Uma Análise Crítica sobre os Ajustes Adicionais Considerados nas Divulgações da Medida não-GAAP “EBITDA Ajustado” em Relatórios de Companhias Listadas Brasileiras
DOI:
https://doi.org/10.17524/repec.v13i4.2412Keywords:
Medida não-GAAP; EBITDA Ajustado; Ajustes adicionais.Abstract
Objetivo: Esta pesquisa busca identificar quais são os tipos de ajustes adicionais com maior magnitude realizados via divulgações da medida não-GAAP “EBITDA Ajustado” das maiores companhias listadas brasileiras e realizar uma análise sobre a adequação de tais ajustes sob uma perspectiva crítica de suas naturezas.
Método: Foram investigados em press releases de companhias do índice IBrX 100 quais os ajustes adicionais com maior magnitude realizados pelas companhias da amostra e em seguida realizada uma análise crítica sobre a possível utilidade ou oportunismo destes ajustes sob a ótica da teoria da regulação e de premissas da assimetria informacional. Os períodos abrangidos pela pesquisa foram os períodos trimestrais de 2014 e 2015.
Resultados: Os tipos de ajustes com maior magnitude são Impairment (83%), Correção de erros (4%), Equivalência patrimonial (1%), Dividendos recebidos (1%) e Provisões (1%), bem como que 76% dos ajustes efetuados são consequência de princípios e regras contábeis.
Contribuições: As evidências do presente estudo corroboram com a posição do IASB sobre a importância de medidas não-GAAP, atualmente discutidas pelo referido órgão em ações com o intuito de melhorar o reporte financeiro, incluindo o uso de informações não-GAAP em peças contábeis. Os resultados enriquecem o debate sobre o tema no Brasil.
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Frezatti, F., & Aguiar, A. (2007). EBITDA: possíveis impactos sobre o gerenciamento das empresas. Revista Universo Contábil, 3, 07-24.
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Johnson, A., Percy, M., Stevenson-Clarke, P., and Cameron, P. 2014. The impact of the disclosure of non-GAAP earnings in Australian annual reports on non-sophisticated users. Australian Accounting Review, 24, 207-217.
Lougee, B. A., & Marquardt, C. A. (2004). Earnings informativeness and strategic disclosure: an empirical examination of ‘pro forma’ earnings. The Accounting Review, 79, 769–795.
Lopes, A. B., & Iudícibus, S. de. (2004). Teoria Avançada da Contabilidade. Atlas.
Macedo, M. A. S., Machado, M. R., Murcia, F. D., & Machado, M. A. V. (2012). Análise da relevância do EBITDA versus fluxo de caixa operacional no mercado brasileiro de capitais. Advances in Scientific and Applied Accounting, 5, 99-130.
Malone, L., Tarca, A., & Wee, M. (2016). IFRS non-GAAP earnings disclosures and fair value measurement. Accounting & Finance, 56, 59-97.
Maragno, L. M. D., Borba, J. A., & Fey, V. A. (2014). Como as empresas mais negociadas no BM&FBOVESPA divulgam o EBITDA?. Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ, 19(1).
Marques, A. (2010). Disclosure strategies among S&P 500 firms: Evidence on the disclosure of non-GAAP financial measures and financial statements in earnings press releases. The British Accounting Review, 42, 119-131.
Marques, A., & Isidro, H. (2013). The Effects of Compensation and Board Quality on Non-Gaap Reporting Decisions. The International Journal of Accounting, 48, 289-317.
Miller, J. S. (2009). Opportunistic Disclosures of Earnings Forecasts and Non-GAAP Earnings Measures. Journal of Business Ethics, 89, 03-10.
Momose, C. I. (2009). EBITDA: sua utilização e interpretação no contexto da qualidade das informações contábeis na visão dos analistas de mercado de capitais (Dissertação de Mestrado, Pontifícia Universidade Católica de São Paulo, São Paulo). Retirado de https://tede2.pucsp.br/handle/handle/1726
Nichols, N., Gray, S., & Street, D. (2005). Pro Forma Adjustments to GAAP Earnings: Bias, Materiality, and SEC Action. Research in Accounting Regulation, 18, 29-52.
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Black, D. E., & Christensen, T. E. (2009). US manager’s use of ‘pro forma’ adjustments to meet strategic earnings targets. Journal of Business Finance & Accounting, 36, 297-326.
Black, D. E. (2016). The Ethical Reporting of Non-GAAP Performance Measures. Revista Contabilidade & Finanças, 27, 70, 7-11.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Larson, C. R. (2003). Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting & Economics, 36(1–3), 285–319.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2007). Who trades on pro forma earnings information? The Accounting Review, 82(3), 581–619.
Bradshaw, M. T., & Sloan, R. G. (2002). GAAP versus the street: an empirical assessment of two alternative definitions of earnings. Journal of Accounting Research, 40, 41–66.
Bowen, R. M., Davis, A. K., & Matsumoto, D. A. (2005). Emphasis on pro forma versus GAAP earnings in quarterly press releases: Determinants, SEC intervention, and market reactions. The Accounting Review, 80, 4, 1011-1038.
Carvalho, V. J. R. (2014). Das razões da utilização do EBITDA por profissionais de mercado: uma contribuição prática (Dissertação de Mestrado, Universidade Presbiteriana Mackenzie, São Paulo). Retirado de http://bdtd.ibict.br/vufind/Record/UPM_5713ab026e5579abc9b3179a7330ab28
Comitê de Pronunciamentos Contábeis (2009). Pronunciamento Técnico CPC 23 - Políticas Contábeis, Mudança de Estimativa e Retificação de Erros. Retirado de http://www.cpc.org.br/CPC/Documentos-Emitidos/Pronunciamentos
Comitê de Pronunciamentos Contábeis (2009). Pronunciamento Técnico CPC 25 - Provisões, Passivos Contingentes e Ativos Contingentes. Retirado de http://www.cpc.org.br/CPC/Documentos-Emitidos/Pronunciamentos
Comitê de Pronunciamentos Contábeis (2011). Pronunciamento Técnico CPC 26 - Apresentação das Demonstrações Contábeis. Retirado de http://www.cpc.org.br/CPC/Documentos-Emitidos/Pronunciamentos
Comitê de Pronunciamentos Contábeis (2012). Pronunciamento Técnico CPC 18 - Investimento em Coligada, em Controlada e em Empreendimento Controlado em Conjunto. Retirado de http://www.cpc.org.br/CPC/Documentos-Emitidos/Pronunciamentos
Comissão de Valores Mobiliários (2012). Instrução CVM nº 527. Retirado de http://www.cvm.gov.br/legislacao/inst/inst527.html
Cormier, D., Lapointe-Antunes, P., & Magnan, M. (2011). Revisiting the Relevance and Reliability of Non-GAAP Reporting: The Case of the Income Trusts. Contemporary Accounting Research, 28, 1585-1609.
Deloitte (2015). Annual report insights 2015 - The reporting landscape.
Retirado de http://www.iasplus.com/en/publications/uk/other/annual-report-insights-2015
Deloitte (2016a). Heads up: Top 10 questions to ask when using a non-GAAP measure. Retirado de http://www.iasplus.com/en/publications/us/heads-up/2016/issue-10
Deloitte (2016b). IFRS on Focus: Alternative performance measures: A practical guide. Retirado de http://www.iasplus.com/en/publications/global/other/apm
Deloitte (2017). Thinking allowed - Non-GAAP and Alternative performance measures. Retirado de https://www.iasplus.com/en/publications/global/thinking-allowed/2017/non-gaap-alternative-performance-measures
Deloitte (2019). A roadmap to non-GAAP financial measures. Retirado de https://www2.deloitte.com/us/en/pages/audit/articles/a-roadmap-to-non-gaap-financial-measures.html
Doyle, J. T., Lundholm, R. J., & Soliman, M. T. (2003). The Predictive Value of Expenses Excluded from Pro Forma Earnings. Review of Accounting Studies, 8, 145-174.
Doyle, J. T., Jennings, J.N., & Soliman, M. T. (2013). Do Managers Define Non-GAAP Earnings to Meet or Beat Analyst Forecasts?. Journal of Accounting and Economics, 56, 40-56.
European Securities and Market Authority (2015). ESMA Guidelines on Alternative Performance Measures. Retirado de https://www.esma.europa.eu/sites/default/files/library/2015/10/2015-esma-1415en.pdf
Financial Reporting Council (2013). Feedback Statement - Thinking about disclosures in a broader context. Retirado de https://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/Thinking-about-disclosures-in-a-broader-contex/Feedback-Statement/Feedback-Statement-Thinking-about-disclosures-in-a.aspx
Frezatti, F., & Aguiar, A. (2007). EBITDA: possíveis impactos sobre o gerenciamento das empresas. Revista Universo Contábil, 3, 07-24.
Guest, N. M., Kothari, S. P., & Pozen, R. (2019). High Non-GAAP Earnings Predict Abnormally High CEO Pay. Retirado de https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3030953
Heflin, F., & Hsu, C. (2008). The impact of the SEC’s regulation of non-GAAP disclosures. Journal of Accounting and Economics, 46(2), 349–365.
International Accounting Standards Board (n.d.a). Primary Financial Statements - About. Retirado de https://www.ifrs.org/projects/work-plan/primary-financial-statements/#about
International Accounting Standards Board (n.d.b). Primary Financial Statements - Project History. Retirado de https://www.ifrs.org/projects/work-plan/primary-financial-statements/#project-history
International Accounting Standards Board (2011). Use of underlying earnings and non-GAAP measures. Retirado de http://www.ifrs.org/Meetings/MeetingDocs/Advisory%20Council/2011/June/20th%20and%2021st/AC-0611-AP6.pdf
International Accounting Standards Board (2018). Primary Financial Statements - Supporting material. Retirado de https://www.ifrs.org/-/media/project/primary-financial-statements/supporting-materials/pfs-project-overview-sept-2018.pdf
International Accounting Standards Board (2019). Primary Financial Statements project - a game changer in financial reporting?. Retirado de https://www.ifrs.org/news-and-events/2019/03/hans-speech-pfs-a-game-changer-in-financial-reporting/
International Federation of Accountants (2014). Developing and reporting supplementary financial measures - Definition, principles and disclosures. Retirado de https://www.ifac.org/publications-resources/developing-and-reporting-supplementary-financial-measures-definition-principl
International Organization of Securities Commissions (2016). Statement on Non-GAAP Financial Measures. Retirado de https://www.iosco.org/library/pubdocs/pdf/IOSCOPD532.pdf
Johnson, A., Percy, M., Stevenson-Clarke, P., and Cameron, P. 2014. The impact of the disclosure of non-GAAP earnings in Australian annual reports on non-sophisticated users. Australian Accounting Review, 24, 207-217.
Lougee, B. A., & Marquardt, C. A. (2004). Earnings informativeness and strategic disclosure: an empirical examination of ‘pro forma’ earnings. The Accounting Review, 79, 769–795.
Lopes, A. B., & Iudícibus, S. de. (2004). Teoria Avançada da Contabilidade. Atlas.
Macedo, M. A. S., Machado, M. R., Murcia, F. D., & Machado, M. A. V. (2012). Análise da relevância do EBITDA versus fluxo de caixa operacional no mercado brasileiro de capitais. Advances in Scientific and Applied Accounting, 5, 99-130.
Malone, L., Tarca, A., & Wee, M. (2016). IFRS non-GAAP earnings disclosures and fair value measurement. Accounting & Finance, 56, 59-97.
Maragno, L. M. D., Borba, J. A., & Fey, V. A. (2014). Como as empresas mais negociadas no BM&FBOVESPA divulgam o EBITDA?. Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ, 19(1).
Marques, A. (2010). Disclosure strategies among S&P 500 firms: Evidence on the disclosure of non-GAAP financial measures and financial statements in earnings press releases. The British Accounting Review, 42, 119-131.
Marques, A., & Isidro, H. (2013). The Effects of Compensation and Board Quality on Non-Gaap Reporting Decisions. The International Journal of Accounting, 48, 289-317.
Miller, J. S. (2009). Opportunistic Disclosures of Earnings Forecasts and Non-GAAP Earnings Measures. Journal of Business Ethics, 89, 03-10.
Momose, C. I. (2009). EBITDA: sua utilização e interpretação no contexto da qualidade das informações contábeis na visão dos analistas de mercado de capitais (Dissertação de Mestrado, Pontifícia Universidade Católica de São Paulo, São Paulo). Retirado de https://tede2.pucsp.br/handle/handle/1726
Nichols, N., Gray, S., & Street, D. (2005). Pro Forma Adjustments to GAAP Earnings: Bias, Materiality, and SEC Action. Research in Accounting Regulation, 18, 29-52.
Oliveira, N. L. (2018). Efeito da divulgação de relatórios GAAP e não-GAAP sobre o valor das ações no mercado brasileiro de capitais (Dissertação de Mestrado, Universidade Brasília, Brasília). Retirado de http://bdtd.ibict.br/vufind/Record/UNB_cb528f5a015cee74a13624f9df16eed4
PricewaterhouseCoopers (2014). Point of view: Non-GAAP financial measures - Enhancing their usefulness. Retirado de https://www.pwc.com/us/en/cfodirect/assets/pdf/point-of-view-non-gaap-financial-measures.pdf
Securities and Exchance Comission - SEC (2003). Final Rule: Conditions for Use of Non-GAAP Financial Measures. Release No. 33-8176, 34-47226; FR-65. Retirado de: https://www.sec.gov/rules/final/33-8176.htm.
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2019-12-20
How to Cite
Vasconcelos de Andrade, G., & Dal-Ri Murcia, F. (2019). Uma Análise Crítica sobre os Ajustes Adicionais Considerados nas Divulgações da Medida não-GAAP “EBITDA Ajustado” em Relatórios de Companhias Listadas Brasileiras. Journal of Education and Research in Accounting (REPeC), 13(4). https://doi.org/10.17524/repec.v13i4.2412
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