The impacts of the final phase of transition to IFRS in Brazil

Pires, Clênia de Oliveira; Decourt, Roberto Frota

doi:10.7819/rbgn.v17i54.1475

ABSTRACT

Objective:

This article aims to measure the impacts of the final phase of mandatory convergence to IFRS on net income, in equity and total assets of Brazilian publics companies.

Design/methodology/approach:

- It is applied to the inverse of Gray (1980)’s Conservatism Index - which allows you to compare the results between different accounting systems - to determine the impacts of the transition between the two phases of the convergence process in Brazil, covered by the law 11,638 and their CPCs. It was compared the 2009 financial results disclosed in BR GAAP and IFRS.

Findings:

The results show that the final stage of mandatory convergence to IFRS led to significant increases in both net income and the shareholders’ equity of the companies analysed: a mean increase of about 21% in earnings and about 11% in equity, as well as generating an increase, though somewhat less significant, about 7%, the total assets.

Practical implications:

This research helped to improve understanding of the impacts of convergence of Brazilian accounting to the international standard; as well as to assist business managers and users of financial information, especially those from the capital markets, regulators and academia, about the ultimate effects on the results reported in 2011, after the implementation of the final phase of convergence.

Originality/value:

The fiscal year of 2009 was a special year for understanding the impact of accounting system in the financial results disclosed in Brazil. The Brazilian publics companies reported their results in BR GAAP and IFRS and this research analysed and compare both reports and improve understanding of the impacts of convergence of Brazilian accounting to the international standard.

Keywords:
International Accounting Convergence, IFRS; Financial Statements

RESUMO

Objetivo:

Mensurar os impactos da fase final da convergência obrigatória para o IFRS no lucro líquido (LL), no patrimônio líquido (PL) e no ativo total (AT) das empresas brasileiras de capital aberto.

Método:

Foi aplicado o inverso do Índice de Conservadorismo de Gray (1980) - que permite comparar os resultados entre sistemas contábeis diversos - para determinar os impactos da transição entre as duas fases do processo de convergência no Brasil, abrangidas pela lei 11.638 e seus respectivos CPCs. Foram comparados os resultados contábeis de 2009 divulgados em BR-GAAP e em IFRS.

Fundamentação teórica:

Gray (1980) propôs uma metodologia para mensurar o impacto dessas influências culturais e institucionais no resultado reportado pelas empresas, denominado originalmente Índice de Conservadorismo (IC) e, posteriormente, Índice de Comparabilidade (Weetman et al., 1998). Esse índice mede o quanto lucros menores (conservadorismo) ou maiores (otimismo) são mensurados por sistemas contábeis diversos, conforme será apresentado no capítulo metodologia.

Resultados:

Os resultados mostram que a fase final do processo de convergência obrigatória para o IFRS gerou aumentos expressivos tanto no lucro líquido como no PL das empresas analisadas: um acréscimo médio de cerca de 21% no lucro líquido e de cerca de 11% no patrimônio líquido; bem como, gerou um aumento, embora um pouco menos expressivo, de cerca de 7%, no ativo total. Todavia, apenas a diferença no lucro líquido foi significativa.

Contribuições:

Esta pesquisa pretende ter contribuído para aprimorar o entendimento dos impactos do processo de convergência da contabilidade brasileira para o padrão internacional; bem como, para auxiliar os gestores de negócios e os usuários da informação financeira, especialmente aqueles oriundos do mercado de capitais, as autoridades reguladoras e a academia, quanto aos efeitos finais nos resultados reportados em 2011, após a implantação da fase final de convergência.

Palavras-chave:
Convergência Contábil Internacional; IFRS; Demonstrações Financeiras

Texto completo disponível apenas em PDF.

Full text available only in PDF format.

REFERÊNCIAS

Adams, C. A., Weetman, P., & Gray, S. J. (1993). Reconciling national with international accounting standards: lessons from a study of Finnish corporate reports. European Accounting Review, 2(3), 471-494.
Aisbitt, S. (2001). Measurement of harmony of financial reporting within and between countries: the case of the Nordic countries. European Accounting Review, 10(1), 51-72.
Albu, N., Albu, C. N., Bunea, Ş., Calu, D. A., & Girbina, M. M. (2011). A story about IAS/IFRS implementation in Romania. Journal of Accounting in Emerging Economies, 1(1), 76-100. doi: 10.1108/20421161111107868
» https://doi.org/10.1108/20421161111107868
Bertoni, M., & De Rosa, B. (2006). Measuring balance sheet conservatism: empirical evidence from Italian first time adopters of IFRS. Emerging Issues in International Accounting and Business, 1(1), 33-54.
Callao, S., Ferrer, C., Jarne, J. I., & Laínez, J. A. (2009). The impact of IFRS on the European Union: is it related to the accounting tradition of the countries? Journal of Applied Accounting Research, 10 (1), 33-55. doi: 10.1108/09675420910963388
» https://doi.org/10.1108/09675420910963388
Comissão de Valores Mobiliários (2008). Agenda conjunta de regulação CVM e CPC Recuperado de http://www.cvm.gov.br/port/infos/Agenda%20de%20Regula%C3%A7%C3%A3o%202009%20_CVM_CPC.asp
» http://www.cvm.gov.br/port/infos/Agenda%20de%20Regula%C3%A7%C3%A3o%202009%20_CVM_CPC.asp
Cooke, T. E. (1993). The impact of accounting principles on profits: the US versus Japan. Accounting and Business Research, 23(92), 460-476.
Doukakis, L. C. (2010). The persistence of earnings and earnings components after the adoption of IFRS. Managerial Finance, 36(11), 969-980. doi: 10.1108/03074351011081286
» https://doi.org/10.1108/03074351011081286
Fifield, S., Finningham, G., Fox, A., Power, D., & Veneziani, M. (2011). A cross-country analysis of IFRS reconciliation statements. Journal of Applied Accounting Research, 12(1), 26-42. doi: 10.1108/09675421111130595
» https://doi.org/10.1108/09675421111130595
Franco, G., Kothari, S. P., & Verdi, R. S. (2011), The benefits of financial statement comparability. Journal of Accounting Research, 49(4), 895-931. doi: 10.1111/j.1475-679X.2011.00415.x
» https://doi.org/10.1111/j.1475-679X.2011.00415.x
Gray, S. J. (1980). The impact of international accounting differences from a security analysis perspective: some European evidence. Jornal of Accounting Research, 18(1), 64-76.
Gray, S. J. (1988). Towards a theory of cultural influence on the development of accounting systems internationally. Abacus, 24(1), 1-15.
Gray, S. J., Linthicum, C. L., Street, D. L. (2009). Have European and US GAAP measures of income and equity converged under IFRS? Evidence from European companies listed in the US. Accounting and Business Research, 39(5): 431 - 447.
Haverty, J. L. (2006). Are IFRS and U.S. GAAP converging? Some evidence from People’s Republic of China companies listed on the New York Stock Exchange, Journal of International Accounting Auditing and Taxation, 15(1), 48-71.
Hellman, N. (1993). A comparative analysis of the impact of accounting differences on profits and return on equity: Differences between Swedish practice and US GAAP. The European Accounting Review, 2(3), 495-530.
Hendriksen, E. S., & Van Breda, M. F. (1999). Teoria da contabilidade São Paulo-SP: Atlas.
Iatridis, G., & Dalla, K. (2011). The impact of IFRS implementation on greek listed companies: an industrial sector and stock market index analysis. International Journal of Managerial Finance, 7(3), 284-303. doi: 10.1108/17439131111144478
» https://doi.org/10.1108/17439131111144478
Istrate, C. (2013). Impact of IFRS on accounting data - gray index of conservatism applied to some european listed companies, scientific annals of the “Alexandru Ioan Cuza” university of Iasi. Economic Sciences Section, 60(2), 259-278, doi: 10.2478/v10316-012-0034-5
» https://doi.org/10.2478/v10316-012-0034-5
Leventis, S., Dimitropoulos, P. E., & Anandarajan, A. (2010). Loan loss provisions, earnings management and capital management under ifrs: the case of eu commercial banks. Journal of Financial Services Research, 40(2), 103-122. doi: 10.1007/s10693-010-0096-1
» https://doi.org/10.1007/s10693-010-0096-1
Nilsson, S. (2009). Reasons for the GAAP? A study of the magnitude and reasons for differences in Reported Net Income between Swedish and US GAAP for Swedish companies before and after implementation of IFRS. Journal for Global Business Advancements, 2(1), 28-37.
Oliveira, V. A., & Lemes, S. (2011). Nível de convergência dos princípios contábeis brasileiros e norte-americanos às normas do IASB: uma contribuição para a adoção das IFRS por empresas brasileiras. Revista Contabilidade & Finanças, 22(56), 155-173. doi: 10.1590/S1519-70772011000200003
» https://doi.org/10.1590/S1519-70772011000200003
Resolução CFC nº 1.374/1 2011. Dá nova redação à NBC TG ESTRUTURA CONCEITUAL - Estrutura Conceitual para Elaboração e Divulgação de Relatório Contábil-Financeiro. Recuperado de http://www.cfc.org.br/sisweb/sre/detalhes_sre.aspx?Codigo=2011/001374
» http://www.cfc.org.br/sisweb/sre/detalhes_sre.aspx?Codigo=2011/001374
Santos, E. S. (2010, setembro). Análise dos impactos dos CPCs da primeira fase de transição para o IFRS nas empresas abertas: um exame censitário dos ajustes ao resultado nas DFPs de 2008. Anais do Encontro Nacional da Associação Nacional de Programas de Pós-Graduaçãoe Pesquisa em Administração, Rio de Janeiro, RJ, Brasil, 34.
Santos, E. S. (2011). Full IFRS x lei 11.638 (1ª fase) x lei 6.404: impacto esperado nos resultados de 2010 a partir das empresas que se anteciparam. Anais do Congresso USP de Controladoria e Contabilidade, São Paulo, SP, Brasil, 11.
Santos, E. S., & Calixto, L. (2010). Impactos do início da harmonização contábil internacional (lei 11.638/07) nos resultados das empresas abertas. RAE eletrônica, 9(1). Recuperado de http://www.rae.com.br/eletronica/index.cfm?FuseAction=Artigo&ID=5589&Secao=ARTIGOS&Volume=9&Numero=1& Ano=2010
» http://www.rae.com.br/eletronica/index.cfm?FuseAction=Artigo&ID=5589&Secao=ARTIGOS&Volume=9&Numero=1& Ano=2010
Stent, W., Bradbury, M., & Hooks, J. (2010). IFRS in New Zealand: effects on financial statements and ratios. Pacific Accounting Review, 22(2), 92-107. doi: 10.1108/01140581011074494
» https://doi.org/10.1108/01140581011074494
Ucieda, J. L. (2003). A decade of reconciliations to U.S. GAAP: what have we learned. Spanish Journal of Finance and Accounting, 115, 69-115.
Weetman, P., & Gray, S. J. (1991). A comparative international analysis of the impact of accounting principals on profits: the USA versus the UK, Sweden and the Netherlands. Accounting and Business Research, 21(84), 363-379. doi: 10.1080/00014788.1991.9729851
» https://doi.org/10.1080/00014788.1991.9729851
Weetman, P., Jones, E. A. E., Adams, C. A., & Gray, S. J. (1998). Profit measurement and UK accounting standards: a case of increasing disharmony in relation to US GAAP and IASs. Accounting and Business Research, 28(3), 189-208. doi: 10.1080/00014788.1998.9728909
» https://doi.org/10.1080/00014788.1998.9728909

Publication Dates

Publication in this collection
Jan-Mar 2015

History

Received
14 Nov 2012
Accepted
04 Feb 2015

Este é um artigo publicado em acesso aberto sob uma licença Creative Commons

[1] Adams, C. A., Weetman, P., & Gray, S. J. (1993). Reconciling national with international accounting standards: lessons from a study of Finnish corporate reports. European Accounting Review, 2(3), 471-494.

[2] Aisbitt, S. (2001). Measurement of harmony of financial reporting within and between countries: the case of the Nordic countries. European Accounting Review, 10(1), 51-72.

[3] Albu, N., Albu, C. N., Bunea, Ş., Calu, D. A., & Girbina, M. M. (2011). A story about IAS/IFRS implementation in Romania. Journal of Accounting in Emerging Economies, 1(1), 76-100. doi: 10.1108/20421161111107868
» https://doi.org/10.1108/20421161111107868

[4] Bertoni, M., & De Rosa, B. (2006). Measuring balance sheet conservatism: empirical evidence from Italian first time adopters of IFRS. Emerging Issues in International Accounting and Business, 1(1), 33-54.

[5] Callao, S., Ferrer, C., Jarne, J. I., & Laínez, J. A. (2009). The impact of IFRS on the European Union: is it related to the accounting tradition of the countries? Journal of Applied Accounting Research, 10 (1), 33-55. doi: 10.1108/09675420910963388
» https://doi.org/10.1108/09675420910963388

[6] Comissão de Valores Mobiliários (2008). Agenda conjunta de regulação CVM e CPC Recuperado de http://www.cvm.gov.br/port/infos/Agenda%20de%20Regula%C3%A7%C3%A3o%202009%20_CVM_CPC.asp
» http://www.cvm.gov.br/port/infos/Agenda%20de%20Regula%C3%A7%C3%A3o%202009%20_CVM_CPC.asp

[7] Cooke, T. E. (1993). The impact of accounting principles on profits: the US versus Japan. Accounting and Business Research, 23(92), 460-476.

[8] Doukakis, L. C. (2010). The persistence of earnings and earnings components after the adoption of IFRS. Managerial Finance, 36(11), 969-980. doi: 10.1108/03074351011081286
» https://doi.org/10.1108/03074351011081286

[9] Fifield, S., Finningham, G., Fox, A., Power, D., & Veneziani, M. (2011). A cross-country analysis of IFRS reconciliation statements. Journal of Applied Accounting Research, 12(1), 26-42. doi: 10.1108/09675421111130595
» https://doi.org/10.1108/09675421111130595

[10] Franco, G., Kothari, S. P., & Verdi, R. S. (2011), The benefits of financial statement comparability. Journal of Accounting Research, 49(4), 895-931. doi: 10.1111/j.1475-679X.2011.00415.x
» https://doi.org/10.1111/j.1475-679X.2011.00415.x

[11] Gray, S. J. (1980). The impact of international accounting differences from a security analysis perspective: some European evidence. Jornal of Accounting Research, 18(1), 64-76.

[12] Gray, S. J. (1988). Towards a theory of cultural influence on the development of accounting systems internationally. Abacus, 24(1), 1-15.

[13] Gray, S. J., Linthicum, C. L., Street, D. L. (2009). Have European and US GAAP measures of income and equity converged under IFRS? Evidence from European companies listed in the US. Accounting and Business Research, 39(5): 431 - 447.

[14] Haverty, J. L. (2006). Are IFRS and U.S. GAAP converging? Some evidence from People’s Republic of China companies listed on the New York Stock Exchange, Journal of International Accounting Auditing and Taxation, 15(1), 48-71.

[15] Hellman, N. (1993). A comparative analysis of the impact of accounting differences on profits and return on equity: Differences between Swedish practice and US GAAP. The European Accounting Review, 2(3), 495-530.

[16] Hendriksen, E. S., & Van Breda, M. F. (1999). Teoria da contabilidade São Paulo-SP: Atlas.

[17] Iatridis, G., & Dalla, K. (2011). The impact of IFRS implementation on greek listed companies: an industrial sector and stock market index analysis. International Journal of Managerial Finance, 7(3), 284-303. doi: 10.1108/17439131111144478
» https://doi.org/10.1108/17439131111144478

[18] Istrate, C. (2013). Impact of IFRS on accounting data - gray index of conservatism applied to some european listed companies, scientific annals of the “Alexandru Ioan Cuza” university of Iasi. Economic Sciences Section, 60(2), 259-278, doi: 10.2478/v10316-012-0034-5
» https://doi.org/10.2478/v10316-012-0034-5

[19] Leventis, S., Dimitropoulos, P. E., & Anandarajan, A. (2010). Loan loss provisions, earnings management and capital management under ifrs: the case of eu commercial banks. Journal of Financial Services Research, 40(2), 103-122. doi: 10.1007/s10693-010-0096-1
» https://doi.org/10.1007/s10693-010-0096-1

[20] Nilsson, S. (2009). Reasons for the GAAP? A study of the magnitude and reasons for differences in Reported Net Income between Swedish and US GAAP for Swedish companies before and after implementation of IFRS. Journal for Global Business Advancements, 2(1), 28-37.

[21] Oliveira, V. A., & Lemes, S. (2011). Nível de convergência dos princípios contábeis brasileiros e norte-americanos às normas do IASB: uma contribuição para a adoção das IFRS por empresas brasileiras. Revista Contabilidade & Finanças, 22(56), 155-173. doi: 10.1590/S1519-70772011000200003
» https://doi.org/10.1590/S1519-70772011000200003

[22] Resolução CFC nº 1.374/1 2011. Dá nova redação à NBC TG ESTRUTURA CONCEITUAL - Estrutura Conceitual para Elaboração e Divulgação de Relatório Contábil-Financeiro. Recuperado de http://www.cfc.org.br/sisweb/sre/detalhes_sre.aspx?Codigo=2011/001374
» http://www.cfc.org.br/sisweb/sre/detalhes_sre.aspx?Codigo=2011/001374

[23] Santos, E. S. (2010, setembro). Análise dos impactos dos CPCs da primeira fase de transição para o IFRS nas empresas abertas: um exame censitário dos ajustes ao resultado nas DFPs de 2008. Anais do Encontro Nacional da Associação Nacional de Programas de Pós-Graduaçãoe Pesquisa em Administração, Rio de Janeiro, RJ, Brasil, 34.

[24] Santos, E. S. (2011). Full IFRS x lei 11.638 (1ª fase) x lei 6.404: impacto esperado nos resultados de 2010 a partir das empresas que se anteciparam. Anais do Congresso USP de Controladoria e Contabilidade, São Paulo, SP, Brasil, 11.

[25] Santos, E. S., & Calixto, L. (2010). Impactos do início da harmonização contábil internacional (lei 11.638/07) nos resultados das empresas abertas. RAE eletrônica, 9(1). Recuperado de http://www.rae.com.br/eletronica/index.cfm?FuseAction=Artigo&ID=5589&Secao=ARTIGOS&Volume=9&Numero=1& Ano=2010
» http://www.rae.com.br/eletronica/index.cfm?FuseAction=Artigo&ID=5589&Secao=ARTIGOS&Volume=9&Numero=1& Ano=2010

[26] Stent, W., Bradbury, M., & Hooks, J. (2010). IFRS in New Zealand: effects on financial statements and ratios. Pacific Accounting Review, 22(2), 92-107. doi: 10.1108/01140581011074494
» https://doi.org/10.1108/01140581011074494

[27] Ucieda, J. L. (2003). A decade of reconciliations to U.S. GAAP: what have we learned. Spanish Journal of Finance and Accounting, 115, 69-115.

[28] Weetman, P., & Gray, S. J. (1991). A comparative international analysis of the impact of accounting principals on profits: the USA versus the UK, Sweden and the Netherlands. Accounting and Business Research, 21(84), 363-379. doi: 10.1080/00014788.1991.9729851
» https://doi.org/10.1080/00014788.1991.9729851

[29] Weetman, P., Jones, E. A. E., Adams, C. A., & Gray, S. J. (1998). Profit measurement and UK accounting standards: a case of increasing disharmony in relation to US GAAP and IASs. Accounting and Business Research, 28(3), 189-208. doi: 10.1080/00014788.1998.9728909
» https://doi.org/10.1080/00014788.1998.9728909