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Abstract(s)
As alterações nos normativos contabilísticos são realizadas de modo a acompanhar o constante desenvolvimento das empresas, sendo que o seu objetivo basilar é de melhorar a informação divulgada para os seus utilizadores. A IFRS 8 entrou em vigor a partir de 2009 e, numa tentativa de aproximação à norma homóloga do normativo americano, alterou a abordagem na divulgação de segmentos, privilegiando uma divulgação da informação da mesma forma que esta é organizada internamente para questões de tomada de decisão e de alocação de recursos. Este estudo pretende avaliar o impacto desta nova norma para o mercado de capitais e, portanto, numa primeira fase foi essencial atestar que os segmentos divulgados por cada entidade são um instrumento valoroso para os investidores. Para tal, recorreu-se ao modelo de Ohlson (1995) para poder obter respostas em relação à relevância da informação por segmentos e, por outro lado, avaliar o impacto da IFRS 8 na divulgação dos segmentos e, consequentemente, nas suas implicações para os investidores. Os resultados atestam que a informação por segmentos é um recurso determinante para o mercado de capitais. Por outro lado, não foi possível aferir com confiança sobre o impacto da IFRS 8 no mercado de capitais, visto que, inicialmente os resultados apontavam para uma perda de relevância e, posteriormente, as análises de robustez indiciam o contrário. Face aos resultados obtidos, não é de excluir que o aumento de relevância se tenha circunscrito ao primeiro ano de aplicação da norma e que varie em função do número de segmentos relatados.
The changes in accounting regulations are carried out to keep up with the constant development of companies, and their basic objective is to improve the information disclosed to their users. IFRS 8 came into force in 2009 and, as an attempt to bring it closer to the homologous standard of the American normative, changed the approach in the disclosure of segments, favoring the disclosure of information in the same way that it is organized internally for issues of decisionmaking and resource allocation. This study aims to assess the impact of this new standard for the capital markets and, therefore, in a first phase it was essential to attest that the segments disclosed by each entity are a valuable instrument for investors. To this end, the Ohlson model (1995) was used to obtain answers in relation to the relevance of information by segments and, on the other hand, to assess the impact of IFRS 8 on the disclosure of segments and, consequently, on its implications for the investors. The results attest that segmented information is a crucial resource for the capital markets. On the other hand, it was not possible to confidently assess the impact of IFRS 8 on the capital market, since, initially, the results pointed to a loss of relevance and, later, the robustness analyzes indicate the opposite. In view of the results obtained, it cannot be excluded that the increase in relevance was limited to the first year of application of the standard and that it varies according to the number of segments reported.
The changes in accounting regulations are carried out to keep up with the constant development of companies, and their basic objective is to improve the information disclosed to their users. IFRS 8 came into force in 2009 and, as an attempt to bring it closer to the homologous standard of the American normative, changed the approach in the disclosure of segments, favoring the disclosure of information in the same way that it is organized internally for issues of decisionmaking and resource allocation. This study aims to assess the impact of this new standard for the capital markets and, therefore, in a first phase it was essential to attest that the segments disclosed by each entity are a valuable instrument for investors. To this end, the Ohlson model (1995) was used to obtain answers in relation to the relevance of information by segments and, on the other hand, to assess the impact of IFRS 8 on the disclosure of segments and, consequently, on its implications for the investors. The results attest that segmented information is a crucial resource for the capital markets. On the other hand, it was not possible to confidently assess the impact of IFRS 8 on the capital market, since, initially, the results pointed to a loss of relevance and, later, the robustness analyzes indicate the opposite. In view of the results obtained, it cannot be excluded that the increase in relevance was limited to the first year of application of the standard and that it varies according to the number of segments reported.
Description
Keywords
IFRS 8 IAS 14 Segmentos operacionais Resultado por segmento Value relevance Euronext 100 Operating segments Income per segment