Editorial

ID: 6883

Authors: Fábio Frezatti.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 240-241, June-December, 2011. 2 page(s).

Document type: Editorial ()

Convergence de facto ou de jure? The influence of the legal system on the acceptance of international financial reporting standards for small and medium-sized entities

ID: 6423

Authors: Carlos Henrique Silva do Carmo, Alex Mussoi Ribeiro, Luiz Nelson Guedes de Carvalho.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 242-262, June-December, 2011. 21 page(s).

Keyword: Convergence , IFRS , Small and medium sized entities

Document type: Article (Portuguese) Show Abstract

The purpose of this paper is to verify the influence of the legal environment (Common Law and Code Law) on the comments of the stakeholders involved in the financial reporting process related to the accounting standards for Small and Medium-sized Entities (SMEs). By answering this question, we intend to verify if there is any evidence of a convergence de facto rather than only a convergence de jure with this regulation. The choice of IFRS for SME further underscores the relevance of the results, because it will affect the accounting practices of a significantly larger number of enterprises in countries that are adopting international standards than just large corporations. The comments were collected from answers to four questions the IASB used in its Discussion Paper for the SMEs standard. The Respondents were classified according to the legal system of their countries and according to the professional entity they were representing. The research findings indicate that there are no significant differences between the responses to questions the IASB raised on the basis of the legal system and no significant differences in responses according to different categories of respondents. The resulting indication from the research is that, even in countries with different legal systems, the views of the stakeholders in financial reporting and accounting processes are aligned, which may be an indication that a convergence de facto and not only a convergence de jure can be achieved through the introduction of international standards for SMEs.

Determinants of disclosure level of derivative financial instruments by Brazilian public companies

ID: 6424

Authors: Patrícia Vasconcelos Rocha Mapurunga, Vera Maria Rodrigues Ponte, Antonio Carlos Dias Coelho, Anelise Florencio de Meneses.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 263-278, June-December, 2011. 16 page(s).

Keyword: Correspondence analysis , Derivative financial instruments , Disclosure

Document type: Article (Portuguese) Show Abstract

The purpose of this study was to verify the existence of an association between disclosure of information on derivative financial instruments and the economic attributes of Brazilian public companies. Data were collected from standard financial reports issued by 75 firms listed in the "Differentiated Levels of Corporate Governance" segment of the BM&FBovespa stock market. Initially, using documental research, information was identified regarding derivative financial instruments the companies disclosed. The metrics adopted were based on the parameters established in the CPC 14 accounting standard (Financial instruments: recognition, measurement and disclosure). The preliminary analysis showed that none of the firms in the sample disclosed all the required items, and that only 11 of the 30 items were disclosed by over 50% of the firms. Subsequently, the association between company attributes and the level of disclosure was tested with Correspondence Analysis. 'Size' and 'Earnings'- but not "Debt" and "Profitability" - were significantly and positively associated with disclosure of information on derivative financial instruments.

Relation between DuPont models and stock return in the Brazilian market

ID: 6425

Authors: Eduardo Rosa Soares, Fernando Caio Galdi.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 279-298, June-December, 2011. 20 page(s).

Keyword: DuPont model , Financial analysis , ROA

Document type: Article (Portuguese) Show Abstract

This paper investigates the relation between the ratios resulting from the two different possibilities of ROE decomposition (known in literature as DuPont and modified DuPont analysis) and Brazilian firms' stock returns. Differently from traditional DuPont analysis, the modified DuPont analysis explicitly splits operating and financial performance. To put in practice our analysis, we consider Brazilian firms listed from 1995 to 2008. Our results suggest that ROA (derived from traditional DuPont analysis) has higher explanatory power than operational ROA (derived from modified DuPont analysis) regarding stock returns. Further results show that operating components better explain stock returns than financial components.

Impact analysis of replacing the SSAF by the CFS: a study from a value-relevance perspective

ID: 6426

Authors: Marcelo Alvaro da Silva Macedo, Márcio André Veras Machado, Fernando Dal-Ri Murcia, Márcia Reis Machado.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 299-318, June-December, 2011. 20 page(s).

Keyword: 638/07 , Accounting standards convergence , CFS , Law 11 , SSAF , Value relevance

Document type: Article (Portuguese) Show Abstract

Over the past 40 years, several studies have discussed the relevance of accounting information. These are the so-called value-relevance studies of accounting information. In these studies, accounting variables are used to try and explain stock price behavior. The focus is to verify, through regression analysis, if certain accounting information has information contents for the capital market. That is the context for this article, which aims to analyze the impact of replacing the SSAF (Statement of Sources and Applications of Funds) by the SCF (Statement of Cash Flows), implemented through changes in Brazilian accounting standards valid for the financial year 2008. Therefore, it analyzes the question about the value relevance of the operational sources of funds (ORO) from SSAF and operating cash flow (FCO) from the SCF, for the years 2005 to 2007, of non-financial publicly-traded corporations listed in the database Melhores e Maiores of FIPECAFI-EXAME. Empirical evidence supports that the replacement of the SSAF by the SCF was beneficial for accounting information users in Brazil, although previous studies have pointed to the SSAF as a richer statement in terms of information, i.e. a statement that allows ursers to extract more information. A plausible explanation for this finding is that the SCF is na easier to understand and more user-friendly statement, especially for users who are less familiar with accounting, so that it is more used.

Ethical conduct of accounting researchers : differences between belief and praxis

ID: 6427

Authors: Maria Thereza Pompa Antunes, Octavio Ribeiro de Mendonça Neto, José Carlos Tiomatsu Oyadomari, Rodrigo Takashi Okimura.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 319-337, June-December, 2011. 19 page(s).

Keyword: Accounting research , Ethics , Foucault

Document type: Article (Portuguese) Show Abstract

This study addressed the issue of ethics in scientific accounting research. The primary aim was to understand how accounting researchers perceive ethical issues in three dimensions: A) Ethical issues related with the scientific research process; B) Ethical issues about the relation between supervisor and researcher and C) Ethical issues among peers in the development of joint research and in the dissemination of results. For this purpose, a questionnaire was developed based on Gustafsson et al. 1984; Creswell (2003), Needles, Jr., (2008), Miyazaki and Taylor (2008) and Leite et al. (2010). A total of 56 questionnaires were returned, which represents 26% of the population of 218 permanent professors affiliated with the 18 Brazilian graduate programs in accounting. Overall, our findings suggest that all issues proposed in the questionnaire were considered ethical values of extreme importance in the respondents' perception. Additionally, these results also suggest that they do not practice some values they considered important with the same intensity, while other values that are not regarded as extremely important are intensely practiced, and we cannot disregard these differences. Finally, based on the Foucault´s concept of the relationship with the self (FOUCAULT, 1984), we think that researchers should carefully consider the results of this study in order to hone their ethical behavior, as this reflects the consensus on moral behavior in a significant sample of Brazilian accounting researchers.

Relevance of knowledge, skills and instructional methods from the view point of accounting students and professionals: an international comparative study

ID: 6428

Authors: Ernani Ott, Jacqueline Veneroso Alves da Cunha, Edgard Bruno Cornachione Junior, Márcia Martins Mendes De Luca.

Source: Revista Contabilidade & Finanças, v. 22, n. 57, p. 338-356, June-December, 2011. 19 page(s).

Keyword: Accounting , Knowledge , Skills , Teaching and learning

Document type: Article (Portuguese) Show Abstract

Driven by Albrecht and Sack (2000), Francis and Kelly (2002) and based on Bloom's Taxonomy (1956), this study aims to compare perceptions of Accountancy undergraduate students and accounting professionals in Brazil about the set of knowledge, skills and methods of teaching and learning that are considered the most important for accountants' professional activities. The study involved a sample of 1,710 subjects: 769 students enrolled in undergraduate accounting programs in Brazilian universities and 941 accountants registered in Regional Accounting Councils from several Brazilian regions, who responded the questionnaire developed by Lin, Liu and Xiong (2005) about the importance attributed to knowledge, skills and teaching and learning methods. The results showed that the professionals perceived all investigated topics as more important when compared to students. Compared with China and the U.S., the scores of Brazilian professionals are always higher for the three dimensions (knowledge, skills and methods). In comparison with the Chinese, the Brazilian students generally also assign more importance to the three dimensions examined. Higher education managers should pay attention to the Brazilian participants' higher scores, considering the intense changes in young students' profiles and the accelerated professional market changes. It is highlighted that these results should be further explored by analyzing their reasons, inferring that the current Accounting context in Brazil, due to the global process of harmonization of international standards, is a favorable scenario for explanations in this respect.