La Convergencia A Las Normas Internacionales de Información Financiera en Chile

:8G@MI<M@<NMfc%+)''-
@JJE'.(/$+-,+M\ijè`dgi\jX&@JJE'.(/$+--)M\ijè\ece\X
LA CONVERGENCIA
A LAS NORMAS INTERNACIONALES
DE INFORMACIN FINANCIERA
EN CHILE
AUTORES
BERTA SILVA PALAVECINOS
CLAUDIO GARRIDO SUAZO
('
((
C8:FEM<E:@88C8JEFID8J@EK<IE8:@FE8C<J
;<@E=FID8:@E=@E8E:@<I8<E:?@C<
K?<:FEM<E:<KF@EK<IE8K@FE8CJK8E;8I;JF=
=@E8E:@8C@E=FID8K@FE@E:?@C<
9\ikXJ`cmXGXcXm\Zèfj(%
:cXl[`f>Xii`[fJlXqf)%
I<JLD<E

<cgifgj`kf[\\jk\kiXYXaf\jccXdXicXXk\eZè[\cfjc\Zkfi\jjfYi\cX`dgfikXeZ`Xhl\k`\e\[`jgfe\i[\leZfealekf[\
efidXjZfekXYc\jZfdle\jgXiXgi\gXiXicXè]fidXZèZfekXYc\eXeZ`\iX#ZlXek`kXk`mXpZlXc`kXk`mXi\]\i`[XXcfje\^fZ`fj%KXc
_\Z_f]XZ`c`kXcXjèm\ij`fe\j^cfYXc\j#Xe`m\cdle[`Xc#gifgfiZ`feXdXpfikiXejgXi\eZ`XXcfjd\iZX[fj[\ZXg`kXc\j^\e\iXe[f
d}jZfeXeqX\ecfjèm\ij`fe`jkXjhl`\e\j[\dXe[XeXjleXd\efikXjX[\Zfjkf[\ZXg`kXcpgficfkXekfj\gifdl\m\\c
Zi\Z`d`\ekfp[\jXiifccf[\cfjd`jdfjXcXld\ekXicXèm\ijè2X[\d}jXYXiXkXcfjZfjkfj[\\eki\^X[\è]fidXZèpXhl\
efj\i}e\Z\jXi`fZfem\ikì[\j[\cfjGièZ`g`fj:fekXYc\j>\e\iXcd\ek\8Z\gkX[fj[\cgXj\ehl\j\i\Xc`qXcXèm\ijèXcfj
[\cgXj[\cèm\ij`fe`jkX%

CX\o`jk\eZ`XpcXX[fgZè[\cXjEfidXj@ek\ieXZ`feXc\j[\@e]fidXZè=èXeZ`\iXcfîXi}e^\e\iXilec\e^lXa\
Zfde\ecfje\^fZ`fj%

CXXgifo`dXZè[\cX]\Z_X#([\\e\if[\)''0f[X;#hl\fYc`^Xi}XcXj\dgi\jXjZ_`c\eXjXgi\gXiXicfj\jkX[fj
eXeZ`\ifjj\êcXjEfidXj@ek\ieXZ`feXc\j[\@e]fidXZè=èXeZ`\iX[\Y\Zfejk`klìjlZ`\ek\dfk`mXZègXiXèk\i\jXiefj
\e ZfefZ\i \c `dgXZkf [\ cX X[fgZè [\ jkXj \e i\\dgcXqf [\ cXj efidXj ZfekXYc\j m`^\ek\j XZklXcd\ek\# cXj gièZ`gXc\j
[`]\i\eZ`Xj\o`jk\ek\j\eki\\ccXj#jl`dgfikXeZ`X\e\cdXiZf[\leYl\e^fY`\iefZfigfiXk`mf[\cXj\dgi\jXj#X[\d}j[\c
XcZXeZ\pZifefcf^XgXiXcXXgc`ZXZè[\cZl\igfefidXk`mf%
89JKI8:K

K_`j gXg\i X`dj kf XkkiXZk k_\ i\X[\ij Xkk\ek`fe i\^Xi[è^ k_\ `dgfikXeZ\ f] Y\è^ XYc\ kf _Xm\ X j\k f] Zfddfe
XZZflekè^jkXe[Xi[jkfgi\gXi\eXeZ`Xc#hlXek`kXk`m\Xe[hlXc`kXk`m\XZZflekè^è]fidXk`fei\cXk\[kfYljè\jj%K_`j]XZk
]XZ`c`kXk\j^cfYXcèm\jkd\ekjXifle[k_\nfic[#gifm`[\jdfi\kiXejgXi\eZpkfk_\ZXg`kXcdXib\kj^`mè^èm\jkfijdfi\i\c`XY`c`kp%
@em\jkfij#èklie#n`cc[\dXe[Xcfn\iZXg`kXcZfjkiXk\Xe[#k_\i\]fi\#k_\ìîfnk_Xe[[\m\cfgd\ekn`ccY\gifdfk\[Y\ZXlj\
èm\jkd\ek`jèZi\Xj\[2`kXcjfi\[lZ\jè]fidXk`fe[\c`m\ipZfjkjY\ZXlj\`kn`ccefkY\e\Z\jjXipkfdXb\XZfem\ij`fe]ifd
k_\>\e\iXccp8ZZ\gk\[8ZZflekXeZpGièZ`gc\jf]k_\Zflekipn_\i\èm\jkd\ek`jY\è^dX[\èkfk_fj\f]k_\èm\jkfij
Zflekip%

<o`jk\eZ\Xe[X[fgk`fef]@ek\ieXk`feXc=èXeZ`Xc@e]fidXk`feJkXe[Xi[jn`ccdXb\`kgfjj`Yc\kf^\e\iXk\XZfddfe
cXe^lX^\èYljè\jj%

(jkf]AXelXip#)''0fi;[Xp`jXggifXZ_è^Xe[:_`c\XeZfdgXe`\jn`ccY\fYc`^\[kfgi\gXi\eXeZ`XcjkXk\d\ekj
XZZfi[è^kfk_\@ek\ieXk`feXc=èXeZ`Xc@e]fidXk`feJkXe[Xi[j%K_`j[Xk\_XjkfZfejk`klk\\efl^_dfk`mXk`fe]filjkf^\k
èk\i\jk\[èle[\ijkXe[è^k_\`dgXZkf]X[fgkè^k_\j\jkXe[Xi[jèi\gcXZ\d\ekf]k_\gi\j\ekXZZflekè^jkXe[Xi[j2k_\
dXè[`]]\i\eZ\jY\kn\\ek_\d2k_\`dgfikXeZ\èk_\]iXd\f]X^ff[ZfigfiXk\dXeX^\d\ekf]ZfdgXe`\j2Xe[Xcjfk_\jZfg\
Xe[Z_ifefcf^p]fik_\Xggc`ZXk`fef]k_\j\kf]cXnj%
1
Ponticia
Universidad
Catlica
de
Valparaso
2
Universidad
de
Magallanes
()
@EKIF;L::@E

<c:fej\af[\EfidXj@ek\ieXZ`feXc\j[\:fekXY`c`[X[
@8J9 $ @ek\ieXk`feXc 8ZZflekè^ JkXe[Xi[j 9fXi[ Zfe \c
gifgj`kf[\Xpl[XiXkfdXi[\Z`j`fe\j\Zfed`ZXj#\eki\fkifj
ljlXi`fj#XcfjgXik`Z`gXek\j\ecfjd\iZX[fj[\ZXg`kXc\jX
e`m\cdle[`Xc#[`jgfe`\e[f[\è]fidXZèk`c#ZfdgXiXYc\#
kiXejgXi\ek\ p [\ XckX ZXc`[X[ \e cfj \jkX[fj ]èXeZ`\ifj
p \e fkifj k`gfj [\ è]fidXZè ]èXeZ`\iX _X gi\gXiX[f
le DXiZf :feZ\gklXc gXiX cX gi\gXiXZè p gi\j\ekXZè
[\ Xhl\ccfj p _X \d`k`[f le Zl\igf [\ efidXj ZfekXYc\j
i\]\i`[Xj X [`jkèkXj dXk\i`Xj% <jkX efidXk`mX# ZfefZ`[X
Zfdf cXj EfidXj @ek\ieXZ`feXc\j [\ :fekXY`c`[X[ E@: p
EfidXj @ek\ieXZ`feXc\j [\ @e]fidXZè =èXeZ`\iX E@@= #
Zfdgi\e[\ \c i\ZfefZ`d`\ekf ZfekXY`c`qXZè # cX d\[`Zè
mXcfi`qXZè p cX i\m\cXZè XZ\iZX [\ [`]\i\ek\j XZk`mfj p
gXj`mfj# hl\ j\ fi`^èXe \e _\Z_fj \Zfed`Zfj [\i`mX[fj
[\[\Z`j`fe\jpXZZ`fe\jfZlii`[Xj\eleXfi^Xe`qXZèhl\
[\jXiifccXXZk`m`[X[\jZfee\j[\clZif%<jkfj_\Z_fjX]\ZkXe
cfji\ZlijfjpfYc`^XZ`fe\j[\cX\dgi\jX#gl[`\e[fX]\ZkXiXc
i\jlckX[fp&fXcgXki`dfe`f[\cX\ek`[X[%

<jkXfi^Xe`qXZè#[\j[\jlfi`^\e\e(0.*ZfefZ`[X
Zfdf\c:fd`k[\EfidXj@ek\ieXZ`feXc\j[\:fekXY`c`[X[
@8J:$ @ek\ieXk`feXc 8ZZflekè^ JkXe[Xi[j :fdd`kk\ p
cl\^f [\j[\ )''( Zfdf @8J9# _X \d`k`[f p glYc`ZX[f +(
EfidXj @ek\ieXZ`feXc\j [\ :fekXY`c`[X[ E@: [\ cXj
ZlXc\j j\ \eZl\ekiXe m`^\ek\j )0# p _X \d`k`[f / EfidXj
@ek\ieXZ`feXc\j [\ @e]fidXZè =èXeZ`\iX E@@= *% <e \jkXj
efidXjj\\jkXYc\Z\ecfjZi`k\i`fjf]le[Xd\ekfjhl\j\[\Y\e
fgl\[\ej\^lì#j\ê\cZXjf#gXiX\]\ZklXi\ci\ZfefZ`d`\ekf
pd\[`Zèè`Z`Xcp\ci\ZfefZ`d`\ekfpd\[`Zègfjk\i`fi
[\XZk`mfjpgXj`mfj%<jg\ikè\ek\j\XcXihl\cXefidXk`mX
\d`k`[Xgfi\jk\fi^Xe`jdf\e]Xk`qX\c]fe[f\Zfed`Zf[\cfj
\m\ekfjpcfj\]\Zkfjhl\g\ij`^l\i\ZfefZ\i#d\[ìpi\m\cXi#j\
[\jkXZXecfjZi`k\i`fjXgc`ZXij\êcXeXkliXc\qX[\c\m\ekfd}j
hl\X\jkXYc\Z\ii\^cXj\jg\ZZXjgXiX\ci\^`jkif#mXcfiXZè
pi\m\cXZèg\ikè\ek\[\ZX[Xlef\jg\ZZXd\ek\%

:_`c\#\e\cZfek\okf[\cgifZ\jf[\^cfYXc`qXZèp
\edXiZX[f\eleXgfck`ZX[\jXcìXcdle[f#\ecfjck`dfj
Xfj_XidX[fleXj\i`\[\KiXkX[fj[\C`Yi\:fd\iZ`f#Zfe
dlZ_fjgXj\j#\jXjZfdfdlZ_Xj\dgi\jXj\okiXea\iXj_Xe
è`Z`X[f XZk`m`[X[\j \e el\jkif gXj# X kiXmj [\ \dgi\jXj
]`c`Xc\j% ?XjkX cX ]\Z_X# gXiX i\gfikXi X cfj èm\ij`fe`jkXj
\okiXea\ifjpXcXdXki`q[\cXjc`Xc\jhl\\jk}e\eel\jkif
k\ii`kfi`f^\fî}ZfpgXiXhl\gl\[Xe\ek\e[\icfjè]fid\j
hl\ j\ c\j \emXe# _X j`[f e\Z\jXi`f Zfem\ikì cfj \jkX[fj
eXeZ`\ifjgi\gXiX[fjZfecXefidXk`mXZ_`c\eXXcXefidXk`mX
\okiXea\iX# Zfe cfj Zfej`^l`\ek\j Zfjkfj X[dè`jkiXk`mfj#
\Zfed`Zfjp[\k`\dgf%

;\Y`[f X cf Xek\i`fi# ZX[X m\q Zfd\eq X kfdXi
d}j ]l\iqX cX e\Z\j`[X[ [\ k\e\i le c\e^lXa\ Zfde \e
ZfekXY`c`[X[%
:?@C< :FEM@<E;F ?8:@8 C8J EFID8J

@ E K \e\iXc [\c
:fc\^`f[\:fekX[fi\j[\:_`c\Zi\cX:fd`jè[\GièZ`g`fj
pEfidXj[\:fekXY`c`[X[#Zldgc`\e[fZfeleXi\jfclZè\e
kXcj\ek`[f[\c:lXikf:feî\jfEXZ`feXcj\gk`\dYi$0.' #
[\XZl\i[fZfecXXki`YlZèZfek\e`[X\ecXc\kiX^[\c8ik%
(*[\cXC\pEf(*%'((#hl\cffYc`^XX[`ZkXiefidXji\cXk`mXj
Xc\a\iZ`Z`fgif]\j`feXc+%

<c'0[\\e\if[\(0.*#\c?fefiXYc\:fej\af>\e\iXc
[\c:fc\^`f[\:fekX[fi\jXgil\YX\c9fc\keKZe`ZfE(#\e
\cZlXcj\\eleZ`Xp\ogc`ZXecfj\c\d\ekfjZfejk`klp\ek\j[\cX
K\fiX9}j`ZX[\cX:fekXY`c`[X[\ecXZlXcj\]le[Xd\ekXe
cXjefidXjZfekXYc\j%J`\e[f\jk\fi^Xe`jdfcXe`ZX\ek`[X[
[\[\i\Z_fgi`mX[fhl\k`\e\cX]XZlckX[gXiX\d`kìefidXj
hl\jfe[\Xgc`ZXZè^\e\iXc\e:_`c\%

<e\jkfj*+Xfj#\c:fc\^`f[\:fekX[fi\j[\:_`c\#_X
\d`k`[f..9fc\kè\jKZe`Zfj%8eXc`qXe[f[`Z_fj9fc\kè\j#pX
\e\cXf(00.#j\è`Z`XlegifZ\jf[\X[fgZè[\efidXk`mX
èk\ieXZ`feXcZfecX\d`jè[\c9fc\keKZe`ZfE,-jfYi\
GièZ`g`fjpEfidXj[\:fekXY`c`[X[\cZlXcj\XcX<eXlj\eZ`X
[\le9fc\keKZe`Zfhl\[`Zk\legièZ`g`ffefidX[\ZfekXY`c`[X[
^\e\iXcd\ek\XZ\gkX[f\e:_`c\#j\[\Y\i\Zliiì#gi\]\i\ek\d\ek\#X
cXefidXèk\ieXZ`feXc[\ZfekXY`c`[X[E@: Zfii\jgfe[`\ek\%

<c'([\\e\if[$''0j\i}\c[X;gXiXcXgif]\jè
ZfekXYc\\e:_`c\%CXJlg\ièk\e[\eZ`X[\MXcfi\jp[\J\^lifj
J%M%J \ejlFZ`f:ìZlcXiE*-/,è]fidX\`dgXik\d\[`[Xj
jfYi\gifZ\jf[\Zfem\i^\eZ`X[\GièZ`g`fj:fekXYc\j>\e\iXcd\ek\
8Z\gkX[fj \e :_`c\ X EfidXj @ek\ieXZ`feXc\j [\ :fekXY`c`[X[ p
EfidXj @ek\ieXZ`feXc\j [\ @e]fidXZè =èXeZ`\iX% CX J%M%J%
i\Zfd`\e[X èk\i`fi`qXij\ X cX Yi\m\[X[ [\c Zfek\e`[f [\
cXjefidXjpX\d`k`[Xj#pXj\XgficXjm\ij`fe\jglYc`ZX[Xj
gfi \c gifg`f @8J9 f gfi \c @ejk`klkf [\ :fekXY`c`[X[ p [\
8l[`kfi`X[\:l\ekXj@:8: -%KXdYèi\Zfd`\e[XZfefZ\i
cfj[fZld\ekfjhl\\jk}ej`\e[f\d`k`[fjgficfjfi^Xe`jdfj
kZe`Zfj Z_`c\efj# pX j\X \c :fc\^`f [\ :fekX[fi\j [\ :_`c\
8%>%pcXji\jg\Zk`mXjefidXjZfdgc\d\ekXi`Xj[\cXJ%M%J%p
gfick`df#g\ifgfi\ccf#efd\efj`dgfikXek\#\mXclXicfj
\]\ZkfjgXik`ZlcXi\jhl\cXjel\mXjefidXjgifmfZXi}e\ecX
]fidlcXZèpgi\j\ekXZè[\jlj\jkX[fjeXeZ`\ifjp\e\c
d\iZX[f[\mXcfi\j%

<c:fc\^`f[\:fekX[fi\j[\:_`c\8%>%\e\cXf)''+#
idleZfem\e`fZfe\c9XeZf@ek\iXd\i`ZXef[\;\jXiifccf
9@; #\ejlZXc`[X[[\8[dè`jkiX[fi[\c=fe[fDlck`cXk\iXc
[\ @em\ij`fe\j =FD@E # Zfe \c e [\ @ej\ikXi X :_`c\ \e
c }dY`kf èk\ieXZ`feXc# Xgc`ZXe[f Zi`k\i`fj le`]fid\j \e cX
gi\j\ekXZè eXeZ`\if$ZfekXYc\# ]XZ`c`kXe[f cX èk\îXZè
Zfd\iZ`Xc# j`\e[f cX :fem\i^\eZ`X [\ GièZ`g`fj :fekXYc\j
3
Estas
normas,
en
conjunto,
se
denominan
Normas
Internacionales
de
Informacin
Financiera
(NIIF)
o
IFRS
por
su
sigla
correspondiente
a
International

Financial
Reporting
Standards.
4
Extractado
del
Boletn
Tcnico
N
1,
Colegio
de
Contadores
de
Chile
A.G.
5
Ocio
Circular
N
368
del
16
de
octubre
de
2006,
para
todas
las
entidades
inscritas
en
el
Registro
de
Valores,
emisoras
de
valores
de
oferta
pblica,
con
excepcin
de
las
compaas
de
seguros.
6
ICAC;
Instituto
de
Contabilidad
y
Auditora
de
Cuentas
de
Espaa.
CX:fem\i^\eZ`XXcXjEfidXj@ek\ieXZ`feXc\j[\@e]fidXZè=èXeZ`\iX\e:_`c\&9\ikXJ`cmXGXcXm\Zèfj$:cXl[`f>Xii`[fJlXqf
eXZ`feXc\jXEfidXj@ek\ieXZ`feXc\j\cgièZ`gXcZfdgfe\ek\%
;`Z_f Zfem\e`f j\XcX hl\ \c gcXqf gXiX cX \a\ZlZè [\c
GifîXdX \j [\ ZlXi\ekX p fZ_f d\j\j# gfi cf kXekf# cX
:fd`jè KZe`ZX [\ GièZ`g`fj p EfidXj [\ :fekXY`c`[X[
_Xgi\gXiX[flegcXe[\kiXYXafZfej`[\iXe[fhl\cXjel\mXj
efidXj[\ZfekXY`c`[X[#i\jlckXek\j[\cGcXe[\:fem\i^\eZ`X#
j\i}e\d`k`[XjXcfcXi^f[\[`Z_fg\i`f[f#cfhl\j\kiX[lZ\\eleX
]\Z_Xc`d`k\[\`dgc\d\ekXZègXiX\c'([\\e\if[\)''0%

8 cX ]\Z_X# Xld\ekX \c ed\if [\ Zfejlckfi\j# [\
gif]\j`feXc\jhl\j\[\j\dg\Xe\ecXj\dgi\jXjXl[`kfiXj
p&f\e\c}dY`kfXZX[d`Zf#hl\_XeXeXc`qX[fcXefidXk`mX
m`^\ek\\e:_`c\.ZfdgXi}e[fcXZfecXjEfidXj@ek\ieXZ`feXc\j
[\ @e]fidXZè =èXeZ`\iX# [\jkXZXe[f hl\ cXj [`]\i\eZ`Xj
\o`jk\ek\jj\gl\[\ek`g`ZXifXîlgXi#Zfdfgfi\a\dgcf1
(% <o`jk\e G:>8 hl\ [`\i\e [\ cXj E@:$E@@=1 :fii\ZZè
Dfe\kXi`X#I\kXjXZèKZe`ZX[\c8Zk`mf=àf#;\k\i`fif
[\8Zk`mfj#8dfik`qXZè[\c>ff[n`cc%
)% <o`jk\eG:>8hl\_XeX[fgkX[fcXjefidXj\jkXYc\Z`[Xj
\eE@:$E@@=#XgXikì[\Z`\ikX]\Z_XjfcXd\ek\1@dgl\jkfj
;`]\i`[fj#:fdYèXZè[\E\^fZ`fj%
*% G:>8hl\_XeX[fgkX[fjfcfgXiZ`Xcd\ek\cXjE@:$E@@=1
;\i`mX[fj#:fjkfjgfièk\ij%
+% <o`jk\eefidXj\ecXjE@:$E@@=#hl\ef\jk}e\jkXYc\Z`[Xj
\ecfjG:>8phl\\eel\jkifgXjefj\Xgc`ZX1@e]fidXZè
eXeZ`\iXgfij\^d\ekfj#>XeXeZ`XgfiXZZè%
,% 8gc`ZXZè[\E@:$E@@=#gXiXdXk\i`Xj\jg\ZZXd\ek\ef
efidX[Xj \e cfj G:>81 GcXe\j [\ Y\e\Z`fj gfi i\kìf#
E\^fZ`fj\eZfealekf%

;`]\i\eZ`Xj Zfdf jkXj j\ _Xe gi\j\ekX[f \eki\ cX
efidXk`mX ZfekXYc\ èk\ieXZ`feXc p cX [\ fkifj gXj\j hl\
_Xe X[fgkX[f# f X[XgkX[f cXj EfidXj @ek\ieXZ`feXc\j [\
@e]fidXZè=èXeZ`\iX%
@DG8:KF ;< C8 8;FG:@E ;< C8 EFID8J

@EK<IE8:@FE8C<J <E I<<DGC8QF ;< C8J
EFID8J:FEK89C<CF:8C<J%

<j efkXYc\ cX \og\i`\eZ`X mm`[X gfi cfj gXj\j
d`\dYifj [\ cX Leè <lifg\X cfj ZlXc\j [\j[\ \c Xf
)'', X[fgkXife cXj EfidXj @ek\ieXZ`feXc\j [\ @e]fidXZè
=èXeZ`\iXfYc`^Xkfi`Xd\ek\gXiXXhl\ccXj\dgi\jXjZfk`qX[Xj
hl\gi\gXiXe\jkX[fjeXeZ`\ifjZfejfc`[X[fj%8ZfekèlXZè#
Zfe\cgifgj`kf[\`cljkiXi\c`dgXZkfhl\^\e\iXcXZfem\ijè
[\j[\cXefidXk`mXcfZXcXcXèk\ieXZ`feXcj\gi\j\ekXcXKXYcX
E(% CX è]fidXZè hl\ j\ gl\[\ fYj\imXi# gifgfiZ`feX
X[\d}jcX\m`[\eZ`X[\hl\cfjXZk`mfj#gXj`mfj#i\jlckX[fp
\cgXki`dfe`f[\cXjfi^Xe`qXZ`fe\jmXi`Xife[\g\e[`\e[fef
[\cfj_\Z_fjhl\cfj^\e\iXife#jèf[\cZl\igf[\efidXj
hl\j\Xgc`ZXifegXiXjli\^`jkifpmXcfiXZè%
<e <lifgX cX X[fgZè j`ê`Z \e gifd\[`f le *' [\
mXi`XZè\egXki`dfe`fpi\jlckX[f%
K89C8E(
<]\Zkf:fem\ijèXEfidXjE@:$E@@=

(*
8zFI<JLCK8;FM8I %G8KI@DFE@FM8I
8cc`Xeq
(00/
**
+,
8dX[\lj
)'')
.*
)(
9\`\ij[fi]
(00/
$+
()
9DN
)'''
(/
0*
@ek\iYi\n
)'''
$*,
+
Cè[\
)'''
$(,
)
D\kif
(00/
$(-
/
DXe
(00.
*
*
Dle`Z_I\
)'')
0-
(,/
K$Fecè\
)'')
$.
*
MfcbjnX^\e
)'''
((
((*
=l\ek\1Gi`Z\NXk\i_flj\:ffg\ijJ\i^`fKlY`f)''-
7
A
la
normativa
contable
vigente
en
Chile
se
le
denominar
Principios
de
Contabilidad
Generalmente
Aceptados
(P.C.G.A)
(+

J`fYj\imXdfjcXkXYcXXek\i`fi#j\gl\[\`[\ek`ZXi
hl\ \e Xc^lefj ZXjfj cXj [`]\i\eZ`Xj gif[lZ`[Xj gfi cX
Xgc`ZXZè[\cXjE@:$E@@=\eI\jlckX[fpGXki`dfe`f]l\ife
dlpj`ê`ZXk`mXj#Dle`Z_I\#MfcjnX^\ep9DNgi\j\ekXife
j`ê`ZXk`mf Xld\ekf \e XdYfj ZfeZ\gkfj%8 fkiXj Zfdf cX
\dgi\jX8dX[\ljc\èZi\d\ek\ci\jlckX[f#effYjkXek\c\
[`jdèlp\cgXki`dfe`f%8fkiXj#ZfdfcX\dgi\jX@ek\iYi\n
c\jX]\Zke\^Xk`mXd\ek\\ci\jlckX[fjèhl\[`jdèlp\iX\c
gXki`dfe`f%

8df[f[\\a\dgcfj\gf[iXè[`ZXiXc^leXjdXk\i`Xj
hl\ _Xe cc\mX[f X i\^`jkiXi cXj [`]\i\eZ`Xj hl\ X]\ZkXe Xc
i\jlckX[fp&fXcgXki`dfe`f1
X :Xg`kXc`qXZè[\cfjZfjkfj[\[\jXiifccf#
Y Df[`ZXZèXcXm`[Xk`ci\jg\Zkf[\XZk`mfjkXe^`Yc\j\
èkXe^`Yc\j#
Z Df[`ZXZèXcfjdkf[fj[\[\gi\Z`XZè#
[ :Xg`kXc`qXZè [\ ^Xjkfj [\ ]XYi`ZXZè \e cfj
èm\ekXi`fj#
\ <]\Zkf[\[`]\iìkiXkXd`\ekf[\ZfekiXkfj[\Xii\e[Xd`\ekf
ZfdfXii\e[X[fi#
] <]\Zkf[\[`]\iìmXcfiXZè[\èjkild\ekfjeXeZ`\ifj#
^ <]\Zkf[\`dgl\jkfj[`]\i`[fj#
_ <c`dèXZè[\k\dj\jg\Z`Xc\j#
` Df[`ZXZè X cX mXcfi`qXZè [\ g\ej`fe\j p gXj`mfj
j`d`cXi\j#
a Df[`ZXZèXckiXkXd`\ekfZfekXYc\[\cXjgifm`j`fe\j#
b :cXj`]`ZXZè [\c èk\ij dèfi`kXi`f [\ekif [\c
gXki`dfe`f
c :Xg`kXc`qXZè[\cfjZfjkfj[\eXeZ`Xd`\ekf#
d I\ZfefZ`d`\ekf[\èî\jfj
e 8aljk\jgfièXZè

LeX ]l\ek\ `dgfikXek\ [\ [`]\i\eZ`Xj _X j`[f cX
èZfigfiXZè[\cdf[\cf[\mXcfi`qXZèYXjX[f\ecXXgc`ZXZè
[\cmXcfiAljkf#pXhl\\ecXefidXk`mXm`^\ek\[\c@8J9\c-/
[\cXjefidXjXgc`ZX\jk\ZfeZ\gkfj\`jE@@=p[`\Zèl\m\E@: %
<eXc^leXjefidXjcXXgc`ZXZè\jfYc`^Xkfi`X[\j[\cXgi`d\iX
d\[`Zèp\efkiXj\jledkf[fXck\ieXk`mf#XcXmXcfi`qXZè
YXjX[X\e\cZfjkf#\ed\[`Z`fe\jgfjk\i`fi\j%

CX Zfem\i^\eZ`X X cXj EfidXj @ek\ieXZ`feXc\j [\
@e]fidXZè=èXeZ`\iXk`\e\`dgc`ZXeZ`XjeXeZ`\iXj#Xjcf_Xe
[\jkXZX[f gif]\j`feXc\j [\ \dgi\jXj Xl[`kfiXj# XZX[d`Zfj#
XeXc`jkXjeXeZ`\ifj%Gficfj\]\Zkfj\ei\jlckX[fjp\e\cYXcXeZ\
X]\ZkXi}eXc<9@K;8/#cfjZfm\eXekj0#cfjd}i^\e\j#\eki\fkifj%
KXdYè\jj`ê`ZXk`mfj\XcXi\c\]\Zkfhl\gl\[\gif[lZì
\ci\ZfefZ`d`\ekf[\i\jlckX[fjefi\Xc`qX[fj#kXc\j\cZXjfgfi
\a\dgcf[\ci\ZfefZ`d`\ekf[\cfjXaljk\jXcmXcfi[\d\iZX[f
[\cfjèjkild\ekfjeXeZ`\ifjdXek\e`[fjgXiXe\^fZ`XZè#
ZlXe[fj\[\YXkfdXi[\Z`j`fe\jXZ\iZX[\cX[`jki`YlZè[\
lk`c`[X[\j f [`m`[\e[fj jljZ\gk`Yc\j [\ j\i i\gXik`[fj X cfj
XZZ`fe`jkXj\ei\ki`YlZèXcZXg`kXcXgfikX[f%

GfifkiXgXik\#\c<jkX[f[\ZXdY`fjXcgXki`dfe`fe\kf
Xpl[Xi}XcX`[\ek`ZXZè[\cXjmXi`XZ`fe\jgXki`dfe`Xc\jhl\
j\^\e\iXe\eXld\ekfj[\cXmXcfi`qXZè[\XZk`mfjjèhl\
gfi\ccfj\^\e\i\i\Xcd\ek\el\mfji\Zlijfj%<e\jk\\jkX[f[\
ZXdY`fj\e\cgXki`dfe`fe\kf#j\gi\j\ekXecfj^Xjkfj\èî\jfj
kfkXc\j#èZclp\e[f\e\ccfjZ`\ikXjgi[`[Xjf^XeXeZ`Xj#Zfdf
gfi\a\dgcfcfjjlg\i}m`k[\i\mXclXZè#Z`\ikXj[`]\i\eZ`Xj
[\ZXdY`fpcXjgi[`[Xjf^XeXeZ`Xj[\i`mX[Xj[\cXi\m`jè
[\mXcfi[\XZk`mfjeXeZ`\ifj[`jgfe`Yc\jgXiXcXm\ekX#pcfj
Zfii\jgfe[`\ek\j`dgfik\j[\`dgl\jkfjZfii`\ek\jp[`]\i`[fj
hl\gfi[`jgfj`Zè[\fkiXjefidXj#j\i\ZfefZ\e[ì\ZkXd\ek\
ZfdfZXdY`fj\e\cgXki`dfe`fe\kf%

<c`dgXZkfef\jjfcXd\ek\[\eXkliXc\qXZlXek`kXk`mX
peXeZ`\iX#X[\d}j`dgc`ZXi\Xc`qXii\m\cXZ`fe\jdlZ_fd}j
[\kXccX[Xj[\cfjXZk`mfj#[\cfjgXj`mfj#[\cgXki`dfe`f#[\
jl mXcfi`qXZè X mXcfi aljkf# [\ cfj j\^d\ekfj [\ e\^fZ`fj
gièZ`gXc\j p j\Zle[Xi`fj # j\ gfe\ e]Xj`j \e cfj i\gfik\j
èk\iefj[\cX^\i\eZ`X#XgfikXe[fcXè]fidXZèZik`ZXgXiX
cX\mXclXZè[\cX^\jkè[\ce\^fZ`f%8[\d}jj\gif[lZ\e
ZXdY`fj \e cX gi\j\ekXZè [\ cfj \jkX[fj eXeZ`\ifj# gfi
\a\dgcf#cXjZl\ekXj\e\c<jkX[f[\i\jlckX[fjj\gi\j\ekXi}e
j\êeXkliXc\qX#pj`j\_`Z`\iXgfi]leZècXji\m\cXZ`fe\j
[\jleXkliXc\qXj\i}ei\hl\i`[Xj%
G I @ E : @ G8 C < J ; @ = 8 E 8 : @ F E 8 C < J : F E C 8 J E F I D 8 J
@ E K < I E 8 : @ F E 8 C < J ; < @ E = F I D 8 : @ E
=@E8E:@<I8

;\j[\hl\j\ZfefZ`cX[\Z`jè\e:_`c\#\efi[\eX
X[fgkXicXjEfidXj@ek\ieXZ`feXc\j[\@e]fidXZè=èXeZ`\iX#
cXj \dgi\jXj Xl[`kfiXj d}j `dgfikXek\j \e el\jkif gXj
j\ gi\fZlgXife [\ i\Xc`qXi cXj ZfdgXiXZ`fe\j \eki\ XdYXj
efidXj#XZklXcd\ek\cX:fd`jè[\GièZ`g`fjpEfidXj[\
:fekXY`c`[X[[\c:fc\^`f[\:fekX[fi\j[\:_`c\XeXc`qXcXj
dXk\i`XjkZe`ZXjXk\e\i\eZl\ekXXcX_fiX[\cXX[fgZè
gfigi`d\iXm\q[\cXjE@@=%

<c @ek\ieXk`feXc 8ZZflekè^ JkXe[Xi[j 9fXi[ _X
Zfej`[\iX[f cX8[fgZè gfi gi`d\iX m\q [\ cXj EfidXj
@ek\ieXZ`feXc\j[\@e]fidXZè=èXeZ`\iX\ecXE@@=(#cXZlXc
[\Y\i}j\iXgc`ZX[X\e\c\jgi`klp\cXcZXeZ\hl\Zfii\jgfe[X%
Jè \dYXi^f _XYi} dXk\i`Xj gifg`Xj [\ cX efidX Z_`c\eX X
Zfej`[\iXigXiX]fidlcXicXE@=E($:_`c\

<c fYa\k`mf [\ cX E@@= (# j\XcX[f gfi \c @8J9# \j
Xj\^liXihl\cXè]fidXZèZfek\e`[X\ecfjgi`d\ifj\jkX[fj
eXeZ`\ifjgi\gXiX[fj\eYXj\XE@@=#XjZfdfjljè]fid\j
eXeZ`\ifj èk\id\[`fj# i\cXk`mfj X leX gXik\ [\c \a\iZ`Z`f
ZlY`\ikf gfi kXc\j \jkX[fj eXeZ`\ifj# j\X1 ` kiXejgXi\ek\
gXiXcfjljlXi`fj2`` ZfdgXiXYc\gXiXkf[fjcfj\a\iZ`Z`fjhl\
j\gi\j\ek\e2``` gifgfiZ`fe\leglekf[\gXik`[XX[\ZlX[f
gXiXcXZfekXY`c`qXZèj\êE@@=2`m gl\[Xj\ifYk\e`[XX
leZfjkfhl\ef\oZ\[XXcfjY\e\Z`fjgifgfiZ`feX[fjXcfj
ljlXi`fj%
8
EBITDA
corresponde
a
la
sigla
de
earnings
before
interests,
tax,
depreciation,
amortization,
es
un
indicador

de
la
rentabilidad
del
negocio
que
se
obtiene
del
Estado
de
Resultados.

9
Covenant,
es
un
acuerdo
en
un
contrato
de
crdito
que
se
reere
a
las
obligaciones
que
el
acreditado
debe
cumplir,
ya
que
de
no
hacerlo,
por
ejemplo
se
puede
dar
por
vencido
el
crdito
(clusulas

suspensivas).
Los
covenants
se
reeren
generalmente
al
cumplimiento
de
acuerdos
o
al
mantenimiento
de
determinados
ndices
o
razones
nancieras.


CX efidX j\ Xgc`ZXi} X Cfj gi`d\ifj \jkX[fj
]èXeZ`\ifj XelXc\j \e cfj ZlXc\j cX \ek`[X[ X[fgkX cXj
E@@=# d\[`Xek\ leX [\ZcXiXZè# \ogcZ`kX p jè i\j\imXj# [\
Zldgc`d`\ekfZfecXjE@@=%

LeX \ek`[X[ Xgc`ZXi} E@@= ( \e X Cfj gi`d\ifj
\jkX[fj eXeZ`\ifj gi\gXiX[fj \e YXj\ X E@@=2 Y <e ZX[X
è]fid\ eXeZ`\if èk\id\[`f hl\# \e jl ZXjf# gi\j\ek\ [\
XZl\i[f Zfe cX E@: *+ @e]fidXZè =èXeZ`\iX @ek\id\[`X#
i\cXk`mfjXleXgXik\[\c\a\iZ`Z`fZlY`\ikfgfijljgi`d\ifj
\jkX[fjeXeZ`\ifjgi\gXiX[fjZfeE@@=%

J\Zfej`[\iXGi`d\ifj\jkX[fjeXeZ`\ifjZlXe[fcX
\ek`[X[1
( ?Xgi\j\ekX[fjlj\jkX[fjeXeZ`\ifjd}ji\Z`\ek\jYXaf
Zfe[`Z`fe\jkXc\jZfdf1
X :feG:>8cfZXc\jefZf_\i\ek\jZfeE@@=
Y :fe]fid\XE@@=#jè[\ZcXiXZè[\Zldgc`d`\ekf
Z :fe[\ZcXiXZè\ogcZ`kX[\Zldgc`d`\ekfjfcfZfeXc^leXj
E@@=
[ :fe G:>8 cfZXc\j ef Zf_\i\ek\j Zfe E@@= p Xgc`ZXe[f
Xc^leXjE@@=gfihl\ef\o`jk\efidXeXZ`feXc%
\ J\êG:>8cfZXc\jXgfikXe[fleXZfeZ`c`XZè[\Xc^leXj
[\ cXj Z`]iXj Zfe cXj d`jdXj dXê`kl[\j [\k\idèX[Xj
j\êcXjE@@=%
)% ?X gi\gXiX[f \jkX[fj ]èXeZ`\ifj ljXe[f cXj E@@=
e`ZXd\ek\gXiXljfèk\ief%Ef_Xgl\jkfX[`jgfj`Zè[\
cfjgifg`\kXi`fjlfkifjljlXi`fj\ok\iefj%
*%?Xgi\gXiX[flegXhl\k\[\è]fidXZèljX[fcXjE@@=#
gXiX jl \dgc\f \e Zfejfc`[XZè# g\if ef Zfejk`klp\ le
ZfealekfZfdgc\kf[\\jkX[fjeXeZ`\ifj%
+% Ef _X gi\j\ekX[f \jkX[fj ]èXeZ`\ifj \e \a\iZ`Z`fj
Xek\i`fi\j%

Jègi\k\e[\iX^fkXi\ck\dXpYXjX[f\e\cgif[lZkf
[\ckiXYXafi\Xc`qX[fgfiXeXc`jkXj#XZfekèlXZèj\gi\j\ekXe
Xc^leXj[`]\i\eZ`Xjj`ê`ZXk`mXj\eki\cfjG:>8Z_`c\efjpcXj
E@@=1
(%$:fei\jg\ZkfXefidXji\]\i`[XjX<jkX[fj=èXeZ`\ifj
pXi\gfik\j1

<e cX E@: ( Gi\j\ekXZè [\ <jkX[fj =èXeZ`\ifj%
<eki\cfjZXdY`fj]fidlcX[fj\e\jkXjefidXjj\gcXek\Xle
el\mf\jkX[feXeZ`\if[\efdèX[f\jkX[f[\ZXdY`fj\e
\cgXki`dfe`fe\kf2\e\cYXcXeZ\^\e\iXccfjXZk`mfjpgXj`mfj
[\Y\e j\i ZcXj`ZX[fj Zfdf Zfii`\ek\j f ef Zfii`\ek\j2 kf[fj
cfjèî\jfjp\î\jfji\m`jk\e\cZXi}Zk\i[\fg\iXZ`feXcpef
j\ XZ\gkX cX èZfigfiXZè [\ i\jlckX[fj \okiXfi[èXi`fj% <c
èk\ij dèfi`kXi`f j\ gi\j\ekX Zfdf le k\d èk\îXek\ [\c
gXki`dfe`f%

<ecXE@:.<jkX[f[\=claf[\<]\Zk`mfj\gcXek\Xhl\
cfjèk\i\j\jp[`m`[\e[fj#pXj\Xei\Z`Y`[fjfgX^X[fj#[\Y\e
j\igi\j\ekX[fjgfij\gXiX[fpZcXj`ZX[fjj\êZfii\jgfe[X
\eXZk`m`[X[\j[\eXeZ`Xd`\ekf#èm\ijèlfg\iXZè%
(,

<e cX E@: / Gfck`ZXj ZfekXYc\j# ZXdY`fj \e cXj
\jk`dXZ`fe\jZfekXYc\jp\iifi\j#j\gcXek\Xhl\cfjZXdY`fj
\egièZ`g`fjZfekXYc\jj\i\^`jkiXeZfe\]\Zkf\egXki`dfe`f
pcfj\jkX[fjeXeZ`\ifj[\g\i`f[fjXek\i`fi\jj\df[`ZXe
gXiX\]\Zkfj[\jlgi\j\ekXZèZfdgXiXk`mX%

<e cX E@: *+ @e]fidXZè =èXeZ`\iX @ek\id\[`X
gcXek\XcfjZfdgfe\ek\jde`dfj[\cXè]fidXZèeXeZ`\iX
èk\id\[`X# cfj g\i`f[fj gfi cfj Zl}c\j j\ \o`^\ gi\j\ekXi
\jkX[fj eXeZ`\ifj èk\id\[`fj p Xc^lefj k\dXj i\]\i`[fj
Xc i\ZfefZ`d`\ekf p d\[`Zè [\ èî\jfj p ^Xjkfj X ]\Z_X
èk\id\[`X%

<ecXE@@=/@e]fidXZè=èXeZ`\iXgfiJ\^d\ekfj
j\gcXek\Xhl\j\[\Y\i\m\cXi\eefkXjXcfj\jkX[fjeXeZ`\ifj
Z`\ikXè]fidXZèeXeZ`\iXèî\jfjpZfjkfjgièZ`gXcd\ek\
ZcXj`ZX[Xj gfi cfj j\^d\ekfj [\ e\^fZ`fj [\e`[fj gfi cX
\dgi\jXgXiXZfekifcXijl^\jkègif[lZkfj#j\im`Z`fj#}i\X
^\fî}ZXlfkifj %
)%$:fei\jg\ZkfXefidXji\]\i`[XjXcXmXcfi`qXZè[\XZk`mfj
p[\gXj`mfj

<ecXE@:)@em\ekXi`fjj\gcXek\XcXgif_`Y`Zè[\
lk`c`qXi\cdkf[fC@=FgXiXcXmXcfi`qXZè[\cXj\o`jk\eZ`Xj2
cfj^Xjkfjè[ì\Zkfj[\]XYi`ZXZè[\Y\e]fidXigXik\[\cX
mXclXZè[\cfjgif[lZkfjk\idèX[fj%

<ecXE@:()@dgl\jkfXcXi\ekXj\gcXek\Xhl\j\
[\Y\ei\^`jkiXikf[fjcfj`dgl\jkfj[`]\i`[fjfi`^èX[fjgfi
kf[Xj cXj [`]\i\eZ`Xj k\dgfiXi`Xj2 hl\ kf[fj cfj `dgl\jkfj
[`]\i`[fje\kfjj\ZcXj`ZXeZfdfefZìZlcXek\j%

<ecXE@:(-8Zk`mf=àfj\gcXek\Xhl\cfjXZk`mfjafj
j\i\^`jkiXeXcdfd\ekfè`Z`XcXcZfjkf[\X[hl`j`Zèp#Zfdf
d\[`Zègfjk\i`fi#g\id`k\Zfdf d k f [ f X c k \ i e X k ` m f
i\^`jkiXicfjXZk`mfjafjXmXcfialjkfdf[\cf[\i\mXclXZè
Zlpf \]\Zkf j\ i\^`jkiX \e gXki`dfe`f e\kf [\ jl \]\Zkf [\
`dgl\jkf[`]\i`[f 2hl\j\[\Y\i\^`jkiXiZfdfgXik\[\cZfjkf
è`Z`Xc[\cXZk`mfaf#cfj[\j\dYfcjfj\jk`dX[fjXèZliiìX
]lklifXjfZ`X[fjXc[\jdXek\cXd`\ekf[\cY`\eXckidèf[\jl
ljf#XjZfdfXhl\ccfj[\j\dYfcjfje\Z\jXi`fjgXiXi\jkXliXi
cXjZfe[`Z`fe\jd\[`fXdY`\ekXc\jfi`^èXc\j[\cj`k`f[fe[\
fg\i \c Y`\e2 hl\ cfj Y`\e\j [\c XZk`mf af# gXiX \]\Zkfj [\
[\k\idèXZè [\ m`[X k`c p Zfii\jgfe[`\ek\ [\gi\Z`XZè#
[\Y\ej\iZfekifcX[fjgfiZX[XZfdgfe\ek\j`ê`ZXk`mf[\c
Y`\e%

<e cX E@: *)&E@@= . @ejkild\ekfj ]èXeZ`\ifj#
gi\j\ekXZè\è]fidXZèXi\m\cXij\gcXek\Xcfji\hl`j`kfj
[\ è]fidXZè X i\m\cXi i\]\i`[fj X cfj [`jkèkfj k`gfj [\
èjkild\ekfjeXeZ`\ifj%

<e cX E@: *- ;\k\i`fif j\ gcXek\X hl\ j\ [\Y\e
\mXclXij\gXiX[Xd\ek\cfj[`jkèkfjXZk`mfjafjXjfZ`X[fjX
ZX[Xle`[X[^\e\iX[fiX[\\]\Zk`mfpi\ZfefZ\icX[`]\i\eZ`X
\eki\\cmXcfic`Yifp\cmXcfii\Zlg\iXYc\ZlXe[f\cgi`d\if
j\XdXpfi%

<ecXE@:*.Gifm`j`fe\j#8Zk`mfj:fekè^\ek\jp
GXj`mfj :fekè^\ek\j j\ gcXek\X hl\ ef j\ [\Y\e Zfejk`klì
(-
gifm`j`fe\j[\ZXi}Zk\i^\e\iXcphl\efZldgcXecXZfe[`Zè
[\gXj`mfjZ`\ikfjXcX]\Z_X[\cfj\jkX[fjeXeZ`\ifj2X[\d}j
\jkXYc\Z\ ZlXkif ZXk\^fiXj Zfe jlj i\jg\Zk`mfj gfiZ\ekXa\j
[\gifYXY`c`[X[[\fZlii\eZ`X[\cXZfekè^\eZ`X#cXjZlXc\j
`dgc`ZXejli\^`jkif#i\m\cXZèf jlefi\^`jkifeì\m\cXZè
\ecfj\jkX[fjeXeZ`\ifj%
\dgi\jXdXki`qklm`\j\hl\ZldgcìZfeXcêi\hl\i`d`\ekf
\ekXcj\ek`[f#cXjèm\ij`fe\j\e\dgi\jXjc`Xc\jpZfc`^X[Xj
j\ [\Y\e i\]c\aXi Xc Zfjkf f [\ XZl\i[f Zfe E@: *0 # \e
Zfej\Zl\eZ`X \c gXki`dfe`f p cfj i\jlckX[fj [\dfjkiX[fj
gfi \jkX[fj ]èXeZ`\ifj è[`m`[lXc\j j\i}e [`jkèkfj X cfj
[\dfjkiX[fjXe`m\cZfejfc`[X[f%

<e cX E@: */ 8Zk`mfj @ekXe^`Yc\j j\ gcXek\X hl\
YXaf [\k\idèX[Xj Zfe[`Z`fe\j# j\ g\id`k\ i\^`jkiXi XZk`mfj
èkXe^`Yc\j hl\ _Xe j`[f [\jXiifccX[fj èk\ieXd\ek\ gfi cX
\dgi\jX2phl\cfjXZk`mfjèkXe^`Yc\jZfem`[Xk`cè[\e`[X
ef j\i}e Xdfik`qX[fj p jfe jla\kfj X leX d\[`Zè [\ jl
[\k\i`fifg\i`[`ZXd\ek\%

<ecXE@:*(GXik`Z`gXZ`fe\j\ee\^fZ`fjZfealekfj
AfèkM\ekli\j #\jkXefidXg\id`k\\cZi`k\i`f[\Zfejfc`[XZè
gifgfiZ`feXc%

<e cX E@: *0 @ejkild\ekfj ]èXeZ`\ifj%
I\ZfefZ`d`\ekf p d\[`Zè% <e \jkX efidX j\ [\]è\ \c
ZfeZ\gkf[\èjkild\ekfeXeZ`\if#XZk`mfjeXeZ`\ifj#gXj`mfj
eXeZ`\ifj \ èjkild\ekfj [\ gXki`dfe`f# \jkXYc\Z`\e[f cX
]fidXZlXe[fgl\[\ej\id\[`[fjXmXcfialjkfpcXlk`c`qXZè
[\cXZfekXY`c`[X[[\ZfY\ikliXpjld\[`Zèpi\m\cXZè#
gcXek\Xhl\gXiXcXZfekXY`c`qXZè[\ZfekiXkfj[\[\i`mX[fj
[\ ZfY\ikliX# cfj ZfekiXkfj [\Y\e Zldgcì i\hl`j`kfj kXc\j
Zfdf cX [fZld\ekXZè p Zfekifc [\ cfj d`jdfj p Z`\ikfj
e`m\c\j de`dfj [\ \]\Zk`m`[X[ [\c ZfekiXkf% 8[\d}j j\
\jkXYc\Z\cXjefidXjZfekXYc\j[\i\^`jkifpgi\j\ekXZè\ecfj
\jkX[fjeXeZ`\ifj[\cfj[\efdèX[fjZfekiXkfj[\[\i`mX[fj
`dgcZ`kfj#J\\jg\ZZXcXjZfe[`Z`fe\jhl\j\[\Y\eZldgcì
gXiX[Xi[\YXaXleXZk`mfgfifg\iXZ`fe\jeXeZ`\iXj#kXc\j
Zfdf#j\Zli`k`qXZè[\XZk`mfjpfkifjj`d`cXi\j%

<ecXE@:+'Gifg`\[X[\j[\@em\ijèj\gcXek\X
hl\cfjXZk`mfjafjdXek\e`[fjZfe\ce[\fYk\e\ii\ekXj#
j\XkiXmj[\jlgcljmXcXfcXji\ekXjhl\^\e\i\e#jfekiXkX[fj
Zfdf XZk`mfj [\ èm\ijè p g\id`k\# Zfdf kiXkXd`\ekf
Xck\ieXk`mf Xc dkf[f [\ Zfjkf e\kf [\ [\gi\Z`XZè p [\
gi[`[Xj gfi [\k\i`fif j` Zfii\jgfe[\# X[\d}j g\id`k\
i\^`jkiXi\jkfjXZk`mfjXmXcfi[\kXjXZèi\^`jkiXe[fjl\]\Zkf
\ei\jlckX[fj#j\Xhl\\cmXcfiXld\ek\f[`jdèlpX%

<ecXE@:+(8î`ZlckliXj\gcXek\XcfjZXdY`fj\e
\c mXcfi aljkf d\efj cfj Zfjkfj \jk`dX[fj _XjkX \c glekf [\
m\ekX[\cfjXZk`mfjY`fc^`Zfj[\Y\j\ièZcl`[fj\e\c\jkX[f
[\i\jlckX[fj[\c\a\iZ`Z`f\ehl\kXc\jZXdY`fjfZlii\e%

<e cX E@@= , 8Zk`mfj ef Zfii`\ek\j dXek\e`[fj
gXiXcXm\ekXpFg\iXZ`fe\j[`jZfekèlX[Xj%CXjgièZ`gXc\j
[`]\i\eZ`Xj\gif[lZ\e\edXk\i`X[\i\m\cXZè%
*%$I\jg\Zkf[\@em\ij`fe\j\e8jfZ`X[Xj#:fdYèXZè[\
E\^fZ`fjp:fejfc`[XZè

<e cX E@: ). <jkX[fj eXeZ`\ifj Zfejfc`[X[fj \
è[`m`[lXc\j\e\jkXefidXj\gcXek\Xhl\efj\[\Y\\oZclì
[\cfj\jkX[fjeXeZ`\ifjZfejfc`[X[fjXeè^leXc`Xc#Xe
ZlXe[f jlj XZk`m`[X[\j j\Xe j`ê`ZXk`mXd\ek\ [`jkèkXj X
cXj [\c îlgf Zfejfc`[X[f% :`\ikXj \ek`[X[\j hl\ _Xe j`[f
Zi\X[XjgficXDXki`qZfelegifgj`kf\jg\Z`XcfZfd\k`[f
\jg\Z`Xc#XeZlXe[fefj\k\e^XgXik`Z`gXZè\e\ccX#[\Y\e
j\ièZcl`[Xj\ecfj\jkX[fjeXeZ`\ifjZfejfc`[X[fj%KXdYè
j\ [\Y\ [\aXi [\ gi\gXiXi \jkX[fj eXeZ`\ifj è[`m`[lXc\j
j\gXiX[fj [\cX\dgi\jXdXki`q%<ecX\m\eklXc`[X[hl\cX

<ecXE@@=*:fdYèXZ`fe\j[\e\^fZ`fjj\gcXek\X
hl\ \c d\efi mXcfi [\ èm\ij`fe\j gcljmXcX ZfdgiX[X f
^ff[n`cc fdXpfimXcfi[\èm\ij`fe\jdèljmXcXf^ff[n`cc
e\^Xk`mf j\ [\k\idèX d\[`Xek\ cX ZfdgXiXZè [\c mXcfi
gX^X[f gfi cX èm\ijè m\ijlj \c mXcfi aljkf [\ cfj XZk`mfj
e\kfjX[hlì`[fj%<e\cZXjfhl\j\gif[lqZXd\efimXcfi[\
èm\ijè^ff[n`cc fi`^èX[f\eleX
Z f d Y ` e X Z ` e
[\ e\^fZ`fj hl\ `dgc`Z leX X[hl`j`Zè \jkX [`]\i\eZ`X
ef [\Y\ j\i Xdfik`qX[X% J< [\Y\ i\m`jXi g\i`[`ZXd\ek\
gXiX ZfdgifYXi j` k`\e\e [\k\i`fif% <c ZXi^f X gi[`[X gfi
\jk\ ck`df ZfeZ\gkf ef \j i\m\ij`Yc\% <e \c ZXjf hl\ \e cX
X[hl`j`Zè j\ ^\e\i\ le dXpfi mXcfi [\ èm\ij`fe\j# cX
[`]\i\eZ`X[\Y\i}j\ii\m`jX[X_XjkXjl\c`dèXZèp[\efj\i
\jkfgfj`Yc\\e\ci\ZfefZ`d`\ekfè`Z`Xcj\[\Y\i\ZfefZ\ile
XYfef X i\jlckX[fj% <e cfj \jkX[fj eXeZ`\ifj Zfejfc`[X[fj
gif[lZkf [\ leX ZfdYèXZè [\ e\^fZ`fj hl\ `dgc`Z
leXX[hl`j`Zè #cXkfkXc`[X[[\cfjXZk`mfjpgXj`mfj[\cX
c`Xc Zfejfc`[X[X p \c Zfii\jgfe[`\ek\ èk\ij dèfi`kXi`f
j\[\Y\gi\j\ekXimXcfi`qX[fjXcmXcfialjkf#Zfe]fid\Xjl
[\k\idèXZè\ecX]\Z_X[\X[hl`j`Zè%
+%$I\ZfefZ`d`\ekf[\@eî\jfjp&f[\>Xjkfj

<ecXE@:((:fekiXkfj[\ZfejkilZZèj\gcXek\X
hl\ cfj èî\jfj p cfj Zfjkfj èZlii`[fj \e \jkfj ZfekiXkfj
[\Y\ej\ii\ZfefZ`[fj[\XZl\i[fXcîX[f[\XmXeZ\[\cfj
d`jdfj%

<ecXE@:(09\e\Z`fjXcfj\dgc\X[fjj\gcXek\X
\cljf[\cdkf[f[\cmXcfiXZklXcpcXXgc`ZXZè[\Z}cZlcfj
XZklXi`Xc\jcfjZlXc\ji\hl`\i\eleXj\i`\[\jlgl\jkfjp[Xkfj
XZklXi`Xc\jkXc\jZfdfdfikXc`[X[#ifkXZè#èmXc`[\q#kXjX[\
[\jZl\ekf#e`m\c\j]lklifj[\i\dle\iXZ`fe\j%
,%$I\ZfefZ`d`\ekf[\fkiXjdXk\i`Xj

<e cX E@: )( <]\Zkfj [\ cXj mXi`XZ`fe\j \e cfj
k`gfj[\ZXdY`f[\cXdfe\[X\okiXea\iXj\gcXek\Xhl\cXj
èm\ij`fe\j hl\ dXek\e^X leX \dgi\jX èm\ijfiX \e leX
\ek`[X[\okiXea\iXc`XcfZfc`^X[X Zlpfi\jg\Zk`mfgXjj\X
legXj_`g\ièXZ`feXi`f#[\Y\ej\ikiX[lZ`[XjXcXdfe\[X
[\ cX \dgi\jX èm\ij`fe`jkX Zfej`[\iXe[f \c i\jg\Zk`mf
k`gf[\ZXdY`f[\Z`\ii\%J\Xgc`ZXcXdfe\[XXcfj\jkX[fj
eXeZ`\ifj%

<ecXE@:)0@e]fidXZèeXeZ`\iX\e\ZfefdXj
_`g\ièXZ`feXi`Xjj\gcXek\Xhl\j\[\Y\Xgc`ZXiZfii\ZZè
dfe\kXi`XeXeZ`\iXZlXe[f\cgXji\eXcXjZXiXZk\ijk`ZXj
[\legXj_`g\ièXZ`feXi`f%:_`c\k\e[i}hl\XYXe[feXicX
i\\ogi\jè[\cXjZ`]iXjgi\j\ekX[Xj\ecfj\jkX[fjeXeZ`\ifj
[X[f hl\ ef i\e\cXj Zfe[`Z`fe\j gXiX j\i Zfej`[\iX[f

_`g\ièXZ`feXi`f%

<ecXjE@:*'pcXE@@=.@e]fidXZ`feXi\m\cXi\e
cfj\jkX[fjeXeZ`\ifj[\YXeZfj\èjk`klZ`fe\jeXeZ`\iXj
j`d`cXi\jj\gcXek\Xcfji\hl\i`d`\ekfj[\è]fidXZègXiX
XZk`m`[X[\j [\ ]èXeZ`Xd`\ekf# gfi \a\dgcf [\ \ek`[X[\j
j\Zli`k`qX[fiXj

<e cX E@: ** Lk`c`[X[ gfi XZZè j\ gcXek\X \c
i\hl\i`d`\ekf hl\ cXj \dgi\jXj i\m\c\e cX Z`]iX [\ lk`c`[X[
[`cl`[XgfiXZZè%

<e cX E@@= + :fekiXkfj [\ j\^lifj j\ gcXek\X cX
efidXk`mXhl\X]\ZkXXcfjZfekiXkfj[\j\^lifjgXiX\dgi\jXj
Xj\^liX[fiXj%

<ecXE@@=-<ogcfiXZèp\mXclXZè[\i\Zlijfj
dè\iXc\j#\jkXYc\Z\[\dXe\iX^cfYXccfjZi`k\i`fjhl\X]\ZkXe
X\jk\j\Zkfi[\XZk`m`[X[\Zfed`ZX\jg\ZZX%

<eki\cXjefidXji\jkXek\jj\gi\j\ekXcXgfj`Y`c`[X[
hl\ef\o`jkX[`]\i\eZ`Xjj`ê`ZXk`mXjZfecXefidXk`mXcfZXc#f
Y`\e\efkifjZXjfjef\o`jk\leXefidX\eel\jkifgXjpgficf
kXekfj\X[fgkXcXefidXèk\ieXZ`feXcgXiX\ci\ZfefZ`d`\ekf
pmXcfiXZè[\cXdXk\i`XkiXkX[X%

:lXchl`\iX j\X \c ZXjf# \j `dgfikXek\ cX X[fgZè
[\ cX @=IJ# kXekf \e :_`c\ Zfdf \e \c i\jkf [\ cfj gXj\j
X e`m\c dle[`Xc# Xj cf _XZ\ efkXi \eki\ fkifj fi^Xe`jdfj
cX Fi^Xe`qXZè gXiX cX :ffg\iXZè p \c ;\jXiifccf
<Zfed`Zf%
@DGFIK8E:@8 ;< C8J @=IJ <E <C D8I:F ;<

CFJ>F9@<IEFJ:FIGFI8K@MFJ

8ZfekèlXZèj\gi\j\ekXk\oklXcd\ek\cfj\XcX[f
gfi cX Fi^Xe`qXZè gXiX cX :ffg\iXZè p \c ;\jXiifccf
<Zfed`Zf F:;< # \e )''+# Xc i\]\iìj\ X cfj GièZ`g`fj [\
>fY`\iefj:figfiXk`mfj%

<c dXiZf gXiX \c ^fY`\ief ZfigfiXk`mf [\Y\i}
^XiXek`qXi cX [`mlc^XZè fgfikleX p gi\Z`jX [\ kf[Xj cXj
Zl\jk`fe\j dXk\i`Xc\j i\cXk`mXj X cX jfZ`\[X[# èZcl`[X cX
j`klXZèeXeZ`\iX#cfji\jlckX[fj#cXk`klcXi`[X[p\c^fY`\ief
[\cX\dgi\jX%

CXè]fidXZè[\Y\i}j\i\cXYfiX[Xp[`mlc^X[XZfe
Xii\^cfXefidXj[\XckXZXc`[X[\edXk\i`X[\ZfekXY`c`[X[p
i\m\cXZè[\è]fidXZèeXeZ`\iXpefeXeZ`\iX%J\\jg\iX
hl\j\Xgc`hl\eleXjefidXj[\XckXZXc`[X[gXiXXld\ekXi
j`ê`ZXk`mXd\ek\cXZXgXZ`[X[[\cfjèm\ijfi\jgXiXcc\mXiX
ZXYflej\^l`d`\ekf[\cXjfZ`\[X[#f]i\Z`\e[fledXpfiîX[f
[\XY`c`[X[[\cfjè]fid\j#Xld\ekXe[fcXjgfj`Y`c`[X[\j[\
ZfdgXiXZè\eki\cfjd`jdfjXjZfdfleXZZ\jfd}jXdgc`f
Xcfji\jlckX[fj[\cXjfZ`\[X[%CXZXc`[X[[\cXè]fidXZè
[\g\e[\# jljkXeZ`Xcd\ek\# [\ cXj efidXj Xgc`ZX[Xj X cX
_fiX [\ i\leìcX p [`mlc^XicX% Cfj GièZ`g`fj i\jgXc[Xe \c
[\jXiifccf[\leXefidXk`mX[\XckXZXc`[X[èk\ieXZ`feXcd\ek\
i\ZfefZ`[X#hl\gl\[Xj\imìgXiXXld\ekXicXkiXejgXi\eZ`X
p cX gfj`Y`c`[X[ [\ ZfdgXiXZè [\ cfj \jkX[fj eXeZ`\ifj
(.
p fkifj èjkild\ekfj \dgc\X[fj gXiX cX gi\j\ekXZè [\

è]fid\j\eki\cfjgXj\j%KXc\jefidXj[\Y\i}e[\jXiifccXij\
XkiXmj[\gifZ\jfjXY`\ikfj#è[\g\e[`\ek\jpgYc`Zfj#Zfe
cXgXik`Z`gXZè[\cj\Zkfigi`mX[fpfkiXjgXik\jèk\i\jX[Xj
ZfdfcXjXjfZ`XZ`fe\jgif]\j`feXc\jp\og\ikfjè[\g\e[`\ek\j%
LeX efidXk`mX eXZ`feXc [\ XckX ZXc`[X[ gl\[\ fYk\e\ij\
X[\Zl}e[fcXXleX[\cXjefidXk`mXjZfekXYc\ji\ZfefZ`[Xj
X\jZXcXèk\ieXZ`feXc%<edlZ_fjgXj\j#cXjjfZ`\[X[\jZfe
Zfk`qXZèfZ`Xc\jk}efYc`^X[XjXXgc`ZXi\jkXefidXk`mX%
<ecXji\Zfd\e[XZ`fe\jZfek\e`[Xj\e\cC`Yif9cXeZf[\cX
F:;<#Xci\]\iìj\XcGièZ`g`f[\@e]fidXZè;`mlc^XZè
[\[Xkfj pKiXejgXi\eZ`Xj\j\XcXhl\\egXj\j[fe[\cXj
efidXj cfZXc\j [`\iXe [\ @=IJ# cXj \dgi\jXj hl\ Zfk`qXe
[\Y\iXemfclekXi`Xd\ek\f\eZldgc`d`\ekfXfkiXjefidXj
gifgfiZ`feXiè]fid\jgi\gXiX[fj\e@=IJ%

MXi`fj _Xe j`[f cfj Xlkfi\j hl\ _Xe \jkl[`X[f
cX `dgfikXeZ`X p \]\Zkfj hl\ gifgfiZ`feX \c \eki\^Xi d}j
è]fidXZè#kXc\j\cZXjf[\B_liXeX#G\i\ìXpDXikè)'',
hl`\e\j[\dl\jkiXeleXi\cXZègfj`k`mX\eki\\cZi\Z`d`\ekf
p i\ekXY`c`[X[ [\ cX \dgi\jX p cX dXpfi è]fidXZè hl\
j\ \eki\^X Xc d\iZX[f gfi Yl\eXj gi}Zk`ZXj [\ >fY`\ief
:figfiXk`mf%CXc^`ZXgi\j\ekX[Xgfi\jkfjXlkfi\j\jhl\j`
\cd\iZX[fi\Z`Y\d}jè]fidXZè#j`j\i\[lZ\cXXj`d\kiX
[\cXè]fidXZè#jk\i\XZZ`feXi}gfj`k`mXd\ek\Xj`êXe[f
d\efji`\j^fXcX\dgi\jXp\o`^`\e[fgfikXekfd\efjgficfj
]fe[fjèm\ik`[fj#\jkf^\e\iXi}\ecX\dgi\jXleèZi\d\ekf
\e cX XZ\gkXZè [\ cfj gifp\Zkfj hl\ cX \dgi\jX k\eX \e
ZXik\iX[`jdèlZè[\cXkXjX[\ZfjkfZXg`kXc#M8Egfj`k`mf
pleXld\ekf[\cXi\ekXY`c`[X[hl\jkXgfj\X#`dgXZkXe[f
]XmfiXYc\d\ek\\ce`m\c[\èm\ijè[\cd\iZX[f[\ZXg`kXc\j
X]\ZkXe[fXjlm\q\cZi\Z`d`\ekf[\cgXj%

Gfi cX `dgfikXeZ`X hl\ k`\e\e cXj EfidXj
@ek\ieXZ`feXc\j [\ @e]fidXZè =èXeZ`\iX jkXj [\Y\e
k\e\ij\dlpgi\j\ek\j#XjZfdfcXfgfikle`[X[\ehl\j\i}e
X[fgkX[Xj\e:_`c\%
8C:8E:<P:IFEFCF>8G8I8C88GC@:8:@E

CX]\Z_X[\Xgc`ZXZèfYc`^Xkfi`Xj\i}XgXikì[\c([\
\e\if[\)''0#\jcfj\XcX[fgficXjXlkfi`[X[\j[\c:fc\^`f[\
:fekX[fi\j[\:_`c\pgficXJlg\ièk\e[\eZ`X[\MXcfi\jp[\
J\^lifj%

8e ef j\ _X [\e`[f# gfi gXik\ [\ cXj Xlkfi`[X[\j
[\cfjfi^Xe`jdfj\d`jfi\j[\efidXjèmfclZiX[fj#Xhl`\e\j
j\ Xgc`ZXi} fYc`^Xkfi`Xd\ek\ \jkXj efidXj# j` jfcXd\ek\ X cXj
\dgi\jXjhl\Zfk`qXe\e9fcjXfXkf[XjcXj\dgi\jXjhl\gi\gXiXe
\jkX[fjeXeZ`\ifj\e:_`c\%KXdYè\jleXgi\fZlgXZèhl\
fZliiì}ZfecXjG\hl\XjpcXjD\[`XeXj<dgi\jXjGPD<J p
j\fYj\imX\cXmXeZ\[\ckiXYXaf[\c@8J9\e\cYfiiX[fihl\_X
\d`k`[f gXiX \jk\ k`gf [\ \ek`[X[\j EfidX @ek\ieXZ`feXc [\
@e]fidXZè=èXeZ`\iXgXiXG\hl\XjpD\[`XeXj<ek`[X[\j%

<c gcXqf [\c ( [\ \e\if [\ )''0 `dgc`ZX è`Z`Xi leX
\kXgX[\KiXej`ZèXgXikì[\c([\\e\if[\)''/#[\dXe\iX[\
gf[\igi\j\ekXi\c9XcXeZ\[\Xg\ikliXXc([\\e\if[\)''0#pcfj
\jkX[fjeXeZ`\ifjgi\gXiX[fj\eYXj\XEfidXj@ek\ieXZ`feXc\j
[\@e]fidXZè=èXeZ`\iXE@@=f@=IJ Xc*([\[`Z`\dYi\[\
)''0%
(/

CX Jlg\ièk\e[\eZ`X [\ MXcfi\j p [\ J\^lifj# X
kiXmj[\cFZ`f:ìZlcXiE*-/_X`dgXik`[fèjkilZZ`fe\j
X cXj \ek`[X[\j \d`jfiXj# Zfe \c gifgj`kf hl\ j\ Zi\\e cXj
Zfe[`Z`fe\jhl\]XZ`c`k\ecXXgc`ZXZè[\cXjel\mXjefidXjX
gXikì[\c([\\e\if[\)''0%Gfi\ccf\jkXj\ek`[X[\j[\Y\i}e
X èk\i`fi`qXij\[\cZfek\e`[f[\cXjefidXjèk\ieXZ`feXc\j
pX\d`k`[Xjp\eXgc`ZXZè\e[`jkèkfjd\iZX[fj2pY ZfefZ\i
cfj[fZld\ekfj\d`k`[fjgfi\c:fc\^`f[\ZfekX[fi\j[\:_`c\
pgfi\jXJlg\ièk\e[\eZ`X#\ei\cXZèZfecXXgc`ZXZè[\
cXjefidXjèk\ieXZ`feXc\j%<cgcXqfgXiXZldgcìZfe\jkXj
èjkilZZ`fe\j \j [`Z`\dYi\ [\ )''.% ;liXek\ \c Xf )''/ cX
\ek`[X[ jZXc`qX[fiX gf[i} i\hl\iì è]fidXZè jfYi\ cfj
\]\Zkfjhl\cXjel\mXjefidXjgifmfZXi}e\ecX]fidlcXZè
pgi\j\ekXZè[\\jkX[fjeXeZ`\ifj%

8gXikì[\c\a\iZ`Z`f)''0pjlZ\j`mfjj\i}fYc`^Xkfi`f
gi\gXiXi p gi\j\ekXi cfj \jkX[fj eXeZ`\ifj ki`d\jkiXc\j p
XelXc\jYXafcXel\mXefidXk`mX%Cfjè]fid\jj\gi\j\ekXi}e
\e]fidXZfdgXiX[XZfe`^lXcg\if[f[\c\a\iZ`Z`fXek\i`fi%

<e \c ZXjf [\ cfj \jkX[fj eXeZ`\ifj èk\id\[`fj
Zfii\jgfe[`\ek\j Xc gi`d\i Xf [\ Xgc`ZXZè# \jkf \j# Xc *(
[\ dXiqf# Xc *' [\ ale`f p Xc *' [\ j\gk`\dYi\ [\ )''0# cX
Jlg\ièk\e[\eZ`X \jkXYc\Z\ leX \oZ\gZè# cX ZlXc \j hl\
g\id`kì} cX gi\j\ekXZè ef ZfdgXiXk`mX% Jè \dYXi^f#
\e ZX[X leX [\ cXj gi\j\ekXZ`fe\j cXj \dgi\jXj [\Y\i}e
gi\j\ekXi X[`Z`feXcd\ek\ le è]fid\ eXeZ`\if ]fidlcX[f
YXafcXjefidXjeXZ`feXc\j[\if^X[Xj#ZfdgXiX[fjZfe`^lXc
g\if[f[\c\a\iZ`Z`fXek\i`fi%CX[\Z`jè[\_XZ\iljf[\\jkX
\oZ\gZèj\i}[\cX8[dè`jkiXZè[\ZX[X\dgi\jX#p[\Y\i}
j\iè]fidX[X\eZXi}Zk\i[\_\Z_f\j\eZ`Xc#\ccfjgcXqfjhl\
\jkXYc\qZXcXJlg\ièk\e[\eZ`X%

<ck`\dgfXgi\d`X#jfedlZ_XjcXjkXi\Xjgfii\Xc`qXi#
X[\d}j[\fYc`^XiXZfefZ\icXel\mXefidXk`mX#`[\ek`ZXi\c
`dgXZkfhl\gif[lZì}jlXgc`ZXZèefjfcXd\ek\\ecX\kXgX
[\Zfem\ijè[\efidXjeXZ`feXc\jXefidXjèk\ieXZ`feXc\j
jèfgfjk\i`fid\ek\]i\ek\XcfjXZk`mfjpgXj`mfjhl\jliaXe
[\cXj[\Z`j`fe\j\Zfed`ZXjeXeZ`\iXj\e\c[\jXiifccf[\cfj
e\^fZ`fj #\je\Z\jXi`fZXgXZ`kXiXcg\ijfeXc#\jkl[`Xi#i\jfcm\i
\`dgc\d\ekXicfjZXdY`fjXcfjj`jk\dXj[\è]fidXZè#Xcfj
j`jk\dXjZfekXYc\j%

Cfj X[dè`jkiX[fi\j [\ cfj e\^fZ`fj X^\ek\j Xe
\jk}eXk`\dgf[\[\jXiifccXiel\mXj\jkiXk\^`Xj#_XZ\iZXdY`fj
[\ZfekiXkfj#XeXc`qXicXj\jkilZkliXjjfZ`\kXi`Xj#`dgc\d\ekXi
\jkiXk\^`Xj [\ ZfY\ikliX [\ i`\j^fj# \eki\ fkifj dlZ_fj
Xjg\Zkfj%<ccffZliiì}\ecXd\[`[Xhl\X[hl`\iXeZfeZ`\eZ`X
[\cXm\i[X[\iX`dgfikXeZ`X[\Zfem\i^\i[\j[\cXjefidXj
ZfekXYc\jeXZ`feXc\jXcXjefidXjZfekXYc\jèk\ieXZ`feXc\j%
:FE:CLJ@E

CfjZXdY`fjefidXk`mfjj\\edXiZXe\ecX\mfclZè
hl\_XX]\ZkX[fXcX[`jZ`gcèXZfekXYc\%<cfi`^\ep\mfclZè
[\cX[`jZ`gcèXZfekXYc\_Xj`[fcXi\jgl\jkXXcXe\Z\j`[X[
[\ [`jgfe\i [\ è]fidXZè XZ\iZX [\ cXj fg\iXZ`fe\j#

gièZ`gXcd\ek\d\iZXek`c\j#p\ecXd\[`[Xhl\\c[\jXiifccf
[\ cXj \ZfefdXj \e \c dle[f j\ _X _\Z_f d}j Zfdgc\af
_XeXld\ekX[fcfji\hl\i`d`\ekfj[\è]fidXZè%J\gf[iX
XidXihl\_XjkX\e\c8ek`^lfK\jkXd\ekfhl\[X\ogcZ`kX
\jkX e\Z\j`[X[ ;fe[\ _lY`\iX dlZ_Xj dXefj _Xq ljf [\
ccXm\j2Zl\ekXpg\jXkf[fcfhl\k\[`\i\epXj`\ekX\e\cc`Yif
\cefdYi\[\hl`\e[Xp[\chl\i\Z`Y\('%

Cfjck`dfjZXdY`fj_XefZlii`[f[\j[\le\e]fhl\
fi`\ekX[f X d\[ì \c i\jlckX[f [\ cXj fg\iXZ`fe\j _XZ`X \c
\e]fhl\[\cXlk`c`[X[[\cXè]fidXZè%;\j[\cXè]fidXZè
^\e\iX[XgXiXj\ilk`c`qX[XgficX^\i\eZ`XpcfjXZi\\[fi\j
_XZ`XXhl\ccXi\hl\i`[Xgficfjèm\ij`fe`jkXjpXZZ`fe`jkXj%

Lef [\ cfj gièZ`gXc\j gifgj`kfj [\c @8J9
_XZ\ \ogcZ`kf \c fYa\k`mf hl\ j\ g\ij`^l\ Zfe cXj EfidXj
@ek\ieXZ`feXc\j [\ @e]fidXZè =èXeZ`\iX% ;\ZcXiX Zfdf
fYa\k`mf hl\ YljZX ;\jXiifccXi# YljZXe[f \c èk\ij
gYc`Zf#lee`ZfZfealekf[\efidXjZfekXYc\j[\ZXi}Zk\i
dle[`Xc hl\ j\Xe [\ XckX ZXc`[X[# Zfdgi\ej`Yc\j p [\
fYc`^X[fZldgc`d`\ekf#hl\\oàXeè]fidXZèZfdgXiXYc\#
kiXejgXi\ek\p[\XckXZXc`[X[\ecfj\jkX[fjeXeZ`\ifjp\e
fkifj k`gfj [\ è]fidXZè eXeZ`\iX# Zfe \c e [\ Xpl[Xi
X cfj gXik`Z`gXek\j \e cfj d\iZX[fj [\ ZXg`kXc\j [\ kf[f \c
dle[f#pXfkifjljlXi`fj#XkfdXi[\Z`j`fe\j\Zfed`ZXj%%
:l}c\jcX`dgfikXeZ`X[\hl\\jkXjefidXjj\Zfejk`klpXe
\eleZl\igfefidXk`mfZfde6<eledle[f^cfYXc`qX[f#
\e\cZlXcj\i\Xc`qXekiXejXZZ`fe\j[\Y`\e\j\èkXe^`Yc\jX
e`m\cdle[`Xc#\ci\ZfefZ`d`\ekfpcXd\[`Zè[\c\]\Zkf[\
kXc\j\m\ekfj[\Y\i\Xc`qXij\YXafleZfde[\efdèX[fif
Zi`k\i`fjXidfe`qX[fj#Xehl\ef_XpX[`]\i\eZ`Xj^\e\iX[Xj
gficXj[`jkèkXjefidXjXgc`ZXYc\j#gfileXgXik\\cgXj\ehl\
fZlii\ecfj\m\ekfjpgfifkiX\e\cgXj\ehl\j\\eZl\ekiXcX
\ek`[X[èm\ij`fe`jkX%8[\d}j\jkXjefidXj`dgc`ZXehl\jl
Zldgc`d`\ekfj\XfYc`^X[f#hl\cXè]fidXZèhl\j\^\e\i\
j\XkiXejgXi\ek\#Zfdgi\ej`Yc\pZfdgXiXYc\%

<e (0.*# \c @8J: jfcXd\ek\ g\ij\^lX ]fidlcXi p
glYc`ZXi \e Y\e\Z`f [\c èk\ij gYc`Zf efidXj ZfekXYc\j
gXiX cX gi\j\ekXZè [\ \jkX[fj eXeZ`\ifj# p gifdfm\i jl
XZ\gkXZèpfYj\imXeZ`XXe`m\cdle[`Xc2XjZfdf`dglcjXi
cX d\afiX p Xidfe`qXZè [\ cXj i\^lcXZ`fe\j# efidXj p
gifZ\[`d`\ekfj ZfekXYc\j i\cXZ`feX[fj Zfe cX gi\j\ekXZè
[\ cfj \jkX[fj ]èXeZ`\ifj% 8ZklXcd\ek\ \c XcZXeZ\ [\ cX
è]fidXZè\o`^`[XmXd}jXcc}[\cfj\jkX[fjeXeZ`\ifj#pX
hl\ \o`^\ fkifj k`gfj [\ è]fidXZè eXeZ`\iX# kXc\j Zfdf
cX i\m\cXZè [\ fg\iXZ`fe\j gfi j\^d\ekf# è]fidXZè
]èXeZ`\iX èk\id\[`X# \c [`jkè^f [\ cX eXkliXc\qX [\ cfj
XZk`mfjhl\dXek`\e\[`]\i\eZ`Xe[fgfi\a\dgcf#\eki\Xhl\ccfj
dXek\e`[fjgXiXljfp\ogcfkXZè\e\ce\^fZ`f#[\Xhl\ccfj
dXek\e`[fjgXiXfYk\e\ii\ekXfgcljmXcX\e\ccXi^fgcXqf#f
[\Xhl\ccfjjfYi\cfjhl\i\ZX\cX[\Z`jè[\\eXa\eXZè\e
\cZfikfgcXqf%

CXè]fidXZèj\^d\ekX[X\ji\Xcd\ek\e\Z\jXi`X
gXiX \ek\e[\i [\ ]fidX j\gXiX[X# cfj Zfdgfe\ek\j [\ cX
10
Especulaciones
Contables
(Mxico,
1955)
Jos
Luis
Prieto
Fernndez,
no
especica
el
Libro
del
Antiguo
Testamento
del
cual
fue
tomada
la
cita.
j`klXZèeXeZ`\iX#cfji\jlckX[fjpcfjlafj[\\]\Zk`mf[\
\dgi\jXj Zfdgc\aXj# hl\ [\jXiifccXe XZk`m`[X[\j [`]\i\ek\j
f hl\ fg\iXe \e d\iZX[fj ^\fî}Zfj dlp [`]\i\eZ`X[fj%
<c fYa\k`mf hl\ j\ g\ij`^l\ Zfe \c [\kXcc\ hl\ XgfikX cX
j\^d\ekXZè\jè]fidXiXcljlXi`f[\cfj\jkX[fjeXeZ`\ifj
[\ cXj Z`]iXj d}j `dgfikXek\j [\ cX \dgi\jX [\j^cfjX[fj
gfi cfj Zfdgfe\ek\j d}j i\c\mXek\j [\c e\^fZ`f# X e [\
gf[\ig\iZ`YìZfdfj\^\e\iXecfjèî\jfj#cfj^Xjkfjpcfj
i\jlckX[fj\e\ccfj%MXc\eql\cX#)''. %

Fkif \c\d\ekf `dgfikXek\ \e cXj E@@= \j cX
èZfigfiXZè[\leel\mfdf[\cf[\d\[`Zè#j\kiXej`kX
[\j[\\c\e]fhl\[\c:fjkfXc\e]fhl\[\cMXcfiAljkf#ZfefZ`[f
kXdYèZfdfMXcfiIXqfeXYc\f=XìMXcl\%<ccf`dgc`ZXle
ZXdY`f[\gXiX[`^dX#\j[\Zì#\cfYa\kfdXk\i`Xc[\\jkl[`f
\j \c d`jdf# jè \dYXi^f \c fYa\kf ]fidXc ZXdY`X# f j\X#
\j fkiX ]fidX [\ g\ejXi cX :fekXY`c`[X[% CX èZfigfiXZè
[\ \jk\ df[\cf [\ d\[`Zè f]i\Z\ Zfdf gièZ`gXc m\ekXaX
gi\j\ekXiXcfjljlXi`fj[\cXè]fidXZè#cfjXZk`mfjpgXj`mfj
mXcfi`qX[fj[\dXe\iXd}jZ\iZXeXXlemXcfi\Zfed`Zff
mXcfi[\d\iZX[f%CX[`ZlckX[[\jlXgc`ZXZèj\fi`^èX\e
cX [\k\idèXZè [\c Zfii\jgfe[`\ek\ mXcfi aljkf gXiX ZX[X
gXik`[X [\ XZk`mf p [\ gXj`mf# p kXdYè \e cX ZXek`[X[ p
ZXc`[X[[\è]fidXZè\o`^`[Xi\jg\Zkf[\\ccf%
(0
9@9C@F>I8=8
:fc\^`f [\ :fekX[fi\j [\ :_`c\8%>%2 9fc\kè\j KZe`Zfj (
Xc.. %
:fc\^`f [\ :fekX[fi\j [\ :_`c\2 Gi\j\ekXZè \e j\dèXi`f
@=IJ#fi^Xe`qX[fgficXJMJ#Jf]f]Xp:::?ZfecXgXik`Z`gXZè
[\c@8J9p9XeZfDle[`Xc#.fZklYi\)'',%
:fc\^`f[\:fekX[fi\j[\:_`c\2I\jld\e[\cfjk\dXjkZe`Zfj
dXj j`ê`ZXk`mfj p fkiXj Zfej`[\iXZ`fe\j [\i`mX[fj [\ cX
X[fgZè[\cXjefidXjèk\ieXZ`feXc\j,[\\e\if#)''.
DXiZf:feZ\gklXc\e:_`c\2nnn%ZfekXZ_%Zc#XZZ\jX[f1XYi`c
)''.%
GcXe [\ :fem\i^\eZ`X \e :_`c\2 nnn%ZfekXZ_%Zc# XZZ\jX[f1
XYi`c)''.%
Jlg\ièk\e[\eZ`X [\ MXcfi\j p J\^lifj2 FZ`f :ìZlcXi *-/#
(-[\fZklYi\[\)''-%
DXiZ\cfMXc\eql\cX8Z\m\[f)''. 2E@@=mjG:>8\e:_`c\#
I`C<[`kfi\j%

<jfjZXdY`fjjfedlpj`ê`ZXk`mfjpe\Z\jXi`fjgXiX
hl\cXè]fidXZègifgfiZ`feX[XgfiZX[X\ek`[X[j\Xk`cX
jljljlXi`fj#pX[\d}jgifdl\mX\c[\jXiifccf[\d\iZX[fj
[\ZXg`kXc\j\Z`\ek\j#d}jkiXejgXi\ek\j\e\cZfek\okf[\leX
dXpfij`d\kiX\ecXè]fidXZè%
@ek\ieXk`feXc 8ZZflekè^ JkXe[Xi[j 9fXi[2 EfidXj

@ek\ieXZ`feXc\j[\@e]fidXZè=èXeZ`\iX

8[\d}jefZfejk`klp\ej`dgc\jZXdY`fj\edXk\i`X
[\ efidXk`mX ZfekXYc\ hl\ X]\ZkX \e \c i\ZfefZ`d`\ekf p
d\[`Zè[\XZk`mfjpgXj`mfjhl\jli^\e[\_\Z_fjgXjX[fj#
gfi\cZfekiXi`f#\jkXjefidXjpgièZ`g`fjZfekXYc\j[\Y\i}e
j\ik\e`[fj\eZl\ekXgficX8[dè`jkiXZè\e\cgifZ\jf[\
kfdX [\ [\Z`j`fe\j# Xek\j hl\ j\ gif[lqZXe cfj _\Z_fj hl\
X]\ZkXi}ecXmXcfiXZè[\cgXki`dfe`f%
8c\oXe[\i#;Xm`[p8iZ_\i#J`de)'', 2>lXD`cc\i[\E@:$
E@@=#I\[:fekXYc\<[`kfi\j%

<ji\jgfejXY`c`[X[[\cfjX[dè`jkiX[fi\jèmfclZiXij\
pZfefZ\i[\cXcZXeZ\[\cZXdY`fefidXk`mfhl\X]\ZkXi}Xcfj
e\^fZ`fjp\ek`[X[\jhl\^\jk`feXe%<ji\jgfejXY`c`[X[[\cfj
\cXYfiX[fi\j [\ è]fidXZè# [\ cfj Xl[`kfi\j [\ cX d`jdX#
[\ cfj fi^Xe`jdfj jZXc`qX[fi\j Zldgcì \jki`ZkXd\ek\ Zfe
\c \jgi`kl p c\kiX [\ \jkXj efidXj gXiX hl\ j\ XcZXeZ\ \c
fYa\k`mfck`dfhl\\jgifgfiZ`feXiè]fidXZèhl\]XZ`c`k\
leX èk\îXZè Zfd\iZ`Xc ^cfYXc% <j i\jgfejXY`c`[X[ [\ cfj
[ì\Zk`mfjpXZX[d`Zfj[\\ek`[X[\j[\]fidXZèkZe`Zff
gif]\j`feXcèZfigfiXikXej`ê`ZXk`mXdXk\i`XXcfjgcXe\j[\
\jkl[`fj%
@ek\ieXk`feXc 8ZZflekè^ JkXe[Xi[j 9fXi[2 EfidXj

@ek\ieXZ`feXc\j[\:fekXY`c`[X[
Fi^Xe`qXZè gXiX cX :ffg\iXZè p ;\jXiifccf <Zfed`Zf2

GièZ`g`fj [\ >fY`\ief :figfiXk`mf [\ cX F:;<# \jgXfc#
)''+%
KlY`f#J\i^`f)''- 2Gi\j\ekXZè[\Gi`Z\NXk\i?flj\:ffg\ij
\e J\dèXi`f [\ :fekXY`c`[X[ @ek\ieXZ`feXc p 8l[`kfiX
@ek\ieX#Le`m\ij`[X[[\:_`c\#[`Z`\dYi\)''-%
O`ldè DXikè# @e[\i B% B_liXeX# IXpefc[\ G\i\ìX2 =ìd
>ifnk_ Xe[ ;`jZcfjli\18e <dgì`ZXc8eXcpj`j# AflieXc f]
=èXeZ`XcXe[HlXek`kXk`m\8eXcpj`j#)'',%
)'

La Convergencia A Las Normas Internacionales de Información Financiera en Chile

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

La Convergencia A Las Normas Internacionales de Información Financiera en Chile

Uploaded by

Copyright:

Available Formats

:8G@MI<M@<NMfc%+)''-

:?@C< :FEM<I>@<E;F ?8:@8 C8J EFID8J

@DG8:KF ;< C8 8;FG:@E ;< C8 EFID8J

G I @ E : @ G8 C < J ; @ = < I < E : @ 8 J < E K I < C F J

[X[f hl\ ef i\e\cXj Zfe[`Z`fe\j gXiX j\i Zfej`[\iX[f

@DGFIK8E:@8 ;< C8J @=IJ <E <C D8I:F ;<

p fkifj `ejkild\ekfj \dgc\X[fj gXiX cX gi\j\ekXZ`e [\

[\ [`jgfe\i [\ `e]fidXZ`e XZ\iZX [\ cXj fg\iXZ`fe\j#

@ek\ieXk`feXc 8ZZflek`e^ JkXe[Xi[j 9fXi[2 EfidXj

@ek\ieXk`feXc 8ZZflek`e^ JkXe[Xi[j 9fXi[2 EfidXj

Fi^Xe`qXZ`e gXiX cX :ffg\iXZ`e p ;\jXiifccf <Zfed`Zf2

You might also like

La Convergencia A Las Normas Internacionales de Información Financiera en Chile

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

La Convergencia A Las Normas Internacionales de Información Financiera en Chile

Uploaded by

Copyright:

Available Formats

:8G@MI<M@<NMfc%+)''-

:?@C< :FEM<I>@<E;F ?8:@8 C8J EFID8J

@DG8:KF ;< C8 8;FG:@E ;< C8 EFID8J

G I @ E : @ G8 C < J  ; @ = < I < E : @ 8 J  < E K I <  C F J

[X[f hl\ ef i\e\cXj Zfe[`Z`fe\j gXiX j\i Zfej`[\iX[f

@DGFIK8E:@8 ;< C8J @=IJ <E <C D8I:F ;<

p fkifj `ejkild\ekfj \dgc\X[fj gXiX cX gi\j\ekXZ`e [\

[\ [`jgfe\i [\ `e]fidXZ`e XZ\iZX [\ cXj fg\iXZ`fe\j#

@ek\ieXk`feXc 8ZZflek`e^ JkXe[Xi[j 9fXi[2 EfidXj

@ek\ieXk`feXc 8ZZflek`e^ JkXe[Xi[j 9fXi[2 EfidXj

Fi^Xe`qXZ`e gXiX cX :ffg\iXZ`e p ;\jXiifccf <Zfed`Zf2

You might also like

:8G@MI<M@<NMfc%+)''-

:?@C< :FEM<I>@<E;F ?8:@8 C8J EFID8J

@DG8:KF ;< C8 8;FG:@E ;< C8 EFID8J

G I @ E : @ G8 C < J ; @ = < I < E : @ 8 J < E K I < C F J

[X[f hl\ ef i\e\cXj Zfe[`Z`fe\j gXiX j\i Zfej`[\iX[f

@DGFIK8E:@8 ;< C8J @=IJ <E <C D8I:F ;<

p fkifj `ejkild\ekfj \dgc\X[fj gXiX cX gi\j\ekXZ`e [\

[\ [`jgfe\i [\ `e]fidXZ`e XZ\iZX [\ cXj fg\iXZ`fe\j#

@ek\ieXk`feXc 8ZZflek`e^ JkXe[Xi[j 9fXi[2 EfidXj

@ek\ieXk`feXc 8ZZflek`e^ JkXe[Xi[j 9fXi[2 EfidXj

Fi^Xe`qXZ`e gXiX cX :ffg\iXZ`e p ;\jXiifccf <Zfed`Zf2