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Usefulness of fair valuation of biological assets for cash flow prediction

  • Josep Maria Argilés-Bosch [1] ; Meritxell Miarons [1] ; Josep Garcia-Blandon [2] ; Carmen Benavente [3] ; Diego Ravenda [4]
    1. [1] Universitat de Barcelona

      Universitat de Barcelona

      Barcelona, España

    2. [2] Universitat Ramon Llull

      Universitat Ramon Llull

      Barcelona, España

    3. [3] Universidad de León

      Universidad de León

      León, España

    4. [4] Toulouse University, Barcelona
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  • Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 47, Nº 2, 2018, págs. 157-180
  • Idioma: inglés
  • Títulos paralelos:
    • Utilidad de la información contable para la predicción de flujos de efectivo
  • Texto completo no disponible (Saber más ...)
  • Resumen
    • español

      Este estudio realiza un análisis empírico sobre la relevancia de la información contable cuando los activos biológicos son valorados al valor razonable. Utilizamos una muestra internacional de empresas que utilizan activos biológicos, mediante la cual encontramos que los activos biológicos influencian negativamente la capacidad de predicción cuando están valorados a coste histórico. En este caso la habilidad de la información contable para predecir futuros flujos de efectivo disminuye a medida que aumenta la proporción de los activos biológicos en el total del activo. La aplicación del valor razonable convierte en positiva esta influencia negativa. Según nuestros resultados, cuando los activos biológicos están valorados a valor razonable mejora el acierto de predicción de los flujos futuros de efectivo a medida que aumenta la proporción de los activos biológicos sobre el total del activo. Estos resultados son robustos a diferentes indicadores del acierto de predicción, así como a la mejora de la calidad de la información contable a lo largo del tiempo, independientemente de la aplicación del valor razonable, como consecuencia de la implementación de nuevas normas contables. En cambio esta evidencia es débil para los cultivos o plantaciones permanentes.

    • English

      This study develops an empirical analysis of the relevance of accounting information when biological assets are measured at fair value. We use an international sample of firms with biological assets. We find that biological assets influence unpredictability when they are measured at historical cost (HC). In this case, the ability of accounting data to predict future cash flows diminishes as the proportion of biological assets on total assets increases. The valuation at fair value (FV) switches this negative influence of biological assets to a positive one. We find that when they are measured at FV, the prediction accuracy of future cash flows improves as the ratio of biological assets to total assets increases. This evidence is robust to different measures of prediction accuracy, as well as to the improvement of accounting standards, regardless of FV, over time. The evidence is weaker for bearer plants.

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