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Presentation of Financial Statements and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Statement [Line Items]

Summary of the effects on the initial adoption of the IFRS 16

The table below summarizes the effects on the initial adoption of the IFRS 16:

		01/01/2019
Current assets
Prepaid expenses		(39,066	)
Non-current assets
Prepaid expenses		(288,630	)
Right-of-use assets		1,731,427
Intangible assets		(39,928	)
Total assets		1,363,803
Current liabilities
Leases payable		13,827
Non-current liabilities
Leases payable		1,349,976
Total liabilities		1,363,803

Summary of the reconciliation of the operating lease commitments to leases payable

The table below summarizes the reconciliation of the operating lease commitments to leases payable:

Operating lease commitments as of December 31, 2018	1,540,994
Discounted using the incremental borrowing rate on January 1, 2019	(177,707	)
Finance lease liabilities recognised as of December 31, 2018	46,066
(-) Recognition exemption for leases of low amount assets	(33,893	)
(-) Recognition exemption for leases with less than 12 months of lease term at transition	(11,657	)
(-) Extension options reasonably certain to be exercised	-
Leases payable recognised on January 1, 2019	1,363,803

Summary of Foreign Subsidiaries

The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:

Subsidiary	Functional currency		Location
Oxiteno México S.A. de C.V.	Mexican Peso		Mexico
Oxiteno Servicios Corporativos S.A. de C.V.	Mexican Peso		Mexico
Oxiteno Servicios Industriales S.A. de C.V.	Mexican Peso		Mexico
Oxiteno USA LLC	U.S. Dollar		United States
Oxiteno Uruguay S.A. (i)	U.S. Dollar		Uruguay

(i) The subsidiary Oxiteno Uruguay S.A. (“Oxiteno Uruguay”) determined its functional currency as the U.S. dollar (“US$”), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.

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The disclosure of changes in accounting estimates.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 8
-IssueDate 2019-01-01
-Paragraph 39
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=8&code=ifrs-tx-2019-en-r&anchor=para_39&doctype=Standard
-URIDate 2019-03-27

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The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2019-01-01
-Paragraph C12
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C
-URIDate 2019-03-27

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