Abstract
Avaliamos o grau de conformidade (compliance) das empresas com a divulgação requerida pelo padrão International Financial Reporting Standards (IFRS)no primeiro ano de sua adoção plena obrigatória no Brasil (2010), a partir do exame,nas Notas Explicativas das 366 empresas não financeiras listadas na bolsa de valores brasileira (BM&FBovespa), do grau de atendimento a 638 itens de divulgação requeridos por 28 normas (IFRS).Mensuramos os níveis de conformidade com a divulgação calculando um índice de conformidade, tanto geral como para cada norma, e investigamos associações entre os níveis de divulgação e características das empresas, como potenciais fatores explicativos do grau de conformidade com a divulgação requerida. Foram encontrados baixos níveis totais de conformidade com a divulgação requerida no ano analisado: o nível médio de atendimento à divulgação requerida pelas IFRS mostrou-se muito sensível à abordagem adotada, variando de 16,04% (critério rigoroso e abordagem dicotômica) a 33,72% (critério tolerante e abordagem do cumprimento parcial não ponderado). Na linha da experiência de outros países ilustrada na literatura, esses resultados enfatizam a importância de melhorar as condições de suporte institucional para reforçar mecanismos de enforcement, possibilitando às empresas brasileiras alcançar plenamente os benefícios econômicos esperados pela adoção do padrão internacional. Em todas as nossas análises, tamanho da empresa e auditoria por uma "Big 4" tiveram associação positiva com a variável dependente em todos os modelos utilizados para determinar o índice de conformidade com a divulgação requerida, possibilitando concluir que esses fatores produzem um impacto positivo significativo no nível de conformidade das empresas brasileiras com a divulgação requerida pelas IFRS.
Highlights
The mandatory adoption of full International Financial Reporting Standards (IFRS) in Brazil, after a transition starting in 2008, was effective in 2010
With the aroused interest to study that implementation, this study investigates the level of compliance with IFRS disclosure requirements of the Brazilian listed corporations in the first IFRS mandatory adoption year (2010) and examines key factors influencing disclosure as well
This study realized a comprehensive diagnostic of the level of compliance with IFRS disclosure requirements in its first adoption year in Brazil, by measuring both the overall compliance index and indices by each standard
Summary
The mandatory adoption of full IFRS in Brazil, after a transition starting in 2008, was effective in 2010. With the IFRS convergence, Brazil participates in a global comparable and transparent information system that can enhance accounting quality and result in capital market benefits, as capital cost reduction, higher liquidity with lower bid-ask spreads and decrease in analyst forecast errors; the obtainment of such benefits, despite founded in the comparative excellence of the IFRS per se, or de jure, depends on the effective implementation in firms’ reports, that is, on compliance de facto (Ball, 2006; Daske & Gebhardt, 2006; Barth, Landsman, & Lang, 2008; Hodgdon, Tondkar, Harless, & Adhikari, 2008; Leuz & Wysocki, 2008; Daske, Hail, Leuz, & Verdi, 2008; Armstrong, Barth, & Riedl, 2010). In face of this heterogeneous implementation quality, Daske, Hail, Leuz, and Verdi (2008, p. 1085) found that “the capital-market benefits occur only in countries where firms have incentives to be transparent and where legal enforcement is strong, underscoring the central importance of firms’ reporting incentives and countries’ enforcement regimes for quality of financial reporting”. Armstrong, Barth, and Riedl (2010) verified an incrementally negative market reaction to IFRS adoption for firms domiciled in code law countries, consistent with investors’ concern over enforcement of IFRS in those countries (see Christensen, Lee, & Walker, 2007; Hail & Leuz, 2007). Daske, Hail, Leuz and Verdi (2013) propose a distinction between “label” and “serious” IFRS adopters firms, and confirm that market liquidity increase and capital cost reduction are obtained only by “serious” adopters
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