;7 ;7 ;7: :7; 7; K8 K8: :8 8$$ 7 7 8: 8: 7 7 ;879::7 ;879::7 :?:77 :?:77 = 7 ?;7 ?;7 :::<7 :::<7 ;879:: ;879::7 7 :?:77. :?:77. A:?:?8/ ;K<7 ;K< 7 8 ;88 ; 88 ? :K:>:7:8 7 :7 8;8;7:7 (><:8/ ::8/ 79;;8 2011 >< ;8?<K77 7 = 3111 < :;8< <7:7 ?8:>: ?8:>:7 7:8 :8 7 7 = 4+0!/ 4+0!/ 89; 89; S8: S8:7 7 C8?;: C8?;:7 7 = E?;7 E?;7 I::<7 R879::7 L:?:77. L7 L7 N8;? N8;?7 7 APA APA 8 < 8 8< <8 8 7 7; ; ;7 ;78 8 8; 8; 7 A?; A?;: :7 7 P=H88K:7 A8:7:8 8 >: <:>:7; 7 >8;?7 ;7; ;7978 ;:8 7 : :;7:87/ :77 :7? 7;7 ;8=8 K;78 8 <7<:; :8 8
7= :? MJ7 1000!1+!2
4
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.1"" B8748 1.1 B87486>9 6>9= = E C8K; C8K;8 8 N7:8 N7:87 7 N8?9; N8?9; 7 R9 R9:7 :7 . (200!). (200!). Ley General de las Socied Sociedades ades Comerci Comerciales ales y Empresa Empresas s Indivi Individua duales les de Respons Responsabi abilid lidad ad Limitada, No. 479!". S78 D8?:K8. G:7?8/ ". (200+). Resumen E#ecutivo Ley de Sociedades Comerciales No. 479 !". S78 D8?:K8$ E::8 U:7;:9.
7= :? MJ7 1000!1+!2
4!
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
1.1 1.1 A06 0633 P7;7 7;; 8 88 7 8:<7:@ <7 797 8?7;7:7 89; 8 78 ;7:7/ 8 7 :::8 77 <?7 8:7;:8.
S68022
C@8/4 M=8?6
R03@63784822 20 463 36863
S@09838< C6?83986 20 C0/3
2
RDY 30 ?:8
&77 < 78;
O9:K78;:8
2
":78 8; S<;::7 V78;
&77 < 78;
O9:K78;:8
2 ?F:?8 50
RDY100/000.0
&77 < 78;
O:87
1
":78 < 8:<:@
&77 < 78;
O:87
2
":78 8;78 8:7
I:?:77
O:87
M=8?6 20 36863
S8:7 A@:?7 S<;::@ P;:77 S8:7 A@:?7 S<;::@ P9:7 S8:7 R879::7 L:?:77 S8:7 I::<7 R879::7 L:?:77 S8:7 N8?9; C8:8
I:?:77 7;7 8?7:78 = 2 O:87 :?:77 7;7 8?7:7;:8 1 8:8 I:?:77 7;7 S8:7 8?7:78 ":78 78 8?7:78 = C8?7:7 8; O9:K78;:8 = 3 8:8 8:<:@ :?:77 7;7 8 A:8 8?7:7;:8 8?7:7;:8 N87$ P7;7 8 < 8 ;?7; 978 <?7 7<7 8:7 7@:?7 = 78;?7:@ 8;8 8 <?7 8:7;:8 79:8 8; 7 <7 =. S8:7 C8?7:7 S:?
7= :? MJ7 1000!1+!2
":78 8;78 8:7
4+
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
T797 3.1/ 3.3 = 3.3 S8 ?8 H:8:8 < ?<;7 977 K;7/ 78 ;<78 = 78 >88 >:8/ < 8 977 :8 ?;7 ?7<>7<;;7.
7= :? MJ7 1000!1+!2
50
A 7 C879::7$ M:8 M:8 C:;<7 = E78 ":7:;8.
7= :? MJ7 1000!1+!2
51
