Artículo 3.11. PS 1 Paragraph 3.11

An entity’s management commentary provides information that helps users assess the entity’s prospects for future cash flows. In making their assessment, users estimate the present value of the entity’s future cash flows. This estimate involves assessing whether the net cash inflows are likely to provide the entity with a return that compensates it sufficiently for both the time that elapses before those cash flows occur (the time value of money) and the uncertainty in the amount and timing of the cash flows (risk). To support that assessment, management commentary provides information that helps users understand: (a) factors that could affect the amount or timing of the entity’s future cash flows; and (b) factors affecting the uncertainty in the amount or timing of those cash flows. Note In assessing the entity’s prospects for future cash flows, users consider all cash flows, regardless of whether the cash will be paid out to the entity’s investors and creditors—for example, as dividends or interest—or retained in the entity’s business.