Bematech IFRS
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This document contains information about Bematech, a leading commercial automation company in Brazil. It discusses Bematech's operations, key financial metrics, and transition to IFRS accounting standards. Specifically, it notes that Bematech had over 1,140 R&D professionals in 2010, generated 20% growth in net income that year, and had current and acid ratios close to 2.78 and 2.49 under IFRS. The transition to IFRS required adjustments including how intangible assets are amortized and how proposed dividends are recognized.
Bematech IFRS
- 1. IFRS1Project AndréFariaGomes afg26@pitt.edu FINANCIAL ACCOUNTING IFRS1Project Professor Theresa Hilliard
- 2. 1.Background
- 3. Bematech is a leading commercial automation company, delivering POS hardware, solutions, services and training to increase efficiency in retail
- 4. The company offers a broadportfolio of integrated solutions specializing in smallandmidsized businesses, offered through a wide distribution network that covers over 415,000pointsofsalein37countries.
- 6. ScenarioBrazil2010 6% Retail Revenue Growth in 2010. R$ 100+ Billion Market 3.4 Trillion Invested in IT (5.4% more than 2009) 51% of all ECFs (“tax printers”) were produced by Bematech Growth Pushed by new IT Obligations regarding Taxes (SPEDs) Reduction of tax evasion (sonegação) in Brazil
- 12. StatementsofCashFlows (In thousands of Reais) positiveCF decreasein investments
- 19. TransitiontoIFRS (In thousands of Reais)
- 20. TransitiontoIFRS a) Amortizationofintangibleassets: Intangible assets should be amortized according to their estimated useful life g) Acquisitionofinvestments: we recognized the estimated amount payable with respect to the acquisitions made prior to this date
- 21. TransitiontoIFRS (In thousands of Reais)
- 22. TransitiontoIFRS (In thousands of Reais) b) Proposeddividends: Only the mandatory minimum dividends are recognized as a liability before approval by the shareholders. (25% of the adjusted profit) The adjustments presented refer to the dividends that were recognized as liabilities by the company in an amount greater than the aforementioned mandatory minimum percentage.
- 24. Bematech2010+ The company continued to grow over the years and kept its inventory relatively low