Nuno Souto

Aktive latente Steuern (DTA) sind ein steuerliches/buchhalterisches Konzept, das sich auf einen Verm genswert bezieht, der zur Reduzierung zuk nftiger Steuerverbindlichkeiten des Inhabers verwendet werden kann. Im Bankensektor bezieht es sich in der Regel auf Situationen, in denen eine Bank entweder zu viel Steuern gezahlt hat, Steuern im Voraus gezahlt hat oder ber Verlustvortr ge verf gt. Tats chlich k nnen buchhalterische und steuerliche Verluste genutzt werden, um zuk nftige Gewinne durch steuerliche Verlustvortr ge vor der Besteuerung zu sch tzen. DTAs sind Eventualforderungen, deren zugrundeliegende Verm genswerte zuk nftige Gewinne der Banken sind. Der korrekte Ansatz zur Bewertung solcher Rechte impliziert notwendigerweise die Verwendung eines Rahmens zur Bewertung von Eventualforderungen. Eine g ngige Praxis besteht darin, DTAs so zu bewerten, als ob sie zu 100 % genutzt w rden, ohne auch nur eine Diskontierung f r den Zeitwert des Geldes vorzunehmen. Eine andere g ngige Vorgehensweise besteht darin, eine subjektive "Wertberichtigung" in Betracht zu ziehen, die den latenten Steueranspruch mit einem bestimmten Prozentsatz des entsprechenden Maximalwertes bewertet, je nach den zuk nftigen Erwartungen an die finanzielle Leistungsf higkeit des Unternehmens.

L'actif d'imp t diff r (AID) est un concept fiscal/comptable qui fait r f rence un actif pouvant tre utilis pour r duire les obligations fiscales futures du titulaire. Dans le secteur bancaire, il s'agit g n ralement de situations dans lesquelles une banque a soit pay des imp ts en trop, soit pay des imp ts l'avance, soit encore report des pertes. En fait, les pertes comptables et fiscales peuvent tre utilis es pour prot ger les b n fices futurs de l'imp t, par le biais de reports de pertes fiscales. Les CDI sont des cr ances ventuelles, dont les actifs sous-jacents sont les b n fices futurs des banques. L'approche correcte de l' valuation de ces droits implique n cessairement l'utilisation d'un cadre d' valuation des cr ances contingentes. Une pratique courante consiste valuer les CDI comme si elles taient utilis es 100 % sans m me escompter la valeur temps de l'argent. Une autre proc dure courante consiste envisager une "provision pour moins-value" subjective, en valuant l'actif d'imp t diff r un certain pourcentage de la valeur maximale correspondante, en fonction des attentes futures sur les performances financi res de l'entreprise. L'objectif de ce livre est pr cis ment de proposer une approche math matique pr cise et conceptuellement solide pour valuer les CDI, en tenant compte des projections futures de b n fices et de taux, parall lement au d lai l gal de la CDI.

L'attivit fiscale differita (DTA) un concetto fiscale/contabile che si riferisce a un'attivit che pu essere usata per ridurre gli obblighi fiscali futuri del titolare. Nel settore bancario, di solito si riferisce a situazioni in cui una banca ha pagato in eccesso le tasse, ha pagato le tasse in anticipo o ha il riporto delle perdite. Infatti, le perdite contabili e fiscali possono essere utilizzate per schermare profitti futuri dalla tassazione, attraverso il riporto delle perdite fiscali. Le DTA sono diritti contingenti, le cui attivit sottostanti sono gli utili futuri delle banche. L'approccio corretto per valutare tali diritti implica necessariamente l'uso di un quadro di valutazione dei crediti contingenti. Una pratica comune consiste nel valutare le DTA come se fossero utilizzate al 100% senza nemmeno attualizzare il valore temporale del denaro. Un altro procedimento comune consiste nel considerare una "indennit di valutazione" soggettiva, valutando l'attivo fiscale differito come una certa percentuale del valore massimo corrispondente, secondo le aspettative future sulla performance finanziaria dell'impresa. Lo scopo di questo libro proprio quello di proporre un approccio matematico preciso e concettualmente solido per valutare le DTA, considerando le proiezioni future dei guadagni e dei tassi, oltre al limite temporale legale della DTA.

Ativo fiscal diferido (DTA) um conceito de imposto/contabilidade que se refere a um ativo que pode ser usado para reduzir passivos fiscais futuros do detentor. No sector banc rio, refere-se normalmente a situa es em que um banco tenha pago impostos pagos em excesso, impostos pagos antecipadamente ou tenha preju zos fiscais report veis. De facto, os preju zos contabil sticos e fiscais podem ser utilizados para proteger os lucros futuros da tributa o, atrav s do reporte de preju zos fiscais. Os DTAs s o cr ditos contingentes, cujos activos subjacentes s o os lucros futuros dos bancos. A abordagem correta para avaliar tais direitos implica necessariamente, o uso de um quadro de avalia o de cr ditos contingentes. Uma pr tica comum consiste em avaliar os DTAs como se fossem utilizados a 100% sem sequer descontar para o valor temporal do dinheiro. Outro procedimento comum consiste em considerar uma "provis o para valoriza o" subjetiva, avaliando o ativo fiscal diferido como uma certa porcentagem do valor m ximo correspondente, de acordo com as expectativas futuras sobre o desempenho financeiro da empresa. O objetivo deste livro exatamente propor uma abordagem matem tica precisa e conceitualmente s lida para valorizar os DTAs, considerando proje es futuras de lucros e taxas, juntamente com o limite de tempo legal do DTA.

Aktywa z tytulu podatku odroczonego (DTA) to pojęcie z zakresu podatk w/księgowości, kt re odnosi się do aktyw w, kt re mogą byc wykorzystane do zmniejszenia przyszlych zobowiązań podatkowych ich posiadacza. W sektorze bankowym odnosi się ono zazwyczaj do sytuacji, w kt rych bank nadplacil podatki, zaplacil podatki z g ry lub ma przeniesione straty. W rzeczywistości straty księgowe i podatkowe mogą byc wykorzystywane do ochrony przyszlych zysk w przed opodatkowaniem poprzez przeniesienie strat podatkowych na kolejne lata. DTA są roszczeniami warunkowymi, kt rych podstawą są przyszle zyski bank w. Prawidlowe podejście do wyceny takich praw zaklada z konieczności zastosowanie ram wyceny roszczeń warunkowych. Jedna z powszechnych praktyk polega na wycenie DTA w taki spos b, jak gdyby zostaly wykorzystane w 100%, bez dyskontowania ich nawet o wartośc pieniądza w czasie. Inna powszechna procedura polega na uwzględnieniu subiektywnej "rezerwy na wycenę", wyceniając aktywa z tytulu odroczonego podatku dochodowego jako pewien procent odpowiadającej im wartości maksymalnej, zgodnie z przyszlymi oczekiwaniami co do wynik w finansowych firmy. Celem tej książki jest wlaśnie zaproponowanie precyzyjnego i koncepcyjnie uzasadnionego matematycznego podejścia do wyceny DTA, uwzględniającego przyszle prognozy zysk w i st p procentowych, wraz z prawnym limitem czasowym DTA.

Deferred tax asset (DTA) is a tax/accounting concept that refers to an asset that may be used to reduce future tax liabilities of the holder. In the banking sector, it usually refers to situations where a bank has either overpaid taxes, paid taxes in advance or has carry-over of losses. In fact, accounting and tax losses may be used to shield future profits from taxation, through tax loss carry-forwards. DTAs are contingent claims, whose underlying assets are banks future profits. The correct approach to value such rights implies necessarily, the use of a contingent claim valuation framework. One common practice consists in valuing DTAs as though they would be used at 100% without even discounting for the time value of money. Another common procedure consists in considering a subjective "valuation allowance", valuing the deferred tax asset as a certain percentage of the corresponding maximum value, according to future expectations on the company's financial performance. The purpose of this book is exactly to propose a precise and conceptually sound mathematical approach to value DTAs, considering future projections of earnings and rates, alongside the DTA's legal time limit.

Fourth Generation (4G) wireless communication systems support current and emergent multimedia services such as mobile TV, social networks and gaming, high-definition TV, video teleconferencing, and messaging services. These systems feature the All-over-IP concept and boast improved quality of service. Several important R&D activities are currently under way in the field of wireless communications for 4G systems, but the coverage is widespread in the literature. Transmission Techniques for 4G Systems presents a compilation of the latest developments in the field of wireless communications for 4G systems, including evolved Multimedia Broadcast and Multicast Service (eMBMS). Topics include: Transmission schemes suitable for future broadband wireless systems Advances in transmission techniques and receiver design to support emergent wireless needs for 4G requirements Multiple-Input Multiple-Output (MIMO), base station cooperation, macro-diversity, and inter-cell interference cancellationMultihop relay techniques, hierarchical constellations, and multi-resolution techniquesAdvances using block transmission techniques for different propagation and multi-user environmentsSystem-level evaluation of 4G using different transmission techniquesExploring the key requirements of emergent services, this volume provides fundamentals and theory along with transmission and detection techniques and schemes transversal to many digital communication systems—including wireless, cellular, and satellite. If you’re interested in or involved with 4G multimedia systems, this is the book you need on the latest R&D wireless activities so you can plan, design, and develop prototypes and future systems.

Describing efficient transmission schemes for broadband wireless systems, Transmission Techniques for Emergent Multicast and Broadcast Systems examines advances in transmission techniques and receiver designs capable of supporting the emergent wireless needs for multimedia broadcast and multicast service (MBMS) requirements. It summarizes the research and development taking place in wireless communications for multimedia MBMS and addresses the means to improved spectral efficiency to allow for increased user bit rate, as well as increased capacity of the digital cellular radio network. The text highlights essential requirements for new services, providing a clear understanding of the corresponding fundamentals and theory needed to fulfill such requirements. Although the schemes and transmission and detection techniques presented are applicable to a wide range of digital communication systems, including wireless, cellular, and satellite, the text maintains a focus on multimedia services using multicast and broadcast techniques. It also: Reports on important enhancements, including transmission techniques, receiver designs, and multi-resolution schemes for modern broadband wireless systems Covers key aspects in the development of emergent services to support the requirements of new services Discusses the transition from Wideband Code Division Multiple Access (WCDMA) to block transmission techniques Considers advanced receivers such as iterative (turbo) equalization schemes for these techniquesThis complete resource includes coverage of Multiple Input–Multiple Output (MIMO), hierarchical constellations, multi-resolution transmission, macro-diversity principles, and different frequency reuse schemes. It also proposes advances for different propagation and multi-user environments, using both WCDMA and Orthogonal Frequency Division Multiple Access (OFDMA). The text concludes by explaining how to effectively combine these techniques and enhancements for the purpose of implementing the evolved MBMS (E-MBMS).