NORMA DE AUDITORÍA 520

Anuncio
1250$'($8',725Ì$
1$3URFHGLPLHQWRV$QDOtWLFRV
&217(1,'2
3iUUDIR
,QWURGXFFLyQ
²
1DWXUDOH]D\SURSyVLWRGHORVSURFHGLPLHQWRVDQDOtWLFRV
²
3URFHGLPLHQWRVDQDOtWLFRVFRPRSURFHGLPLHQWRVGHHYDOXDFLyQ
GHOULHVJR
²
3URFHGLPLHQWRVDQDOtWLFRVFRPRSURFHGLPLHQWRVVXVWDQWLYRV
3URFHGLPLHQWRVDQDOtWLFRVHQODUHYLVLyQJHQHUDODOILQDOGHOD
DXGLWRUtD
²
*UDGRGHDSR\RHQSURFHGLPLHQWRVDQDOtWLFRVSiUUDIRV²
VHKDQHOLPLQDGR
,QYHVWLJDFLyQGHSDUWLGDVLQXVXDOHV
²
/D1RUPDGH$XGLWRUtD1$3URFHGLPLHQWRVDQDOtWLFRVGHEHUiOHHUVHHQHOFRQWH[WRGHO´3UHIDFLRD
ODV1RUPDV,QWHUQDFLRQDOHVGH&RQWUROGH&DOLGDG$XGLWRUtD5HYLVLyQ2WURVWUDEDMRVSDUDDWHVWLJXDU\
6HUYLFLRV5HODFLRQDGRVµTXHH[SRQHODDSOLFDFLyQ\DXWRULGDGGHODV1,$V
1250$'($8',725Ì$
1$3URFHGLPLHQWRV$QDOtWLFRV
,QWURGXFFLyQ
(OSURSyVLWRGHHVWD1RUPDGH$XGLWRUtD1$HVHVWDEOHFHUQRUPDV\GDUOLQHDPLHQWRVVREUH
ODDSOLFDFLyQGHSURFHGLPLHQWRVDQDOtWLFRVGXUDQWHXQDDXGLWRUtD
(ODXGLWRUGHEHUiDSOLFDUSURFHGLPLHQWRVDQDOtWLFRVFRPRSURFHGLPLHQWRVGHHYDOXDFLyQGHO
ULHVJRSDUDREWHQHUXQHQWHQGLPLHQWRGHODHQWLGDG\VXHQWRUQR\HQODUHYLVLyQJHQHUDODO
ILQDO GH OD DXGLWRUtD /RV SURFHGLPLHQWRV DQDOtWLFRV SXHGHQ WDPELpQ DSOLFDUVH FRPR
SURFHGLPLHQWRVVXVWDQWLYRV
´3URFHGLPLHQWRV DQDOtWLFRVµ VLJQLILFD HYDOXDFLRQHV GHLQIRUPDFLyQ ILQDQFLHUD KHFKDV SRU XQ
HVWXGLR GH UHODFLRQHV SODXVLEOHV HQWUH GDWRV WDQWR ILQDQFLHURV FRPR QR ILQDQFLHURV /RV
SURFHGLPLHQWRV DQDOtWLFRV WDPELpQ DEDUFDQ OD LQYHVWLJDFLyQ GH IOXFWXDFLRQHV \ UHODFLRQHV
LGHQWLILFDGDV TXH VRQ LQFRQVLVWHQWHV FRQ RWUD LQIRUPDFLyQ UHOHYDQWH R VH DSDUWDQ GH XQD
PDQHUDLPSRUWDQWHGHORVPRQWRVSURQRVWLFDGRV
1DWXUDOH]D\SURSyVLWRGHORVSURFHGLPLHQWRVDQDOtWLFRV
/RVSURFHGLPLHQWRVDQDOtWLFRVLQFOX\HQODFRQVLGHUDFLyQGHFRPSDUDFLRQHVGHODLQIRUPDFLyQ
ILQDQFLHUDGHODHQWLGDGFRPRSRUHMHPSOR
,QIRUPDFLyQFRPSDUDEOHSRUSHULRGRVDQWHULRUHV
5HVXOWDGRVDQWLFLSDGRVGHODHQWLGDGFRPRSUHVXSXHVWRVRSURQyVWLFRVRH[SHFWDWLYDV
GHODXGLWRUFRPRXQDHVWLPDFLyQGHODGHSUHFLDFLyQ
,QIRUPDFLyQ GH XQD LQGXVWULD VLPLODU FRPR FRPSDUDFLyQ GH OD UD]yQ ´YHQWDV GH OD
HQWLGDGDFXHQWDVSRUFREUDUµFRQSURPHGLRVGHODLQGXVWULDRFRQRWUDVHQWLGDGHVGH
WDPDxRFRPSDUDEOHHQODPLVPDLQGXVWULD
/RVSURFHGLPLHQWRVDQDOtWLFRVWDPELpQLQFOX\HQFRQVLGHUDFLyQGHUHODFLRQHV
(QWUHHOHPHQWRVGHLQIRUPDFLyQILQDQFLHUDTXHVHHVSHUDUtDVHFRQIRUPDUDQDXQSDWUyQ
SUHGHFLEOH EDVDGR HQ OD H[SHULHQFLD GH OD HQWLGDG FRPR SRUFHQWDMHV PDUJLQDOHV
EUXWRV
(QWUH LQIRUPDFLyQ ILQDQFLHUD H LQIRUPDFLyQ QR ILQDQFLHUD UHOHYDQWH FRPR FRVWRV GH
QyPLQDFRQQ~PHURGHHPSOHDGRV
'LYHUVRV PpWRGRV SXHGHQ XVDUVH SDUD GHVHPSHxDU ORV DQWHULRUHV SURFHGLPLHQWRV GH
DXGLWRUtDeVWRVYDQGHVGHVLPSOHVFRPSDUDFLRQHVKDVWDDQiOLVLVFRPSOHMRVTXHXVDQWpFQLFDV
HVWDGtVWLFDVDYDQ]DGDV/RVSURFHGLPLHQWRVDQDOtWLFRVSXHGHQDSOLFDUVHDHVWDGRVILQDQFLHURV
FRQVROLGDGRV HVWDGRV ILQDQFLHURV GH FRPSRQHQWHV FRPR VXEVLGLDULDV GLYLVLRQHV R
VHJPHQWRV\ HOHPHQWRVLQGLYLGXDOHV GHLQIRUPDFLyQILQDQFLHUD /DVHOHFFLyQGHODXGLWRUGH
ORV SURFHGLPLHQWRV GH DXGLWRUtD PpWRGRV \ QLYHO GH DSOLFDFLyQ HV XQ FDVR GH MXLFLR
SURIHVLRQDO
/RVSURFHGLPLHQWRVDQDOtWLFRVVHXVDQSDUDORVVLJXLHQWHVSURSyVLWRV
D
&RPRSURFHGLPLHQWRVGHHYDOXDFLyQGHOULHVJRSDUDREWHQHUXQHQWHQGLPLHQWRGHOD
HQWLGDG\VXHQWRUQRSiUUDIRV
E
&RPR SURFHGLPLHQWRV VXVWDQWLYRV FXDQGR VX XVR SXHGD VHU PiV HIHFWLYR R HILFLHQWH
TXH ODV SUXHEDV GH GHWDOOHV SDUD UHGXFLU HO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH
LPSRUWDQFLDUHODWLYDDQLYHOGHDVHYHUDFLyQDXQQLYHODFHSWDEOHPHQWHEDMRSiUUDIRV
F
&RPR XQD UHYLVLyQ JHQHUDO GHORV HVWDGRV ILQDQFLHURVDO ILQDO GHODDXGLWRUtD SiUUDIR
3URFHGLPLHQWRV DQDOtWLFRV FRPR SURFHGLPLHQWRV GH HYDOXDFLyQ
GHOULHVJR
(ODXGLWRUGHEHUiDSOLFDUSURFHGLPLHQWRVDQDOtWLFRVFRPRSURFHGLPLHQWRVGHHYDOXDFLyQGHO
ULHVJR SDUD REWHQHU XQ HQWHQGLPLHQWR GH OD HQWLGDG \ VX HQWRUQR /D DSOLFDFLyQ GH
SURFHGLPLHQWRV DQDOtWLFRV SXHGH LQGLFDU DVSHFWRV GH OD HQWLGDG GH ORV TXH HO DXGLWRU QR
WHQtD FRQRFLPLHQWR \ D\XGDUi SDUD HYDOXDU ORV ULHVJRV GH UHSUHVHQWDFLyQ HUUyQHD GH
LPSRUWDQFLD UHODWLYD FRQ HO ILQ GH GHWHUPLQDU OD QDWXUDOH]D RSRUWXQLGDG \ H[WHQVLyQ GH ORV
SURFHGLPLHQWRVDGLFLRQDOHVGHDXGLWRUtD
/RVSURFHGLPLHQWRVDQDOtWLFRVDSOLFDGRVFRPRSURFHGLPLHQWRVGHHYDOXDFLyQGHOULHVJRXVDQ
WDQWR LQIRUPDFLyQ ILQDQFLHUD FRPR QR ILQDQFLHUD SRU HMHPSOR OD UHODFLyQ HQWUH YHQWDV \
VXSHUILFLHGHOHVSDFLRGHYHQWDRYROXPHQGHPHUFDQFtDVYHQGLGDV(OSiUUDIRGHOD1$
(QWHQGLPLHQWRGHODHQWLGDG\VXHQWRUQR\HYDOXDFLyQGHORVULHVJRVGHUHSUHVHQWDFLyQ
HUUyQHD GH LPSRUWDQFLD UHODWLYD FRQWLHQH JXtDV DGLFLRQDOHV VREUH OD DSOLFDFLyQ GH
SURFHGLPLHQWRVDQDOtWLFRVFRPRSURFHGLPLHQWRVGHHYDOXDFLyQGHOULHVJR
3URFHGLPLHQWRVDQDOtWLFRVFRPRSURFHGLPLHQWRVVXVWDQWLYRV
(O DXGLWRU GLVHxD \ GHVHPSHxD SURFHGLPLHQWRV VXVWDQWLYRV TXH UHVSRQGDQ D OD HYDOXDFLyQ
UHODFLRQDGD GHO ULHVJR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD D QLYHO
DVHYHUDFLyQ/RVSURFHGLPLHQWRVVXVWDQWLYRVGHODXGLWRUDQLYHODVHYHUDFLyQSXHGHQGHULYDUVH
GHODVSUXHEDVGHGHWDOOHVGHSURFHGLPLHQWRVDQDOtWLFRVVXVWDQWLYRVRGHXQDFRPELQDFLyQ
GHDPERV/DGHFLVLyQVREUHFXiOHVSURFHGLPLHQWRVGHDXGLWRUtDXVDUSDUDORJUDUXQREMHWLYR
SDUWLFXODU GH DXGLWRUtD VH EDVD HQ HO MXLFLR GHO DXGLWRU VREUH OD HIHFWLYLGDG \ OD HILFLHQFLD
HVSHUDGDVGHORVSURFHGLPLHQWRVGHDXGLWRUtDGLVSRQLEOHVSDUDUHGXFLUHOULHVJRHYDOXDGRGH
UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD D QLYHO DVHYHUDFLyQ D XQ QLYHO
DFHSWDEOHPHQWHEDMR
(ODXGLWRURUGLQDULDPHQWHDYHULJXDUiFRQODDGPLQLVWUDFLyQHQFXDQWRDODGLVSRQLELOLGDG\
FRQILDELOLGDG GH OD LQIRUPDFLyQ TXH VH QHFHVLWD SDUD DSOLFDU SURFHGLPLHQWRV DQDOtWLFRV
VXVWDQWLYRV \ ORV UHVXOWDGRV GH FXDOTXLHUD GH HVWRV SURFHGLPLHQWRV GHVHPSHxDGRV SRU OD
HQWLGDG3XHGHVHUHILFLHQWHXVDUGDWRVDQDOtWLFRVSUHSDUDGRVSRUODHQWLGDGVLHPSUHTXHHO
DXGLWRUTXHGHVDWLVIHFKRGHTXHHVWRVGDWRVHVWiQSUHSDUDGRVGHPDQHUDDSURSLDGD
$O GLVHxDU \ GHVHPSHxDU SURFHGLPLHQWRV DQDOtWLFRV FRPR SURFHGLPLHQWRV VXVWDQWLYRV HO
DXGLWRUQHFHVLWDUiFRQVLGHUDUXQQ~PHURGHIDFWRUHVFRPRORVVLJXLHQWHV
/R DGHFXDGR GH XVDU SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV GDGDV ODV DVHYHUDFLRQHV
SiUUDIRVD\E
/DFRQILDELOLGDGGHORVGDWRV\DVHDQLQWHUQRVRH[WHUQRVFRQORVFXDOHVVHGHVDUUROODOD
H[SHFWDWLYDGHPRQWRVUHJLVWUDGRVRORVtQGLFHVSiUUDIRVF\,G
6LODH[SHFWDWLYDHVVXILFLHQWHPHQWHSUHFLVDSDUDLGHQWLILFDUXQDUHSUHVHQWDFLyQHUUyQHD
GHLPSRUWDQFLDUHODWLYDDOQLYHOGHVHDGRGHVHJXULGDGSiUUDIRH
(OPRQWRGHFXDOTXLHUGLIHUHQFLDGHFDQWLGDGHVUHJLVWUDGDVGHORVYDORUHVHVSHUDGRVTXH
VHDDFHSWDEOHSiUUDIRI
&RQYHQLHQFLD GH XVDU SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV GDGDV ODV
DVHYHUDFLRQHV
D /RV SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV JHQHUDOPHQWH VRQ PiV DSOLFDEOHV D JUDQGHV
YRO~PHQHV GH WUDQVDFFLRQHV TXH WLHQGHQ D VHU SUHGHFLEOHV GHVSXpV GH XQ WLHPSR /D
DSOLFDFLyQGHSURFHGLPLHQWRVDQDOtWLFRVVXVWDQWLYRVVHEDVDHQODH[SHFWDWLYDGHTXHH[LVWDQ
UHODFLRQHV HQWUH GDWRV \ FRQWLQ~HQ HQ DXVHQFLD GH FRQGLFLRQHV FRQWUDULDV FRQRFLGDV /D
SUHVHQFLDGHHVWDVUHODFLRQHVGDHYLGHQFLDGHDXGLWRUtDHQFXDQWRDODLQWHJULGDGH[DFWLWXG
\ RFXUUHQFLD GH WUDQVDFFLRQHV FDSWXUDGDV HQ OD LQIRUPDFLyQ SURGXFLGD SRU HO VLVWHPD GH
LQIRUPDFLyQ GH OD HQWLGDG 6LQ HPEDUJR OD FRQILDQ]D HQ ORV UHVXOWDGRV GH SURFHGLPLHQWRV
DQDOtWLFRV VXVWDQWLYRV GHSHQGHUi GH OD HYDOXDFLyQ GHO DXGLWRU GHO ULHVJR GH TXH ORV
SURFHGLPLHQWRV DQDOtWLFRV SXHGDQ LGHQWLILFDU ODV UHODFLRQHV VHJ~Q VH HVSHUDQ FXDQGR GH
KHFKRH[LVWHXQDUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYD
E $O GHWHUPLQDU OR DGHFXDGR GH ORV SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV GDGDV ODV
DVHYHUDFLRQHVHODXGLWRUFRQVLGHUDORVLJXLHQWH
D
/DHYDOXDFLyQGHOULHVJRGHUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYD(ODXGLWRU
FRQVLGHUDHOHQWHQGLPLHQWRGHODHQWLGDG\VXFRQWUROLQWHUQRODLPSRUWDQFLDUHODWLYD\
ODSUREDELOLGDGGHUHSUHVHQWDFLyQHUUyQHDGHODVSDUWLGDVLPSOLFDGDV\ODQDWXUDOH]D
GH OD DVHYHUDFLyQ SDUD GHWHUPLQDU VL ORV SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV VRQ
DGHFXDGRV3RUHMHPSORVLORVFRQWUROHVVREUHHOSURFHVDPLHQWRGHyUGHQHVGHYHQWDV
VRQGpELOHVHODXGLWRUSXHGHGHSRVLWDUPiVFRQILDQ]DHQODVSUXHEDVGHGHWDOOHVPiV
TXHHQORVSURFHGLPLHQWRVDQDOtWLFRVVXVWDQWLYRVSDUDDVHYHUDFLRQHVUHODFLRQDGDVFRQ
FXHQWDVSRUFREUDU3RURWURODGRFXDQGRORVVDOGRVGHLQYHQWDULRVHDQGHLPSRUWDQFLD
UHODWLYD HO DXGLWRU RUGLQDULDPHQWH QR FRQItD VyOR HQ ORV SURFHGLPLHQWRV DQDOtWLFRV
VXVWDQWLYRVFXDQGR GHVHPSHxD SURFHGLPLHQWRVGH DXGLWRUtD VREUHOD DVHYHUDFLyQ GH
H[LVWHQFLD/D1$3URFHGLPLHQWRVGHODXGLWRUHQUHVSXHVWDDORVULHVJRVHYDOXDGRV
LQGLFD TXH FXDQGR HO HQIRTXH HQ ULHVJRV LPSRUWDQWHV VH DVLHQWD VyOR GH
SURFHGLPLHQWRV VXVWDQWLYRV ORV SURFHGLPLHQWRV GH DXGLWRUtD DSURSLDGRV SDUD WUDWDU
HVWRV ULHVJRV LPSRUWDQWHV FRQVLVWHQ HQ SUXHEDV GH GHWDOOHV VRODPHQWH R XQD
FRPELQDFLyQGHSUXHEDVGHGHWDOOHV\SURFHGLPLHQWRVDQDOtWLFRVVXVWDQWLYRV
E
&XDOHVTXLHUSUXHEDVGHGHWDOOHVGLULJLGDVDODPLVPDDVHYHUDFLyQ/RVSURFHGLPLHQWRV
DQDOtWLFRVVXVWDQWLYRVSXHGHQWDPELpQFRQVLGHUDUVHDSURSLDGRVFXDQGRODVSUXHEDVGH
GHWDOOHVVHGHVHPSHxDQVREUHODPLVPDDVHYHUDFLyQ3RUHMHPSORFXDQGRVHDXGLWDOD
SRVLELOLGDG GH FREUR GH ODV FXHQWDV SRU FREUDU HO DXGLWRU SXHGH DSOLFDU
SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV D ORV YHQFLPLHQWRV GH FXHQWDV GH FOLHQWHV
DGHPiVGHSUXHEDVGHGHWDOOHVHQUHFLERVGHHIHFWLYRSRVWHULRUHV
&RQILDELOLGDGGHORVGDWRV
F /D FRQILDELOLGDG GH ORV GDWRV HV LQIOXLGD SRU VX IXHQWH \ VX QDWXUDOH]D \ GHSHQGH GH ODV
FLUFXQVWDQFLDVEDMRODVTXHVHREWLHQHQ$OGHWHUPLQDUVLORVGDWRVVRQFRQILDEOHVSDUDILQHVGH
GLVHxDUSURFHGLPLHQWRVDQDOtWLFRVVXVWDQWLYRVHODXGLWRUFRQVLGHUDORVLJXLHQWH
D
)XHQWH GH OD LQIRUPDFLyQ GLVSRQLEOH 3RU HMHPSOR OD LQIRUPDFLyQ RUGLQDULDPHQWH HV
PiVFRQILDEOHFXDQGRVHREWLHQHGHIXHQWHVLQGHSHQGLHQWHVIXHUDGHODHQWLGDG
E
&RPSDUDFLyQ GH OD LQIRUPDFLyQ GLVSRQLEOH 3RU HMHPSOR ORV JUDQGHV GDWRV GH OD
LQGXVWULD SXHGHQ QHFHVLWDU FRPSOHPHQWDUVH SDUD VHU FRPSDUDEOHV FRQ ORV GH XQD
HQWLGDGTXHSURGXFH\YHQGHSURGXFWRVHVSHFLDOL]DGRV
F
1DWXUDOH]D\UHOHYDQFLDGHODLQIRUPDFLyQGLVSRQLEOH3RUHMHPSORVLORVSUHVXSXHVWRVVH
KDQHVWDEOHFLGRFRPRUHVXOWDGRVTXHKD\TXHHVSHUDUPiVTXHFRPRPHWDVTXHKD\
TXHORJUDU
G
&RQWUROHV VREUH OD SUHSDUDFLyQ GH OD LQIRUPDFLyQ 3RU HMHPSOR FRQWUROHV VREUH OD
SUHSDUDFLyQUHYLVLyQ\PDQWHQLPLHQWRGHORVSUHVXSXHVWRV
G (O DXGLWRU FRQVLGHUD SRQHU SUXHEDV D ORV FRQWUROHV VL ORV KD\ VREUH OD SUHSDUDFLyQ GH OD
HQWLGDG GH OD LQIRUPDFLyQ XVDGD SRU HO DXGLWRU DO DSOLFDU SURFHGLPLHQWRV DQDOtWLFRV
VXVWDQWLYRV &XDQGR HVWRV FRQWUROHV VRQ HIHFWLYRV HO DXGLWRU WLHQH PD\RU FRQILDQ]D HQ OD
FRQILDELOLGDG GH OD LQIRUPDFLyQ \ SRU OR WDQWR HQ ORV UHVXOWDGRV GH ORV SURFHGLPLHQWRV
DQDOtWLFRV VXVWDQWLYRV /RV FRQWUROHV VREUH OD LQIRUPDFLyQ QR ILQDQFLHUD SXHGHQ D PHQXGR
SRQHUVH D SUXHED MXQWR FRQ RWUDV SUXHEDV GH FRQWUROHV 3RU HMHPSOR XQD HQWLGDG DO
HVWDEOHFHU FRQWUROHVVREUH HOSURFHVDPLHQWR GH IDFWXUDV GH YHQWDV SXHGHLQFOXLU FRQWUROHV
VREUH HO UHJLVWUR GH YHQWDV SRU XQLGDG (Q HVWDV FLUFXQVWDQFLDV HODXGLWRU SRGUtD VRPHWHUD
SUXHED OD HIHFWLYLGDG RSHUDWLYD GH ORV FRQWUROHV VREUH HO UHJLVWUR GH ODV YHQWDV SRU XQLGDG
MXQWR FRQ SUXHEDV GH OD HIHFWLYLGDG RSHUDWLYD GH ORV FRQWUROHV VREUH HO SURFHVDPLHQWR GH
IDFWXUDVGHYHQWDV'HPRGRDOWHUQDWLYRHODXGLWRUSXHGHFRQVLGHUDUVLODLQIRUPDFLyQHVWXYR
VXMHWD D SUXHEDV GH DXGLWRUtD HQ HO SHULRGR DFWXDO R HO DQWHULRU $O GHWHUPLQDU ORV
SURFHGLPLHQWRV GH DXGLWRUtD TXH GHEH DSOLFDU D OD LQIRUPDFLyQ VREUH OD TXH VH EDVD OD
H[SHFWDWLYD GH ORV SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV HO DXGLWRU FRQVLGHUD ODV JXtDV GHO
SiUUDIRGHOD1$(YLGHQFLDGHDXGLWRUtD
(YDOXDUVLODH[SHFWDWLYDHVVXILFLHQWHPHQWHSUHFLVD
H $O HYDOXDU VL OD H[SHFWDWLYD SXHGH GHVDUUROODUVH FRQ HO REMHWR GH TXH VHD VXILFLHQWHPHQWH
SUHFLVDSDUDLGHQWLILFDUXQDUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYDDOQLYHOGHVHDGR
GHVHJXULGDGHODXGLWRUFRQVLGHUDIDFWRUHVFRPRORVVLJXLHQWHV
/DH[DFWLWXGFRQTXHSXHGHQSUHGHFLUVHORVUHVXOWDGRVHVSHUDGRVGHORVSURFHGLPLHQWRV
DQDOtWLFRVVXVWDQWLYRV3RUHMHPSORHODXGLWRURUGLQDULDPHQWHHVSHUDUiPD\RUFRQVLVWHQFLD
DO FRPSDUDU ORV PiUJHQHV GH XWLOLGDG EUXWD GH XQ SHULRGR FRQ RWUR TXH DO FRPSDUDU
JDVWRVGLVFUHFLRQDOHVFRPRLQYHVWLJDFLyQRSXEOLFLGDG
(O JUDGR HQ TXH SXHGH GHVDJUHJDU OD LQIRUPDFLyQ 3RU HMHPSOR ORV SURFHGLPLHQWRV
DQDOtWLFRV VXVWDQWLYRV SXHGHQ VHU PiV HIHFWLYRV FXDQGR VH DSOLFDQ D LQIRUPDFLyQ
ILQDQFLHUD HQ VHFFLRQHV SDUWLFXODUHV GH XQD RSHUDFLyQ R D HVWDGRV ILQDQFLHURV GH
FRPSRQHQWHV GH XQD HQWLGDG GLYHUVLILFDGD TXH FXDQGR VH DSOLFDQ D ORV HVWDGRV
ILQDQFLHURVGHODHQWLGDGFRPRXQWRGR
/DGLVSRQLELOLGDGGHODLQIRUPDFLyQWDQWRILQDQFLHUDFRPRQRILQDQFLHUD3RUHMHPSORHO
DXGLWRU FRQVLGHUD VL OD LQIRUPDFLyQ ILQDQFLHUD FRPR SUHVXSXHVWRV R SURQyVWLFRV \ OD
LQIRUPDFLyQ QR ILQDQFLHUD FRPR HO Q~PHUR GH XQLGDGHV SURGXFLGDV R YHQGLGDV HVWi
GLVSRQLEOH SDUD GLVHxDU SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV 6L OD LQIRUPDFLyQ HVWi
GLVSRQLEOH HO DXGLWRU WDPELpQ FRQVLGHUD OD FRQILDELOLGDG GH OD LQIRUPDFLyQ VHJ~Q VH
GLVFXWHHQORVSiUUDIRVF\GDQWHULRUHV
0RQWR GH OD GLIHUHQFLD DFHSWDEOH GH FDQWLGDGHV UHJLVWUDGDV SRU YDORUHV
HVSHUDGRV
I (ODXGLWRUDOGLVHxDU\GHVHPSHxDUSURFHGLPLHQWRVDQDOtWLFRVVXVWDQWLYRVFRQVLGHUDHOPRQWR
GH OD GLIHUHQFLD TXH SXHGH DFHSWDUVH GH OD H[SHFWDWLYD VLQ PD\RU LQYHVWLJDFLyQ (VWD
FRQVLGHUDFLyQHVLQIOXLGDSULQFLSDOPHQWHSRUODLPSRUWDQFLDUHODWLYD \ODFRQVLVWHQFLDFRQHO
QLYHO GHVHDGR GH VHJXULGDG /D GHWHUPLQDFLyQ GH HVWH PRQWR LPSOLFD FRQVLGHUDU OD
9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD
SRVLELOLGDG GHTXH XQDFRPELQDFLyQ GH UHSUHVHQWDFLRQHV HUUyQHDV HQHO VDOGR GH FXHQWD
FODVH GH WUDQVDFFLRQHV R UHYHODFLyQ HVSHFtILFDV SXGLHUDQ DJUHJDUVH HQ XQ PRQWR
LQDFHSWDEOH (O DXGLWRU DXPHQWD HO QLYHO GHVHDGR GH VHJXULGDG DO DXPHQWDU HO ULHVJR GH
UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD UHGXFLHQGR HO PRQWR GH GLIHUHQFLD TXH
SXHGH HVSHUDUVH GH OD H[SHFWDWLYD VLQ PD\RU LQYHVWLJDFLyQ /RV SiUUDIRV \ VLJXLHQWHV
GLVFXWHQODUHVSXHVWDGHODXGLWRUFXDQGRHOPRQWRGHODGLIHUHQFLDHQWUHHOYDORUHVSHUDGR\
HOYDORUUHSRUWDGRH[FHGHDOPRQWRTXHSXHGHDFHSWDUVHVLQPD\RULQYHVWLJDFLyQ
J &XDQGRHODXGLWRUGHVHPSHxDSURFHGLPLHQWRVVXVWDQWLYRVHQXQDIHFKDLQWHUPHGLD\SODQHD
GHVHPSHxDU SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV UHVSHFWR GHO SHULRGR LQWHUPHGLR
FRQVLGHUD FyPR DIHFWDQ ORV DVXQWRV GLVFXWLGRV HQ ORV SiUUDIRV DI D OD FDSDFLGDG GH
REWHQHU VXILFLHQWH HYLGHQFLD DSURSLDGD GH DXGLWRUtD SRU HO SHULRGR UHVWDQWH (VWR LQFOX\H
FRQVLGHUDUVLORVVDOGRVGHILQGHSHULRGRGHODVFODVHVSDUWLFXODUHVGHWUDQVDFFLRQHVRVDOGRV
GHFXHQWDVVRQUD]RQDEOHPHQWHSUHGHFLEOHVUHVSHFWRGHOPRQWRODLPSRUWDQFLDUHODWLYD\OD
FRPSRVLFLyQ9HUOD1$SiUUDIRVSDUDOLQHDPLHQWRVDGLFLRQDOHV
3URFHGLPLHQWRV DQDOtWLFRV HQ OD UHYLVLyQ JHQHUDO DO ILQDO GH OD
DXGLWRUtD
(O DXGLWRU GHEHUi DSOLFDU SURFHGLPLHQWRV DQDOtWLFRV HQ R FHUFD GHO ILQDO GH OD DXGLWRUtD DO
IRUPDUVH XQD FRQFOXVLyQ JHQHUDO VREUH VL ORV HVWDGRV ILQDQFLHURV FRPR XQ WRGR VRQ
FRQVLVWHQWHVFRQHOHQWHQGLPLHQWRGHODXGLWRUVREUHODHQWLGDG/DVFRQFOXVLRQHVH[WUDtGDVGH
ORV UHVXOWDGRV GH HVWRV SURFHGLPLHQWRV GH DXGLWRUtD WLHQHQ OD LQWHQFLyQ GH FRQILUPDU ODV
FRQFOXVLRQHVIRUPDGDVGXUDQWHODDXGLWRUtDGHFRPSRQHQWHVLQGLYLGXDOHVRGHHOHPHQWRVGH
ORVHVWDGRVILQDQFLHURVDVtFRPRD\XGDUDODFRQFOXVLyQJHQHUDOHQFXDQWRDORUD]RQDEOHGH
ORVHVWDGRV ILQDQFLHURV 6LQ HPEDUJR SXHGHQWDPELpQ LGHQWLILFDU XQ ULHVJR SUHYLDPHQWH QR
UHFRQRFLGR GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD (Q WDOHV FLUFXQVWDQFLDV HO
DXGLWRUSXHGHQHFHVLWDUHOUHHYDOXDUORVSURFHGLPLHQWRVGHDXGLWRUtDSODQHDGRVFRQEDVHHQ
OD FRQVLGHUDFLyQ UHYLVDGD GH ORV ULHVJRV HYDOXDGRV SDUD WRGDV R DOJXQDV FODVHV GH
WUDQVDFFLRQHVVDOGRVGHFXHQWDVRUHYHODFLRQHV\DVHYHUDFLRQHVUHODFLRQDGDV
/RVSiUUDIRVIXHURQHOLPLQDGRVFXDQGRHQWUDURQHQYLJRUODVQRUPDVVREUHHOULHVJRGH
DXGLWRUtD ,QYHVWLJDFLyQGHSDUWLGDVLQXVXDOHV
&XDQGRORVSURFHGLPLHQWRVDQDOtWLFRVLGHQWLILFDQIOXFWXDFLRQHVRUHODFLRQHVLPSRUWDQWHVTXH
VRQ LQFRQVLVWHQWHV FRQ RWUD LQIRUPDFLyQ UHOHYDQWH R TXH VH GHVYtDQ GH OD SUHGLFFLyQ GH ORV
PRQWRV HO DXGLWRU GHEHUi LQYHVWLJDU \ REWHQHU H[SOLFDFLRQHV DGHFXDGDV \ HYLGHQFLD GH
DXGLWRUtDFRQILUPDWRULDDSURSLDGD
/D LQYHVWLJDFLyQ GH IOXFWXDFLRQHV YDULDFLRQHV \ UHODFLRQHV LQXVXDOHV RUGLQDULDPHQWH
FRPLHQ]DFRQDYHULJXDFLRQHVFRQODDGPLQLVWUDFLyQVHJXLGDVSRU
D
&RPSUREDFLyQ GH ODV UHVSXHVWDV GH OD DGPLQLVWUDFLyQ SRU HMHPSOR FRPSDUiQGRODV
FRQHOHQWHQGLPLHQWRGHODHQWLGDGSRUHODXGLWRU\RWUDHYLGHQFLDREWHQLGDGXUDQWHHO
FXUVRGHODDXGLWRUtD\
/DVQRUPDVVREUHHOULHVJRGH DXGLWRUtDFRPSUHQGHQ OD 1$ (QWHQGLPLHQWRGHODHQWLGDG\VX HQWRUQR\HYDOXDFLyQGHORV
ULHVJRV GH UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYD OD 1$ 3URFHGLPLHQWRV GHO DXGLWRU HQ UHVSXHVWD D ORV ULHVJRV
HYDOXDGRV \ OD 1$ (YLGHQFLD GH DXGLWRUtD /DV QRUPDV VREUH HO ULHVJR GH DXGLWRUtD GLHURQ RULJHQ D PRGLILFDFLRQHV GH
DGDSWDFLyQDpVWD\RWUDV1$V
E
&RQVLGHUDFLyQGHODQHFHVLGDGGHDSOLFDURWURVSURFHGLPLHQWRVGHDXGLWRUtDFRQEDVH
HQORVUHVXOWDGRVGHHVWDVDYHULJXDFLRQHVVLODDGPLQLVWUDFLyQQRSXHGHSURSRUFLRQDU
XQDH[SOLFDFLyQRVLODH[SOLFDFLyQQRVHFRQVLGHUDDGHFXDGD
)HFKDGH9LJHQFLD
(VWDQRUPDGHDXGLWRUtDHQWUDHQYLJHQFLDDSDUWLUGHOGHHQHURGH6HDFRQVHMDVXDSOLFDFLyQ
DQWLFLSDGD SDUD OR FXDO HO DXGLWRU GHEH WRPDU ODV SUHYLVLRQHV TXH LPSOLFDQ DSOLFDU ODV 1$V HQ ORV
FRPSURPLVRVDVXPLGRV\HODOFDQFHGHVXWUDEDMR
3HUVSHFWLYDGHOVHFWRUS~EOLFR
/DV UHODFLRQHV HQWUH SDUWLGDV LQGLYLGXDOHV GH ORV HVWDGRV ILQDQFLHURV WUDGLFLRQDOPHQWH
FRQVLGHUDGDVHQODDXGLWRUtDGHHQWLGDGHVGHQHJRFLRVSXHGHQQRVLHPSUHVHUDSURSLDGDV
HQ OD DXGLWRUtD GH HQWLGDGHV GHO JRELHUQR X RWUDV HQWLGDGHV QR GH QHJRFLRV GHO VHFWRU
S~EOLFRSRUHMHPSORHQPXFKDVGHHVDVHQWLGDGHVGHOVHFWRUS~EOLFRKD\DPHQXGRSRFD
UHODFLyQ GLUHFWD HQWUH LQJUHVRV \ JDVWRV $GHPiV SRUTXH HO JDVWR HQ OD DGTXLVLFLyQ GH
DFWLYRV IUHFXHQWHPHQWH QR HV FDSLWDOL]DGR SXHGH QR KDEHU UHODFLyQ HQWUH JDVWRV HQ SRU
HMHPSOR LQYHQWDULRV \ DFWLYRV ILMRV \ HO PRQWR GH ORV DFWLYRV UHSRUWDGRV HQ ORV HVWDGRV
ILQDQFLHURV$GHPiVHQHOVHFWRUS~EOLFRSXHGHQQRHVWDUGLVSRQLEOHVORVGDWRVRHVWDGtVWLFDV
GH OD LQGXVWULD SDUD ILQHV GH FRPSDUDFLyQ 6LQ HPEDUJR RWUDV UHODFLRQHV SXHGHQ VHU
UHOHYDQWHVSRUHMHPSORODVYDULDFLRQHVHQHOFRVWRSRUNLOyPHWURGHFRQVWUXFFLyQGHFDPLQRV
R HO Q~PHUR GH YHKtFXORV DGTXLULGRV HQ FRPSDUDFLyQ FRQ YHKtFXORV UHWLUDGRV 'RQGH VHD
DSURSLDGRGHEHKDFHUVHUHIHUHQFLDDGDWRV\HVWDGtVWLFDVGHODLQGXVWULDGHOVHFWRUSULYDGR
(Q FLHUWRV FDVRV SXHGH WDPELpQ VHU DSURSLDGR TXH HO DXGLWRU JHQHUH XQD EDVH GH GDWRV
LQWHUQDGHLQIRUPDFLyQGHUHIHUHQFLD
9pDVHDQH[R)DFWRUHVMXVWLILFDWLYRVGHFRQYHUJHQFLD
$1(;2
)$&725(6-867,),&$7,926'(&219(5*(1&,$
6LQyQLPRV\DFODUDFLRQHVGHOD
5HIHUHQFLD 7HUPLQRORJtD
XWLOL]DGDHQ
3iUUDIR
OD1$
1RUPD
WHUPLQRORJtDXWLOL]DGD
I
,PSRUWDQFLD 0DWHULDOLGDG
UHODWLYD
6HFWRU
S~EOLFR
*RELHUQR QDFLRQDO UHJLRQDO PXQLFLSDO DVt FRPR HQWLGDGHV
JXEHUQDPHQWDOHV UHODFLRQDGDV (Q %ROLYLD ODV 1RUPDV GH $XGLWRUtD
*XEHUQDPHQWDOHVWiQGLVSXHVWDVSRUOHJLVODFLyQQDFLRQDO
Descargar