Baixe o app para aproveitar ainda mais
Prévia do material em texto
� �36,&2/2*,$�62&,$/�, � /XSD � �)HFKDU ([HUFtFLR��6'(����B(;B$�B������������� 0DWUtFXOD�������������� $OXQR�D���-(66,&$�9,(,5$�5$026�'8$57( 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ����GH��� $�VRFLDOL]DomR�p�XP�IHQ{PHQR�VREUH�R�TXDO�p�SRVVtYHO�DILUPDU�TXH� (TXLYDOH�jV�RSRUWXQLGDGHV�GH�FRORFDU�SHVVRDV�HP�FRQWDWR��VHQGR�GHILQLGD�SHOR�¢HVWDU�FRP�R JUXSR¢� 1RV�WUDQVPLWH�REMHWLYD�H�H[DWDPHQWH�D�UHDOLGDGH�WDO�FRPR�HOD�p�H��SRU�LVVR��QRV�DMXVWD�j�YLGD HP�VRFLHGDGH� � e�VHPSUH�XP�SURFHVVR�GH�DSUHQGL]DJHP�D�SDUWLU�GD�LQWHUSUHWDomR�GD�UHDOLGDGH�VRE�R�kQJXOR�GH XP�JUXSR��SRGHQGR�VRIUHU�RV�FRQWH~GRV�VRFLDOL]DGRV�DOWHUDomR�DR�ORQJR�GR�WHPSR� $�VRFLDOL]DomR�p�VHPSUH�XP�SUHSDUR�GR�LQGLYtGXR�j�SDUWLFLSDomR�VRFLDO�HP�GLIHUHQWHV�JUXSRV� 8PD�YH]�TXH�XPD�SHVVRD�p�VRFLDOL]DGD�SRU�DOJXP�JUXSR��SRGH�VH�HQWHQGHU�TXH�HVWD�DSUHQGHX FRPSRUWDPHQWRV�VDXGiYHLV�j�YLGD�HP�VRFLHGDGH�FRPR�XP�WRGR� �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� $WRUHV�H�REVHUYDGRUHV�GH�XPD�DomR�VmR�LQIOXHQFLDGRV�SRU�XP�YLpV�GLYHUJHQWH�HP�VXDV�DWULEXLo}HV� 2V�DWRUHV��DR�DQDOLVDUHP�VHX�FRPSRUWDPHQWR��WHQGHP�D�ID]HU�DWULEXLo}HV�VLWXDFLRQDLV��RV REVHUYDGRUHV�GH�XPD�DomR�WHQGHP�D�ID]HU�DWULEXLo}HV�LQWHUQDV��3RUWDQWR��DR�DQDOLVDUPRV�R�QRVVR SUySULR�FRPSRUWDPHQWR��DWULEXtPRV�VHX�VXUJLPHQWR�PDLV�D�FDXVDV�H[WHUQDV��R�TXH�VH�FRQVWLWXL�FRPR� D�FRQVLVWrQFLD� D�GLVWLQWLYLGDGH� DV�FDXVDV�HVSHFtILFDV�GD�SHVVRD� D�GLIHUHQoD�GH�LQIRUPDo}HV� � D�WHQGHQFLRVLGDGH�SHUVRQDOLVWD� �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ����GH��� 2V�SDSpLV�VRFLDLV�VmR�VLVWHPDV�GH�SUHVFULo}HV�FRPSRUWDPHQWDLV�REMHWLYRV�FRP�FRQWH~GR�VRFLDOPHQWH GHILQLGR��2�DSUHQGL]DGR�GHVWHV�SDSpLV�VRFLDLV�FRQILUPD�R�SURFHVVR�GH�VRFLDOL]DomR�TXH�DFRQWHFH�GH PDQHLUD�FRQWtQXD��DR�ORQJR�GD�H[LVWrQFLD�GH�FDGD�LQGLYtGXR�QR�VHX�JUXSR�VRFLDO��,VVR�VLJQLILFD�TXH� 2V�FRQWH~GRV�H�REMHWLYRV�GRV�SDSpLV�VRFLDLV�QmR�GHILQHP�GLUHWDPHQWH�FRPSRUWDPHQWRV�RX DSUHQGL]DJHQV� � 1R�SURFHVVR�GH�VRFLDOL]DomR�GHVHPSHQKDPRV�SDSpLV�GHQWUR�GH�QRVVR�JUXSR�VRFLDO�H SURJUHVVLYDPHQWH�DSUHQGHPRV�H�GHVHQYROYHPRV�DVSHFWRV�GH�QyV�PHVPRV� 1mR�p�SRVVtYHO�FRUUHODFLRQDU�SDSpLV�VRFLDLV�FRP�GHVHQYROYLPHQWR�H�FUHVFLPHQWR�SHVVRDO� 2V�SDSpLV�VRFLDLV�VmR�VHPSUH�OLPLWDGRV�H�SURPRYHP�DSHQDV�FRPSRUWDPHQWRV�UHSHWLWLYRV�TXH QmR�UHTXHUHP�DSUHQGL]DJHP�DQWHULRU� $�DSUHQGL]DJHP�VRFLDO��HVWXGDGD�SRU�%DQGXUD��QD�GpFDGD�GH�������GHVWDFD�TXH�D�YLROrQFLD�p�R ~QLFR�IDWRU�GH�LQIOXrQFLD�VREUH�RV�SDSpLV�VRFLDLV� �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ����GH��� 8PD�PXOKHU�SRGH�VHU�YHQGHGRUD�QXPD�ORMD��PmH�GRV�VHXV�ILOKRV��HVSRVD�GR�VHX�PDULGR��HVFULWRUD�QRV VHXV�WHPSRV�OLYUHV�H�Im�GR�5LFN\�0DUWLQ��1HVWH�FDVR��D�PXOKHU�GHVHPSHQKD� XP�HVWDWXWR�VRFLDO XPD�UHODomR�VRFLDO � GLYHUVRV�SDSpLV�VRFLDLV XPD�DomR�VRFLDO XP�FHQiULR�VRFLDO �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $�3VLFRORJLD�6RFLDO�p�XPD�iUHD�GH�HVWXGR�TXH�WHP�FRPR�XP�GH�VHXV�REMHWRV�R�SURFHVVR�FRJQLWLYR SHOR�TXDO�IRUPDPRV�LPSUHVV}HV�VREUH�QyV�PHVPRV��LQFOXLQGR�R�DXWRFRQFHLWR��&RQVLGHUDQGR�R�TXH YLPRV�QD�DXOD���VREUH�HVVH�WHPD��DYDOLH�jV�DOWHUQDWLYDV�DEDL[R�H�DVVLQDOH�D�FRUUHWD� � 2�DXWRFRQFHLWR�p�IRUPDGR�SHORV�PRGHORV�PHQWDLV�TXH�XVDPRV�SDUD�UHSUHVHQWDU�TXHP�VRPRV �DXWRHVTXHPDV��H�WDPEpP�SHORV��HXV�SRVVtYHLV�� 2�DXWRFRQFHLWR�p�FRQVWLWXtGR�SHORV�DXWRHVTXHPDV�TXH�SRVVXtPRV�QR�PRPHQWR�SUHVHQWH�H�QmR SHORV��HXV�SRVVtYHLV��TXH�FRQVWLWXHP�R�TXH�D�SHVVRD�JRVWDULD�GH�VHU�QR�IXWXUR� 2�DXWRFRQFHLWR�p�LPSRUWDQWH�SDUD�R�QRVVR�DXWRFRQKHFLPHQWR���PDV�QmR�LQIOXrQFLD�QD�IRUPD FRPR�SHUFHEHPRV�RV�RXWURV� 2V�DXWRHVTXHPDV�VmR�RV�PRGHORV�PHQWDLV�TXH�XWLOL]DPRV�SDUD�GHILQLU�TXHP�VRPRV��PDV�QmR DIHWD�D�SHUFHSomR�TXH�WHPRV�VREUH�R�RXWUR�H�VREUH�DV�H[SHULrQFLDV�TXH�YLYHQFLDPRV� 2�DXWRFRQFHLWR�p�LPSRUWDQWH�QD�UHODomR�FRP�R�RXWUR��PDV�QmR�LQIOXrQFLD�D�PDQHLUD�FRPR SURFHVVDPRV�DV�LQIRUPDo}HV�VRFLDLV� �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� ¬�PHGLGD�TXH�RV�VLVWHPDV�GH�VLJQLILFDomR�H�UHSUHVHQWDomR�FXOWXUDO�VH�PXOWLSOLFDP��VRPRV FRQIURQWDGRV�SRU�XPD�PXOWLSOLFLGDGH�GHVFRQFHUWDQWH�GH�LGHQWLGDGHV�SRVVtYHLV��FRP�FDGD�XPD�GDV TXDLV�SRGHUtDPRV�QRV�LGHQWLILFDU�¢�DR�PHQRV�WHPSRUDULDPHQWH���+$//���������(VWHV�DXWRHVTXHPDV DIHWDP�GH�IRUPD�VLJQLILFDWLYD�D�PDQHLUD�FRPR�SURFHVVDPRV�DV�LQIRUPDo}HV�VRFLDLV��XPD�YH]�TXH� � RV�FRQFHLWRV�GH�YDORUHV�VmR�LQWHUSUHWDGRV�LJXDOPHQWH��GH�DFRUGR�FRP�D�FXOWXUD�TXH�D�SHVVRD HVWi�LQVHULGD�H�GH�VXD�LGHQWLGDGH�SHVVRDO YLYHPRV�QRVVD�H[SHFWDWLYDV�HP�XP�FRQWH[WR�VRFLDO�QR�TXDO�D�LPDJHP�H�D�FXOWXUD�GmR VLJQLILFDGR�j�H[SHULrQFLD�TXH�WHPRV�GH�QyV�PHVPRV R�KRPHP�SRU�HVVrQFLD��SUHFLVD�GR�FRQYtYLR�VRFLDO�SDUD�HQWmR�HQWHQGHU�D�VL�PHVPR�VHP�WHU�R SRGHU�GH�WUDQVIRUPDU�R�PHLR�HP�TXH�YLYH � R�DXWRFRQFHLWR�UHSUHVHQWD�DV�FUHQoDV�HVSHFtILFDV�SHODV�TXDLV�GHILQLPRV�TXHP�VRPRV� R�VXMHLWR�WHP�XPD�LGHQWLGDGH�IL[D��SHUPDQHQWH�H�HVVHQFLDO �)HFKDU � �
Compartilhar