Perspectivas para a pesquisa em contabilidade: o impacto dos derivativos

Lopes, Alexsandro Broedel; Lima, Iran Siqueira

doi:10.1590/s1519-70772001000200002

Cited by 9 publications

(3 citation statements)

References 12 publications

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“…have analyzed derivatives users and non-users in Brazil in the 2006-2014 period and have concluded that analysts' earnings per share (EPS) forecasts errors are larger for companies that do not use derivatives financial instruments, suggesting that for companies adopting IFRS analysts are able to include different types of derivatives in their forecasts, predicting earnings smoothing behavior.However, despite Hughen's (2010) andAntônio et al's (2018) conclusions, the investors and analysts do not seem to benefit with hedge accounting and mainly OCI's deferred values, supporting our study's hypothesis in the sense that the use of cash flow hedge accounting is leading accounting information users to error, jeopardizing the objectivity aimed by accounting principles with the use of a uniform current cost measureLIMA, 2001) …”

supporting

confidence: 53%

“…STICCA; NAKAO, 2013), agency costs(BEATTY et al, 2012), firm's conservatism(MARTIN;ROYCHOWDHURY, 2015;BALL et al, 2008), and accounting informativeness of earnings announcements(BATTA et al, 2016).Specifically regarding disclosure,Lopes and Lima (2001) criticized the absence of an integrated ruling that comprehends all the specific derivatives aspects, as well asAmaral (2003), to whom the difficulty to frame derivatives accounting into traditional GAAP jeopardizes the full (voluntary) reporting in financial statements, so accounting users ignore the exact potential risks to what the firm is subjected to.Prior research has also discussed the lack of qualitative data regarding risk exposure and risk management policy(COSTA JUNIOR, 2003;DARÓS;BORBA, 2005), even upon mandatory accounting standards(MURCIA;SANTOS, 2009;AMBROZINI, 2014;STICCA et al, 2017), finding evidence that only firm's size and profitability are associated to higher disclosures on derivatives instruments, due to the demand for more transparent accounting information to a bigger group of stakeholders and interested market financial analysts(MAPURUNGA et al, 2011) Kanodia et al (2000). has showed the social benefits to hedge accounting disclosures under the perspective of price efficiency in the futures market, since it provides valuable information about firms' underlying risk exposures -without this information, the futures price market confounds information regarding firms' hedge-motivated trades with their speculative ones, making futures price inefficient, distorting the risk-sharing role of the futures market and thereby resulting in an increase in risk premiums.…”

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confidence: 99%

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Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil

Sticca¹,

Nakao²

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confidence: 53%

mentioning

confidence: 99%

Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil

Sticca¹,

Nakao²

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“…Além do Lucro, dados contábeis como o resultado de derivativos podem influenciar o valor de mercado da empresa, já que as operações com esses instrumentos representam um desafio para a própria contabilidade (Lima & Lopes, 2001) e podem afetar o resultado da companhia de forma significativa (Galdi & Pereira, 2007). Koonce, Miller e Winchel (2015) encontraram em sua pesquisa que as escolhas que envolvem derivativos em uma companhia e sua regulação influenciam a reação dos investidores.…”

Section: Value Relevance E Derivativosunclassified

Análise da relevância do valor justo dos derivativos nas instituições financeiras após a adoção do IFRS

Sousa¹

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The objective of this study is to investigate whether the adoption of IFRS has changed the relationship of the derivatives fair value on the market value of financial institutions in the world and in particular in Brazil between 2005 and 2015. The approach of this research is empirical-analytical and for the analysis of the proposed models, the panel data technique was used and adequacy tests were performed for better estimation. The investigated hypothesis is that the variation of the derivatives fair value, associated with the adoption of IFRS, can influence the market value of the company. In addition, a complementary analysis was performed segregating the derivatives fair value between those that were designated for hedge and the non hedge. In the full models, controls such as Bank Size, Basle Index, the occurrence of the Crisis in 2008, the number of analysts who followed the institution and the legal system for the world sample were considered. After the empirical tests, there were no statistically significant relationship between the variation of the derivatives fair value after the adoption of the IFRS and the market value of the companies investigated in Brazil as in the world, in general. The low liquidity of the Brazilian capital market, the treatment of derivatives by the local standards of the Central Bank of Brazil prior to IFRS and the use of secondary databases with a large presence of missing data for the world sample may explain this result.

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Regulação contábil e a divulgação de informações de operações com instrumentos financeiros derivativos: análise do impacto da CVM nº 566/08 e da CVM nº 475/08 no disclosure das companhias abertas no Brasil

Murcia

Santos

2009

Rev. contab. organ.

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Resumo …………………………………………………………………………………………………………………………………………O objetivo do presente trabalho é analisar o impacto da Deliberação CVM nº. 566/08 e da Instrução CVM nº. 475/08 no disclosure de informações de operações com instrumentos financeiros derivativos das companhias abertas no Brasil. Para isso, elaborou-se uma métrica com bases nessas normas, composta por quatro categorias e 22 subcategorias: informações qualitativas (5), informações quantitativas (6), valores dos derivativos (5) e análise de sensibilidade (6). Por meio da técnica de análise de conteúdo, buscou-se analisar as demonstrações contábeis das empresas no exercício findo em 2007, antes da aprovação das referidas normas, e também no exercício findo em 2008, após a aprovação das mesmas. A idéia subjacente foi justamente comparar o nível de divulgação de informações de operações com instrumentos financeiros derivativos ex ante e ex post. A amostra é composta pelas maiores empresas não-financeiras, listadas na Bolsa de Valores de São Paulo. Dentre os principais resultados da pesquisa destacam-se: (i) dez empresas não fizeram qualquer menção acerca da utilização de derivativos em nota explicativa em 2007; (ii) menos de 50% das empresas divulgaram aos usuários os efeitos da adoção inicial da CVM nº. 566; (iii) o quadro de análise de sensibilidade não foi evidenciado por qualquer empresa em 2007, sendo que em contrapartida, 90% das empresas analisadas o evidenciaram em 2008; (iv) a maioria da empresas divulgou o valor justo dos seus derivativos, mas apenas 33,33% divulgaram os critérios de avaliação e mensuração utilizados para computo desses valores no ano de 2008. Conclui-se que houve uma melhora no disclosure das empresas, mas ressalta-se que as empresas ainda não divulgam integralmente todas as informações exigidas pelas normas.Palavras-chave: regulação contábil; instrumentos financeiros derivativos; divulgação de informações. Abstract …………………………………………………………………………………………………………………………………………The objective of this paper is to analyze the impact of CVM 566/08 Deliberation and CVM 475/08 Instruction on the disclosure of information of operations with derivative financial instruments of open capital Brazilian companies. To do so, a measure based on these rules was elaborated. This measure was composed by four categories and 22 subcategories: qualitative information (5), quantitative information (6), derivatives values (5) and sensitiveness analysis (6). Through the content analysis technique, we seek to analyze the accounting demonstrations from companies on the year 2007, before the approval of the rules, and on 2008, after the approval of the rules. The idea was to compare the level of disclosure of the operational information of derivative financial instruments ex ante and ex post. The sample is composed by the larger non-financial companies listed by BOVESPA -São Paulo Stock Market. Among the main results, it is possible to highlight: (i) tem companies did not mention derivatives on their 2007 Notes; (ii) less than 50% of the companies published to their us...

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Perspectivas para a pesquisa em contabilidade: o impacto dos derivativos

Cited by 9 publications

References 12 publications

Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil

Effects of the exchange rate on the adoption of hedge accounting: evidence from Brasil

Análise da relevância do valor justo dos derivativos nas instituições financeiras após a adoção do IFRS

Regulação contábil e a divulgação de informações de operações com instrumentos financeiros derivativos: análise do impacto da CVM nº 566/08 e da CVM nº 475/08 no disclosure das companhias abertas no Brasil

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