Estatística / Relação de Avaliadores

ID: 35259

Authors: Revista Contabilidade Vista & Revista.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 1-16, September-December, 2014. 16 page(s).

Document type: Other (Portuguese)

Editorial

ID: 35252

Authors: Jacqueline Veneroso Alves da Cunha.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 1-2, September-December, 2014. 2 page(s).

Document type: Editorial (Portuguese)

The use of the fair value and its relationships with the market values of the financial institutions

ID: 35253

Authors: Samir Sayed, Bruno Meirelles Salotti.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 15-37, September-December, 2014. 23 page(s).

Keyword: Banks , Fair Value , Financial Instruments , IFRS , Market Value

Document type: Article (Portuguese) Show Abstract

The discussion about the full fair value accounting, particularly with regard to financial instruments gains strength in the international standard-setters (the IASB and the FASB). The main objective of this paper was to study the relationships between the market values, the accounting equities and the use of fair value as the single measurement basis for financial assets and liabilities at the banks listed in three major exchanges that require or permit the filing of financial statements in IFRS, BM&FBOVESPA, the LSE and Euronext in the period from 2004 to 2011. Closely, under the following perspective: the use of a full fair value accounting makes accounting equities closer to the market values of the institutions. The analyses were performed by taking the sample together, segregated by size and under a significance level (α) of 5%. The statistical procedure used was the confection of Hypothesis Tests for Averages Paired Samples (Wilcoxon). The results show evidence that the use of fair value as the single measurement basis approximates the carrying amounts of the accounting equities from their market’s pairs, but without significance. That is, to account or not all the financial instruments at fair value does not impact the accounting equity and become it closer but in a very discrete manner to the market value.

Accounting choices at the first-time adoption of IFRS in Brazil: drivers for the application of the Deemed Cost for PP&E

ID: 35254

Authors: Fábio Moraes da Costa, Kátia de Carvalho Freitas.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 38-56, September-December, 2014. 19 page(s).

Keyword: Accounting choices , Deemed cost , First-time adoption of IFRS

Document type: Article (Portuguese) Show Abstract

In this paper we investigate the characteristics of listed companies that explain their choice for applying the deemed cost for Property, Plant and Equipment (PP&E). The “Pronunciamento Técnico CPC 37 allowed the option to apply fair value for PP&E in the first-time that International Financial Reporting Standards (IFRS) were being adopted in Brazil. The final sample consists of 262 non-financial listed companies that adopted IFRS in 2010. Based on a logistic regression the empirical evidence indicate that more profitable companies and with larger PP&E present a higher probability of adopting the deemed cost option. On the other hand, companies audited by a Big-4 auditor and that are listed on the “Novo Mercado” at BM&FBOVESPA present a higher probability of maintaining historical cost for PP&E. Overall, the results contribute to the a better understanding about how political costs (size and profitability) and monitoring structure (audit firm and corporate governance) are determinants for the application or not of fair value as deemed cost for non-financial assets in Brazil.

Profile of environmental disclosure of companies listed on Corporate Sustainability Index

ID: 35255

Authors: Caroline Sulzbach Pletsch, Josiane Brighenti, Alini da Silva, Fabricia Silva da Rosa.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 57-77, September-December, 2014. 21 page(s).

Keyword: environmental disclosure , ISE , Theory of legitimacy

Document type: Article (Portuguese) Show Abstract

Given the constant changes in the economic and financial environment, companies increasingly need to be transparent , especially regarding the disclosure of their actions with the environment. In this context, the aim of this study is to verify the environmental disclosure practices of companies that compose of the Securities, Commodities and Futures Exchange Corporate Sustainability Index (ISE) Group A - BM & FBovespa. Methodological research is characterized with descriptive, quantitative approach to the problem, and document on the procedures. We used the Sphinx ® software for data collection and data analysis. The survey sample matched the 14 companies that disclosed their quiz answers ISE 2013/2014. The results showed that most companies have structured environmental policy. With regard to management, most companies have concern with environmental issues at a strategic level. As for performance, most companies have demonstrated worried about consciously consume natural resources . In relation to legal compliance for the past three years companies had environmental processes and because of that , now conform to legal requirements.

Accounting and Credit Ratios relationship in Brazilian companies

ID: 35256

Authors: Guilherme Flister Fernandino, Renata Turola Takamatsu, Wagner Moura Lamounier.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 78-94, September-December, 2014. 17 page(s).

Keyword: accounting ratios , Credit Rating , credit ratings agencies , logistic regression

Document type: Article (Portuguese) Show Abstract

Credit ratings determined by credit ratings agencies can be considered an assessment of debtor's likelihood of default, which gives investors a broad view of all factors that can affect entity ability to honor its commitments. For this, there are the traditional rating agencies such as Standard & Poors, Moody's and Fitch Ratings. Credit ratings agencies use both quantitative (economic - financial analysis) and qualitative (country risk, industry classifications and entity specific factors). Our research evaluates accounting ratios ability, to forecast national long-term ratings issued by Fitch Ratings of Brazilian companies, based on a 56 company’s sample. We have achieved a satisfactory level of assertiveness, allowing the significance analysis of variables used in the model. Our results have shown that both size and profitability were statistically significant variables. Thus, according to previous literature, we have concluded that the larger and the more profitable the company is, the greater is the likelihood of be considered as a company that exhibit a low or very low default risk.

Investment Funds, managing banks and loans to open companies: an analysis in Brazil

ID: 35258

Authors: Rodrigo Fernandes Malaquias, Fernanda Maciel Peixoto, Graciela Dias Coelho Jones.

Source: Contabilidade Vista & Revista, v. 25, n. 3, p. 121-142, September-December, 2014. 22 page(s).

Keyword: Asymmetric Information , Market Efficiency , Style Analysis

Document type: Article (Portuguese) Show Abstract

The main objective of this study was to analyze the relationship between changes in returns of portfolios of Funds of Investment in Shares and variations of stock returns of companies that raise funds, along with the banks which manage said funds. The database consisted of 173 equity funds, within the period of 03/01/2005 to 09/12/2013. The funds were shown to be linked to four different banks; the banks, in turn, provided loans to nine publicly traded companies. The quantitative step was performed by analyzing style based returns (SHARPE, 1992). The main results show that: i) in the regression analysis of style with only the three market factors (exchange, public securities and Ibovespa), the adjusted Rsquared had low explanatory power (below 3%); ii) in the regression analysis of style with the inclusion of stock returns of firms that obtained loans from banks which managed the funds, we found that the adjusted R-squared increased significantly (on average to 20%), and all betas of stock returns of companies linked to banks were significant; and iii) the analysis to verify a potential use of internal information to anticipate returns did not show significant results. Thus, the results indicated that the fund managers invest in shares of companies for which managing banks provide credit; however, such managers, on average, can not necessarily anticipate stock returns of the investee company.