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Abstract(s)
O tema desconto tem sido um assunto muito discutido a nível internacional, nomeadamente no
European Securities and Markets Authority (ESMA), no conselho do IFRS Foundation, na
International Accounting Standards Board (IASB) e no The Institute of Chartered Accountants of
Scotland (ICAS).
A motivação da realização deste trabalho surgiu do apelo internacional do ICAS para a realização de
pesquisas sobre a teoria e prática do desconto em relatórios financeiros de acordo com as
International Financial Reporting Standards (IFRS).
De acordo o ICAS, o desconto nas demonstrações financeiras é muitas vezes percebido como um
tema complexo e académico, mas tem um impacto social e económico significativo. Por conseguinte,
merece uma maior atenção dos decisores políticos, preparadores e utilizadores das demonstrações
financeiras, entre outros.
O desconto é um requisito de acordo com várias IFRS. Esses requisitos têm objetivos diferentes e
bases teóricas em diferentes padrões, e a forma como o desconto deve ser aplicado difere em todos os
padrões. Apesar desta inconsistência, complexidade e importância, o desconto é, no entanto, dado
uma atenção limitada nas pesquisas contabilísticas á nível académico.
Aliado à esta preocupação da comunidade internacional, pretendemos examinar as diferenças
existentes nas taxas de desconto requeridas nas IFRS, explicar o porque de existir estas diferenças,
verificar se existem inconsistências que podem ser dirigidas ao IASB e ao ICAS.
Com este trabalho pretendemos analisar junto á empresas que reportam em IFRS se aplicam os
requisitos das IFRS, obter feedback sobre as dificuldades de implementação e averiguar se existem
inconsistências nestas normas imputáveis ao IASB. Adicionalmente pretendemos definir um modelo
explicativo do retorno de ativos.
A análise do tema desconto foi feita em duas vertentes, sendo que a primeira a financeira e de
seguida á nível contabilístico (normas IFRS).
Procedeu-se inicialmente à uma revisão da literatura abordando essencialmente a temática do
desconto a nível financeiro com foco na análise do Equity Risk Premium (ERP) e na análise dos
modelos de desconto existentes na teoria financeira.
De seguida fez-se uma análise as IFRS no sentido de se identificar á nível teórico a aplicação do
desconto nas mais diversas normas.
Para o desenvolvimento do trabalho, foi realizada uma pesquisa de campo, tendo como população
alvo Chief Risk Officers (CRO), Chief Financial Officers (CFO), auditores, analistas financeiros,
responsáveis pela divisão de corporate finance, controllers de empresas que reportam em IFRS que
foi complementada com uma entrevista feita a um especialista em Capital Markets.
Discount has been a subject of discussions at international level, particularly in the European Securities and Markets Authority (ESMA), the board of the IFRS Foundation, the International Accounting Standards Board (IASB) and in the Institute of Chartered Accountants of Scotland (ICAS). The motivation of this work came from the international appeal of the ICAS for conducting research on the theory and practice of discount on financial reporting in accordance with the International Financial Reporting Standards (IFRS). According to ICAS, discount on financial statements is often perceived as a complex and academic subject, but has a significant social and economic impact. Therefore, it deserves greater attention among policy makers, preparers and users of financial statements, among others. Discount is a requirement under various IFRS. These requirements have different objectives and theoretical bases in different standards, and the way the discount should be applied differs in all standards. Despite this inconsistency, complexity and importance, the discount is, however, given limited attention in accounting research at the academic level. In addition to this concern of the international community, we intend to examine the differences in the discount rates required by IFRS, to explain why these differences exist, to verify if there are any inconsistencies that can be addressed to the IASB and the ICAS. With this paper, we intend to analyze with IFRS reporting companies the application of IFRS requirements, to obtain feedback on implementation difficulties and to verify if there are any inconsistencies in these standards attributable to the IASB. Additionally, we intend to define an explanatory model for the return of assets. The analysis of the discount theme was done in two strands, the first being the financial one and then at the accounting level (IFRS standards). Initially, a literature review was carried out, focusing essentially on the topic of discount in the financial sphere focused on the analysis of Equity Risk Premium (ERP) and the analysis of discount models in financial theory. The IFRS was then analyzed in order to identify at the theoretical level the application of the discount in the most diverse standards. For the development of the work, a field research was carried out, with the target population Chief Risk Officers (CRO), Chief Financial Officers (CFO), auditors, financial analysts, responsible for the corporate finance division, controllers of companies that report in IFRS which was complemented by an interview with a specialist Capital Markets.
Discount has been a subject of discussions at international level, particularly in the European Securities and Markets Authority (ESMA), the board of the IFRS Foundation, the International Accounting Standards Board (IASB) and in the Institute of Chartered Accountants of Scotland (ICAS). The motivation of this work came from the international appeal of the ICAS for conducting research on the theory and practice of discount on financial reporting in accordance with the International Financial Reporting Standards (IFRS). According to ICAS, discount on financial statements is often perceived as a complex and academic subject, but has a significant social and economic impact. Therefore, it deserves greater attention among policy makers, preparers and users of financial statements, among others. Discount is a requirement under various IFRS. These requirements have different objectives and theoretical bases in different standards, and the way the discount should be applied differs in all standards. Despite this inconsistency, complexity and importance, the discount is, however, given limited attention in accounting research at the academic level. In addition to this concern of the international community, we intend to examine the differences in the discount rates required by IFRS, to explain why these differences exist, to verify if there are any inconsistencies that can be addressed to the IASB and the ICAS. With this paper, we intend to analyze with IFRS reporting companies the application of IFRS requirements, to obtain feedback on implementation difficulties and to verify if there are any inconsistencies in these standards attributable to the IASB. Additionally, we intend to define an explanatory model for the return of assets. The analysis of the discount theme was done in two strands, the first being the financial one and then at the accounting level (IFRS standards). Initially, a literature review was carried out, focusing essentially on the topic of discount in the financial sphere focused on the analysis of Equity Risk Premium (ERP) and the analysis of discount models in financial theory. The IFRS was then analyzed in order to identify at the theoretical level the application of the discount in the most diverse standards. For the development of the work, a field research was carried out, with the target population Chief Risk Officers (CRO), Chief Financial Officers (CFO), auditors, financial analysts, responsible for the corporate finance division, controllers of companies that report in IFRS which was complemented by an interview with a specialist Capital Markets.
Description
Keywords
IFRS Foundation IASBH IFRS IAS Desconto IFRS foundation Discount IASB