Impacto da adoção do IFRS na avaliação das empresas brasileiras

• Autor(a) principal: Guimarães, Israel Efraim
• Data de Publicação: 2016
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_SP
• Texto Completo: https://tede2.pucsp.br/handle/handle/19463
• topic: Contabilidade baseada em valor; Avaliação de empresas; IFRS no Brasil; Value based accounting; Valuation; International Financial Reporting Standards in Brazil; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

The economic environment, after several changes and global impact with advent of technology and expansion of communications currently, has required from companies a universal financial language. It has known as international accounting standards, also called IFRS - (International Financial Reporting Standards). In Brazil, that deployment has begun in 2007, with the publication of specific law called “Brazilian Accounting Harmonization with International Financial Reporting Standards”, which has changed the structure that law have used by companies and stock market's corporations. The first studies have shown greater transparency and quality of financial statements, since it had adhered to fair value accounting to set accountability values. This research has been motivated by the topicality and importance of the issue harmonization of IFRS around the world and value-based on accounting management like best practices. The first tested hypotheses have been shown (i) the adoption of IFRS haven’t affected the book value substantially and the Market Value of Companies (VME). In addition, (ii) there hasn’t changed significant statistically at Free Cash Flow (FCF) and on EBITDA’s companies that have been adopted IFRS rules. This study has conducted with the companies listed on Brazilian stock markets (also called BM&FBOVESPA), taking as sample 123 companies that have the basic requirements for research during the years 2004-2014, totaling 1,353 observations. The ANOVA test and regression models for panel data have been used. The main findings in the survey have shown that the VPC and FCL have been affected by the implementation of IFRS and the VME. On the other hand, EBITDA haven’t suffered impacts in isolation from the international standard, and that the distance between the VME and VPC have reduced with the implementation of IFRS. This study has conducted with the companies listed on the Brazilian stock market. It has gotten 123 companies sample that have basic requirements for research during the years 2004-2014, totaling 1,353 observations. It has used ANOVA test regression model and data panel statistics way. The main conclusions in the survey have shown equity value of companies and EVA indicator; thus, FCF have affected by the implementation of IFRS. On the other hand, MV, MVA® and EBITDA haven’t impacted isolation from the international standard. Finally, the distance between the MV and equity value of companies have reduced with the implementation of IFRS