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Apresentação e divulgação de demonstrações dos fluxos de caixa de acordo com a International Accounting Standard 7: diferenças no relato das empresas Brasileiras e Portuguesas admitidas à cotação em bolsa
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Abstract(s)
Este estudo compara as demonstrações dos fluxos de caixa consolidadas de empresas cotadas no PSI-20 e na B3 que adotaram a IAS 7 entre 2018 e 2020. Analisa-se os métodos direto e indireto, a classificação dos juros e dividendos, a composição do saldo de caixa, notas adicionais e possíveis impactos do COVID-19 em 2020. A metodologia adotada é a descritiva, com apoio de estatística univariada e bivariada. As empresas portuguesas apresentam os fluxos de caixa operacionais pelo método direto, com pequena migração para o indireto, enquanto todas as empresas brasileiras adotaram o método indireto. Os juros e dividendos pagos foram classificados em atividades de financiamento, e os recebidos, nas atividades de investimento em Portugal, enquanto no Brasil existe o encorajamento CPC 03, que recomenda os dividendos pagos serem classificados em atividades de financiamento e o restante em atividades operacionais, recomendação que nem todas as empresas acataram e através das correlações, não se rejeita que a obediência ao encorajamento esteja associada com o endividamento e o número de divulgações em notas adicionais. A conciliação entre o saldo de caixa da Demonstração dos Fluxos de Caixa e o Balanço mostra que em Portugal a diferença se deve principalmente aos descobertos bancários. A análise de correlação não rejeita que a rendibilidade operacional e a quantidade de notas adicionais estejam associadas. As empresas portuguesas e brasileiras apresentaram efeitos do COVID-19 nos fluxos de caixa. A flexibilidade da IAS 7, ao permitir às empresas escolhas contabilísticas, contribui para uma menor comparabilidade das contas a nível internacional e causa impactos nos rácios e pode confundir os utilizadores da informação financeira. Assim, esta investigação apela aos reguladores que diminuam as opções na IAS 7, a fim de melhorar a comparabilidade contabilística a nível mundial.
This thesis compares statements of cash flows prepared according to IAS 7 in the years 2018-2020, by Portuguese and Brazilian companies, belonging to PSI-20 and B2, respectively. The study covers the presentation and disclosure of cash flows, namely direct and indirect methods for presenting the operating cash flow, classification of interest and dividends paid and received, impact of accounting choice on financial ratios, composition of cash and cash equivalents and their reconciliation movements. The research complements the literature with new evidence, supported by statistical univariate and bivariate analysis, about consistency, and the impact of accounting choices regarding presentations of cash flows. The findings show that the indirect method was chosen by all the Brazilian companies while most of the Portuguese ones adopted the direct method. Companies reporting show uniformity and consistency over years, but the disclosure of interest and dividends, paid and received, between Brazil and Portugal differ. While Portuguese companies classify the interests paid in the financing cash flows, most of the Brazilian companies classify them as operating cash flows. Regarding the composition of cash and cash equivalents, many companies show overdrafts in Portugal. The flexibility in IAS 7 regarding the presentation of operating cash flows justifies the diversity in reporting cash flows found between the countries. Correlation between profitability ratios and additional disclosures is not rejected. Furthermore, the sign, values, and changes in value of cash flows from the activities show that Portuguese companies had larger effects a special focus on COVID-19 effects in 2020. These results are relevant for users of cash flow information because accounting choice impacts cash flows and the reported quality of income ratio, and thus recommends standard setters to reduce the options in IAS 7.
This thesis compares statements of cash flows prepared according to IAS 7 in the years 2018-2020, by Portuguese and Brazilian companies, belonging to PSI-20 and B2, respectively. The study covers the presentation and disclosure of cash flows, namely direct and indirect methods for presenting the operating cash flow, classification of interest and dividends paid and received, impact of accounting choice on financial ratios, composition of cash and cash equivalents and their reconciliation movements. The research complements the literature with new evidence, supported by statistical univariate and bivariate analysis, about consistency, and the impact of accounting choices regarding presentations of cash flows. The findings show that the indirect method was chosen by all the Brazilian companies while most of the Portuguese ones adopted the direct method. Companies reporting show uniformity and consistency over years, but the disclosure of interest and dividends, paid and received, between Brazil and Portugal differ. While Portuguese companies classify the interests paid in the financing cash flows, most of the Brazilian companies classify them as operating cash flows. Regarding the composition of cash and cash equivalents, many companies show overdrafts in Portugal. The flexibility in IAS 7 regarding the presentation of operating cash flows justifies the diversity in reporting cash flows found between the countries. Correlation between profitability ratios and additional disclosures is not rejected. Furthermore, the sign, values, and changes in value of cash flows from the activities show that Portuguese companies had larger effects a special focus on COVID-19 effects in 2020. These results are relevant for users of cash flow information because accounting choice impacts cash flows and the reported quality of income ratio, and thus recommends standard setters to reduce the options in IAS 7.
Description
Keywords
Caixa e equivalentes de caixa Covid-19 Demonstração dos fluxos de caixa Juros e dividendos Método direto e indireto Notas