Reiner Alves Botinha

A Comparabilidade das Escolhas Contábeis na Avaliação Posterior de Propriedades para Investimento: Uma Análise das Companhias Abertas Brasileiras e Portuguesas

One of the main purposes for adopting the International Financial Reporting Standards (IFRS) is the quest for comparability between financial statements within the same country, over time, and between different countries. IFRS have the feature of allowing accounting choices in most of their standards. However, the existence of such flexibility in the process for recognizing, measuring, and disclosing assets and liabilities may impact on comparability. IFRS have been criticized both due to their accounting choices and the adoption of the fair value paradigm. This article examines these two issues, investigating the choice of the cost model versus the choice of the fair value model for investment properties (IPs), an option guaranteed under the terms of the International Accounting Standard (IAS) 40. This research aimed to identify the comparability degree and the factors that determine the accounting choices made by managers of IPs, in Brazilian and Portuguese listed companies, within the periods from 2010 to 2012. Comparability, within and between countries, was identified by the T-index and the search for the determining factors of accounting choices made by managers was performed by means of a logistic regression analysis. As a result, it was found that, despite the accounting choices allowed by IAS 40, there was a mean comparability between the accounting practices of firms in these countries, but showing a decrease in the index over the years. The explanatory factors identified were auditing by one of the big four (PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG, or Ernst & Young), companies’ indebtedness, relative importance of IPs’ balance, net profit, and less experience of Brazil in using the fair value method to appraise IPs.

Comparabilidade das Escolhas Contábeis em Propriedades para Investimentos de Empresas Listadas na BM&FBOVESPA e NYSE

This research aimed to identify the consequence of the accounting choices made by public companies managers listed on the NYSE and the BM&FBOVESPA, in relation to the subsequent measurement of investment properties, through identifying the comparability degree of financial reports from the year 2013. The degree of comparability was calculated using the T index Taplin. In this paper, it was observed that, in a more conservative way, to both stock exchanges, there was increased use of the cost method for the sample companies. Even with the existence of accounting choices, it is considered that there is comparability between accounting practices in the recognition of investment property from the companies listed on the BM&FBOVESPA and NYSE. However, the degree of comparability was presented low for the international comparability and in the medium, near the lower limit for comparability per stock exchange. A curious fact is the presentation of a greater degree of comparability for the companies listed on the BM&FBOVESPA in relation to listed on the NYSE, which is a more developed capital market. In the analysis of the comparability by sector, it was observed a medium degree close to the upper limit. It has also been inferred the low comparability degrees identified may be related to the different choices made by the companies regarding the measurement methods.

ESCOLHA DO USO DO VALOR JUSTO PARA PROPRIEDADES PARA INVESTIMENTOS: UMA INFLUÊNCIA DAS CARACTERÍTICAS DE EMPRESAS LISTADAS NA BM&FBOVESPA E NA NYSE

A pesquisa objetivou identificar as possiveis explicacoes para as escolhas contabeis realizadas por gestores de companhias abertas listadas na NYSE e na BM&FBOVESPA, com relacao a mensuracao subsequente de Propriedades para Investimentos referente ao ano de 2013. As hipoteses levantadas atinentes aos incentivos das decisoes dos gestores foram embasadas na Teoria da Agencia e na abordagem metodologica empirico positivista, pressupondo que as escolhas contabeis podem ser explicadas por meio da relacao entre as caracteristicas das empresas e os interesses dos gestores. O presente estudo identificou que, de uma forma mais conservadora, para ambas as bolsas, ocorreu maior utilizacao do metodo do custo pelas empresas da amostra. Na comparacao entre as empresas listadas na BM&FBOVESPA e na NYSE, as variaveis Big Four, tamanho da empresa, relevância do saldo de PPI e o fato de a empresa pertencer ao setor de telecomunicacoes, apresentaram-se como variaveis explicativas para a decisao sobre o metodo contabil a ser empregado. Embora nao tenha sido encontrada influencia de planos de incentivos nas escolhas contabeis realizadas pelas empresas amostrais, verificou-se que, havendo discricionariedade no tratamento contabil, existem caracteristicas que podem definir a escolha pelo uso do valor justo.