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Perdas por imparidades: entidades com títulos cotados em Portugal e Brasil
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Abstract(s)
As entidades com títulos cotados nas bolsas da União Europeia e do Brasil são obrigadas a preparar e apresentar as suas demonstrações financeiras consolidadas de acordo com as Normas Internacionais de Contabilidade, desde 1 de janeiro de 2005 e 1 de janeiro de 2008, respetivamente. Nesta investigação selecionou-se como universo entidades que integram o índice de referência do mercado de capitais da Bolsa de Valores de S. Paulo e entidades com títulos sujeitos a cotação na Euronext Lisbon, pelo que a informação económica/financeira é comparável. A amostra é constituída por 57 destas entidades, das quais 35 são portuguesas e 22 brasileiras. Definiu-se como objetivo principal analisar a relevância das perdas por imparidade dos ativos não correntes (ativos fixos tangíveis e intangíveis) no período 2012-2016, tendo como referencial teórico os pressupostos subjacentes à teoria positiva da contabilidade. Com base nos dados retirados manual e diretamente das demonstrações financeiras consolidadas das entidades consideradas na amostra e com base na revisão da literatura definiu-se o modelo funcional, que inclui as variáveis de interesse (imparidade de ativos fixos tangíveis e intangíveis), variáveis de controlo, relativas à dimensão e resultados das entidades e variáveis de contexto económico (produto interno bruto), que permitem explicar a relevância destas imparidades para o valor de mercado destas entidades. Conclui-se que o reconhecimento das imparidades, em termos gerais, é influenciado pelo país de origem das entidades, setor de atividade e dimensão. Verificou-se que as entidades portuguesas apresentaram valores superiores em imparidades comparativamente às brasileiras. Quanto à dimensão, constatou-se que entidades de menor dimensão reconhecem quantias mais elevadas de imparidades em ativos fixos tangíveis e intangíveis, possivelmente por estas apresentarem resultados superiores que permitiram absorver o impacto desses gastos. Considera-se que este estudo contribui para a literatura pela análise comparada entre dois países, que partilham uma história e língua, ambos classificados tradicionalmente como de influência common law e que aplicam o mesmo referencial contabilístico, mas que apresentam resultados diferenciados. As conclusões são úteis, quer para a academia, quer para as entidades normalizadoras e de supervisão, na definição de mecanismos de enforcement que garantam a comparabilidade e fiabilidade desta informação, dada a evidenciação de diferenças estatisticamente significativas no reconhecimento de imparidades dos ativos em análise.
Companies with securities listed on the stock exchanges of the European Union and Brazil are requires to prepare and present their consolidated financial statements in agreement with International Accounting Standards, since the 1st January, 2005 and 1st January, 2008, respectively. In this investigation, we selected as a universe the companies that integrate the index reference of the capital market of the São Paulo Stock and the Companies with securities subject to quotation on Euronext Lisbon, so the economic/ financial information is comparable. The sample has 57 of this companies, which 35 are Portuguese and 22 are Brazilian. The main objective was to analyze the relevance of impairment losses on non-current assets (tangible and intangible fixed assets) in the period 2012-2016, based on the assumptions underlying the positive theory of accounting. Based on the data taken manually and directly from the consolidated financial statements of the companies, considered in the sample and based on the literature review, the functional model, which includes variables of interest (impairment of tangible and intangible fixed assets), control variables related to company size, results, and economic context variables (gross domestic product) which allows explaining the relevance of these impairments to the market value of these companies. It is concluded that the recognition of impairment in general terms is influenced by the country of origin of the companies, sector of activity and dimension. It was verified that the Portuguese companies presented higher values of impairments compared to the Brazilian ones. Regarding dimension, it was contended that smaller companies recognize higher amounts in impairments in tangible and intangible fixed assets, possibly higher results, which absorbed the impact of these expenses. It is considered that this study contributes to the literature by comparative analysis between two countries, which share a history and language, both traditionally classified as having a common law influence, which apply the same accounting reference, but which present results referenced. The conclusions are useful for both academia, and supervisory and standardization companies, in the definition of enforcement mechanisms that guarantee the comparability and reliability of this information, given the evidence of statistically significant differences in the recognition of impaired assets in analyze.
Companies with securities listed on the stock exchanges of the European Union and Brazil are requires to prepare and present their consolidated financial statements in agreement with International Accounting Standards, since the 1st January, 2005 and 1st January, 2008, respectively. In this investigation, we selected as a universe the companies that integrate the index reference of the capital market of the São Paulo Stock and the Companies with securities subject to quotation on Euronext Lisbon, so the economic/ financial information is comparable. The sample has 57 of this companies, which 35 are Portuguese and 22 are Brazilian. The main objective was to analyze the relevance of impairment losses on non-current assets (tangible and intangible fixed assets) in the period 2012-2016, based on the assumptions underlying the positive theory of accounting. Based on the data taken manually and directly from the consolidated financial statements of the companies, considered in the sample and based on the literature review, the functional model, which includes variables of interest (impairment of tangible and intangible fixed assets), control variables related to company size, results, and economic context variables (gross domestic product) which allows explaining the relevance of these impairments to the market value of these companies. It is concluded that the recognition of impairment in general terms is influenced by the country of origin of the companies, sector of activity and dimension. It was verified that the Portuguese companies presented higher values of impairments compared to the Brazilian ones. Regarding dimension, it was contended that smaller companies recognize higher amounts in impairments in tangible and intangible fixed assets, possibly higher results, which absorbed the impact of these expenses. It is considered that this study contributes to the literature by comparative analysis between two countries, which share a history and language, both traditionally classified as having a common law influence, which apply the same accounting reference, but which present results referenced. The conclusions are useful for both academia, and supervisory and standardization companies, in the definition of enforcement mechanisms that guarantee the comparability and reliability of this information, given the evidence of statistically significant differences in the recognition of impaired assets in analyze.
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Keywords
Ativos fixos tangíveis Ativos intangíveis Imparidade Valor de mercado