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O método de contabilização das locações ao abrigo da IAS 17 – Locações foi alvo de debate ao longo dos anos, pelo facto de possibilitar que, através de locações operacionais, um locatário tivesse montantes significativos de direitos e obrigações não reconhecidas no seu balanço. Para colmatar esta lacuna, em 1 de janeiro de 2019, entrou em vigor a IFRS 16, que introduziu um modelo único de contabilização de locações para locatários. Neste contexto, o presente estudo visa analisar o impacto da adoção da IFRS 16, em 2019, nas empresas cotadas em bolsa em Portugal. Para dar resposta a este objetivo, recorreu-se a um modelo de value relevance, introduzido por Ohlson (1995) e amplamente utilizado na literatura, que avalia a relevância das informações contabilísticas através da sua capacidade para explicar os preços das ações. Os resultados obtidos indicam que os ajustamentos resultantes da adoção da IFRS 16 são relevantes para a avaliação das empresas pelo mercado. Assim, admitindo que, o mercado incorpora nos preços a informação pública disponível, as evidências sugerem que a adoção da IFRS 16 originou uma correção nas estimativas efetuadas pelos participantes no mercado, nomeadamente em empresas onde o impacto é negativo, mas menos gravoso do que estes haviam estimado com base nas informações divulgadas no anexo às demonstrações financeiras. Em síntese, a adoção da IFRS 16 traz conteúdo informativo adicional para o mercado de capitais, e desse modo, a introdução da norma aumenta a utilidade da informação para os destinatários.
The leases’ accounting method regarding IAS 17 was a matter of discussion throughout the years since it enables that through the operational leases an entity can possess significative amounts of rights and liabilities not acknowledged in their balance sheet. To cease this gap, in the January 1st of 2019, came into effect the IFRS 16, which introduced a sole model to account the leases. Therefore, this paper aims to analyze the impact of the adoption of IFRS 16 – Leases, in 2019, by companies listed in the Portuguese stock market. To accomplish the aim of this paper, it was utilized a value relevance model, widely used by prior literature, introduced by Ohlson (1995), which evaluates the relevance of accounting information through its ability to explain companies´ market value. The findings highlight that the resulting adjustments of IFRS 16’ adoption were relevant to the companies’ market evaluation. Therefore, on the assumption that, the market embodies in the prices the available public information, the evidences suggest that the adoption of IFRS 16 led to a rectification on the estimations made by the market participants, namely in companies where the impact is negative, although less severe than estimated by them based in the notes to the financial statements. In synthesis, the adoption of IFRS 16 brings additional informative content to the capital market, thereby, this standard’s introduction increases the information’s utility to the market participants.
The leases’ accounting method regarding IAS 17 was a matter of discussion throughout the years since it enables that through the operational leases an entity can possess significative amounts of rights and liabilities not acknowledged in their balance sheet. To cease this gap, in the January 1st of 2019, came into effect the IFRS 16, which introduced a sole model to account the leases. Therefore, this paper aims to analyze the impact of the adoption of IFRS 16 – Leases, in 2019, by companies listed in the Portuguese stock market. To accomplish the aim of this paper, it was utilized a value relevance model, widely used by prior literature, introduced by Ohlson (1995), which evaluates the relevance of accounting information through its ability to explain companies´ market value. The findings highlight that the resulting adjustments of IFRS 16’ adoption were relevant to the companies’ market evaluation. Therefore, on the assumption that, the market embodies in the prices the available public information, the evidences suggest that the adoption of IFRS 16 led to a rectification on the estimations made by the market participants, namely in companies where the impact is negative, although less severe than estimated by them based in the notes to the financial statements. In synthesis, the adoption of IFRS 16 brings additional informative content to the capital market, thereby, this standard’s introduction increases the information’s utility to the market participants.
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Locações Direito de uso IFRS 16 IAS 17 Value relevance Euronext Lisbon Leases Right of use