DISCLOSURE OF FINANCIAL INFORMATION ON FORMS 20-F

• Autor(a) principal: Dias, Warley Oliveira
• Data de Publicação: 2011
• Outros Autores: Rodrigues, Luciana Alves, Colauto, Romualdo Douglas
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1746
• topic: Disclosure. Administration Report. Form 20-F. Explanatory Notes.; Disclosure. Relatório da Administração. Formulário 20-F. Notas Explicativas.

The capital markets development requires a greater disclosure level of financial information in order to provide greater transparency to investors. This fact has led companies to increase their disclosure levels. However, there is no consensus on the information detail level and their best presentation, as well as the standards to be adopted. This study intend to examine the differences in the information disclosed in the Management Report and Explanatory Notes in relation to the Form 20-F. The goal of this research is to identify the adherence level between the financial information disclosed by Brazilian companies which have shares traded in São Paulo Stock Exchange  (BOVESPA) and New York Stock Exchange (NYSE) in 2007. The sample consisted of sixteen Brazilian companies of several sectors: industrial goods; construction and transportation; cyclical consumption; non-cyclical consumption; basic materials and oil, gas and fuels. The data were subjected to content analysis and categorized into four groups with different characteristics. The results show, in general, low adherence level between the disclosed information in Brazil in relation to the United States. It was concluded that the level of corporate governance of those companies is not related to a greater disclosure when comparing the information provided to the Brazilian and North American markets.