How significat is the decline in fair value for the available-for-sale equity securities? A model to estimate the impairment under IAS 39

Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisA IAS 39 - Instrumentos Financeiros: Reconhecimento e Mensuração refere como evidência objectiva de imparidade um declínio significativo ou prolongado no justo valor do ativo. O que significa um declínio significativo não está definido no IAS 39. Este artigo mostra que 202 instituições financeiras europeias cotadas utilizam julgamentos diferentes sobre a expressão de declínio significativo no justo valor nas demonstrações financeiras de 2010. Apesar das instituições financeiras aplicarem o mesmo princípio contabilístico, as demonstrações financeiras não podem ser inteiramente comparáveis, contrariando um dos objectivos do Regulamento (CE) n º 1606/2002 do Parlamento Europeu. Neste trabalho, propomos uma orientação específica com base nos fundamentos teóricos do modelo de Black-Scholes, a fim de superar parcialmente a lacuna na IAS 39 de não fornecer critérios mais específicos para a classificação de investimentos em títulos classificados como disponíveis para venda. O modelo proposto permite uma aplicação coerente da IAS 39.61 e restringe parcialmente o julgamento dos gestores na aplicação do conceito de declínio significativo para eventos específicos. Levando em consideração as simulações, a aplicação do modelo produziu resultados diferentes em comparação com as práticas adoptadas pelas instituições financeiras. Negligenciar a variável volatilidade das acções parece-nos que é uma importante limitação do modelo empírico que está a ser utilizado por muitas empresas na análise do que se entende por declínio significativo. Assim, bancos e companhias de seguros poderiam beneficiar da incorporação deste modelo na avaliação da imparidade.IAS 39 - Financial instruments: Recognition and Measurement refers as objective evidence of impairment a significant or prolonged decline in fair value of the asset. What is meant by a significant decline is not defined in IAS 39. This paper shows that 202 European financial institutions listed make different judgments on the expression of significant decline in fair value in financial statements of 2010. Despite financial institutions apply the same accounting standard, financial statements cannot be entirely comparable, contradicting one of the aims of the Regulation (EC) No 1606/2002. In this paper we propose a specific guidance based on the theoretical foundations of the Black-Scholes model, in order to partially overcome the gap in IAS 39 not to provide more specific criteria for classifying investment in AFS equity securities as being impaired or not. The proposed model allows a consistent application of IAS 39.61 and restricts in part the discretion of managers in implementing the concept of significant decline to specific events. Taking into consideration the simulations, the application of the model produced different results compared to the practices adopted by financial institutions. Neglecting the variable volatility of shares seems to us that this is an important limitation to the empirical model that is being used by many companies in the analysis of what is meant by significant decline. Therefore, banks and insurance companies could benefit by incorporating this model in their assessment of impairment

Learning environments and pedagogical model of an engineering design degree program

This paper presents the theoretical background that supports the use of project-based learning (PBL) in engineering education and relates it to the pedagogical framework implemented in the new first cycle degree program Technology and Product Design offered by the University of Aveiro. The program structure is described focusing on the learning environments used in each course of this interdisciplinary program. The purpose of this paper is to characterize this new curriculum in order to contribute to the discussion about engineering education pedagogy with a complete program implementation experiment. Issues like courses architecture and scope, assessment, student/teacher ratios and group sizes are addressed. Furthermore, students’ perceptions of the learning environments is investigated and compared with their learning results. Ultimately the implications of a student-centred learning curriculum design, based on a PBL strategy, are discussed

Testing Single Point Incremental Forming Molds For Thermoforming Operations

Low pressure polymer processing processes as thermoforming or rotational molding use much simpler molds then high pressure processes like injection. However, despite the low forces involved with the process, molds manufacturing for this operations is still a very material, energy and time consuming operation. The goal of the research is to develop and validate a method for manufacturing plastically formed sheets metal molds by single point incremental forming (SPIF) operation for thermoforming operation. Stewart platform based SPIF machines allow the forming of thick metal sheets, granting the required structural stiffness for the mold surface, and keeping the short lead time manufacture and low thermal inertia

Effect of laser heat treatments on the hardness of tool steels

The application of laser heat treatments (LHT) has been growing attention in the last years, due to the effectiveness of localized hardening that can improve the tribological properties of steels. AISI P20 mod. steel is commonly used for plastic injection moulds applications and can be heat-treated to achieve high hardness values. This work presents an experimental investigation on the laser local heat treatments effect on the hardness of AISI P20 mod. steel parts, using a high-power diode laser. Different heat treatments at 1060 ºC and 1100 ºC using a feed rate of 10 mm·s-1 and 15 mm·s-1 were applied on the steel. The LHT were assessed through the hardness mapping trough depth and width. The results showed that the hardness of asreceived P20 mod. tool steel is approximately 300 HV, and after LHT occurred an increment to around 625 HV with a fair hardness distribution. LHT had a minimum of 0.8mm and a maximum of 1.0mm depth.publishe

Estudo comparativo do efeito da metilprednisolona e ibuprofeno na redução das complicações pós operatórias após exodontia de terceiros molares inferiores retidos

A exodontia de terceiros molares retidos é um procedimento cirúrgico comum nas áreas da Cirurgia Oral e Maxilo-facial. Este procedimento acarreta normalmente complicações pós-operatórias, como consequências diretas e imediatas da cirurgia, das quais a dor, o trismo e o edema são as mais características. Torna-se portanto necessário controlar os sintomas pós-operatórios, fornecendo uma terapia analgésica e anti-inflamatória adequada. O objetivo deste estudo randomizado e duplamente cego, é o de comparar os efeitos dos fármacos metilprednisolona e ibuprofeno, no controlo das complicações pós-operatórias resultantes da exodontia de terceiros molares inferiores retidos. A uma população de 19 indivíduos adultos (21 exodontias), sem patologias sistémicas, com indicação de exodontia de terceiro molar inferior retido, administrou-se de forma randomizada, o fármaco anti-inflamatório esteróide metilprednisolona (11 exodontias) e o fármaco anti-inflamatório não-esteróide (AINE) ibuprofeno (10 exodontias), sendo posteriormente avaliados parâmetros como a dor e o trismo pós-operatórios. A avaliação da dor foi efetuada através de um registo visual diário num formulário fornecido ao paciente, baseado na escala de Likert (de 1 a 7 pontos) durante os 7 dias seguintes à cirurgia. A avaliação do trismo, foi efetuada através de medição inter-incisiva de abertura máxima de boca, registada previamente à cirurgia e nos 3º e 7º dias após a realização da mesma. Os resultados obtidos revelaram que não existem diferenças estatisticamente significativas entre os grupos (p >0.05), no que concerne ao controlo quer da dor, quer do trismo, pelo que se pode afirmar que a metilprednisolona e o ibuprofeno apresentam uma eficácia semelhante no controlo pós-operatório destes parâmetros.The extraction of impacted third molars is a common procedure in the areas of Oral and Maxillofacial Surgery. This procedure usually results in post-operative complications, such as direct and immediate consequences of the surgery, including pain, trismus and swelling. It is therefore necessary to control these post-operative symptoms, providing suitable analgesic and anti-inflammatory therapy. The objective of this randomized double blind study is to compare the effects of methylprednisolone and ibuprofen, in the control of post-operative complications resulting from the extraction of retained third molars. To assess the clinical outcomes 19 adults (21 surgical extractions) without systemic pathology, referred to surgically remove an impacted mandibular third molar, were included in this study. The incidence of postoperative complications related to the drug therapy were tested by a group of 11 surgical extractions treated with the glucocorticoid drug methylprednisolone, and another group of 10 surgical procedures treated with the non-steroidal anti-inflammatory drug (NSAID) ibuprofen. Evaluation of post-operative parameters, like pain and trismus was recorded. Pain evaluation was carried out daily by a visual record in a form provided to the patient based on the Likert scale (1 to 7 points), during the 7 days following the surgery. Trismus was assessed by measuring maximum inter-incisive distance, recorded before surgery and at day 3 and 7 after surgery. Clinical manifestations were analyzed after administration of the two different drugs, comparing the two groups and their different variables by means of a statistical analysis. The results revealed no statistically significant differences between groups (p >0.05), in relation to pain relief or trismus reduction. Therefore, it is possible to say that methylprednisolone and ibuprofen have similar efficacy in controlling these post-operative parameters

The influence of surface finishing on laser heat treatments of a tool steel

Laser heat treatments (LHT) has received growing attention in the last years because of highly localized precision and manufacturing efficiency related to laser processing of moulds steel. Due of its strong resistance and ability to maintain hardness and strength at high temperatures, AISI P20 steel is one of the most widely used tool steel in the plastics injection mould industry. This work presents an experimental investigation on LHT using P20 mod. steel produced with different surface finishes. After mechanical surface finishing, the diode laser beam with 15 mm width was applied to the P20 specimens at 1060 °C using a feed rate of 8.8 mms-1in an air and argon ambient. The influence of different LHT atmosphere conditions and specimen initial surface finishing on characteristics such as final roughness, microhardness and microstructure were comprehensively analyzed. The use of a controlled atmosphere during processing showed an increment in depth and hardness values of samples. Through 3D profilometer, it was possible to determine the samples roughness. Results showed that lower average roughness leads to higher hardness values close to the surface, while higher average roughness lead to a deeper heat-treated zone. Macroscopical analysis revealed the depth and width afftected by LHT. The microhardness results showed an increment from 300 HV to around 750 HV on laser heat-treated zone using a controlled environment. Optical microscopy analysed the microstructural changes into martensite between LHT and non LHT zones for all samplespublishe

Incremental forming as a rapid tooling process

The rapid tooling (RT) notion has been discussed since the beginning of the additive manufacturing processes, formerly designated as rapid prototyping. The concept consists of using fast smart manufacturing technologies to develop tools to process other materials. This novelty allows decreasing the time to market, decrease tooling cost and increase tooling complexity and consequential part design freedom. Mainly due to their novelty and the technologies used in most processes, RT has been majorly associated with additive manufacturing (AM), commonly called as fast free-form fabrication. Nevertheless, incremental sheet forming (ISF) processes can be seen as rapid prototyping processes, and so also considered rapid manufacturing methodologies or fast free-form fabrication processes. Besides, being compatible with flexible manufacturing systems, with parts manufactured from Computer Aided Design (CAD) models without considerable dedicated tools in a short time, ISF processes can be seen analogously to AM technologies. These processes encounter industrial applications not only in prototyping or part manufacturing but also in tool development and fabrication. Thus, it is reasonable to apply the RT term when describing the fabrication of tools for different industrial processes using ISF techniques.publishe

Safety and Outcome of Revascularization Treatment in Patients With Acute Ischemic Stroke and COVID-19: The Global COVID-19 Stroke Registry

BACKGROUND AND OBJECTIVES: COVID-19 related inflammation, endothelial dysfunction and coagulopathy may increase the bleeding risk and lower efficacy of revascularization treatments in patients with acute ischemic stroke. We aimed to evaluate the safety and outcomes of revascularization treatments in patients with acute ischemic stroke and COVID-19. METHODS: Retrospective multicenter cohort study of consecutive patients with acute ischemic stroke receiving intravenous thrombolysis (IVT) and/or endovascular treatment (EVT) between March 2020 and June 2021, tested for SARS-CoV-2 infection. With a doubly-robust model combining propensity score weighting and multivariate regression, we studied the association of COVID-19 with intracranial bleeding complications and clinical outcomes. Subgroup analyses were performed according to treatment groups (IVT-only and EVT). RESULTS: Of a total of 15128 included patients from 105 centers, 853 (5.6%) were diagnosed with COVID-19. 5848 (38.7%) patients received IVT-only, and 9280 (61.3%) EVT (with or without IVT). Patients with COVID-19 had a higher rate of symptomatic intracerebral hemorrhage (SICH) (adjusted odds ratio [OR] 1.53; 95% CI 1.16-2.01), symptomatic subarachnoid hemorrhage (SSAH) (OR 1.80; 95% CI 1.20-2.69), SICH and/or SSAH combined (OR 1.56; 95% CI 1.23-1.99), 24-hour (OR 2.47; 95% CI 1.58-3.86) and 3-month mortality (OR 1.88; 95% CI 1.52-2.33).COVID-19 patients also had an unfavorable shift in the distribution of the modified Rankin score at 3 months (OR 1.42; 95% CI 1.26-1.60). DISCUSSION: Patients with acute ischemic stroke and COVID-19 showed higher rates of intracranial bleeding complications and worse clinical outcomes after revascularization treatments than contemporaneous non-COVID-19 treated patients. Current available data does not allow direct conclusions to be drawn on the effectiveness of revascularization treatments in COVID-19 patients, or to establish different treatment recommendations in this subgroup of patients with ischemic stroke. Our findings can be taken into consideration for treatment decisions, patient monitoring and establishing prognosis