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Abstract(s)
As IAS/IFRS foram criadas com o propósito de fornecer ao mercado informação financeira harmonizada e comparável, possibilitando aos investidores uma tomada de decisão informada. Todavia, conforme Hodgdon et al. (2008), a adoção das IAS/IFRS, quando não acompanhada do cumprimento integral dos requisitos de divulgação, limita a eficácia das normas contabilísticas. Cabe às entidades reguladoras de cada país o enforcement e monitorização da compliance com as disposições contidas nas IAS/IFRS. No caso de Portugal, a entidade reguladora responsável é a CMVM. O escândalo financeiro da PT em 2014 levantou questões acerca do correto funcionamento do mercado de capitais. Como a CMVM é responsável pela supervisão deste, pretende-se com este caso perceber se os mecanismos de enforcement da CMVM se revelaram suficientes para que o utilizador das DF consolidadas da PT SGPS obtivesse informação relevante acerca do investimento em títulos de dívida da ESI e do relacionamento da PT SGPS e do GES. Para tal foram analisadas as Circulares sobre Contas Anuais emitidas pela CMVM, nas quais são destacadas pela entidade reguladora as IAS/IFRS mais relevantes, de modo a avaliar o grau de compliance da PT SPGS com estas. Concluiu-se que, a CMVM é detentora de poderes de enforcement, no entanto estes ainda não se revelam totalmente eficazes no que respeita a monitorização da divulgação de informação contabilística por parte das entidades e na supervisão dos auditores. A presente análise de caso poderá funcionar como alerta para as empresas, no que toca a importância da divulgação de informação contabilística completa e de acordo com o normativo contabilístico.
The IAS/IFRS were created with the purpose to provide the market with harmonized and comparable financial information, enabling the investors to make informed decisions. However, according to Hodgdon et al. (2008), if the adoption of the IAS/IFRS isn´t followed by a full compliance with the disclosure requirements, the effectiveness of the accounting standards is limited. The regulatory authorities of each country, have the responsibility to enforce and monitor the compliance of the companies with the requirements of the IAS/IFRS. In Portugal the responsible regulatory authority is CMVM. The financial scandal of PT in 2014, raised questions about the correct functioning of the capital market. As CMVM is responsible for the supervision of the capital market, the purpose of this case analysis was to understand if the enforcement mechanisms of CMVM were sufficient for the user of the consolidated financial statements of PT SGPS to obtain relevant information about the investment made in debt securities of ESI and the existing relationship between PT SGPS and GES. To that end, the Circulars on Annual Accounts, which contain the most relevant IAS/IFRS highlighted by CMVM, were analyzed in order to evaluate the level of compliance of PT SGPS with them. We concluded that CMVM has enforcement powers, however they aren´t yet fully effective regarding the monitoring of the disclosures of accounting information by companies and the supervision of the auditors. This case analysis can be considered as an alert for the companies, as it emphasizes the importance of disclosing complete accounting information and in accordance with the accounting standards.
The IAS/IFRS were created with the purpose to provide the market with harmonized and comparable financial information, enabling the investors to make informed decisions. However, according to Hodgdon et al. (2008), if the adoption of the IAS/IFRS isn´t followed by a full compliance with the disclosure requirements, the effectiveness of the accounting standards is limited. The regulatory authorities of each country, have the responsibility to enforce and monitor the compliance of the companies with the requirements of the IAS/IFRS. In Portugal the responsible regulatory authority is CMVM. The financial scandal of PT in 2014, raised questions about the correct functioning of the capital market. As CMVM is responsible for the supervision of the capital market, the purpose of this case analysis was to understand if the enforcement mechanisms of CMVM were sufficient for the user of the consolidated financial statements of PT SGPS to obtain relevant information about the investment made in debt securities of ESI and the existing relationship between PT SGPS and GES. To that end, the Circulars on Annual Accounts, which contain the most relevant IAS/IFRS highlighted by CMVM, were analyzed in order to evaluate the level of compliance of PT SGPS with them. We concluded that CMVM has enforcement powers, however they aren´t yet fully effective regarding the monitoring of the disclosures of accounting information by companies and the supervision of the auditors. This case analysis can be considered as an alert for the companies, as it emphasizes the importance of disclosing complete accounting information and in accordance with the accounting standards.
Description
Keywords
Compliance Enforcement IAS/IFRS Caso PT