Accounting choices in the statement of cash flows at companies listed in the novo mercado of B3
DOI:
https://doi.org/10.5007/2175-8069.2018v15n36p143Abstract
This study investigated which factors may be related to the SCF accounting choices made in 112 non-financial companies listed on the B3 Novo Mercado in the period from 2010 to 2015. The main contribution of this study is to provide an overview of how companies considered high level of corporate governance in Brazil are evidencing their cash flows with respect to the comparability and also the management of the SCF, making choices that imply an increase in the operational cash flow. This study provides evidence that most companies present the SCF by the indirect method and follow the accounting policy recommendations contained in CPC 03 to classify interest and dividends paid and received. In addition, the size of the company and the growth opportunities appear to be related to the ratings choices of interest paid and dividends received, respectively. The results in the Brazilian context differ from previous findings in other markets, probably because of the institutional environment in which companies are inserted.
References
ABU-ABBAS , B. M. Direct, Indirect, or Both Methods of Reporting Operating Statement of Cash Flows. International Journal of Finance and Accounting, v. 3, n. 6, p. 335-340, 2014. doi:10.5923/j.ijfa.20140306.01
ANDRADE, M. E. M. C.; SILVA, D. M. Demonstração dos Fluxos de Caixa pelo método direto ou indireto? Revista Mineira de Contabilidade, v. 18, n. 1, p. 5-15, 2017.
BAIK, B.; CHO, H.; CHOI, W.; LEE, K. Who classifies interest payments as financing activities? An analysis of classification shifting in the statement of cash flows at the adoption of IFRS. Journal of Accounting and Public Policy, v. 35, n. 4, p. 331-351, 2016. https://doi.org/10.1016/j.jaccpubpol.2015.11.003
BOND, D., BUGEJA, M.; CZERNKOWSKI, R. Did Australian Firms Choose to Switch to Reporting Operating Cash Flows Using the Indirect Method? Australian Accounting Review, v. 22, n. 1, p. 18-24, 2012 https://doi.org/10.1111/j.1835-2561.2011.00156.x
BRADBURY, M. Direct or Indirect Cash Flow Statements? Australian Accounting Review, v. 57, n. 21, p. 124-130, 2011.
CLACHER, I.; RICQUEBOURG, A. D.; HODGSON, A. The Value Relevance of Direct Cash Flows under International Financial Reporting Standards. Abacus, v. 49, n. 3, p. 367-395, 2013. https://doi.org/10.1111/abac.12010
COLE, V.; BRANSON, J.; BREESCH, D. Determinants Influencing the IFRS Accounting Policy Choices of European Listed Companies. Working Paper, 2013. Available at SSRN: http://ssrn.com/abstract=2217498 or http://dx.doi.org/10.2139/ssrn.2217498 Accessed in: 01 dec. 2014.
COMITÊ DE PRONUNCIAMENTOS CONTÁBEIS. Pronunciamento Técnico CPC 03 – Demonstração dos Fluxos de Caixa. Disponível em: <http://www.cpc.org.br>. Acesso em: 21 jan. 2013.
FÁVERO, L. P.; BELFIORE, P.; SILVA, F. L.; CHAN, B. L. Análise de Dados: modelagem multivariada para tomada de decisões. Rio de Janeiro: Elsevier, 2009.
FIELDS, T. D.; LYS, T. Z.; VINCENT, L. Empirical research on accounting choice. Journal of Accounting and Economics, v. 31, p. 255-307, 2001. https://doi.org/10.1016/S0165-4101(01)00028-3
FINANCIAL ACCOUNTING STANDARDS BOARD. Staff Draft of an Exposure Draft on Financial Statement Presentation. Norwalk, CT, 2010. Available at: <http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176156966501&acceptedDisclaimer=true>. Accessed in: 02 feb. 2015.
FINANCIAL ACCOUNTING STANDARDS BOARD. Statement of Financial Accounting Standards Nº 95 (FAS 95) – Statement of Cash Flows. Available at: <http://www.fasb.org/pdf/fas95.pdf>. Acessed in: 02 feb. 2015.
GORDON, E. A.; HENRY, E.; JORGENSEN, B. N.; LINTHICUM, C. L. Flexibility in Cash Flow Reporting Classification Choices under IFRS. Working Paper, 2013. Available at: <http://ssrn.com/abstract=2439383 >. Accessed in: 06 feb. 2014.
GORDON, E. A.; HENRY, E.; JORGENSEN, B. N.; LINTHICUM, C. L. Flexibility in cash-flow classification under IFRS: determinants and consequences. Review of Accounting Studies, v. 22, n. 2, p. 839-872, 2017. DOI 10.1007/s11142-017-9387-1
IFRS FOUDATION. International Accounting Standard Nº 7 - Statement of Cash Flows (IAS 7). Available at: <http://eifrs.ifrs.org/eifrs/bnstandards/en/ias7.pdf>. Acessed in: 02 feb. 2015.
HALES, J.; ORPURT, S. F. A Review of Academic Research on the Reporting of Cash Flows from Operations. Accounting Horizons, v. 3, p. 539-578, 2013.
HOLTHAUSEN, R. W.; LEFTWICH, R. W. The Economic consequences of accounting choice: implications of costly contracting and monitoring. Journal of Accounting and Economics, v. 5, p. 77-117, 1983.
HOLTHAUSEN, R. W. Accounting method choice: opportunistic behavior, efficient contracting and information perspective. Journal of Accounting and Economics, v. 12, p. 207-281, 1990.
KMPG, VON KEITZ, I. The application of IFRS: choices in practice. London: KPMG,
LEE, L. F. Incentives to inflate reported Cash from Operations using classification and timing. The Accounting Review, v. 87, n. 1, p. 1-33, 2012.
MACIEL, F. F. S.; SALOTTI, B. M.; IMONIANA, J. O. Escolhas contábeis na Demonstração dos Fluxos de Caixa no contexto do mercado de capitais brasileiro. Revista Universo Contábil, v. 13, n. 4, p. 194-211, 2017.
NOBES, C. IFRS Practices and the Persistence of Accounting System Classification. Abacus, v. 47, n. 3, p. 267-283, 2011.
PINTO, A. F.; COSTA, P. S.; NUNES, F. M.; LEMES, S. Comparability of Accounting Choices in the Statement of Cash Flow: Evidence from Brazil. Contaduría y Administración, 2018, próxima publicación.
SCHERER, L. M.; TEODORO, J. D.; KOS, S. R.; ANJOS, R. P. Demonstração dos Fluxos de Caixa: análise de diferenças de procedimentos de divulgação entre empresas listadas nas bolsas de valores de São Paulo, Frankfurt, Milão e Londres. Revista de Contabilidade e Controladoria, v. 4, n. 2, p. 37-51, 2012.
TORRES FILHO, E. T.; COSTA, F. N.; BNDES e o financiamento do desenvolvimento. Economia e Sociedade, v. 21, número especial, p. 975-2009, 2012.
VERRIEST, A.; GAEREMYNCK, A.; THORNTON, D. B. The Impact of Corporate Governance on IFRS Adoption Choices. European Accounting Review, v. 22, n. 1, p. 39-77, 2013. https://doi.org/10.1080/09638180.2011.644699
WATTS, R. L. Accounting Choice Theory and Market-Based Research in Accounting. British Accounting Review, v. 24, p. 235-267, 1992. https://doi.org/10.1016/S0890-8389(05)80023-X
Downloads
Published
How to Cite
Issue
Section
License
Os Direitos Autorais para artigos publicados neste periódico são do autor, com direitos de primeira publicação para a Revista. Em virtude de aparecerem nesta Revista de acesso público, os artigos são de uso gratuito, com atribuições próprias, em aplicações educacionais, de exercício profissional e para gestão pública. A Revista adotou a licença Creative Commons Atribuição 4.0 Internacional - CC BY NC ND. Esta licença permite acessar, baixar (download), copiar, imprimir, compartilhar, reutilizar e distribuir os artigos desde que com a citação da fonte, atribuindo os devidos créditos de autoria. Nesses casos, nenhuma permissão é necessária por parte dos autores ou dos editores. Autores têm autorização para assumir contratos adicionais separadamente, para distribuição não-exclusiva da versão do trabalho publicada nesta revista (ex.: publicar em repositório institucional ou um capítulo de livro).
Esta obra está licenciada sob uma Licença Creative Commons.
