A inflação e o seu impacto na estrutura patrimonial das empresas - o caso TDM E.P: uma análise económica e financeira

Abstract

Inflation and Its Impact on Companies' Equity Structure - The Tdm E.P. Case " Inflation and its impact on the Companies' Patrimonial Structure - The TDM Case is a theme that emerged from the reflection that I have been doing in my daily work, in which one of the crucial problems is the vulnerability of the TDM company in relation to inflation , given that the main sources of financing are international financial institutions whose loans in periods of high inflation lead to high exchange rate differences and consequently to high losses, while in periods of low inflation there are exchange rate differences that contribute to positive results is the case the FRF - French Franc (main financing currency) variation, which in 1998 produced positive exchange rate differences. In addition, the inflation accounting criteria adopted by TDM and agreed with the Company's Auditing companies - KPMG and Ernest & Young, were controversial and contradictory, jeopardizing the qualification of the Reports and Accounts for 1996 and following years. The contradiction between international accounting standards and Mozambican tax standards in the treatment of medium and long-term exchange rate differences; the impossibility of making annual updates of the fixed assets in face of the effects of inflation when not regulated by law, the contradiction between the statutes of TDM, number 4 Article 29 of Decree 23/92; and the tax rules with regard to the time when revaluations must be carried out; the apathy and the almost null evolution of the General Accounting Plan and of the Tax Legislation, were factors that motivated me to do this work.