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

Regulation and marketisation in the Portuguese higher education system

This paper builds on the ongoing discussion on the regulation and marketisation of the higher education system. Its aim is to study the higher education market (des)equilibrium. Teixeira, Rosa and Amaral (2004) have analysed the presence/absence of market mechanisms in the Portuguese higher education sector. This paper describes supply and demand in the Portuguese system. On the supply side, it looks at indicators such as place distribution and diversity, whereas on the demand side, indicators based on the revealed preferences are computed. It goes a step further in quantifying the (mis)match between the two sides of the market, by suggesting and computing a set of strength and weakness indicators. These indicators are then used in predicting the potential impact of changes in higher education regulations on the market equilibrium and stability

Rare Gastric Inflammatory Myofibroblastic Tumor in an Adult Woman: A Case Report with Review of the Literature

Inflammatory myofibroblastic tumor (IMT) of the stomach is extremely rare and its prognosis is unpredictable. We present a 37-year-old woman with a gastric IMT. She presented epigastric pain since 2 months, anemia and weight loss associated. Physical examination showed cutaneous pallor and mild abdominal tenderness in the epigastrium. Abdominal ultrasonography showed a tumor near the pancreas and the CT scan revealed that the lesion was arising from the stomach. Upper endoscopy showed a submucosal lesion of approximately 7.5 cm located in the posterior wall of the gastric body such as a gastrointestinal stromal tumor (GIST). The patient underwent a subtotal gastrectomy and Billroth I reconstruction. The histopathological and immunohistochemical analysis revealed an IMT that originated from the gastric wall

Feasibility of endoscopic submucosal dissection for gastric and colorectal lesions: Initial experience from the Gastrocentro - Unicamp

OBJECTIVE: Endoscopic submucosal dissection is a technique developed in Japan for en bloc resection with a lower rate of recurrence. It is considered technically difficult and performed only in specialized centers. This study sought to report the initial experience from the Gastrocentro - Campinas State University for the treatment of gastric and colorectal lesions by endoscopic submucosal dissection. MATERIALS AND METHODS: The guidelines of the Japanese Association of Gastric Cancer were used as evaluative criteria. For colorectal lesions, the recommended standards proposed by Uraoka et al. and Saito et al. were employed. The practicability of the method, the development of complications and histological analysis of the specimens were evaluated. RESULTS: Sixteen patients underwent endoscopic submucosal dissection from June 2010 to April 2011; nine patients were treated for gastric lesions, and seven were treated for colorectal lesions. The average diameter of the gastric lesions was 28.6 mm, and the duration of resection was 103 min without complications. All lesions presented lesion-free margins. Of the seven colorectal tumors, four were located in the rectum and three were located in the colon. The average size was 26 mm, and the average procedure time was 163 min. Two complications occurred during the rectal resection procedures: perforation, which was treated with an endoscopic clip, and controlled bleeding. One of the lesions presented a compromised lateral margin without relapse after 90 days. Depth margins were all free of lesions. CONCLUSION: Endoscopic submucosal dissection at our institution achieved high success rates, with few complications in preliminary procedures. The procedure also made appropriate lesion staging possible

Complicações neurológicas em transplantes cardíacos

OBJECTIVE: Neurologic complications are known as important cause of morbidity and mortality in orthotopic heart transplantation. Our aim was to identify the frequency and outcome of neurologic complications after heart transplantation in a prospective observational study. METHOD: From September 93 to September 99, as part of our routine heart transplantation protocol all patients with end-stage cardiac failure were evaluated by the same neurologist before and at the time of any neurologic event (symptom or complaint) after transplantation. RESULTS: Out of 120 candidates evaluated, 62 were successfully transplanted (53 male; median age 45.5 years, median follow-up 26.8 months). Fifteen patients (24%) had ischemic, 22 (35%) idiopathic, 24 (39%) Chagas' disease and 1 (2%) had congenital cardiomyopathy. Neurologic complications occurred in 19 patients (31%): tremor, severe headache, transient encephalopathy and seizures related to drug toxicity or metabolic changes in 13; peripheral neuropathy in 4; and spinal cord compression in two (metastatic prostate cancer and epidural abscess). No symptomatic postoperative stroke was observed. CONCLUSIONS: Although frequent, neurologic complications were seldom related to persistent neurologic disability or death. Most of the complications resulted from immunosuppression, however, CNS infection was rare. The absence of symptomatic stroke in our series may be related to the lower frequency of ischemic cardiomyopathy.OBJETIVO: Complicações neurológicas são frequentemente descritas como causa de morbidade e mortalidade em transplantes cardíacos. Nosso objetivo foi avaliar a frequência de complicações neurológicas em pacientes submetidos a transplantes cardíacos, bem como sua evolução, através de um estudo prospectivo observacional. MÉTODO: Todos os candidatos a transplantes cardíacos foram avaliados pelo mesmo neurologista, como parte do protocolo de rotina de avaliação pré-transplante no período de 9/93 a 9/99. Após a cirurgia, os pacientes foram reavaliados sempre que houvesse qualquer sintoma ou queixa neurológica. RESULTADOS: Entre 120 pacientes avaliados no período pré-operatório, 62 foram transplantados (53 sexo masculino; idade mediana de 45.5 anos; tempo de seguimento mediano 26.8 meses). A etiologia da miocardiopatia foi isquêmica em 15 pacientes (24%), idiopática em 22 (35%), chagásica em 24 (39%) e congênita em 1 (2%). Complicações neurológicas ocorreram em 19 pacientes (31%): tremor, cefaléia intensa, encefalopatia transitória ou crises relacionados com toxicidade medicamentosa ou alterações metabólicas em 13; neuropatia periférica em 4; compressão medular em 2 (metástase epidural de carcinoma de próstata e abscesso epidural). Nenhum paciente apresentou acidente vascular cerebral (AVC) sintomático no período pós-operatório. CONCLUSÕES: Apesar de frequentes, as complicações neurológicas raramente provocaram seqüelas permanentes ou óbito. A maior parte das complicações foi relacionada com imunossupressão, entretanto, infecções foram raras. A ausência de pacientes com AVC sintomático pode estar associada com a baixa frequência de miocardiopatia isquêmica na presente série.Universidade Federal de São Paulo (UNIFESP) Escola Paulista de Medicina Department of NeurologyUniversidade Federal de São Paulo (UNIFESP) Escola Paulista de Medicina Department of CardiologyUniversidade Federal de São Paulo (UNIFESP) Escola Paulista de Medicina Department of Infectious DiseasesUniversidade Federal de São Paulo (UNIFESP) Escola Paulista de Medicina Department of Cardiovascular SurgeryUNIFESP, EPM, Department of NeurologyUNIFESP, EPM, Department of CardiologyUNIFESP, EPM, Department of Infectious DiseasesUNIFESP, EPM, Department of Cardiovascular SurgerySciEL

Experimental application of a sanitary inspection model in the retail food market

Este trabalho teve por objetivo aplicar um procedimento para diagnóstico e modelo de inspeção higiênico-sanitária em estabelecimentos varejistas de alimentos, no Município de Ibiúna, Estado de São Paulo, Brasil, e analisar os resultados com vistas a atingir os objetivos da vigilância sanitária. O trabalho foi desenvolvido durante seis meses em 19 estabelecimentos varejistas de alimentos classificados como padarias, restaurantes e açougues, sendo que na primeira inspeção realizou-se o diagnóstico da situação, com a identificação das não conformidades e avaliação das condições higiênico-sanitárias dos estabelecimentos e foi obtida a pontuação média de 64. Após esta etapa iniciaram-se retornos programados aos estabelecimentos pela equipe da vigilância sanitária a fim de verificar a evolução das adequações sanitárias. No diagnóstico e em todos os retornos programados foi aplicado roteiro de inspeção e produção de relatórios detalhados destinados aos proprietários. Todos os manipuladores de alimentos dos estabelecimentos inspecionados foram capacitados em relação a conceitos básicos de higiene em alimentos. Os resultados mostraram que, após três retornos de inspeções em cada estabelecimento, 100% apresentaram-se como satisfatórios, com pontuação média de 90. O modelo de inspeção sanitária aplicado mostrou-se viável para a promoção da segurança alimentar.The aim of this research was to apply a diagnostic procedure and a model of sanitary inspection in food establishments in the city of Ibiúna, State of São Paulo, Brazil. Results were analyzed in order to achieve sanitary surveillance goals. The work was developed during six months in 19 retail food establishments such as bakeries, restaurants, and butcheries. Firstly, the establishment situation was diagnosed; irregularities were verified according to hygienic-sanitary conditions. An average 64 points was obtained. The next step included new and frequent sanitary surveillance team visits to those establishments in order to verify their sanitary quality adequacies. Inspection guides were used and detailed reports were prepared for the establishment owners. Those who handled food were trained in basic food hygiene. Results indicate that after 3 inspection visits to each establishment, 100% of them presented satisfactory results with 90 point average. This sanitary inspection model is considered useful to promote food safety

Identification and phylogeny of Trichoderma species by MALDI-TOF analysis and characterization of antagonistic activities against Sclerotinia scleroti

Common bean (Phaseolus vulgaris L.) is an economically important food commodity in Brazil. However, it can suffer serious damage by white mould disease caused by the pathogen Sclerotinia sclerotiorum. Species of the genus Trichoderma can act as biocontrol agents against of this pathogen. This study describes the identification based on morphological, MALDI-TOF MS and molecular analysis of these 29 Trichoderma sp. isolates and their in vitro antagonistic behaviour against S. sclerotiorum. In order to evaluate the disease incidence greenhouse experiments were also performed using bean seedling. According to the results obtained, MALDI-TOF MS technique was appropriate for all Trichoderma species identification confirming the morphological and molecular-based identifications through analysis of rDNA ITS sequence data. In vitro inhibition experiments showed that 38% of Trichoderma isolates colonised the entire surface of the medium (grade 1 evaluation score) in dual cultures against S. sclerotiorum. Pathogen exposition to non-volatile metabolites produced by Trichoderma resulted in the inhibition of their mycelia growth between c.a. 83 and 100%. Moreover, 19 Trichoderma isolates enabled a total suppression of disease in bean seedlings when evaluated in greenhouse experiments. Two Trichoderma isolates identified as Trichoderma asperellum (CEN201 and CEN162) were responsible to the highest rates of growth promotion in bean plants, which ranged from 26 to 34%. The MALDI-TOF technique was appropriate for species designation for the majority of Trichoderma species, confirming most molecular-based identifications through analysis of rDNA ITS sequence data

Evaluation of inhibitory effects of Trichoderma asperellum metabolites on mycelial growth of Sclerotinia sclerotiorum

Common bean (Phaseolus vulgaris L.) is an economically important food commodity in Brazil. However, it can suffer serious damage by white mould disease caused by the pathogen Sclerotinia sclerotiorum. Species of the genus Trichoderma can act as biocontrol agents against of this pathogen. This study describes the identification based on morphological, MALDI-TOF MS and molecular analysis of these 29 Trichoderma sp. isolates and their in vitro antagonistic behaviour against S. sclerotiorum. In order to evaluate the disease incidence greenhouse experiments were also performed using bean seedling. According to the results obtained, MALDI-TOF MS technique was appropriate for all Trichoderma species identification confirming the morphological and molecular-based identifications through analysis of rDNA ITS sequence data. In vitro inhibition experiments showed that 38% of Trichoderma isolates colonised the entire surface of the medium (grade 1 evaluation score) in dual cultures against S. sclerotiorum. Pathogen exposition to non-volatile metabolites produced by Trichoderma resulted in the inhibition of their mycelia growth between c.a. 83 and 100%. Moreover, 19 Trichoderma isolates enabled a total suppression of disease in bean seedlings when evaluated in greenhouse experiments. Two Trichoderma isolates identified as Trichoderma asperellum (CEN201 and CEN162) were responsible to the highest rates of growth promotion in bean plants, which ranged from 26 to 34%. The MALDI-TOF technique was appropriate for species designation for the majority of Trichoderma species, confirming most molecular-based identifications through analysis of rDNA ITS sequence data

Self-condensation of n-(N-propyl)butanimine: NMR and mass spectral analyses and investigation by theoretical calculation

The stability of N-propylbutanimine (1) was investigated under different experimental conditions. The acid-catalyzed self-condensation that produced the E-enimine (4) and Z-inimine (5) was studied by experimental analyses and theoretical calculations. Since the calculations for the energy of 5 indicated that it had a lower energy than 4, yet 4 was the principal product, the self-condensation of 1 must be kinetically controlled