{"id":65076,"date":"2019-05-14T16:11:52","date_gmt":"2019-05-14T21:11:52","guid":{"rendered":"https:\/\/fascpaconsultants.com\/es\/?p=65076"},"modified":"2025-11-05T16:13:59","modified_gmt":"2025-11-05T21:13:59","slug":"como-los-fondos-de-cobertura-y-de-capital-privado-pueden-lidiar-con-la-contabilidad-de-valor-razonable","status":"publish","type":"post","link":"https:\/\/fascpaconsultants.com\/es\/como-los-fondos-de-cobertura-y-de-capital-privado-pueden-lidiar-con-la-contabilidad-de-valor-razonable\/","title":{"rendered":"C\u00f3mo los Fondos de Inversi\u00f3n Lidian con las Normas de Contabilidad"},"content":{"rendered":"<style>.elementor-65076 .elementor-element.elementor-element-7f010aa7{transition:background 0.3s, border 0.3s, border-radius 0.3s, box-shadow 0.3s;}.elementor-65076 .elementor-element.elementor-element-7f010aa7 > .elementor-background-overlay{transition:background 0.3s, border-radius 0.3s, opacity 0.3s;}.elementor-65076 .elementor-element.elementor-element-4e713ad9 > 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.elementor-element.elementor-element-27333a4c{width:63.071%;}.elementor-65076 .elementor-element.elementor-element-981e29e{width:18%;}}<\/style>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"65076\" class=\"elementor elementor-65076\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f010aa7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f010aa7\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e713ad9\" data-id=\"4e713ad9\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2809705d elementor-widget elementor-widget-spacer\" data-id=\"2809705d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0bb165 elementor-widget elementor-widget-heading\" data-id=\"4a0bb165\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">C\u00f3mo Los Fondos De Inversi\u00f3n Y Capital Privado Pueden Lidiar Con Las Normas De Contabilidad<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-580cd49d elementor-widget elementor-widget-spacer\" data-id=\"580cd49d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4a85bd60 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4a85bd60\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c18ff63\" data-id=\"6c18ff63\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5e00bde elementor-widget elementor-widget-spacer\" data-id=\"5e00bde\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4a88075 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4a88075\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1512984f\" data-id=\"1512984f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-663e3403 elementor-widget elementor-widget-heading\" data-id=\"663e3403\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"#contact\">Escr\u00edbenos a Support@fascpaconsultants.com y Obten una revisi\u00f3n Tributaria de Cortes\u00eda <\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b339cf5 elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"b339cf5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"#contact\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-info-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Quiero Mi Revisi\u00f3n Tributaris<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2674a149 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2674a149\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2b663cd7\" data-id=\"2b663cd7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2147f0c7 elementor-widget elementor-widget-spacer\" data-id=\"2147f0c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6221504b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6221504b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25d29c92\" data-id=\"25d29c92\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d98b738 elementor-widget elementor-widget-text-editor\" data-id=\"d98b738\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Los US GAAP requieren que las inversiones en PE\/VC se declaren a su valor justo. Estos fondos (PE\/VC) invierten en valores privados que son, por definici\u00f3n, il\u00edquidos.<\/span><\/p><ul><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Los valores incluyen:<\/span><br \/><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Acciones comunes<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Acciones preferentes con derechos econ\u00f3micos y de control complejos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Garant\u00edas<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Opciones de compensaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Deuda convertible o directa<\/span><br \/><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Estos valores que no se cotizan en bolsa, no tienen precios de Nivel I para usar, casi no hay datos de Nivel 2 la mayor\u00eda de las valoraciones requieren entradas de nivel III<\/span><\/li><\/ul><\/li><\/ul><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La complejidad y el uso de las entradas de Nivel III que requieren modelos de valoraci\u00f3n complejos son muy dif\u00edciles para el PE\/VC<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La diversidad en la pr\u00e1ctica que es el resultado de la complejidad anterior causa mediciones de valor razonable que var\u00edan seg\u00fan la informaci\u00f3n en las compa\u00f1\u00edas de inversi\u00f3n, as\u00ed como en los expertos en valoraci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Esto atrajo un escrutinio especial del S.E.C. inform\u00f3 el New York Times el 12\/2\/2012<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Las valoraciones precisas de la cartera ayudan a las juntas a tomar mejores decisiones de inversi\u00f3n y los informes transparentes y oportunos pueden atraer inversores potenciales. Por lo tanto, no es solo un problema de cumplimiento.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La valoraci\u00f3n de activos basados \u200b\u200ben un mercado observable puede ser un gran desaf\u00edo cuando los mismos no se negocian de forma regular.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Para las empresas que no tienen un mercado observable, puede haber grandes discrepancias entre el precio que calcula una empresa y el valor de la valoraci\u00f3n que un tercero experto considera valor razonable.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Para cerrar esta brecha y evaluar el verdadero valor razonable, las firmas de capital privado se basan en modelos que se componen de m\u00faltiples conjuntos de datos y numerosas suposiciones que requieren un juicio, por lo que produce una amplia gama de valoraciones si se modifica alguna de las entradas.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Entradas de nivel I: precios cotizados para activos id\u00e9nticos negociados en mercados activos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Entradas de nivel II: precios cotizados para activos o pasivos comparables que pueden observarse directa o indirectamente en mercados activos<\/span><\/li><li style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Entradas de nivel III: activos sin un mercado externo; se deriva del uso de datos que no son observables y se utilizan con modelos de valoraci\u00f3n que requieren supuestos<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">El Borrador de Contabilidad de la AICPA y la Gu\u00eda de Valoraci\u00f3n<\/span><\/strong><\/span><\/h2><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La gu\u00eda fue publicada por el Grupo de trabajo de AICPA PE\/VC el 15 de mayo de 2018<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La gu\u00eda no tiene autoridad, pero como regla general se considera una gu\u00eda de mejores pr\u00e1cticas.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">No reemplaza ninguna orientaci\u00f3n regulatoria existente, pero tiene la intenci\u00f3n de mejorar el proceso de valoraci\u00f3n actual:<\/span><\/li><\/ol><ul><li style=\"list-style-type: none;\"><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Proporcionar una visi\u00f3n general y comprensi\u00f3n del proceso de valoraci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Elaborar roles y responsabilidades<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Discutir las mejores pr\u00e1cticas<\/span><\/li><\/ul><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">\u00c1reas Clave Cubiertas<\/span><\/strong><\/span><\/h2><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">C\u00f3mo determinar los supuestos de un participante en el mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">\u00bfQu\u00e9 tan importante es el horizonte temporal de la inversi\u00f3n?<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Estructuras complejas<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Ajustes de control y comercializaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Calibraci\u00f3n del modelo<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Pruebas de respaldo en inversiones realizadas<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Consideraci\u00f3n de incertidumbres y contingencias<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Tratamiento de los costos de transacci\u00f3n<\/span><\/li><\/ol><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Marco de Desempe\u00f1o Obligatorio (MPF)<\/span><\/strong><\/span><\/h2><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Certificado en Entidad y Valuaci\u00f3n Intangible (CEIV) credencial<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">MPF se requiere para los titulares de las credenciales CEIV<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">MPF se considera la mejor pr\u00e1ctica para los titulares de credenciales que no son CEIV<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">MPF describe el grado y el prop\u00f3sito de la documentaci\u00f3n<\/span><\/li><\/ol><ul><li style=\"list-style-type: none;\"><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Un profesional experimentado debe ser capaz de:<\/span><br \/><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Entender el prop\u00f3sito, la naturaleza, la extensi\u00f3n y los resultados<\/span><\/li><\/ul><\/li><\/ul><\/li><\/ul><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Comprenda todos los enfoques y m\u00e9todos utilizados<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Entienda los aportes, juicios y suposiciones<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Apoye la conclusi\u00f3n del valor con suficiente detalle<\/span><br \/><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Requiere detalles sobre las calificaciones del evaluador, los usuarios previstos, la fecha de medici\u00f3n, la cita de fuentes y el suministro de datos de respaldo.<\/span><\/li><\/ul><\/li><\/ol><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Valor Razonable, Participantes en el Mercado y Unidad de Cuenta<\/span><\/strong><\/span><\/h2><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cuando los participantes en el mercado valoren un inter\u00e9s en una compa\u00f1\u00eda determinada, considerar\u00e1n la informaci\u00f3n espec\u00edfica de la compa\u00f1\u00eda seg\u00fan lo modificado por el grado de influencia asociado con el inter\u00e9s que se est\u00e1 adquiriendo.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Al estimar el valor de una participaci\u00f3n en un negocio, es apropiado considerar el valor del negocio desde la perspectiva de los inversionistas del negocio que, en conjunto, tienen el control del mismo<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Este enfoque puede reflejar los beneficios del control como as\u00ed como el costo de la liquidez<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Contrariamente a la sabidur\u00eda convencional, en el contexto de las transacciones en empresas de capital de riesgo y de capital privado, el valor asociado con el control y el costo de la falta de liquidez est\u00e1n integrados en el precio pagado.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La unidad de cuenta se define en el contexto de los estados financieros de la entidad que informa.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Por lo tanto, no puede incluir intereses que no son propiedad de la entidad que informa.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cuando la entidad que informa posee m\u00faltiples instrumentos dentro de una compa\u00f1\u00eda de cartera determinada, la transacci\u00f3n asumida puede considerar c\u00f3mo se maximizar\u00eda el valor razonable.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Por lo tanto, la transacci\u00f3n asumida podr\u00eda ser una transacci\u00f3n que involucre la posici\u00f3n agregada mantenida por la entidad que informa, si as\u00ed es como los participantes del mercado realizar\u00edan transacciones cuando act\u00faan bajo su mejor inter\u00e9s econ\u00f3mico.<\/span><\/li><\/ol><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Objetivo de Medici\u00f3n del Valor Razonable<\/span><\/strong><\/span><\/h2><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Para estimar el precio al cual se llevar\u00eda a cabo una transacci\u00f3n ordenada para vender el activo o transferir un pasivo entre los participantes del mercado en la fecha de medici\u00f3n en las condiciones del mercado, la entidad que informa debe determinar:<\/span><\/li><\/ol><ul><li style=\"list-style-type: none;\"><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El activo o pasivo<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">No financiero activo: m\u00e1ximo y mejor uso<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El mercado principal y m\u00e1s ventajoso<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La t\u00e9cnica de valoraci\u00f3n m\u00e1s adecuada para los participantes del mercado<\/span><\/li><\/ul><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Amplia Gama de Valor en la Informaci\u00f3n Financiera<\/span><\/strong><\/span><\/h2><ol style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Existe una incertidumbre inherente en la estimaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">IPO a 45 veces los ingresos y se negocian a 120 veces los ingresos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Los instrumentos de deuda de la crisis financiera perdieron volumen &#8211; la oferta en $20s pide en $70s<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Use la calibraci\u00f3n para reducir la incertidumbre<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La clave es combatir los sesgos teniendo un proceso razonable y consistente utilizando los datos de mercado disponibles a la fecha de medici\u00f3n.<\/span><\/li><\/ol><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Participantes del Mercado<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Compradores y vendedores en el mercado principal y m\u00e1s ventajoso:<\/span><\/p><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Independiente<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Transacci\u00f3n en t\u00e9rminos de mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Conocedor del activo, pasivo y mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Capaz de realizar una transacci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Dispuesto a participar en una transacci\u00f3n<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38c5df61 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38c5df61\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea5f427\" data-id=\"ea5f427\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24f9d90c elementor-widget elementor-widget-spacer\" data-id=\"24f9d90c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-12d42d76 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"12d42d76\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-ea437c1\" data-id=\"ea437c1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-1589a563\" data-id=\"1589a563\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7933c4d4 elementor-widget elementor-widget-heading\" data-id=\"7933c4d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/fascpaconsultants.com\/es\/14-cambios-tributarios-para-los-fondos-de-cobertura-y-capital-privado-bajo-la-reforma-tributaria-de-trump\/\">Click y Descarga Nuestra Gu\u00eda Tributaria Gratis: 14 Cambios Tributarios para los Fondos de Inversi\u00f3n y Capital Privado Bajo la Reforma Tributaria de Trump<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27031ebc elementor-widget elementor-widget-image\" data-id=\"27031ebc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/fascpaconsultants.com\/es\/14-cambios-tributarios-para-los-fondos-de-cobertura-y-capital-privado-bajo-la-reforma-tributaria-de-trump\/\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"500\" src=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2020\/08\/14-CAMBIOS-TRIBUTARIOS-PARA-LOS-FONDOS-DE-INVERSION-Y-DE-CAPITAL-PRIVADO-BAJO-LA-REFORMA-TRIBUTARIA-DE-TRUMP.jpg\" class=\"attachment-full size-full wp-image-69841\" alt=\"14 CAMBIOS TRIBUTARIOS PARA LOS FONDOS DE INVERSI\u00d3N Y DE CAPITAL PRIVADO BAJO LA REFORMA TRIBUTARIA DE TRUMP\" srcset=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2020\/08\/14-CAMBIOS-TRIBUTARIOS-PARA-LOS-FONDOS-DE-INVERSION-Y-DE-CAPITAL-PRIVADO-BAJO-LA-REFORMA-TRIBUTARIA-DE-TRUMP.jpg 1200w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2020\/08\/14-CAMBIOS-TRIBUTARIOS-PARA-LOS-FONDOS-DE-INVERSION-Y-DE-CAPITAL-PRIVADO-BAJO-LA-REFORMA-TRIBUTARIA-DE-TRUMP-300x125.jpg 300w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2020\/08\/14-CAMBIOS-TRIBUTARIOS-PARA-LOS-FONDOS-DE-INVERSION-Y-DE-CAPITAL-PRIVADO-BAJO-LA-REFORMA-TRIBUTARIA-DE-TRUMP-460x192.jpg 460w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2020\/08\/14-CAMBIOS-TRIBUTARIOS-PARA-LOS-FONDOS-DE-INVERSION-Y-DE-CAPITAL-PRIVADO-BAJO-LA-REFORMA-TRIBUTARIA-DE-TRUMP-768x320.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-71f6394a\" data-id=\"71f6394a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-514dbf88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"514dbf88\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b50151d\" data-id=\"5b50151d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5eda0991 elementor-widget elementor-widget-spacer\" data-id=\"5eda0991\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b13b762 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4b13b762\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4a45b99f\" data-id=\"4a45b99f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9a4722b elementor-widget elementor-widget-text-editor\" data-id=\"9a4722b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Asunci\u00f3n de Riesgos del Participante del Mercado<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Riesgo inherente a una t\u00e9cnica de valoraci\u00f3n particular<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Riesgo inherente a los insumos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Los insumos pueden ser observables o no<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Principio y Mercado m\u00e1s Ventajoso<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Perspectiva de la entidad que informa.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Debe tener acceso.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Debe ser el que tenga m\u00e1s probabilidades de comerciar.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">No es \u00f3ptimo para comercializar activamente en la fecha intermedia; considere un patrocinador hipot\u00e9tico para patrocinar el mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El mercado principal debe ser reevaluado en cada fecha de medici\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Hay algunas caracter\u00edsticas t\u00edpicas que impiden el acceso:<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Transformar el activo o el pasivo para que coincida con la observaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Restricciones exclusivas de la entidad que informa<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Diferencia de comercializaci\u00f3n en el mercado observable<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Periodo de Tenencia<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El valor razonable es un supuesto basado en el mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Es irrelevante si la entidad planea mantener o vender o liquidar<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El valor razonable se basa en una transacci\u00f3n hipot\u00e9tica en la fecha de medici\u00f3n<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Unidad de Cuenta<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El grado en que el activo o pasivo se agrega o desagrega para fines de reconocimiento.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El activo medido puede ser un solo o un grupo de activos.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El valor razonable puede medirse considerando varias unidades juntas (deuda y capital) o como una sola unidad. seg\u00fan lo determinado por la forma en que un operador del mercado realizar\u00eda las transacciones<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Nivel 1 Valores<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">En el Esquema Condensado de Inversi\u00f3n PE\/VC puede reportar el valor total en una compa\u00f1\u00eda de cartera, luego asignarlo a cada instrumento<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">No puede reportar el valor m\u00e1s peque\u00f1o de cada instrumento que podr\u00eda te\u00f3ricamente ser vendido como una inversi\u00f3n no relacionada<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Relevante en cuanto a la forma en que los participantes del mercado realizar\u00edan transacciones<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">M\u00e9todos de Valoraci\u00f3n en Etapas de Desarrollo Empresarial<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Etapa Uno: No hay ingresos por productos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Reciente ronda de financiamiento<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Acumulaci\u00f3n de activos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Etapa Dos: Enfoque de ingresos con una tasa de descuento m\u00e1s alta<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Es posible que las pautas de la compa\u00f1\u00eda p\u00fablica\/m\u00e9todos de transacci\u00f3n no sean confiables<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Es dif\u00edcil obtener una m\u00e9trica financiera confiable para la cual aplicar los m\u00faltiplos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Los activos intangibles pueden ser dif\u00edciles de valorar<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Etapa tres: enfoque de ingresos y\/o m\u00faltiples rondas de financiamiento<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Etapa cuatro\/cinco: se utilizan t\u00edpicamente los enfoques de ingresos y de mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Las tasas de descuento son m\u00e1s bajas que las etapas dos\/tres<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Utilice un enfoque de mercado que refleje la calibraci\u00f3n del m\u00faltiples rondas de financiaci\u00f3n.<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Calibraci\u00f3n<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Un proceso que utiliza la transacci\u00f3n observada en el propio instrumento de la empresa de la cartera para garantizar que las t\u00e9cnicas de valoraci\u00f3n utilizadas en las fechas de medici\u00f3n posteriores comiencen con la transacci\u00f3n observada, as\u00ed como con las transacciones m\u00e1s recientes.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Se requieren cuando la transacci\u00f3n inicial es a valor razonable y hay transacciones observables de fechas posteriores.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Las entradas no observables se utilizan para medir el valor razonable en periodos posteriores.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La t\u00e9cnica de valoraci\u00f3n y las entradas clave del Nivel 3 est\u00e1n ajustadas (es decir, calibradas) para que el valor razonable del modelo sea igual al precio de la transacci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Ayuda a determinar si se requiere un ajuste a la t\u00e9cnica de valoraci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Asegura que las condiciones actuales del mercado se reflejen en la medici\u00f3n del valor razonable, capturando las diferencias entre la compa\u00f1\u00eda y las compa\u00f1\u00edas o transacciones p\u00fablicas observables.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Las suposiciones de entrada calibradas se revisan en cada fecha de medici\u00f3n para determine c\u00f3mo deben actualizarse para<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cambios en las condiciones del mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Desempe\u00f1o de la compa\u00f1\u00eda de cartera<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Desempe\u00f1o de la compa\u00f1\u00eda de cartera con respecto a la gu\u00eda seleccionada compa\u00f1\u00edas p\u00fablicas o transacciones<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">El precio de Transacci\u00f3n Puede no Reflejar el Valor Razonable<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Entre las partes relacionadas, excepto las ventas a precio de mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Bajo presi\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La unidad de cuenta es diferente<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El mercado de transacciones no es el mercado principal<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El valor razonable es un precio de salida, no un precio de entrada<\/span><\/li><\/ul><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si no est\u00e1 a un valor razonable, la mejor pr\u00e1ctica es comparar el valor razonable estimado con el precio de la transacci\u00f3n y conciliar cualquier diferencia.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Transacciones Recientes<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Considere los derechos y preferencias entre la ronda de financiamiento actual y las otras clases de capital de la compa\u00f1\u00eda.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Eval\u00fae los cambios en el valor de la compa\u00f1\u00eda o los cambios en el riesgo con la transacci\u00f3n planificada, si a\u00fan no se ha cerrado.<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Inversi\u00f3n de Deuda<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cuando el precio de la transacci\u00f3n no est\u00e1 disponible, realice un an\u00e1lisis de DCF: los flujos de efectivo se descuentan a un rendimiento de mercado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El rendimiento de mercado no se puede medir en relaci\u00f3n con la fecha de emisi\u00f3n:<\/span><br \/><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cambio de la calidad crediticia de la empresa<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Diferencial de cr\u00e9dito de deuda comparable<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Antig\u00fcedad , fortaleza de los convenios, rendimiento de la empresa, calidad de la seguridad<\/span><\/li><\/ul><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Para deuda a tasa fija, cambio en el vencimiento correspondiente a la tasa de referencia<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Ejemplo de Calibraci\u00f3n de Deuda<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Empresa A emitida deuda el 30 de junio de 2015.<\/span><\/p><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Inter\u00e9s = Libor + 300 bps (aproximadamente B+)<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">En 3 a\u00f1os las operaciones comerciales se expandieron, los ingresos crecieron<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">30 de junio de 2018, calificaci\u00f3n estimada BB+<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Prima de riesgo de mercado incrementada<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El diferencial de cr\u00e9dito para la deuda con calificaci\u00f3n B+ aument\u00f3 a 900bps (hasta 600 bps)<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La extensi\u00f3n para BB+ aument\u00f3 a 700bps (hasta 500bps)<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Resultado: el valor razonable es menor<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Calibraci\u00f3n de la Equidad &#8211; Enfoque de Mercado<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La compa\u00f1\u00eda A adquiri\u00f3 por $500m, $200m de capital y $300m de deuda<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Buena administraci\u00f3n y r\u00e1pido crecimiento<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El precio de transacci\u00f3n es 10x EBITDA de LTM $50m; 8.33 EBITDA a futuro de $60 millones<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Mediana de la empresa p\u00fablica comparativa 8x LTM EBITDA y 7x EBITDA a futuro, lo que sugiere una prima del 25% (.10 \/ 8) y 20% (8.33 \/ 7)<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Seis meses despu\u00e9s:<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">LTM EBITDA es de $55m y el EBITDA es de $64 millones<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Comparable LTM EBITDA 9x y hacia adelante: el EBITDA es de 7.5x<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Suponiendo que la misma prima en relaci\u00f3n con las comps es que los m\u00faltiplos son 10.35x (9&#215;1.25) y 9x (7.5&#215;1.2) sugiriendo un rango de valor de $570m (10.35&#215;55) a $576m (9x64m)<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Calibraci\u00f3n Enfoque Ingresos de Capital<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El precio de transacci\u00f3n de $500 millones de la Compa\u00f1\u00eda A implica un IRR de 15.0%; incluyendo los flujos de efectivo pronosticados y el valor terminal modelado<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">WACC sugiere un CSRP del 7% basado en el riesgo del pron\u00f3stico<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Seis meses adelantados:<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Buena gesti\u00f3n y r\u00e1pido crecimiento<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El CSRP del 6%, EV es de $570 millones<\/span><\/li><\/ul><table style=\"border-style: solid; border-color: #000000;\"><tbody><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Tasa de retorno libre de riesgo<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">3.0%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">3.0%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Beta apalancada<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">1.05<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">1.1<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cuota de riesgo del mercado<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">6.3%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">6.0%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Peque\u00f1a cuota de acciones<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">6.0%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">6.0%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cuota de riesgo especifica de la empresa<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">7.0%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">6.0%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Costo del capital<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">22.5%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">21.3%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Ponderaci\u00f3n de capital<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">60%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">60%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Costo de la deuda despu\u00e9s de impuesto<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">4.2%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">4.2%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Ponderaci\u00f3n de la deuda<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">40%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">40%<\/span><\/td><\/tr><tr><td style=\"border-style: solid; border-color: #000000;\" width=\"217\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Tasa de descuento<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"175\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">15.0%<\/span><\/td><td style=\"border-style: solid; border-color: #000000;\" width=\"196\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">14.5%<\/span><\/td><\/tr><\/tbody><\/table><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Relevancia de la Calibraci\u00f3n<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Tiempo significativo transcurrido y ninguna transacci\u00f3n reciente<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Empresa a punto de ser vendida \u2013 triangulaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Bancarrota o reestructuraci\u00f3n de deuda &#8211; m\u00e9todo de recuperaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cambio en el modelo de negocio, etapa de desarrollo, mercado de salida anticipado<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Mercado Secundario<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Los mercados secundarios son donde la deuda no p\u00fablica y los instrumentos de capital pueden ser negociados.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Considerar una ponderaci\u00f3n adecuada entre el valor en el mercado secundario y la valoraci\u00f3n del fondo.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El mercado secundario puede no representar una transacci\u00f3n ordenada.<\/span><\/li><\/ul><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Otros factores de ponderaci\u00f3n<\/span><\/p><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cronograma de la transacci\u00f3n: retraso de 30 a 60 d\u00edas.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Licitantes suficientemente sofisticados &#8211; inversionistas acreditados.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Informaci\u00f3n financiera suficiente &#8211; requisitos de presentaci\u00f3n de informes.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Patr\u00f3n de operaciones &#8211; relaci\u00f3n con la bolsa de inversionistas nominal y de intercambio.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Otros sesgos y costos.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aa51397 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa51397\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-55ad9e13\" data-id=\"55ad9e13\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67049fd elementor-widget elementor-widget-spacer\" data-id=\"67049fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-29a844e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29a844e9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-4e629196\" data-id=\"4e629196\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-37aa1b4f\" data-id=\"37aa1b4f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-55cd0859 elementor-widget elementor-widget-heading\" data-id=\"55cd0859\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/fascpaconsultants.com\/es\/planificacion-fiscal-para-los-fondos-de-cobertura-y-de-capital-privado-de-los-estados-unidos\/\">Mira Nuestro Servicio de Planificaci\u00f3n Tributaria Para Fondos de Inversi\u00f3n EEUU<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1be874d9 elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"1be874d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"https:\/\/fascpaconsultants.com\/es\/planificacion-fiscal-para-los-fondos-de-cobertura-y-de-capital-privado-de-los-estados-unidos\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-info-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Quiero Mi Planificaci\u00f3n Tributaria para Mi Fondo De Inversi\u00f3n<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-6854997e\" data-id=\"6854997e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14f17b29 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14f17b29\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-28837d10\" data-id=\"28837d10\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-78be9ea3 elementor-widget elementor-widget-spacer\" data-id=\"78be9ea3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6c92ae44 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6c92ae44\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-49631dac\" data-id=\"49631dac\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-30540999 elementor-widget elementor-widget-text-editor\" data-id=\"30540999\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.19 Vida \u00datil de la Informaci\u00f3n Relacionada con el Valor<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: Port Co. ten\u00eda un nuevo inversionista por $20\/acci\u00f3n el 31\/01\/2011. El producto co y el precio y la demanda son vol\u00e1tiles. 30% de crecimiento en ventas proyectadas. \u00bfLa transacci\u00f3n de capital en 31\/01\/2011 reflejar\u00eda FV en 31\/03\/2011?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: General no. Alto crecimiento y experiencia vol\u00e1til en relaci\u00f3n con una empresa madura en relaci\u00f3n inversa con la vida \u00fatil de una valoraci\u00f3n. Mire otros indicadores de evidencia objetiva y sustantiva.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.24 Valoraci\u00f3n de la Consideraci\u00f3n Contingente<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: el fondo tiene un contrato contractual con un pago futuro que depende del rendimiento del puerto. \u00bfDeber\u00eda la consideraci\u00f3n contingente ser valorado justo?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: S\u00ed. Un derecho contractual a un pago futuro es un pasivo que debe ser valorado y registrado.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.26 Normalizaci\u00f3n de ganancias<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: \u00bfEst\u00e1 bien normalizar las ganancias para obtener una indicaci\u00f3n del valor razonable?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: S\u00ed. Los participantes en el mercado a menudo normalizan las ganancias para \u00edtems \u00fanicos no recurrentes para reflejar un desempe\u00f1o sostenible.<\/span><\/p><h2><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q. 14.32 Direccionando el LAG en la Informaci\u00f3n Financiera Disponible<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: Al estimar los m\u00faltiplos de mercado para compa\u00f1\u00edas de referencia a partir del 31 de diciembre, la informaci\u00f3n m\u00e1s reciente est\u00e1 disponible a partir del 30 de septiembre. \u00bfEs razonable utilizar los datos?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: S\u00ed. Tambi\u00e9n considere las noticias de la industria y los informes de analistas para el cuarto trimestre. Si la demora en la publicaci\u00f3n de los estados financieros y los datos del cuarto trimestre est\u00e1n disponibles, si las grandes sorpresas solo se ajustan a la informaci\u00f3n que se conoce\/se puede conocer en la fecha de la medici\u00f3n.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.42 Oferta de Compra<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: \u00bfUna oferta o carta de intenci\u00f3n no vinculante constituye un valor razonable?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: Probablemente no. Evaluar si la oferta es realista. Un buen punto de datos, sin embargo, considera ajustes por precio de cierre. Considere ponderar el precio de oferta y el precio ajustado. Tenga en cuenta factores tales como las contingencias de financiamiento, la etapa de diligencia debida, la aprobaci\u00f3n regulatoria, etc.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.55 Tratamiento del Inter\u00e9s de Capital con Diferentes Preferencias de Liquidez<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: \u00bfC\u00f3mo deber\u00eda la valoraci\u00f3n capturar las clases de equidad m\u00e1s altas y m\u00e1s bajas?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: Si la participaci\u00f3n en los beneficios es proporcional y con preferencia en una catarata, no habr\u00e1 diferencia. Pero si los derechos y preferencias contractuales son diferentes a usar una cascada apropiada de m\u00e9todos para reflejar tales derechos.<\/span><\/p><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La antig\u00fcedad a veces tendr\u00e1 un impacto significativo en el valor de una participaci\u00f3n accionaria, mientras que a veces no lo har\u00e1.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El impacto m\u00e1s bajo se producir\u00e1 en las etapas iniciales y en un valor de salida muy alto cuando se espera que las ganancias para las clases senior y junior sean proporcionales.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Para situaciones intermedias, la gu\u00eda sugiere utilizar un m\u00e9todo de valoraci\u00f3n dise\u00f1ado para capturar los derechos contractuales y las diferencias de preferencia de liquidaci\u00f3n entre las clases de patrimonio.<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.60 y 14.61 Consideraciones de Control<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: \u00bfCu\u00e1ndo eval\u00faa los intereses de las empresas privadas donde no hay transacciones observadas si el valor de la empresa refleja un control sobre la participaci\u00f3n no controladora?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: Debe consultar con un abogado. El fondo debe considerar la informaci\u00f3n que se conoce o puede conocerse en la fecha de valoraci\u00f3n. Averig\u00fce si est\u00e1 permitido divulgar informaci\u00f3n a los participantes del mercado antes de su uso.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Q.14.71 Aprobaci\u00f3n del Producto Posterior al Evento de Evaluaci\u00f3n<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">PREGUNTA: Fecha de medici\u00f3n 31\/12\/2010; Fecha de valoraci\u00f3n 2\/1\/2011; Fecha de aprobaci\u00f3n de medicamentos de la FDA 1\/25\/2011. \u00bfDeber\u00eda incluir la aprobaci\u00f3n de medicamentos en la valoraci\u00f3n de acciones al 31\/12\/2010?<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">RESPUESTA: No. La aprobaci\u00f3n del medicamento en enero de 2011 no se conoc\u00eda ni era conocible al 31 de diciembre de 2010, fecha de valoraci\u00f3n.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Nivel 1 Valores<\/span><\/strong><\/span><\/h2><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si una entidad que informa mantiene una posici\u00f3n en un solo activo o pasivo (incluida una posici\u00f3n que comprende en un solo activo o pasivo) (incluida una parte que comprende un gran n\u00famero de activos o pasivos id\u00e9nticos, como la tenencia de instrumentos financieros) y el activo o pasivo negociado en un mercado activo, el valor razonable del activo o pasivo se medir\u00e1 con los insumos observables del Nivel 1 como el producto del precio cotizado (P) para el individuo activo o pasivo y la cantidad (Q) en poder de la entidad que informa (P*Q).<\/span><\/p><p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">EXCEPCI\u00d3N: eventos de cierre de mercado posterior (no se refiere a informaci\u00f3n no p\u00fablica). Descuentos de bloqueo para valores de nivel 1 a\u00fan no est\u00e1n permitidos.<\/span><\/p><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Nivel 1 de Valores con Restricciones<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cuando exista una restricci\u00f3n legal o contractual que se considere una caracter\u00edstica de las acciones y no del titular, puede ser necesario un ajuste de la estimaci\u00f3n del valor razonable de P*Q.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Lo mismo evitar\u00eda que el fondo acceda al mercado p\u00fablico.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Por lo tanto, el mercado principal ser\u00eda una transferencia del inter\u00e9s a otro participante del mercado que, por lo general, tambi\u00e9n estar\u00eda sujeto a la restricci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Una entidad que informa posee un instrumento de patrimonio por el cual la venta est\u00e1 legal o contractualmente restringida por un per\u00edodo espec\u00edfico. La restricci\u00f3n es una caracter\u00edstica del instrumento y, por lo tanto, se transferir\u00eda a los participantes del mercado.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Al evaluar una transferencia supuesta de una posici\u00f3n, cualquier comprador de la posici\u00f3n estar\u00eda sujeto a las mismas restricciones, mediante la transferencia directa de la restricci\u00f3n o porque la contraparte exigir\u00eda que el comprador acepte las mismas restricciones. En tales casos, el grupo de trabajo considera que es apropiado considerar que la restricci\u00f3n es caracter\u00edstica del activo independientemente de la forma de la restricci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El ajuste reflejar\u00eda la cantidad que los participantes del mercado demandar\u00edan debido al riesgo relacionado con la imposibilidad de acceder a un Mercado p\u00fablico del instrumento para el per\u00edodo especificado.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La naturaleza y la duraci\u00f3n de la restricci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La medida en que los compradores est\u00e1n limitados por la restricci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Factores cuantitativos y cualitativos espec\u00edficos tanto del instrumento como del emisor<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Pipe similar versus Valores id\u00e9nticos<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">En la medida en que los precios de restricci\u00f3n reflejen el valor razonable en el momento del reconocimiento inicial, el fondo deber\u00eda calibrar el modelo de valoraci\u00f3n al precio de transacci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Por lo general, estas transacciones tendr\u00e1n un precio con el descuento que se cotizar\u00e1 en el precio de las acciones p\u00fablicas, lo que refleja el apalancamiento de negociaci\u00f3n relativo entre la compa\u00f1\u00eda y los inversionistas en situaciones en las que la compa\u00f1\u00eda no tiene acceso a formas de capital menos costosas.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La valoraci\u00f3n tambi\u00e9n debe considerar las diferencias entre los instrumentos espec\u00edficos mantenidos y las acciones ordinarias dadas la unidad de cuenta y los participantes del mercado en el mercado principal para los instrumentos.<\/span><\/li><\/ul><p><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">CONSIDERACIONES:<\/span><\/p><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cronolog\u00eda de las transacciones m\u00e1s recientes<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Diferencias en la informaci\u00f3n disponible<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Grado de diluci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Capacidad para salir a trav\u00e9s del mercado p\u00fablico<\/span><\/li><\/ul><h2 style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">Servicios de Precios \/ Cotizaciones de Corredores<\/span><\/strong><\/span><\/h2><ul style=\"text-align: justify;\"><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">La administraci\u00f3n debe entender como una oferta o un precio proporcionado por un tercero fue determinada.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Debe comprender cu\u00e1l era la fuente de la informaci\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Cu\u00e1les fueron los insumos y supuestos utilizados.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si la cotizaci\u00f3n es vinculante o no.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Adem\u00e1s, la administraci\u00f3n debe establecer controles internos para determinar que la informaci\u00f3n de precios recibida de una fuente de terceros como se usa. por parte de la gerencia en el proceso de valoraci\u00f3n es relevante y confiable, que incluye:<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si eso refleja c\u00f3mo se llevar\u00eda a cabo una transacci\u00f3n ordenada entre los participantes del mercado.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si hay una serie de indicadores de precios para un solo instrumento y los indicadores de precios est\u00e1n muy dispersos<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si es as\u00ed, la gerencia debe considerar qu\u00e9 precios representan el precio al que se llevar\u00eda a cabo una transacci\u00f3n ordenada entre los participantes del mercado en la fecha de medici\u00f3n.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Al determinar la relevancia y confiabilidad de los precios proporcionados por los servicios de fijaci\u00f3n de precios, se debe considerar lo siguiente:<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si el precio La informaci\u00f3n proporcionada se basa en informaci\u00f3n reciente.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si el precio proporcionado se basa en transacciones de instrumentos similares o id\u00e9nticos.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">El alcance y la naturaleza de la informaci\u00f3n de mercado en la que se bas\u00f3 el precio. y<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si el precio proporcionado por el servicio de precios es representativo de un mercado. A la que la entidad tiene acceso.<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Al determinar la relevancia y la confiabilidad de los precios proporcionados por las cotizaciones de los corredores, tenga en cuenta lo siguiente:<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Si la cotizaci\u00f3n es contempor\u00e1nea y accionable<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">Qui\u00e9n en el corredor o agente proporcion\u00f3 la cotizaci\u00f3n<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">ES el corredor o concesionario activo en activos del tipo que proporcionaron para<\/span><\/li><li><span style=\"color: #000000; font-family: 'times new roman', times, serif;\">\u00bfQu\u00e9 exenciones de responsabilidad del corredor o concesionario acompa\u00f1an la cotizaci\u00f3n?<\/span><\/li><\/ul><p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; color: #000000;\">Los lectores deben tener en cuenta que este art\u00edculo solo pretende transmitir informaci\u00f3n general sobre estos temas y que FAS CPA &amp; Consultants (FAS) de ninguna manera pretende que el contenido de este art\u00edculo se interprete como contable, comercial, financiero, de inversi\u00f3n, legal, fiscal u otros consejos o servicios profesionales. Este art\u00edculo no puede servir como sustituto de dichos servicios o consejos profesionales. Cualquier decisi\u00f3n o acci\u00f3n que pueda afectar el negocio del lector no debe basarse \u00fanicamente en el contenido de este art\u00edculo, sino que debe consultarse con un asesor profesional calificado. FAS no ser\u00e1 responsable de ninguna p\u00e9rdida sufrida por cualquier persona que conf\u00ede en esta presentaci\u00f3n. Este art\u00edculo est\u00e1 sujeto a cambios en cualquier momento y por cualquier motivo.<\/span><\/p><p><a href=\"#contact\"><span style=\"color: #0000ff;\"><strong><span style=\"font-family: 'times new roman', times, serif;\">Contactanos para obtener m\u00e1s informaci\u00f3n acerca de las estrategias fiscales para los fondos de inversi\u00f3n y el capital privado.<\/span><\/strong><\/span><\/a><\/p><p><span style=\"font-family: 'times new roman', times, serif;\"><strong><span style=\"color: #000000;\">\u00bfTe gusta este art\u00edculo? \u00danete a nuestro grupo de FaceBook:<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.facebook.com\/groups\/241546150996788\"> US Hedge and Equity Funds Tax Intelligence<\/a><\/span><\/span><\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a15614b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a15614b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2346b2b7\" data-id=\"2346b2b7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-221b79c7 elementor-widget elementor-widget-spacer\" data-id=\"221b79c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2f99cf27 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2f99cf27\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7ff96500\" data-id=\"7ff96500\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-32e84cf3 elementor-widget elementor-widget-heading\" data-id=\"32e84cf3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mira la Versi\u00f3n en Video de Planificaci\u00f3n Tributaria Para Fondos de Inversi\u00f3n EEUU<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8de38c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8de38c6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-1b3dc820\" data-id=\"1b3dc820\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-4bcf94b9\" data-id=\"4bcf94b9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d535154 elementor-widget elementor-widget-video\" data-id=\"5d535154\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/abWjjFY3R1Y&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-f5e7772\" data-id=\"f5e7772\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50d0a838 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50d0a838\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b8e31d1\" data-id=\"7b8e31d1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10d0df7f elementor-widget elementor-widget-spacer\" data-id=\"10d0df7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c065b82 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c065b82\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-41ab5803\" data-id=\"41ab5803\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3898ba4a elementor-widget elementor-widget-heading\" data-id=\"3898ba4a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"#contact\">Escr\u00edbenos a Support@fascpaconsultants.com y Obten una revisi\u00f3n Tributaria de Cortes\u00eda <\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56e57ad1 elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"56e57ad1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"#contact\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-info-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Quiero Mi Revisi\u00f3n Tributaria<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-640b7303 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"640b7303\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4166708c\" data-id=\"4166708c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5623e43 elementor-widget elementor-widget-spacer\" data-id=\"5623e43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-228c689c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"228c689c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-52974e78\" data-id=\"52974e78\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-27333a4c\" data-id=\"27333a4c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c63e164 elementor-widget elementor-widget-spacer\" data-id=\"2c63e164\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-387a2f6c elementor-widget elementor-widget-menu-anchor\" data-id=\"387a2f6c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"contact\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-face461 elementor-widget elementor-widget-spacer\" data-id=\"face461\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1832c542 elementor-widget elementor-widget-text-editor\" data-id=\"1832c542\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 style=\"text-align: center;\"><span style=\"font-family: 'times new roman', times, serif; color: #001150;\"><strong>Habla Con Un Experto<\/strong><\/span><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20729aa4 elementor-widget elementor-widget-text-editor\" data-id=\"20729aa4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<meta content=\"width=device-width,initial-scale=1.0, maximum-scale=1.0, user-scalable=0\" name=\"viewport\"\/><script type=\"text\/javascript\" src=\"https:\/\/pvsn.maillist-manage.com\/js\/optin.min.js\" onload=\"setupSF('sf7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e','ZCFORMVIEW',false)\"><\/script><script type=\"text\/javascript\">function runOnFormSubmit_sf7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e(th){\/*Before submit, if you want to trigger your event, \"include your code here\"*\/};<\/script><style>#customForm p{display:inline;}#sf7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e #customForm 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.bdr_btm_hover{background-color:#f9f9f9; padding:10px;}#sf7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e .bdr_btm{padding:10px }#sf7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e .f14{font-size:14px}<\/style><div id=\"sf7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e\" data-type=\"signupform\"><div id=\"customForm\"><input type=\"hidden\" id=\"recapTheme\" value=\"0\"\/><input type=\"hidden\" id=\"isRecapIntegDone\" value=\"false\"\/><input type=\"hidden\" id=\"recapMode\" value=\"417096000007809069\"\/><input type=\"hidden\" id=\"signupFormType\" value=\"LargeForm_Vertical\"\/><div name=\"SIGNUP_PAGE\" id=\"SIGNUP_PAGE\" class=\"SIGNUP_PAGE large_form_2_css\" style=\"background-color: rgb(255, 255, 255); color: rgb(204, 204, 204); padding: 30px; font-size: 14px; font-family: Arial; min-width: 240px; text-align: center;\"><div><div name=\"\" changeid=\"\" changename=\"\" style=\"margin:0px auto\"><div id=\"imgBlock\" name=\"LOGO_DIV\" logo=\"true\" style=\"width: 600px; margin: 0px auto; padding-top: 10px; padding-bottom: 10px; padding-right: 10px; text-align: left;\"><\/div><\/div><br \/><div id=\"signupMainDiv\" style=\"margin: 0px auto; width: 100%; min-width: 230px; max-width: 600px;\" name=\"SIGNUPFORM\" changeid=\"SIGNUPFORM\" changename=\"SIGNUPFORM\"><div><div style=\"position:relative;\"><div id=\"Zc_SignupSuccess\" style=\"display:none;position:absolute;margin-left:4%;width:90%;background-color: white; padding: 3px; border: 3px solid rgb(194, 225, 154);  margin-top: 10px;margin-bottom:10px;word-break:break-all\"><table width=\"100%\" cellpadding=\"0\" cellspacing=\"0\" border=\"0\"><tbody><tr><td width=\"10%\"><img decoding=\"async\" class=\"successicon\" src=\"https:\/\/pvsn.maillist-manage.com\/images\/challangeiconenable.jpg\" align=\"absmiddle\" loading=\"lazy\" \/><\/td><td><span id=\"signupSuccessMsg\" style=\"color: rgb(73, 140, 132); font-family: sans-serif; font-size: 14px;word-break:break-word\">&nbsp;&nbsp;Thank you for Signing Up<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><form method=\"POST\" id=\"zcampaignOptinForm\" style=\"margin:0px;\" action=\"https:\/\/pvsn.maillist-manage.com\/weboptin.zc\" target=\"_zcSignup\"><div id=\"SIGNUP_BODY_ALL\" name=\"SIGNUP_BODY_ALL\" style=\"border: 1px none rgb(218, 216, 216);\"><h1 style=\"color: rgb(255, 255, 255); background-color: rgb(255, 255, 255); word-break: break-word; overflow-wrap: break-word; margin: 0px; font-family: Arial; border-width: 1px; border-style: none; border-color: rgb(255, 255, 255); text-align: center; padding: 0px; font-size: 8px;\" id=\"SIGNUP_HEADING\" name=\"SIGNUP_HEADING\" changeid=\"SIGNUP_MSG\" changetype=\"SIGNUP_HEADER\">Talk To An Expert<\/h1><div style=\"background-color: rgb(255, 255, 255); color: rgb(255, 255, 255); bottom: 2px; font-family: Arial; text-align: center; padding: 0px; font-size: 8px; opacity: 1;\" id=\"SIGNUP_BODY\" name=\"SIGNUP_BODY\"><div style=\"margin:0px auto;text-align:left;\"><div style=\"line-height:1.6;\" class=\"\" changeid=\"SIGNUP_MSG\" id=\"SIGNUP_DESCRIPTION\" changetype=\"SIGNUP_DESCRIPTION\">Please complete this form to create an account, receive email updates and much more.<\/div><div style=\"display:none;background-color:#FFEBE8;padding:10px 10px; color:#d20000; font-size:11px; margin:10px 0px;border:solid 1px #ffd9d3; margin-top:20px;\" id=\"errorMsgDiv\">&nbsp;&nbsp;Please correct the marked field(s) below.<\/div><div><div style=\"font-size:12px;  margin-top:10px;\" name=\"fieldsdivSf\" class=\"zcsffieldsdiv\"><div style=\"padding:10px 0px 10px 0px;\" class=\"zcsffield \" fieldid=\"417096000000000023\"><div style=\"\"><div style=\"color: rgb(51, 51, 51); font-size: 12px; font-family: Arial;\" name=\"SIGNUP_FORM_LABEL\">First Name&nbsp;<span name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*<\/span><\/div><div style=\"width:100%;  min-width:170px; margin-top:5px;\"><input name=\"FIRSTNAME\" changeitem=\"SIGNUP_FORM_FIELD\" style=\"width: 97%; color: rgb(0, 17, 80); background-color: rgb(255, 255, 255); height: 28px; padding: 2px; border: 1px solid rgb(222, 222, 222); font-family: Arial; text-indent: 5px; box-sizing: border-box; font-size: 16px;\" maxlength=\"100\" type=\"text\" required=\"true\" value=\"\"\/><span style=\"display:none\" id=\"dt_FIRSTNAME\">1,true,1,First Name,2<\/span><\/div><\/div><div style=\"clear:both\"><\/div><\/div><div style=\"padding:10px 0px 10px 0px;\" class=\"zcsffield \" fieldid=\"417096000000000025\"><div style=\"\"><div style=\"color: rgb(51, 51, 51); font-size: 12px; font-family: Arial;\" name=\"SIGNUP_FORM_LABEL\">Last Name&nbsp;<span name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*<\/span><\/div><div style=\"width:100%;  min-width:170px; margin-top:5px;\"><input name=\"LASTNAME\" changeitem=\"SIGNUP_FORM_FIELD\" style=\"width: 97%; color: rgb(0, 17, 80); background-color: rgb(255, 255, 255); height: 28px; padding: 2px; border: 1px solid rgb(222, 222, 222); font-family: Arial; text-indent: 5px; box-sizing: border-box; font-size: 16px;\" maxlength=\"100\" type=\"text\" required=\"true\" value=\"\"\/><span style=\"display:none\" id=\"dt_LASTNAME\">1,true,1,Last Name,2<\/span><\/div><\/div><div style=\"clear:both\"><\/div><\/div><div style=\"padding:10px 0px 10px 0px;\" class=\"zcsffield \" fieldid=\"417096000000000021\"><div style=\"\"><div style=\"color: rgb(51, 51, 51); font-size: 12px; font-family: Arial;\" name=\"SIGNUP_FORM_LABEL\">Email&nbsp;<span name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*<\/span><\/div><div style=\"width:100%;  min-width:170px; margin-top:5px;\"><input name=\"CONTACT_EMAIL\" changeitem=\"SIGNUP_FORM_FIELD\" style=\"width: 97%; color: rgb(0, 17, 80); background-color: rgb(255, 255, 255); height: 28px; padding: 2px; border: 1px solid rgb(222, 222, 222); font-family: Arial; text-indent: 5px; box-sizing: border-box; font-size: 16px;\" maxlength=\"100\" type=\"email\" required=\"true\" value=\"\"\/><span style=\"display:none\" id=\"dt_CONTACT_EMAIL\">1,true,6,Contact Email,2<\/span><\/div><\/div><div style=\"clear:both\"><\/div><\/div><div style=\"padding:10px 0px 10px 0px;\" class=\"zcsffield \" fieldid=\"417096000000000027\"><div style=\"\"><div style=\"color: rgb(51, 51, 51); font-size: 12px; font-family: Arial;\" name=\"SIGNUP_FORM_LABEL\">Subject&nbsp;<span name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*<\/span><\/div><div style=\"width:100%;  min-width:170px; margin-top:5px;\"><input name=\"COMPANYNAME\" changeitem=\"SIGNUP_FORM_FIELD\" style=\"width: 97%; color: rgb(0, 17, 80); background-color: rgb(255, 255, 255); height: 28px; padding: 2px; border: 1px solid rgb(222, 222, 222); font-family: Arial; text-indent: 5px; box-sizing: border-box; font-size: 16px;\" maxlength=\"100\" type=\"text\" required=\"true\" value=\"\"\/><span style=\"display:none\" id=\"dt_COMPANYNAME\">1,true,1,Company Name,2<\/span><\/div><\/div><div style=\"clear:both\"><\/div><\/div><div style=\"padding:10px 0px 10px 0px;\" class=\"zcsffield \" fieldid=\"417096000000000049\"><div style=\"\"><div style=\"color: rgb(51, 51, 51); font-size: 12px; font-family: Arial;\" name=\"SIGNUP_FORM_LABEL\">Message &nbsp;<span name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*<\/span><\/div><div style=\"width:100%;  min-width:170px; margin-top:5px;position:relative\"><textarea name=\"NOTE\" changeitem=\"SIGNUP_FORM_FIELD\" zc_display_name=\"Message \" maxlength=\"300\" cols=\"\" rows=\"\" style=\"width: 97%; color: rgb(0, 17, 80); background-color: rgb(255, 255, 255); padding: 2px; border: 1px solid rgb(222, 222, 222); font-family: Arial; text-indent: 5px; box-sizing: border-box; font-size: 16px; height: 84px;\"><\/textarea>&nbsp;<span name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); position: absolute; top: 0px; font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*<\/span><span style=\"display:none\" id=\"dt_NOTE\">1,true,5,Note,2<\/span><\/div><\/div><div style=\"clear:both\"><\/div><\/div><\/div><input type=\"hidden\" id=\"secretid\" value=\"6LdNeDUUAAAAAG5l7cJfv1AA5OKLslkrOa_xXxLs\"\/><div style=\" border-bottom:#ebebeb dotted 1px; margin-top:10px; clear:both;\"><\/div><div id=\"REQUIRED_FIELD_TEXT\" changetype=\"REQUIRED_FIELD_TEXT\" name=\"SIGNUP_REQUIRED\" style=\"color: rgb(180, 0, 0); padding: 10px 10px 10px 0px; font-size: 11px; font-family: Arial, Helvetica, sans-serif;\">*Required Fields<\/div><div style=\"padding:10px; text-align:center;\"><input type=\"submit\" action=\"Save\" id=\"zcWebOptin\" name=\"SIGNUP_SUBMIT_BUTTON\" changetype=\"SIGNUP_SUBMIT_BUTTON_TEXT\" style=\"cursor: pointer; -webkit-appearance: none; color: rgb(255, 255, 255); background-color: rgb(0, 17, 80); background-position: center bottom; background-repeat: repeat-x; outline: none medium; font-family: Arial; border-radius: 3px; border-width: 5px; border-style: solid; padding: 5px 15px; border-color: rgb(0, 17, 80); font-size: 20px; text-align: center;\" value=\"Send\"\/><\/div><input type=\"hidden\" id=\"fieldBorder\" value=\"rgb(222, 222, 222)\"\/><input type=\"hidden\" name=\"zc_trackCode\" id=\"zc_trackCode\" value=\"ZCFORMVIEW\" onload=\"\"\/><input type=\"hidden\" name=\"viewFrom\" id=\"viewFrom\" value=\"URL_ACTION\"\/><input type=\"hidden\" id=\"submitType\" name=\"submitType\" value=\"optinCustomView\"\/><input type=\"hidden\" id=\"lD\" name=\"lD\" value=\"15c9d29a25b3a81b\"\/><input type=\"hidden\" name=\"emailReportId\" id=\"emailReportId\" value=\"\"\/><input type=\"hidden\" name=\"zx\" id=\"cmpZuid\" value=\"125efcc7c\"\/><input type=\"hidden\" name=\"zcvers\" value=\"3.0\"\/><input type=\"hidden\" name=\"oldListIds\" id=\"allCheckedListIds\" value=\"\"\/><input type=\"hidden\" id=\"mode\" name=\"mode\" value=\"OptinCreateView\"\/><input type=\"hidden\" id=\"zcld\" name=\"zcld\" value=\"15c9d29a25b3a81b\"\/><input type=\"hidden\" id=\"zctd\" name=\"zctd\" value=\"\"\/><input type=\"hidden\" id=\"document_domain\" value=\"campaigns.zoho.com\"\/><input type=\"hidden\" id=\"zc_Url\" value=\"pvsn.maillist-manage.com\"\/><input type=\"hidden\" id=\"new_optin_response_in\" value=\"0\"\/><input type=\"hidden\" id=\"duplicate_optin_response_in\" value=\"0\"\/><input type=\"hidden\" id=\"zc_formIx\" name=\"zc_formIx\" value=\"7da05cef3d7e2f52dc94d10109d98b55f3898872493ca85e\"\/><\/div><\/div><input type=\"hidden\" id=\"isCaptchaNeeded\" value=\"false\"\/><input type=\"hidden\" id=\"superAdminCap\" value=\"0\"\/><img decoding=\"async\" src=\"https:\/\/pvsn.maillist-manage.com\/images\/spacer.gif\" onload=\"referenceSetter(this)\" id=\"refImage\" style=\"display:none;\" loading=\"lazy\" \/><\/div><\/div><\/form><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"zcOptinOverLay\" oncontextmenu=\"return false\" style=\"display:none;text-align: center; background-color: rgb(0, 0, 0); opacity: 0.5; z-index: 100; position: fixed; width: 100%; top: 0px; left: 0px; height: 988px;\"><\/div><div id=\"zcOptinSuccessPopup\" style=\"display:none;z-index: 9999;width: 800px; height: 40%;top: 84px;position: fixed; left: 26%;background-color: #FFFFFF;border-color: #E6E6E6; border-style: solid; border-width: 1px;  box-shadow: 0 1px 10px #424242;padding: 35px;\"><span style=\"position: absolute;top: -16px;right:-14px;z-index:99999;cursor: pointer;\" id=\"closeSuccess\"><img decoding=\"async\" src=\"https:\/\/pvsn.maillist-manage.com\/images\/videoclose.png\" loading=\"lazy\" \/><\/span><div id=\"zcOptinSuccessPanel\"><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1bd6f8a3 elementor-widget elementor-widget-spacer\" data-id=\"1bd6f8a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29fbb081 elementor-widget elementor-widget-spacer\" data-id=\"29fbb081\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-981e29e\" data-id=\"981e29e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4648ed88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4648ed88\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-50a75cae\" data-id=\"50a75cae\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37285fe elementor-widget elementor-widget-spacer\" data-id=\"37285fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49fd7927 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49fd7927\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-147196a9\" data-id=\"147196a9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d92d11d elementor-widget elementor-widget-heading\" data-id=\"2d92d11d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Testimonios<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dbbcaa9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dbbcaa9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2b50fe0f\" data-id=\"2b50fe0f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-353f864b elementor-widget elementor-widget-spacer\" data-id=\"353f864b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2d6dea46 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2d6dea46\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2ad44a54\" data-id=\"2ad44a54\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d2c1e2a elementor-widget elementor-widget-image\" data-id=\"3d2c1e2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image1.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-68816\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48b1f42 elementor-widget elementor-widget-text-editor\" data-id=\"48b1f42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 style=\"text-align: center;\"><span style=\"font-family: 'times new roman', times, serif; color: #001150;\"><strong>Gala Cede\u00f1o<\/strong><\/span><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-614dda41 elementor-widget elementor-widget-text-editor\" data-id=\"614dda41\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><strong><span style=\"color: #001150; font-family: 'times new roman', times, serif;\">Thanks to FAS &amp; CPA Consultants and Fulton Abraham Sanchez, CPA, I was able to resolve a debt of $479,677.71 that I had with the IRS.<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-42477f5e\" data-id=\"42477f5e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-775c59f2 elementor-widget elementor-widget-image\" data-id=\"775c59f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image2_2-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-68817\" alt=\"\" srcset=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image2_2-150x150.jpg 150w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image2_2-160x160.jpg 160w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image2_2-320x320.jpg 320w\" sizes=\"(max-width: 150px) 100vw, 150px\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d1ad4f2 elementor-widget elementor-widget-text-editor\" data-id=\"4d1ad4f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 style=\"text-align: center;\"><span style=\"font-family: 'times new roman', times, serif; color: #001150;\"><strong>Carlos Lange<\/strong><\/span><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e89be45 elementor-widget elementor-widget-text-editor\" data-id=\"4e89be45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><strong><span style=\"font-family: 'times new roman', times, serif; color: #001150;\">My experience with FAS CPA &amp; Consultants has been incredible, their professionalism is impeccable. I highly recommend them.<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-401835ca\" data-id=\"401835ca\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e162de9 elementor-widget elementor-widget-image\" data-id=\"4e162de9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image3-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-68818\" alt=\"\" srcset=\"https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image3-1-150x150.jpg 150w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image3-1-160x160.jpg 160w, https:\/\/fascpaconsultants.com\/wp-content\/uploads\/2017\/11\/image3-1-320x320.jpg 320w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61d3cbdf elementor-widget elementor-widget-text-editor\" data-id=\"61d3cbdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 style=\"text-align: center;\"><span style=\"font-family: 'times new roman', times, serif; color: #001150;\"><strong>David Barcelo<\/strong><\/span><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fb49627 elementor-widget elementor-widget-text-editor\" data-id=\"5fb49627\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><span style=\"color: #001150;\"><strong><span style=\"font-family: 'times new roman', times, serif;\">I highly recommend FAS CPA &amp; Consultants, they are responsible, efficient and very dedicated.<\/span><\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-44baaf19 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"44baaf19\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e47d413\" data-id=\"4e47d413\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d7ae731 elementor-widget elementor-widget-spacer\" data-id=\"7d7ae731\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-54a9738 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"54a9738\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-0b2b783\" data-id=\"0b2b783\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-7097085\" data-id=\"7097085\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d5aee35 elementor-widget elementor-widget-text-editor\" data-id=\"d5aee35\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><span style=\"color: #ffffff; font-family: 'times new roman', times, serif;\"><strong>FAS CPA &amp; Consultants<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #ffffff; font-family: 'times new roman', times, serif;\"><strong>9010 SW 137 AV Suite 222 Miami, FL 33186<\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fd04df elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"5fd04df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-map-marker-alt\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M172.268 501.67C26.97 291.031 0 269.413 0 192 0 85.961 85.961 0 192 0s192 85.961 192 192c0 77.413-26.97 99.031-172.268 309.67-9.535 13.774-29.93 13.773-39.464 0zM192 272c44.183 0 80-35.817 80-80s-35.817-80-80-80-80 35.817-80 80 35.817 80 80 80z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ece458c elementor-widget elementor-widget-text-editor\" data-id=\"ece458c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><span style=\"color: #ffffff; font-family: 'times new roman', times, serif;\"><strong>T: 786-462-7899<\/strong><\/span><\/p><p style=\"text-align: center;\"><span style=\"color: #ffffff; font-family: 'times new roman', times, serif;\"><strong>E: support@fascpaconsultants.com<\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-16 elementor-top-column elementor-element elementor-element-c535a6e\" data-id=\"c535a6e\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-52cbec1a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52cbec1a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-32d7b48f\" data-id=\"32d7b48f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5b7b1d09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5b7b1d09\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2db325c6\" data-id=\"2db325c6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>C\u00f3mo Los Fondos De Inversi\u00f3n Y Capital Privado Pueden Lidiar Con Las Normas De Contabilidad Escr\u00edbenos a Support@fascpaconsultants.com y Obten una revisi\u00f3n Tributaria de Cortes\u00eda Quiero Mi Revisi\u00f3n Tributaris Los US GAAP requieren que&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":98236,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1031],"tags":[],"class_list":["post-65076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fondos-de-cobertura-y-capital-privado"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>C\u00f3mo los Fondos de Inversi\u00f3n Lidian con las Normas de Contabilidad<\/title>\n<meta name=\"description\" content=\"Los US GAAP requieren que las inversiones en PE\/VC se declaren a su valor justo. 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