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domingo 22/07 2018

Vencimientos AFIP

° Buenos Aires

12/07/2018

  • Novedad

US GAAP

Países con Inflación superior al 100% en los últimos 3 ejercicios

INFORME DELOITTE. La reconocida firma de Auditores acaba de sacar un informe sobre la Argentina. En resumen Deloitte considera a la Argentina como -Altamente Inflacionaria- a los fines de aplicar los US GAAP a partir del 1º de julio de 2018. ... Leer más ...

US GAAP

DELOITTEe considera a la Argentina como Atamente Inflacionaria a los fines de aplicar los US GAAP a partir del 1º de julio de 2018.

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El informe recuerda que:

ASC 830-10-45-11 defines a highly inflationary economy as one with a cumulative inflation rate of approximately 100 percent or more over a three-year period. ASC 830-10-45-12 provides additional interpretative guidance on determining whether an economy is highly inflationary.

Under ASC 830, if a country’s economy is classified as highly inflationary, a foreign entity operating in that country whose functional currency was the foreign currency is required to change its functional currency to that of its immediate parent company for consolidation purposes.

Once a country’s economy is classified as highly inflationary, a decrease in the cumulative three-year rate below 100 percent does not necessarily automatically mean that the country’s economy is no longer highly inflationary.

Esto es:

La sección 830-10-45-11 de la ASC (que es la codificación de normas contables de la FASB) define como “altamente inflacionaria” a una economía con una tasa de inflación acumulada de aproximadamente el 100 por ciento o más durante un período de tres años (lo que equivale a un 26 % anual). La sección 830-10-45-12 de la misma ASC suministra una orientación interpretativa adicional para determinar si una economía es “altamente inflacionaria”.

Según la ASC 830, para determinar las cifras a ser consolidadas, una entidad que tenga como "moneda funcional" a la de un país cuya economía se clasifica como altamente inflacionaria, debe reemplazarla por la moneda funcional de su controladora inmediata.

Una vez que la economía de un país se clasifica como altamente inflacionaria, una disminución en la tasa acumulada que la lleve por debajo del 100 por ciento no implica que automáticamente la economía del país deba dejar de considerarse como “altamente inflacionaria”.

Vale recordar que, en los US GAAP, se emplea la expresión “altamente inflacionaria” con un significado muy parecido al dado a la palabra “hiperhinflacionaria” en la NIC 29. La unica diferencia sustancial es que en las US GAAP se establece que cuando se alcanza el 100 % de inflación trienal (como sucede actualmente en la Argentina), no es necesario evaluar si se presentan ciertas “pautas cuantitativas”.

Pasando a un tema vinculado, es claro que a los defensores del “no ajuste” se les va haciendo cada vez más difícil encontrar argumentos para sostener que NO se presentan las condiciones establecidas por la NIC 29 para que los efectos patrimoniales de la inflación se reflejen en los estados financieros preparados y presentados de acuerdo con las NIIF.

Mientras tanto la CNV continúa con su postura de rechazar los ajustes por inflación, lo que tiene las siguientes implicaciones:

Además de violar las leyes argentinas, la CNV incumple la recomendación del IOSCO (la organización mundial de comisiones de valores y entidades parecidas) de requerir la aplicación de las NIIF.

Una empresa que cotice públicamente sus acciones en una bolsa de un país que requiera la aplicación completa de las NIIF necesitará preparar estados ajustados por inflación para su presentación en ese país, aunque haya decidido no hacerlo a los efectos de preparar los estados contables a ser presentados en la Argentina a BYME (la Bolsa) y a la CNV.

NOTA DE REDACCION: Esta primera parte del informe fue publicada por el Dr. Enrique Fowler Newton en su página de Linkedin

DELOITTE

Argentina has continued to experience negative economic trends, as evidenced by (1) multiple periods of increasing inflation rates, (2) devaluation of the peso, and (3) increasing borrowing rates, requiring the Argentinian government to take mitigating actions. 

Three-year cumulative estimated consumer price index (CPI) inflation, which is based on published data about Argentina, has consistently exceeded 100 percent since September 2017; however, the wholesale price index (WPI) has not been above 100 percent until May 2018, as discussed below. Because of the lack of consistent monthly reporting of CPI data, various CPIs — such as the City of Buenos Aires index (IPC-BA), the San Luis province index (IPC-SL), and a more recently established national CPI — have been used to obtain three years of comparative CPI data.

The IPC-BA and IPC-SL indexes are specific to the city of Buenos Aires and the province of San Luis, respectively, whereas the historical Greater Buenos Aires Area index (CPI-GBA) encompasses the Greater Buenos Aires Metropolitan Region. In accordance with this data, the three-year cumulative CPI, which blends the historical IPC-BA or IPC-SL indexes with the applicable national CPI, has exceeded 100 percent since September 2017 and December 2017, respectively. Furthermore, if a blended approach is used, the three-year cumulative CPI (including the national CPI) has exceeded 100 percent since September 2017. 

The Center for Audit Quality’s (CAQ’s) International Practices Task Force (IPTF) has also closely monitored the WPI. At its November 2017 meeting with the SEC staff, the IPTF referred to the discussion document, Monitoring Inflation in Certain Countries, which stated that “the WPI has consistently provided national coverage and historically has been viewed as the most relevant and reliable inflation measure by practitioners since Argentina moved to International Financial Reporting Standards (IFRS).” As of that meeting, the latest three-year cumulative WPI data as of September 30, 2017, showed the index at 74 percent. The WPI has continued to increase and, as of the May 2018 IPTF meeting, had reached 95 percent. The May 2018 WPI data released on June 14, 2018, shows that the WPI increased to 7.5 percent for the month, resulting in a three-year cumulative WPI of approximately 109 percent as of May 2018.

The first two columns in the table contain the three-year cumulative inflation rates published by the CAQ IPTF in the May 2018 edition of its discussion document for the periods ended December 31, 2017, and March 31, 2018. The second two columns show inflation data for the periods ended April 30, 2018, and May 31, 2018, computed on the basis of monthly inflation information published by the Instituto Nacional de Estadistica y Censos de la Republica Argentina (INDEC). (See table in pdf.)
 
Highly Inflationary Status

ASC 830-10-45-12 states that the “determination of a highly inflationary economy must begin by calculating the cumulative inflation rate for the three years that precede the beginning of the reporting period” (emphasis added). On the basis of currently available data related to inflation, we would expect entities to account for Argentina as a highly inflationary economy under ASC 830 beginning no later than July 1, 2018.

Accordingly, entities with a year-end or quarter-end as of June 30, 2018, that have not previously considered Argentina’s economy to be highly inflationary should consider its economy to be highly inflationary no later than July 1, 2018. As a result, the financial statements of Argentinian entities will need to be remeasured as if the functional currency were the reporting currency no later than July 1, 2018. 

ASC 830-10-45-11 defines a highly inflationary economy as one with a cumulative inflation rate of approximately 100% or more over a three-year period.

ASC 830-10-45-12 provides additional interpretative guidance on determining whether an economy is highly inflationary.

Under ASC 830, if a country’s economy is classified as highly inflationary, a foreign entity operating in that country whose functional currency was the foreign currency is required to change its functional currency to that of its immediate parent company for consolidation purposes. 

Once a country’s economy is classified as highly inflationary, a decrease in the cumulative three-year rate below 100% does not necessarily automatically mean that the country’s economy is no longer highly inflationary.

ASC 830-10-55-25 (formerly Example B of Topic D-55) describes a situation in which a country’s economy should continue to be classified as highly inflationary because there is no evidence to suggest that a drop in the cumulative three-year rate below 100 percent is “other than temporary.”

Entities should continue to evaluate and assess the economic conditions in Argentina to determine whether a change in circumstance, such a cumulative decrease in the three-year inflation rate, is other than temporary.
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