Share option awards: SFAS 123 revised

Different kinds of awards have been developed to stimulate employers to focus on the maximization of the fi rm value. To reach this target, entities use share-based payment in exchange for the employee services they receive. However, the utilization of these instruments results in controversial questions for Accounting. Should equity awards be recognized as expenses? Is a share option award (issued to pay for employee services) a liability or an equity instrument? What method should be used to measure the value of this instrument? What period of time should be considered to account for this kind of transaction? In order to establish accounting standards for transactions in which an entity exchanges its equity instruments for services, the FASB recently released SFAS 123 revised. This paper discusses share-based payment issues, concentrating on employee share options, and aims to review and analyze the conceptual framework of SFAS 123 revised. It presents the historical evolution of controversial regulations about this theme, discusses the main concepts issued by SFAS 123 revised and addresses FASB's argumentation about the theoretical background of this standard.Diferentes mecanismos de remuneração têm sido desenvolvidos com o intuito de estimular os empregados a agir com foco na maximização do valor da firma. Uma das maneiras utilizadas pelas empresas na busca desse objetivo é a remuneração vinculada à entrega de ações ou opções de ações da empresa para os empregados (chamada genericamente de remuneração baseada em ações) em troca de seus serviços. Contudo, a utilização desse instrumento acarreta algumas questões controversas para a Contabilidade. Esse tipo de remuneração deve ser reconhecido como despesa? Opções de compra lançadas pela empresa para a remuneração de seus funcionários representam um passivo ou um item do patrimônio líquido? Por qual valor deve ser mensurado esse tipo de remuneração? E qual o período que deve ser considerado para a contabilização? No intuito de regulamentar o assunto, o FASB emitiu o SFAS 123 revisado. Este trabalho aborda os temas relacionados com a remuneração baseada em ações, concentrando-se na remuneração com opções de ações, e objetiva expor e analisar o arcabouço conceitual do SFAS 123 revisado. Para isso apresenta a evolução histórica da controversa normatização do tema, discorre sobre os principais conceitos emanados do SFAS 123 revisado e aborda a argumentação utilizada pelo FASB para o embasamento teórico da norma

Gerenciamento de resultados por meio das transações entre companhias brasileiras interligadas

O objetivo na pesquisa aqui relatada foi analisar se as companhias abertas brasileiras utilizam as transações entre empresas interligadas, especificamente quando da existência de relação de controle, para gerenciar os resultados. Dentro desse contexto, a controladora pode utilizar sua influência nas relações com as controladas de modo a transferir resultados da controlada para controladora ou vice-versa. Do ponto de vista metodológico, foi empregada a análise de distribuição de freqüência (histograma), preconizada na literatura específica sobre o tema, para verificar a existência de evidências de gerenciamento de resultados por meio das transações entre empresas interligadas. As informações necessárias para a pesquisa foram obtidas nos bancos de dados da Economática, compreendendo os exercícios sociais de 2000 a 2004. Dentre os resultados encontrados, pode-se destacar o fato de existirem indícios de gerenciamento de resultados, porém, não há evidências de que isso esteja sendo feito por meio das transações entre empresas interligadas. Por fim, propõe-se outro estudo dessa natureza com outras metodologias além de distribuição de freqüência (histograma), como o uso de modelos econométricos mais robustos.El objetivo de esta investigación fue analizar si las compañías brasileñas de capital abierto utilizan transacciones entre empresas interrelacionadas, específicamente cuando existe relación de control, para la gestión de resultados. En ese contexto, la empresa controladora puede utilizar su influencia en las relaciones con las controladas con el objetivo de transferir resultados de la controlada a la controladora o viceversa. Desde el punto de vista metodológico, fue empleado el análisis de distribución de frecuencia (histograma), ampliamente difundido en la literatura específica sobre este tema, para verificar la existencia de evidencias de gestión de resultados por medio de las transacciones entre empresas interrelacionadas. Las informaciones necesarias para la investigación fueron obtenidas desde los bancos de datos de Economática, y comprendieron los ejercicios sociales de 2000 a 2004. Entre los resultados encontrados, se puede resaltar el hecho de que existen indicios de gestión de resultados, sin embargo, no hay evidencias de que eso ocurra por medio de transacciones entre empresas interrelacionadas. Finalmente, se propone otro estudio de esa naturaleza mediante distintas metodologías, además de la distribución de frecuencia (histograma), como por ejemplo el uso de modelos econométricos más robustos.The purpose of this research was to analyze whether Brazilian companies take advantage of their controlling interest position in affiliated companies to manage accounting income. Within this context, the parent company may use its influence to transfer book income from or to the affiliated company. The analysis tool employed was the frequency distribution bar graph (histogram), which is recommended in the subject literature, to verify the existence of earnings management in inter-company transactions. Data for this work were obtained from Economatica, covering years from 2000 to 2004. Among the results found, we may mention evidence of earnings management, although no evidence was found that pointed out to affiliated companies being used for this purpose. Finally, it is proposed that additional survey employing further methods beyond the histogram be implemented, e.g. more robust econometric models

Fast Matrix Multiplication via Compiler-only Layered Data Reorganization and Intrinsic Lowering

The resurgence of machine learning has increased the demand for high-performance basic linear algebra subroutines (BLAS), which have long depended on libraries to achieve peak performance on commodity hardware. High-performance BLAS implementations rely on a layered approach that consists of tiling and packing layers, for data (re)organization, and micro kernels that perform the actual computations. The creation of high-performance micro kernels requires significant development effort to write tailored assembly code for each architecture. This hand optimization task is complicated by the recent introduction of matrix engines by IBM's POWER10 MMA, Intel AMX, and Arm ME to deliver high-performance matrix operations. This paper presents a compiler-only alternative to the use of high-performance libraries by incorporating, to the best of our knowledge and for the first time, the automatic generation of the layered approach into LLVM, a production compiler. Modular design of the algorithm, such as the use of LLVM's matrix-multiply intrinsic for a clear interface between the tiling and packing layers and the micro kernel, makes it easy to retarget the code generation to multiple accelerators. The use of intrinsics enables a comprehensive performance study. In processors without hardware matrix engines, the tiling and packing delivers performance up to 22x (Intel), for small matrices, and more than 6x (POWER9), for large matrices, faster than PLuTo, a widely used polyhedral optimizer. The performance also approaches high-performance libraries and is only 34% slower than OpenBLAS and on-par with Eigen for large matrices. With MMA in POWER10 this solution is, for large matrices, over 2.6x faster than the vector-extension solution, matches Eigen performance, and achieves up to 96% of BLAS peak performance

Production of sustainable postbiotics from sugarcane straw for potential food applications

The production of postbiotics for food applications has been growing in recent years owing to their biological potential and superior technological performance over probiotics. Their production involves the use of synthetic culture media, and in this work, we propose using sugarcane straw as a source of sugar and biological components and a sustainable alternative. Thus, this by-product was used as a substrate to produce a postbiotic extract using Saccharomyces cerevisiae as a fermentative microorganism. Sugarcane straw underwent a precedent saccharification step to release the fermentable sugars. The final extracts were characterized for their total content of sugars, phenolic compounds, organic acids, and their respective chromatographic profiles. Seventeen different polyphenols were identified with the predominance of three classes, the hydroxybenzoic acids, hydroxycinnamic acids, and flavonoids, where ferulic acid, 3,4-dihydroxybenzaldehyde, and 2,5-dihydroxybenzoic acid were most prevalent. The current work evaluated the potential use of this postbiotic extract for food applications, its antioxidant activity, gut microbiota modulatory effect, and intestinal anti-inflammatory potential. The resultant extracts showed considerable antioxidant activity and the ability to lower the pro-inflammatory mediators (i.e., interleukin 6, 8, and tumor necrosis factor-alpha) in Caco-2 cells. During the fecal fermentability assay, no modulatory effect was observed on the main beneficial bacteria, such as Lactobacillus and Bifidobacterium. Nevertheless, a significant increase in short-chain fatty acids, namely, acetate, propionate, butyrate, and valerate was observed. Moreover, the extract also demonstrated capacity to inhibit the proliferation of putrefactive bacteria such as Enterobacteriaceae. Finally, sustainable postbiotic extracts produced by S. cerevisiae fermentation using sugarcane straw as a substrate exhibited relevant biological properties with potential use as food and nutraceutical ingredients.info:eu-repo/semantics/publishedVersio

Aspects of hedge accounting not implemented in Brazil

A implantação de regras para o reconhecimento, a mensuração e a divulgação do hedge accounting no cenário internacional é marcada pela edição do SFAS 133, pelo Financial Accounting Standards Board (FASB, 1998), e do IAS 39, pelo International Accounting Standards Board (IASB, 2001). No Brasil, parte dos requisitos de hedge accounting contidos nesses pronunciamentos existe apenas para instituições financeiras e fundos de investimento, a partir de 2002, quando o Banco Central do Brasil editou as Circulares 3.068, de 08 de novembro de 2001, 3.082, de 30 de janeiro de 2002, e 3.086, de 15 de fevereiro de 2002. No vácuo dessas normas, alguns aspectos relevantes não foram aqui implantados, como o hedge de investimentos no exterior, as especificações do hedge para variação de moeda estrangeira e o tratamento despendido para os derivativos embutidos. Além disso, tópicos recentemente aprovados pelo IASB, como o hedge de taxa de juros para exposições líquidas em carteiras de ativos e passivos, denominado macro hedge, também não estão contemplados em normas brasileiras. Pelo exposto, constatam-se diferenças entre as normas brasileiras e as internacionais, em face da falta de previsão para o registro de determinados tipos de operações de hedge no Brasil. Assim, futuros normativos nacionais devem preencher as lacunas existentes, tanto para instituições financeiras, complementando o que falta, como para as instituições não-financeiras, que se encontram destituídas de regulamentação apropriada.La implantación de reglas para el reconocimiento, la medición y la divulgación de la contabilidad de cobertura o hedge accounting en el escenario internacional está determinada por la emisión del SFAS 133, por el Financial Accounting Standards Board (FASB, 1998), y de la NIC 39, por el International Accounting Standards Board (IASB, 2001). En Brasil, parte de los requisitos de contabilidad de cobertura que figuran en esos pronunciamientos se aplican sólo a instituciones financieras y fondos de inversión, a partir de 2002, tras la edición de las circulares 3068, del 08 de noviembre de 2001, 3082, del 30 de enero de 2002, y 3086, del 15 de febrero de 2002, por el Banco Central de Brasil. En ese sentido, determinados aspectos relevantes no fueron considerados en la normativa brasileña, tales como la cobertura de inversiones en el exterior, las especificaciones de cobertura para variación de moneda extranjera y el tratamiento para los derivados híbridos. Además, aspectos recién aprobados por el IASB, como la cobertura de tipo de interés para exposición neta en cartera de activos y pasivos, conocida como macrocobertura, tampoco están contemplados en las normas brasileñas. En consecuencia, se observan diferencias entre las normas brasileñas y las internacionales, ante la ausencia, en Brasil, de reglas para el registro de determinadas operaciones de contabilidad de cobertura. Así, las normas nacionales deben en el futuro rellenar esos huecos, tanto para las instituciones financieras, como para las entidades no financieras, que todavía no disponen de regulación contable adecuada.The implementation of rules for recognition, measurement, and disclosure of hedge accounting is pointed out by the edition of SFAS 133 and IAS 39, issued by FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board), respectively. In Brazil, just part of these requirements established in the international pronouncements has been set out for financial institutions and investment funds since 2002, when the Central Bank of Brazil issued the Circulares 3.068, 3.082, and 3.086. Despite them, some relevant aspects were ommited like hedge of foreign investments, specifications for hedge of foreign currency, and the treatment for embedded derivatives. Furthermore, topics recently approved by IASB such as interest rate hedge for net open positions, called macro-hedge, are not implemented in Brazil. Considering that, there are important differences between Brazilian and international rules, especially in hedge accounting operations. While the financial institutions legislation need improvements to fulfill the lacuns observed, non-financial institutions are still waiting for appropriated legislation of such operations

A abordagem de Shimpi para gestão de riscos

This paper presents the methodology proposed by Shimpi for risk management practices based on transaction costs and other market frictions.The paper demonstrates that risk management is a tool for reducing transactions costs and, as such, it can be replaced or improved by non-conventional practices. We present some recommendations for the development and implementation of risk management models and techniques that consider the economic foundation presented. This paper does not present any analytical conclusions (like the ones usually found in positive-based research). This new approach provides an alternative path towards new investigations in the field.Este artigo discute a metodologia proposta por Shimpi para a gestão de riscos baseada nos custos de transação e demais fricções existentes nos mercados. O artigo demonstra que a gestão de riscos é um instrumento para a redução dos custos de transação e, como tal, pode ser substituída, ou melhorada, por práticas não convencionais. O artigo é concluído com recomendações para o desenvolvimento e implementação de modelos e técnicas de gestão de riscos que considerem a fundamentação econômica apresentada. O trabalho não apresenta conclusões analíticas (dentro do paradigma positivo de pesquisa). Essa visão alternativa fornece um novo caminho para o desenvolvimento de pesquisas na área

Insight into resistance to 'Candidatus Liberibacter asiaticus,' associated with Huanglongbing, in Oceanian citrus genotypes

[EN] Huanglongbing (HLB), the most destructive citrus disease, is associated with unculturable, phloem-limited Candidatus Liberibacter species, mainly Ca. L. asiaticus (Las). Las is transmitted naturally by the insect Diaphorina citri. In a previous study, we determined that the Oceanian citrus relatives Eremocitrus glauca, Microcitrus warburgiana, Microcitrus papuana, and Microcitrus australis and three hybrids among them and Citrus were full-resistant to Las. After 2 years of evaluations, leaves of those seven genotypes remained Las-free even with their susceptible rootstock being infected. However, Las was detected in their stem bark above the scion-rootstock graft union. Aiming to gain an understanding of the full-resistance phenotype, new experiments were carried out with the challenge-inoculated Oceanian citrus genotypes through which we evaluated: (1) Las acquisition by D. citri fed onto them; (2) Las infection in sweet orange plants grafted with bark or budwood from them; (3) Las infection in sweet orange plants top-grafted onto them; (4) Las infection in new shoots from rooted plants of them; and (5) Las infection in new shoots of them after drastic back-pruning. Overall, results showed that insects that fed on plants from the Oceanian citrus genotypes, their canopies, new flushes, and leaves from rooted cuttings evaluated remained quantitative real-time polymerase chain reaction (qPCR)-negative. Moreover, their budwood pieces were unable to infect sweet orange through grafting. Furthermore, sweet orange control leaves resulted infected when insects fed onto them and graft-receptor susceptible plants. Genomic and morphological analysis of the Oceanian genotypes corroborated that E. glauca and M. warburgiana are pure species while our M. australis accession is an M. australis x M. inodora hybrid and M. papuana is probably a M. papuana x M. warburgiana hybrid. E. glauca x C. sinensis hybrid was found coming from a cross between E. glauca and mandarin or tangor. Eremocitrus x Microcitrus hybrid is a complex admixture of M. australasica, M. australis, and E. glauca while the last hybrid is an M. australasica x M. australis admixture. Confirmation of consistent full resistance in these genotypes with proper validation of their genomic parentages is essential to map properly genomic regions for breeding programs aimed to generate new Citrus-like cultivars yielding immunity to HLB.Alves, MN.; Raiol-Junior, LL.; Girardi, EA.; Miranda, M.; Wulff, NA.; Carvalho, EV.; Lopes, SA.... (2022). Insight into resistance to 'Candidatus Liberibacter asiaticus,' associated with Huanglongbing, in Oceanian citrus genotypes. Frontiers in Plant Science. 13:1-23. https://doi.org/10.3389/fpls.2022.10093501231

Testing the running of the cosmological constant with Type Ia Supernovae at high z

Within the Quantum Field Theory context the idea of a "cosmological constant" (CC) evolving with time looks quite natural as it just reflects the change of the vacuum energy with the typical energy of the universe. In the particular frame of Ref.[30], a "running CC" at low energies may arise from generic quantum effects near the Planck scale, M_P, provided there is a smooth decoupling of all massive particles below M_P. In this work we further develop the cosmological consequences of a "running CC" by addressing the accelerated evolution of the universe within that model. The rate of change of the CC stays slow, without fine-tuning, and is comparable to H^2 M_P^2. It can be described by a single parameter, \nu, that can be determined from already planned experiments using SNe Ia at high z. The range of allowed values for \nu follow mainly from nucleosynthesis restrictions. Present samples of SNe Ia can not yet distinguish between a "constant" CC or a "running" one. The numerical simulations presented in this work show that SNAP can probe the predicted variation of the CC either ruling out this idea or confirming the evolution hereafter expected.Comment: LaTeX, 51 pages, 13 figures, 1 table, references added, typos corrected, version accepted in JCA