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Abstract(s)
A crise financeira mundial iniciada em 2007 e a subsequente crise da dívida soberana realçaram a presença de deficiências na norma internacional de contabilidade de instrumentos financeiros, a IAS 39, sobretudo, pela sua complexidade e pelas deficiências do modelo de imparidades. Em abril de 2009, os líderes do G20 solicitaram uma melhoria urgente do normativo em vigor, com particular incidência nas imparidades. Estas foram duramente criticadas pelo baixo e tardio reconhecimento de perdas, too little too late, contribuindo para uma perda de confiança no sistema financeiro e num consequente exacerbar da crise.
O desenvolvimento de melhorias neste normativo acabou por ser uma tarefa mais árdua e longa do que o esperado. A IFRS 9, norma que substitui a IAS 39, é considerada por diversas entidades a maior alteração à contabilidade e relato financeiro desde 2005. O IASB acredita que as alterações propostas na IFRS 9 fornecem informações mais relevantes para a tomada de decisões económicas, via: (a) classificação segundo a substância económica e modelo de negócio da entidade, (b) informações mais úteis na avaliação da tempestividade e incerteza dos fluxos de caixa futuros, (c) utilização de informações prospetivas, na contabilização de alterações no risco de crédito (d) informações, na contabilidade de cobertura, mais próximas das decisões de gestão de risco da entidade.
As alterações na IFRS 9 são uma referência atual vastamente considerada pelos diferentes utilizadores das DF, pelo que a presente dissertação pretendeu avaliar, de forma quantitativa, a relevância dos ajustamentos decorrentes da transição da IAS 39 para a IFRS 9, no mercado de capitais português e espanhol. De acordo com as nossas expectativas, verificamos que os participantes do mercado de capitais consideram a informação adicional fornecida pelos ajustamentos nos capitais próprios, sejam eles expectáveis ou efetivos, como value relevant na explicação do preço tanto para empresas financeiras como para não financeiras.
The global financial crisis that began in 2007 and the subsequent sovereign debt crisis have highlighted the presence of deficiencies in the international standard for accounting for financial instruments, IAS 39, above all because of its complexity and the deficiencies of the impairment model. In April 2009, the G20 leaders called for an urgent improvement of the current standard, with a focus on impairments. These were severely criticised for the low and late recognition of losses, too little too late, contributing to a loss of confidence in the financial system and a consequent exacerbation of the crisis. The development of improvements to these rules turned out to be a harder and longer task than expected. IFRS 9, which replaces IAS 39, is considered by several entities to be the biggest change to accounting and financial reporting since 2005. The IASB believes that the proposed changes in IFRS 9 provide more relevant information for making economic decisions through: (a) classification according to economic substance and business model of the entity, (b) more useful information in assessing the timing and uncertainty of future cash flows, (c) use of forward-looking information, in accounting for changes in credit risk, (d) information, in hedge accounting, closer to the entity's risk management decisions. The changes in IFRS 9 are a current reference widely considered by different users of financial statements, and therefore this dissertation intended to assess, in a quantitative way, the relevance of the adjustments arising by the transition from IAS 39 to IFRS 9, in the Portuguese and Spanish capital markets. In accordance with our expectations, we verified that the participants of the capital market consider the additional information provided by the adjustments in equity, expected or effective, as relevant value in explaining the price for both financial and non-financial companies.
The global financial crisis that began in 2007 and the subsequent sovereign debt crisis have highlighted the presence of deficiencies in the international standard for accounting for financial instruments, IAS 39, above all because of its complexity and the deficiencies of the impairment model. In April 2009, the G20 leaders called for an urgent improvement of the current standard, with a focus on impairments. These were severely criticised for the low and late recognition of losses, too little too late, contributing to a loss of confidence in the financial system and a consequent exacerbation of the crisis. The development of improvements to these rules turned out to be a harder and longer task than expected. IFRS 9, which replaces IAS 39, is considered by several entities to be the biggest change to accounting and financial reporting since 2005. The IASB believes that the proposed changes in IFRS 9 provide more relevant information for making economic decisions through: (a) classification according to economic substance and business model of the entity, (b) more useful information in assessing the timing and uncertainty of future cash flows, (c) use of forward-looking information, in accounting for changes in credit risk, (d) information, in hedge accounting, closer to the entity's risk management decisions. The changes in IFRS 9 are a current reference widely considered by different users of financial statements, and therefore this dissertation intended to assess, in a quantitative way, the relevance of the adjustments arising by the transition from IAS 39 to IFRS 9, in the Portuguese and Spanish capital markets. In accordance with our expectations, we verified that the participants of the capital market consider the additional information provided by the adjustments in equity, expected or effective, as relevant value in explaining the price for both financial and non-financial companies.
Description
Keywords
IFRS 9 Value relevance IAS 39 PSI All Share IBEX 35