“…They use accounting information intensively for their investment decisions and they have a strong influence on stock prices. Financial analysts (PIKE, MEERJANSSEN and CHADWICK, 1993;ARNOLD and MOIZER, 1984;BARKER andIMAM, 2008, SAGHROUN, 2003), institutional investors (DEEGAN, RANKIN andVOGHT, 2000, CUNHA et al 2009), fund managers (GRAHAM, HARVEY and RAJGOPAL, 2005;BARKER, 1998;MOIZER and ARNOLD, 1984), employees, like managers (MACHADO et al, 2009;REBOUÇAS, 2009;GRAHAM, HARVEY and RAJGOPAL, 2005;BARKER, 1998), minority and majority shareholders (GONZAGA and COSTA, 2009;DEEGAN, RANKIN andVOGHT, 2000, CUNHA et al 2009) and creditors (NOBES, 1998) are considered as the potential main users of accounting data.…”