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Basis of preparation of condensed consolidated interim financial statements | 6 Months Ended
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Jun. 30, 2024
Notes and other explanatory information [abstract] |
Basis of preparation of condensed consolidated interim financial statements | 2. Basis of preparation of condensed consolidated interim financial statements The condensed consolidated interim financial statements of the Company (“interim financial statements”) have been prepared and are being presented in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's Management. The interim financial statements have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with the financial statements for the year ended December 31, 2023. Except by the accounting policy described in note 7 - Taxes, all accounting policies, accounting estimates and judgments, risk management and measurement methods are the same as those adopted in the preparation of the latest annual financial statements. These interim financial statements were authorized for issue by the Board of Directors on July 25, 2024. a) New and amended standards In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 – Presentation of Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of income statement, requires disclosure of ‘management-defined performance measures’ and includes new requirements for aggregation and disaggregation of financial information based on the identified “roles” of the primary financial statements and the notes. IFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027, and the Company is currently assessing the potential impacts arising from the standard. Certain other new accounting standards, amendments and interpretations have been published that are not mandatory for December 31, 2024, reporting periods or have not materially impacted these interim financial statements. The Company did not early adopt any of these standards and does not expect them to have a material impact in future reporting periods. b) Functional currency and presentation currency The interim financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which each entity operates (“functional currency”), in the case of the Parent Company it is the Brazilian real (“R$”). For presentation purposes, these interim financial statements are presented in United States dollars (“US$”) as the Company believes that this is how international investors analyze the financial statements. The main exchange rates used by the Company to translate its foreign operations are as follows:
Schedule of foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Average rate
|  | Closing rate |  | Three-month period ended June 30, |  | Six-month period ended June 30,
|  | June 30, 2024 |  | December 31, 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
US Dollar ("US$") |  | 5.5589 |  | 4.8413 |  | 5.2129 |  | 4.9485 |  | 5.0843 |  | 5.0744
Canadian dollar ("CAD") |  | 4.0620 |  | 3.6522 |  | 3.8107 |  | 3.6860 |  | 3.7426 |  | 3.7654
Euro ("EUR") |  | 5.9547 |  | 5.3516 |  | 5.6132 |  | 5.3867 |  | 5.4969 |  | 5.4831

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- Definition The disclosure of the basis used for the preparation of the financial statements. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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