Technical publications, regulatory commentary and market perspectives.
CBG Insights are organized in two editorial lines. Technical articles & white papers establish methodological positioning on regulatory and standard-setting matters. Market commentary & analysis records practical observations drawn from active mandates and sector jurisprudence.
Editorial line 01
Methodological research and technical positioning on regulatory and standard-setting matters in valuation.
The nine errors we see most often in accounting for concession assets under ICPC 01 (IFRIC 12) and OCPC 05, from scoping the contract to impairment testing. It includes a worked amortisation example for a 25-year toll road concession.
How to identify and measure capacity contracts, energy contracts and grid connection rights in the purchase price allocation of a data centre, including the effect of the Redata tax regime on fixed assets and the useful life of intangibles.
The appraisal that sets the auction floor: the perimeter of what the buyer receives, the no-successor-liability rule of article 60, assumptions distorted by distress, and the rate that must reflect the risk of the cash flow.
Control and valuation of fixed assets in Brazil, from the physical inventory to the regulatory report: physical-to-book reconciliation, useful life reviews, market value, insurance, collateral, regulated asset bases, tax, and the criteria for judging the quality of a report.
The Brazilian PPA reference guide: from contract design to defending the report, under accounting standards and Law 12.973. Framing, intangible inventory, measurement, WARA, TAB, deferred taxes, and the bridge between the corporate and tax reports.
Why valuing venture capital is value allocation, not future prediction. Continuous calibration, option pricing model, and PWERM under the AICPA guide and IPEV 2025 guidelines, with the Brazilian anchor problem.
Valuing data centers, the most contested and worst-understood real estate asset of the cycle. Why market, income and cost approaches behave atypically in assets dominated by critical infrastructure.
The fair value of credit rights in Brazilian FIDCs under Level 3. Expected cash flow, discount rate, recovery period and the waterfall of quotas under CVM Resolution 175.
Decommissioning obligations and why dismantling is an exercise in fixed assets. The frontier between IAS 37, IAS 16 and IFRIC 1, applied to wind farms and infrastructure.
Technical analysis of the accounting treatment of SAFEs (Simple Agreements for Future Equity) from the investor's perspective under IFRS: covering issuance, periodic measurement, conversion and dissolution.
Technical commentary on the IASB Exposure Draft on goodwill disclosures, addressing impact on Brazilian recurring impairment practice and on the subsequent-measurement discipline.
Application of Discounts for Lack of Marketability and Lack of Control in disputes among shareholders under the Brazilian Corporations Law and Civil Code, between Mandelbaum, Finnerty and CVM practice.
Editorial line 02
Short-form posts on market practice, case law, CVM decisions and observations on current themes in valuation.
Level 3 classification is not a neutral accounting descriptor. It is a signal to auditor, regulator and investor that defensibility of value depends entirely on the quality of technical work.
Applying average historical recovery rate to an NPL portfolio is the recurring shortcut. And the most fragile one when the operation reaches the auditor or the committee.
The auditor reviewing PPA every quarter develops a sense for the same flaws. Three of them appear with disproportionate frequency in mid-quality reports.
Earn-outs appear in M&A as an alignment tool. The accounting treatment decides whether they enter as financial liability or as contingent consideration in equity.
The IASB Exposure Draft on goodwill disclosures proposed changes that still divide opinions. The practical question is what changes in the day-to-day for those testing impairment recurrently.
Independent directors and fiduciary administrators turn to fairness opinions with growing frequency. There is recurring confusion about what this opinion covers.
The risk difference between senior and subordinated quota of a FIDC is a direct function of the waterfall structure. Applying the same discount rate to both is a recurring technical error.
CBG's PPA Guide. Framing, intangible inventory, measurement, WARA, TAB, and the bridge between the corporate and tax reports (Portuguese). Download (PDF) →
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