Editorial

ID: 24310

Authors: Edgard Bruno Cornachione Junior.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 7-8, September-December, 2007. 2 page(s).

Document type: Editorial (Portuguese)

On-line Accounting education: tendency and curriculum aspects

ID: 24311

Authors: Edgard Bruno Cornachione Junior, Silvia Pereira de Castro Casa Nova, Maria Rosa Trombetta.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 9-21, September-December, 2007. 13 page(s).

Keyword: Accounting Education , Curriculum , On-line MBA

Document type: Article (Portuguese) Show Abstract

Based on business education literature, findings from human resource development scholars, and considering educational and training needs in the workplace, this study focuses on analyzing executive students' (working adults students) metacognition and tendency to attend on-line MBA courses in accounting (mainly Accounting and related subjects), and whether specific content areas can be related to this phenomenon. The increasing offer of on-line courses, based on the flexibility and adaptability granted by this education mode, reinforces the relevance of understanding the factors that influence tendencies towards students' participation. According to the 2007 Brazilian Distance Education Statistical Yearbook, one out of 80 Brazilian students relied on distance education in 2006. About 2,279,000 students enrolled in various types (e.g., accredited programs, corporate education) of 889 distance courses (accredited by the Ministry of Education and State Education Councils). These figures confirm the relevance of examining this topic. The sample involved 189 graduate students enrolled in a top-ranked faceto- face Brazilian accounting MBA program, offered by a renowned Brazilian education and research institution (Institute of Accounting, Actuarial and Financial Research Foundation – FIPECAFI, an organization that supports the Department of Accounting and Actuarial Science at FEA/USP). Besides descriptive statistical analysis, studies and correlation tests, comparison of means and cluster analyses were developed to support the discussion and answer the proposed research questions. In general, findings support the assumption that the course content plays a significant role in terms of students' tendency towards on-line courses. Implications for academic and professional dimensions are also presented, along with suggestions for future studies.

Controllership approach in papers published in EnANPAD and in the USP controllership and accountancy Congress between 2001 and 2006

ID: 24312

Authors: Ilse Maria Beuren, Antônio Carlos Schlindwein, Dino Luiz Pasqual.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 22-37, September-December, 2007. 16 page(s).

Keyword: Controllership , Provisory scientific production , Research profile

Document type: Article (Portuguese) Show Abstract

This article aims to outline a profile of Controllership research in papers published in the annals of the National Association of Post-Graduate Programs and Research in Business Administration (EnANPAD) meeting and the USP Controllership and Accountancy Congress, from 2001 to 2006. The adopted research methodology comprised an exploratory study, with documentary analysis and a quantitative approach. The research results showed the main themes of these works, the adopted research methods, the different approaches to the study of Controllership, the researchers' affiliations and the bibliography consulted and referenced in the articles. It was concluded that, even though more papers were published in 2005, the volume is still small when compared to other themes focused on at these events. The small number of articles may also have been influenced by the search technique employed for selecting works, using the words Controllership, Controller, Management Accounting and Management Control, contained in the title, abstract or keywords. Nevertheless, this study is relevant to the extent that it contributes to the identification of the qualitative and quantitative evolution of Controllership research in Brazil.

Information quality and conservatism in accounting earnings published in Brazil

ID: 24317

Authors: Antonio Carlos Coelho, Iran Siqueira Lima.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 38-49, September-December, 2007. 12 page(s).

Keyword: Accounting Accruals , Accounting Regulation , Conditional Conservatism , Earnings Quality

Document type: Article (Portuguese) Show Abstract

The article evaluates the practice of conservatism in the earnings presented in the accounting reports published in Brazil in the period from 1995 to 2004. The research is carried out in view of the fact that, on the one hand, Brazilian regulation emphatically establishes the principle or convention of conservatism – to anticipate the recording of losses and postponing the recognition of gains; on the other, it allows for the premature recognition of revenues not yet confirmed, like in the case of asset reevaluations. The research tested the asymmetrical timely anticipation of economic losses through the model of Basu (1997) and conditional conservatism through the model of association between accruals and cash flows (BALL; SHIVAKUMAR, 2005). The sample considers public and private companies with data for the complete time series, regressing panel data according to more adjusted methods. The results confirm the hypothesis that the managers of the sample companies do not adopt conditional conservatism, although evidences of greater reversal of transitory components of earnings are found in the case of negative variations in antecedent earnings.

Analysis of mandatory, non-mandatory and advanced information disclosure practices in financial statements of companies in Brazil: a comparative study between 2002 and 2005

ID: 24313

Authors: Vera Maria Rodrigues Ponte, Marcelle Colares Oliveira, Héber Moura, Renata Coelho de Almeida do Carmo.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 50-62, September-December, 2007. 13 page(s).

Keyword: Companies in Brazil , Disclosure , Financial Statements

Document type: Article (Portuguese) Show Abstract

All over the world, there have been discussions on transparency and quality in the disclosure of accounting information. Aiming at contributing towards this debate, this study seeks to answer the following research question: What are the perceived changes in the disclosure of mandatory, non-mandatory and advanced accounting reporting experienced by companies in Brazil? Financial statements from 95 companies were assessed, referring to corporate annual reports of 2002 and from 119 companies referring to corporate annual reports of 2005. Concerning items recommended in rules numbers 15/87, 17/89 and 19/90 by the Brazilian Securities and Exchange Commission, this research reveals that there was no improvement in the disclosure practices of the companies under analysis. As to advanced and non-mandatory accounting information, proposed by corporate governance practices, an increase in their disclosure was observed, with companies giving special attention to the publication of their social responsibility practices and Corporate Social Reporting, Cash Flow Statements and Statements of Value Added.

Activism of Pension Funds and corporate governance quality

ID: 24314

Authors: Fábio Riberi Punsuvo, Eduardo Kazuo Kayo, Lucas Ayres Barreira de Campos Barros.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 63-72, September-December, 2007. 10 page(s).

Keyword: Activism , Corporate governance , Pension funds , Value creation

Document type: Article (Portuguese) Show Abstract

Pension funds are institutional investors of great relevance to capital markets in Brazil and abroad. As their ownership of public companies grows, pension funds tend to intensify their monitoring on the managers of incumbent companies. Using their prerogative as important shareholders, pension funds are able to exercise these monitoring activities more actively. Thus, the main objetive of this article is to analyze the relationship between the pension fund's ownership and the quality of corporate governance of the incumbent companies. Results show a negative relation between these variables, suggesting a possible tradeoff between ownership and corporate governance as mechanisms of alignment between pension funds and companies.

The phenomenon of extraordinary returns resulting from stock inclusion in and exclusion from the theoretical market portfolio of the Bovespa index

ID: 24315

Authors: José Nicolas Albuja Salazar.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 73-82, September-December, 2007. 10 page(s).

Keyword: Benchmark , Extraordinary returns , Signaling

Document type: Article (Portuguese) Show Abstract

This research aims to measure extraordinary returns of stocks due to their inclusion in and exclusion from the Theoretical Market Portfolio of the São Paulo Stock Exchange Index, using the "Event Study" methodology and the Capital Asset Pricing Model – CAPM – as a benchmark. It is concluded that the stocks on the São Paulo Stock Exchange which were affected by the recomposition of the Theoretical Portfolio gave evidence of price changes during the firsthalf of the 1990's.

Financial accounting: an epistemological research note

ID: 24316

Authors: Eduardo Schiehll, José Alonso Borba, Fernando Dal-Ri Murcia.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 83-90, September-December, 2007. 8 page(s).

Keyword: Accounting theory , Epistemological view , Financial accounting

Document type: Article (English) Show Abstract

This research note is the result of the authors' reflections on epistemological issues in respect to the financial accounting field. From an epistemological perspective, this document attempts to trace the philosophical, historical, sociological, and discursive research perspectives that have guided academic research in the field of financial accounting. In order to do so, this document explores the distinctions and connections between accounting theory and accounting practice, which we believe is the first step towards understanding accounting as a scientific discipline. We analyze the theories underpinning financial accounting research, discussing its purposes, historic evolution, and scientific methods used. This document also discuss the sociological and discursive contexts of financial accounting in order to demonstrate that, like every other social science, accounting research is based upon assumptions about the nature of it players, or social networks. This document does not have the pretension to cover or close the discussion about all the pitfalls of this complex topic. In this sense, we try to document our analysis and draw some arguments in order to offer evidence for further discussion.

Rotation of audit firms: the Brazilian experience and the market's conclusions

ID: 24318

Authors: Alexandre Queiroz de Oliveira, Neusa Maria Bastos Fernandes dos Santos.

Source: Revista Contabilidade & Finanças, v. 18, n. 45, p. 91-100, September-December, 2007. 10 page(s).

Keyword: Audit firm rotation , Frauds and accounting misstatements , Independence of the auditor , Preparation of financial statements

Document type: Article (Portuguese) Show Abstract

The rotation of audit firms was introduced in Brazil as a result of the corporate scandals involving financial institutions in the issue of their financial statements, and adopted by the CVM – Brazilian Securities Commission for publicly traded companies in Brazil. Aiming to preserve the independence of the auditor and to reduce frauds and accounting errors and misstatements of financial statements, audit firm rotation affects the commercial and professional relationship of the auditors with their clients, as well as the whole structure of the audit firm market. The article was prepared on the basis of the historical concept of audit firm rotation, the evaluation of the surveys carried out on the subject in other countries, and the philosophical structures that determine the ethical principles associated to audits. Furthermore, a field survey was carried out on aspects related to audit firm rotation. This survey collected the opinions of 127 financial market professionals, 84 of whom were executives from companies that work on or influence the preparation of financial statements, and 43 independent auditors who work directly in the accounting record auditing process. The main conclusion was the confirmation that audit firm rotation cannot ensure the independence of the auditor in his work, nor does it diminish the risks of accounting errors or frauds in the financial statement preparation.