Contabilização de operações com derivativos: uma comparação entre o SFAS nº 133 e o arcabouço emanado pelo COSIF

Lopes, Alexsandro Broedel; Carvalho, Luiz Nelson Guedes de

doi:10.1590/s1413-92511999000100004

Cited by 3 publications

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“…In the Brazilian academic scenario, it is noted that there are few studies that discuss aspects related to the regulation of derivatives instruments, for example, Carvalho (1999), Lopes (1999), Lopes and Carvalho (1999), and Lopes and Santos (2003). Similarly, other studies, for example, Costa Junior (2003), Darós and Borba (2005), and Moreira et al (2006) analysed the disclosure of companies with regard to financial instruments, in particular derivatives.…”

Section: Sourcementioning

confidence: 99%

The US$ 2.1 billion derivative loss that ruined the Brazilian Aracruz

Murcia¹,

Murcia²,

Pfitscher³

2017

IJAUDIT

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This paper critically analyses the case of the Brazil-based Aracruz Celulose S.A., which was one of the world's largest producer of bleached eucalyptus pulp. In 2008, it posted a derivate loss of US$ 2.1 billion dollars, which is considered the 7th largest derivative loss for all time. For these, we use publicly available information about the case that includes: 1) financial statements; 2) notices of material events announced at the Securities Exchange Commission (SEC) and in the Comissão de Valores Mobiliários (Brazilian Exchange Commission); 3) the administrative proceeding process conducted by Comissão de Valores Mobiliários; 4) the company's website; 5) newspaper and website articles; 6) academic journals. Just before the crisis, Aracruz was a very successful company and its financial structure was solid. That loss caused a huge solvency problem that lead to end of the company. Aracruz went from being a history of success to a situation of financial insolvency. Our analysis evidences that Aracruz was operating as a 'bank', using derivatives to speculate against the US dollar and not really to hedge its revenues, as it was heavily leveraged. The results show the misuse of derivatives can damage a company and even lead to bankruptcy.

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Section: Sourcementioning

confidence: 99%

The US$ 2.1 billion derivative loss that ruined the Brazilian Aracruz

Murcia¹,

Murcia²,

Pfitscher³

2017

IJAUDIT

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“…A principal novidade trazida pelo IAS 32 foi a mensuração dos derivativos a valor justo (fair value). Anteriormente, os derivativos eram registrados em contas de compensação (NAKAMURA, 1996;CARVALHO, 1999). A contabilização de derivativos a valor justo é recente devido à relutância de alguns grupos econômicos, pessoas influentes no mercado e alguns órgãos reguladores em estabelecer regras sobre esse assunto (CARDOZO;COSTA JR., 2001).…”

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Análise do grau de evidenciação das operações com instrumentos financeiros derivativos pelas companhias brasileiras listadas no Ibovespa

Ambrozini

2014

R. Contemp. Contab.

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Análise do grau de evidenciação das operações com instrumentos financeiros derivativos pelas companhias brasileiras listadas no Ibovespa Analysis of the degree of evidence of transactions with derivatives financial instruments by Brazilian companies listed on the Ibovespa Análisis del grado de evidencia de las operaciones con instrumentos financieros derivados por las compañías brasileñas listadas en el Ibovespa

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Disclosure of financial instruments according to International Accounting Standards: empirical evidence from Brazilian companies

Malaquias¹,

Lemes²

2013

BBR

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This article analyzes the level of disclosure of financial instruments in the financial statements of Brazilian companies in light of the requirements of the International Accounting Standards Board (IASB). We examined the annual reports of a sample of 24 nonfinancial firms provided to the Brazilian and the American capital markets for the years from 2002 to 2006. The main results are that the reports to the Brazilian market have an average disclosure level that it statistically inferior to the level of the reports released to the American market, and firms in regulated sectors, firms with a longer history of issuing ADRs and larger firms show higher levels of disclosure.

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Contabilização de operações com derivativos: uma comparação entre o SFAS nº 133 e o arcabouço emanado pelo COSIF

Cited by 3 publications

References 0 publications

The US$ 2.1 billion derivative loss that ruined the Brazilian Aracruz

The US$ 2.1 billion derivative loss that ruined the Brazilian Aracruz

Análise do grau de evidenciação das operações com instrumentos financeiros derivativos pelas companhias brasileiras listadas no Ibovespa

Disclosure of financial instruments according to International Accounting Standards: empirical evidence from Brazilian companies

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