ITEM 1
Section 64. Property, plant and equipment. Property, plant and equipment represent the tangible assets acquired, constructed or under construction, with the intention to employ them permanently, for the production or supply of other goods and services, for rental or for use in the administration the economic entity, not intended for sale in the ordinary course of business and whose useful life exceeds one year.
The historical value of these assets includes all expenses and charges necessary to place them in a position to use, such as engineering, supervision, taxes, interest, monetary correction from UPAC and the difference in exchange rate adjustments.
The historical value of property, plant and equipment, received in exchange, exchange, donation, or payment in kind contribution from the owners, is determined by the value agreed by the parties, duly approved by the authorities when he is the case or, if no price has been determined by appraisal.
The historical value should increase with the additions, improvements and repairs that significantly increase
the quantity or quality of production or the life of the asset.
life means the period during which it is expected that property, plant and equipment, help generate income for its determination is necessary to consider, among other factors, factory specifications, the wear and tear, the action of natural factors, obsolescence by technological advances and changes in demand for the goods or services to contribute to the production or provision.
The contribution of these assets for income generation should be recognized in the income statement through depreciation of their historical value set. When significant, this amount should subtract the residual value determined technically. Depreciation of buildings should be calculated excluding the cost of the respective field.
depreciation should be determined systematically by a recognized technical methods such as straight line, sum of years digits, units of production or work hours. Should be used that method that best meets the basic rule of association.
At the end of the period, the net value of these assets, restated as a result of inflation, must conform to their realizable value or present value or present value, the most appropriate in the circumstances, recording or valuation allowances as circumstances require. May be excepted from this provision those assets whose value set is less than twenty (20) monthly minimum wage.
PROPERTY, PLANT AND EQUIPMENT
tangible assets are held by an enterprise for use in the production or supply of goods and services, for rental to others or for administrative purposes, and is expected to be used for more an economic period.
INTANGIBLE ASSETS
Assets Intangibles are an important part of the market value of companies and organizations in general, his analysis reflects the need of traditional accounting, which does not provide sufficient information regarding the measurement and valuation of these resources.
Intangibles are defined as the set of intangibles, represented in rights, privileges or benefits of competition are valuable because they contribute to increased revenues and profits through its use in the economic entity, these rights are acquired or developed in the normal course of business
Assets Intangible assets are identifiable non-cash and has no physical appearance, is used in the production or supply of goods and services. FIXED ASSETS
tangible fixed assets are classified into three groups: a.
- The Equipment and Machinery. What are machines, buildings, furniture and fixtures, vehicles, assets subject to depreciation because they are life-limited assets.
b. - Natural Resources: Which are subject to termination of the appeal or that are in depletion. C.
- Land: assets are not subject to depreciation or depletion.
Regulation for the Preparation of Financial Information (CONASEV) suggests the use de diversas cuentas para el controldel activo fijo. De acuerdo con este esquema, los activos fijos pueden ser clasificados en: terrenos; edificios y otras construcciones; maquinaria y equipo; unidades de transporte; muebles y enseres; equipos diversos; unidades de reemplazo; unidades por recibir; trabajos en curso.
Adicionalmente a estas cuentas es posible incluir otras específicas para el negocio, como por ejemplo, Inmovilizaciones Agropecuarias (para empresas agrícolas o pecuarias), Reservas Mineras (por el costo de la concesión de las empresas mineras), Inmovilizaciones Forestales (para empresas del sector maderero).
En nuestro medio, las normas tributarias no permiten la contabilización de los recursos naturales as is the case of mining and oil stocks, on the grounds that the soil and subsoil belong to the State, grant a license for exploitation. Depreciation
Depreciation is defined as the process of assigning costs the cost of an asset in the period which is estimated to be used. Often the concept of depreciation
brings confusion and need to be very clear:
1. Depreciation is not a valuation process by which expenditure is allocated to the cost of the asset in accordance with autovalúos made at the end of each period. Depreciation is an allocation the cost of the asset to expenditure in accordance with its original cost.
2. A fully depreciated asset only means you have reached the end of its useful life, ie not recorded more depreciation for the asset. This does not mean that the asset is disposed of or no longer used, in most cases, companies continue to use fully depreciated assets.
3. Depreciation does not mean that business aside cash to replace assets when they become fully depreciated. Depreciation is simply part of the cost of the asset that is sent to costs and no effective means.
4. Depreciation does not involve cash flows but does affect the cash a business that is a deductible expense for tax purposes. Therefore, the depreciation affects the level of profits and taxes. At a higher level of depreciation, profits are lower and taxes are also lower.
Property, plant and equipment
Property, plant and equipment represents all the tangible assets acquired, constructed or under construction, with the intention to employ them permanently, for the production or supply of other goods and services, for rental, or for use in administration not intended for sale and whose useful life exceeds utilización.El year historical value of these assets includes all expenses and charges necessary to place them in a position to use, such as engineering, supervision, tax, monetary correction all those capable of changing the final value of the property. You must also add the value of the improvements, additions and repairs to increase the life or quality of production.
A ssets exhaustible
These assets represent the resources owned by the company. Their number decreases According to the period of their historical value explotación.El is formed by the purchase price, plus all expenses included in the exploration and all items that increase their value. Faced with income generation must be recognized by their "exhaustion" in the reserves estimated to be taken by the studies in terms for payback.
Intangible assets Intangible assets are
resources obtained by an economic entity, lacking material nature, give a right against third parties, which provides a benefit in future periods. These include patents trademarks, franchises, rights Copyright and the goods delivered in trust mercantil.El historical value of these assets is determined by all the expenditures to be made to produce, acquire or train. They are subject to exposure to inflation. At the end of the period should be recognized loss contingencies, adjusting or accelerating depreciation.
ITEM 2
1. System Settings
a. Annual adjustment: is recorded in books at the end of the year, on 31 December. The adjustment value is obtained by applying the PAAG accumulated annual or monthly PAAG. B.
Set Monthly register books at the end of each month. The adjustment value is obtained by applying the monthly PAAG.
2. Indexes Used to Adjust
a. PAAG: PAAG means, the adjustment rate of the tax year, which is equivalent to the percentage change in consumer price index (CPI) for middle income produced by DANE.
· annual PAAG: The rate of adjustment between the first taxable year (1) December previous year and the thirty (30) November respective year.
· accruing monthly PAAG: The PAAG recorded between the first day of the month in which he made the last economic fact day of the month immediately preceding the date on which the adjustment is being calculated.
· PAAG Monthly: Percentage of setting month, which is equivalent to the percentage change in CPI for income recorded in the month preceding the month subject to adjustment made by DANE.
a. Exchange Rate: The values \u200b\u200brepresented in foreign currency as foreign exchange, securities, rights, deposits, investments, debtors, suppliers, should be adjusted based on the exchange rate of the respective currency, the date of closing. The exchange rate used will be the representative of the market established by the Banking Superintendency.
b. Quote of the UVR: The values \u200b\u200bin UPAC is adjusted based on final value of the month or the respective year. C.
Pact Reset: When the titles, rights and liabilities or investments have a pact of adjustment must be adjusted by the value of agreed percentage. ITEM 3
Amortizac ion
The amount of accumulated depreciation by the economic entity on the basis of inflation-adjusted cost of property, plant and equipment tangibles, such as plantations agriculture and forestry, roads and livestock. Depreciation should be based on life is necessary to consider the wear and tear and the action of natural factors.
The value of property, plant and equipment that have a limited shelf life, should be used as a measure of the expiration of these, through the systematic recording of amortization over its useful life or the period during which such income-generating assets.
Therefore, you should observe the following:
• The inflation-adjusted cost basis for depreciation of property.
• The depreciation should be determined by tax rates set in accordance with technical studies through which can establish an appropriate relationship between expired costs of goods and revenue.
·
· Changes in the estimated life span, should be recognized by changing the rate of depreciation on a prospective basis in accordance with the new estimate.
Accumulated amortization should be adjusted for inflation, according to legal norms.
Property, plant and equipment. Property, plant and equipment represent the tangible assets acquired, constructed or under construction, with the intention to employ them permanently, for the production or supply of other goods and services, lease, or for use in managing the economic entity, not intended for sale in the ordinary course of business and whose useful life exceeds one year.
The historical value of these assets includes all expenses and charges necessary to place them in a position to use, such as engineering, supervision, taxes, interest, monetary correction from UPAC and the difference in exchange rate adjustments.
The historical value of property, plant and equipment, received in exchange, exchange, donation, or payment in kind contribution from the owners, is determined by the value agreed by the parties, duly approved by the authorities as the case may be, or where no price has been determined by appraisal.
The historical value should increase with the additions, improvements and repairs that significantly increase the quantity or quality of production or the life of the asset.
life means the period during which it is expected that property, plant and equipment, help generate income for its determination is necessary to consider, among other factors, factory specifications, the wear and tear, the action of natural factors, obsolescence by technological advances and changes in demand for the goods or services to contribute to the production or provision.
The contribution of these assets for income generation should be recognized in the income statement through depreciation of their historical value set. When significant, this amount should subtract the residual value determined technically. Depreciation of buildings should be calculated excluding the cost of the respective field.
depreciation should be determined systematically by a recognized technical methods such as straight line, sum of years digits, units of production or work hours. Should be used that method that best meets the basic rule association.
At the end of the period, the net value of these assets, restated as a result of inflation must be adjusted to net realizable value or present value or present value, the most appropriate in the circumstances, supplies or recording valuations to be the case. May be excepted from this provision those assets whose value set is less than twenty (20) monthly minimum wage.
The actual realizable value or present in these assets should be determined at the end of the period in which they were acquired or formed and at least every three years by appraisals performed by individuals, linked workplace or outside the economic entity, or legal persons of proven professional competence, moral integrity, experience and independence. Provided there are no factors indicating that it would be inappropriate.
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