Due to the lack of uniform financial reporting standards, size of the capital markets in the EU corresponded at the turn of the millennium to roughly half of those in the US. As a result, EU decided to introduce a uniform financial reporting standards which would be transparent, fully understood, properly assessed and effectively enforceable. As agreed in the secondary legislation, stock exchange companies from any of the member states become to be obliged to prepare consolidated financial statements in accordance with IFRS. IFRS have been primarily designed for the needs of the capital markets, continental accounting (icluding the Czech one) has been, on the other hand, focused on the protection of creditors, and also heavily influenced by the tax area. Correct application of IFRS requires accountants, who are well aware of the differences between the two systems. If and to what extent, stock exchange companies prepare their financial statements in compliance with IFRS, is examined in this paper. The aim of this paper is to introduce administrative and legislative process leading to the adoption of standards in the EU as well as at national levels, to introduce a system of IFRS comliance supervision and to identify the extent to which stock exchange companies are able to apply IFRS in their financial statements. The paper is divided into five chapters. Theoretical part includes a historical overview of the introduction of IFRS in the EU, overview of the legislation related to IFRS and supervision of IFRS compliance in the EU and in the Czech Republic. Last chapter assesses IFRS compliance in practice.

Submitted by Flávia Almeida Morato da Silva (fmorato@gmail.com) on 2015-12-23T11:40:27Z No. of bitstreams: 1 Dissertação_Flavia Morato (2).pdf: 1349055 bytes, checksum: bafdf4dd02567c525948a9652a42419d (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-12-23T12:18:10Z (GMT) No. of bitstreams: 1 Dissertação_Flavia Morato (2).pdf: 1349055 bytes, checksum: bafdf4dd02567c525948a9652a42419d (MD5) / Made available in DSpace on 2015-12-23T12:21:46Z (GMT). No. of bitstreams: 1 Dissertação_Flavia Morato (2).pdf: 1349055 bytes, checksum: bafdf4dd02567c525948a9652a42419d (MD5) Previous issue date: 2015-11-30 / The objective of this study is to make an econometric analysis of the relationship between analysts’ earnings forecast errors and firm compliance with the disclosure requirements of IFRS (International Financial Reporting Standards). This was done through a panel data methodology of the analysts’ earnings forecast errors on IFRS implementation year in Brazil (2010) and, complementary, in 2012, in order to reference this data. Based on this assumption, the forecast error of the companies listed on the BM&FBOVESPA S.A. (Bovespa) was determined with earnings’ forecast of earnings and the earnings observed (earnings ratio per share / earnings per share) which are available on the databases I / B / E / S Earnings Consensus Information provided by Thomson ONE Investment Banking and Economática Pro®, respectively. We find a negative relationship between forecast errors and compliance with the IFRS disclosure requirements, thus higher quality of disclosed information leads to a lower error forecast of analysts. Therefore, these results support the idea that the compliance level of accounting standards is so or more important than the standards themselves. Furthermore, when company listed on the BM&FBOVESPA is linked to a Regulatory Agency, we evaluated that its analysts’ earnings forecast does not change. Lastly, is important to improve the audit mechanisms to encourage the compliance of firms with legal requirements, such as enforcement, corporate governance structures and internal and external audits / O objetivo deste estudo é fazer uma análise da relação entre o erro de previsão dos analistas de mercado quanto à rentabilidade das empresas listadas na BM&FBOVESPA S.A. (Bovespa) e os requerimentos de divulgação do International Financial Reporting Standards (IFRS). Isto foi feito através da regressão do erro de previsão dos analistas, utilizando a metodologia de dados em painel no ano de implantação do IFRS no Brasil, 2010, e, complementarmente em 2012, para referenciamento desses dados. Partindo desse pressuposto, foi determinado o erro de previsão das empresas listadas na Bovespa através de dados de rentabilidade (índice de lucro por ação/earnings per share) previstos e realizados, disponíveis nas bases de dados I/B/E/S Earnings Consensus Information, providos pela plataforma Thomson ONE Investment Banking e Economática Pro®, respectivamente. Os resultados obtidos indicam uma relação negativa entre o erro de previsão e o cumprimento dos requisitos de divulgação do IFRS, ou seja, quanto maior a qualidade nas informações divulgadas, menor o erro de previsão dos analistas. Portanto, esses resultados sustentam a perspectiva de que o grau de cumprimento das normas contábeis é tão ou mais importante do que as próprias normas. Adicionalmente, foi verificado que quando a empresa listada na BM&FBOVESPA é vinculada a Agência Reguladora, seu erro de previsão não é alterado. Por fim, esses resultados sugerem que é importante que haja o aprimoramento dos mecanismos de auditoria das firmas quanto ao cumprimento dos requerimentos normativos de divulgação, tais como: penalidades pela não observância da norma (enforcement), estruturas de governança corporativa e auditorias interna e externa.