As organizações, para financiar suas atividades, fazem uso de fontes internas e externas de recursos financeiros. Entretanto, na presença de imperfeições no mercado de capitais, como assimetria de informações, problemas de agência e custos de transação, elas podem optar por uma fonte em detrimento a outra. As imperfeições do mercado aliadas as restrições de financeiras podem afetar o gerenciamento de caixa das organizações. Em contextos de crise, por exemplo, os efeitos da indisponibilidade de financiamento podem ser ainda maiores. Sendo assim, este trabalho teve como objetivo analisar os efeitos das Restrições Financeiras e crise financeira sobre as políticas de caixa, assim como, estudar os impactos de uma boa Governança Corporativa e seus efeitos sobre os níveis de caixa. Para tanto, fez-se uso de uma amostra composta por 141 empresas de capital aberto, não financeiras, obtidas por meio da base de dados Economática®. O período analisado compreende 15 anos, iniciando em 2000 e se estendendo até 2014. Optou-se pela utilização do modelo de regressão com dados em painel, por meio de um painel desbalanceado, no intuito de não reduzir o número de observações utilizadas (1906). Os resultados indicaram que o nível de caixa das organizações é impactado pelo nível de sua restrição financeira, assim como por contextos de crise, onde as companhias elevaram as suas reservas de caixa sob tal cenário. De forma geral, observou-se uma associação positiva entre as variáveis de Governança Corporativa utilizadas, apesar de apenas uma ter obtido significância estatística. Logo, o resultado obtido sugere que os acionistas de uma empresa permitem ao agente gerenciar maiores reservas de caixa apenas quando há mecanismos de governança corporativa para protegê-las. Além do mais, os resultados ainda indicam que as boas práticas de governança corporativa fornecem um meio de controlar as ações dos gestores, de modo que eles utilizem as reservas de caixa apenas em situações que maximizem a utilidade dos acionistas, evitando, assim, o gasto excessivo de caixa. Em relação a adoção das normas internacionais de contabilidade (IFRS), verificou-se uma redução significativa dos níveis de caixa posteriormente a segunda fase de adoção às normas, assim como uma associação negativa e significativa entre a variável dummy representando a adoção obrigatória. Sendo assim, este trabalho contribui com a literatura científica de maneira a fornecer evidências acerca dos efeitos das restrições financeiras, uma boa governança corporativa, crise financeira e adoção do padrão IFRS sobre as políticas de caixa das companhias brasileiras / Organizations, to finance their activities, can use internal and external sources of financial resources. However, in the presence of imperfections in the capital market, as asymmetric information, agency problems and transaction costs, they can choose one over the other. The imperfections of the market coupled with financial restrictions may affect the cash management of organizations. In times of crisis, for example, the effects of the unavailability of funding may also be higher. Thus, this study aimed to analyze the effects of Financial Restrictions and financial crisis on cash holdings, as well as study the impacts of a good Corporate Governance and its effects on cash levels. To do so, we used a sample of 141 listed companies, non-financial, obtained through Economática® database. The analyzed period consists of 15 years, starting in 2000 and extending to 2014. We opted for the use of the Panel Data regression model using an unbalanced panel, in order not to reduce the number of observations used (1906). The results indicated that the cash level of organizations is impacted by the level of its financial constraints, as well as for crisis contexts, where companies increased their cash reserves under such a scenario. In General, there was a positive association between the variables of Corporate Governance used, although only one has obtained statistical significance. Therefore, the obtained results suggest that the shareholders of a company allow the agent manage larger cash reserves only when there is corporate governance mechanisms to protect them. Moreover, the results also indicate that good corporate governance practices provide a way to control the actions of managers, so that they use cash holdings only in situations that maximize the value of shareholders, thus avoiding spending excessive cash holding. Regarding the adoption of international accounting standards (IFRS), there was a significant reduction in cash levels after the second phase adoption of the standards, as well as a negative and significant association between the dummy variable representing the mandatory adoption. Thus, this study contributes to the literature in order to provide evidence about the effects of financial constraints, good corporate governance, financial crisis and the adoption of IFRS on the cash policies of Brazilian companies

A contabilidade brasileira passou por mudanças normativas que deixaram suas demonstrações de acordo com o padrão internacional. Pesquisas realizadas com empresas de capital aberto em vários países do mundo indicam que essa nova norma tende a melhorar a qualidade da informação e deixá-la mais comparável e transparente. Diante disso, o estudo tem como objetivo analisar o impacto da adoção do International Financial Reporting Standard sobre os níveis de gerenciamento de resultados das companhias brasileiras de capital aberto (com exceção das instituições financeiras). A hipótese desenvolvida é de que a nova norma reduz o gerenciamento de resultados nas empresas brasileiras. Os dados foram extraídos das demonstrações contábeis trimestrais dos bancos de dados do Economática e da Comissão de Valores Mobiliários referentes ao período de 2006 a 2011. Para alcançar o objetivo da pesquisa, foi examinada por meio de um modelo proposto a relação entre as variáveis accruals discrionários e a aderência do International Financial Reporting Standard. Na equação, além dessas, foram inseridas as variáveis de controle como o nível de endividamento, o fluxo de caixa operacional, o retorno sobre o ativo e o tamanho da empresa. Para o cálculo dos accruals discricionários foi empregado o Modelo de Jones Modificado. Com base no modelo proposto, foram utilizadas várias técnicas estatísticas e aplicou-se o teste de Kolmogorov-Smirnov para analisar se a amostra possui dados distribuídos normalmente. Em seguida, foi analisada a correlação de Spearman entre as variáveis do modelo proposto e analisada as médias dos accruals, por meio do teste U de Mann-Whitney. Por fim, foi elaborada a análise de regressão com dados dispostos em painel com correção de Newey- West. A correlação e o teste de médias corroboraram a hipótese desenvolvida, porém aregressão não confirmou a hipótese, com significância estatística, de que o novo padrão contábil reduziu o nível de gerenciamento de resultados nas divulgações das demonstrações elaboradas com a adoção das normas IFRS pelas empresas brasileiras de capital aberto. / The Brazilian accounting has undergone regulatory changes that have left their statements according to international standard. Research conducted with publicly traded companies in various countries around the world indicate that this new standard tends to improve the quality of information and make it more comparable and transparent. Thus, the study aims to analyze the impact of adopting International Financial Reporting Standard on the levels of earnings management of Brazilian companies traded (excluding financial institutions). The hypothesis is that the new standard reduces the earnings management in Brazilian companies. Data were extracted from the quarterly financial statements of databases Economática and Comissão de Valores Mobiliários for the period 2006 to 2011. To achieve the objectives of the study was examined by means of a model the relationship between the variables discretionary accruals and International Financial Reporting Standard. In the equation, beyond these, the control variables were entered as the level of debt, the operating cash flow, return on assets and firm size. For the calculation of discretionary accruals, we employed the Modified Jones Model. Based on the proposed model, several statistical techniques were used and applied the Kolmogorov-Smirnov test to examine whether the sample has normally distributed data. Next, we analyzed the Spearman correlation between the variables of the model and analyzed the average, by means of the U of Mann-Whitney. Finally, we elaborate regression analysis with data arranged in a panel with Newey-West correction. The correlation and mean test corroborated the hypothesis developed, but the regression did not confirm the hypothesis with statistical significance that the new accounting standard reduced the level of earnings management disclosures in the financial statements prepared with the adoption of IFRS for publicly traded Brazilian companies.

As instuições financeiras do Brasil que possuem Comitê de Auditoria e/ou estão listadas em Bolsa de Valores, são obrigadas a divulgar dois balanços diferentes: seguindo o padrão Bacen-GAAP e em IFRS. A partir desse contexto, este estudo objetivou comparar a relevância desses dois tipos de informações. Era esperado que as informações em IFRS fossem, de forma geral, mais relevantes do que as em Bacen. Para tanto, a metodologia envolveu o uso do Modelo de Ohlson (1995) com adição de variáveis de controle e dados em painel para os anos de 2010 a 2017. Foram estimados dois modelos, um para cada tipo de informação, e a análise da relevância deu-se com base nos valores do R2, critérios de informação e teste de robustez. Os resultados foram estimados por efeitos fixos corrigidos por erro-padrão robusto agrupados por empresas. No modelo com todas as variáveis, o IFRS foi mais value relevant do que Bacen. Já na estimação separada do LPA, este, quando mensurado em Bacen, é mais relevante, mas isso se inverte na estimação do VPA, em que o IFRS tem maior relevância. Além disso, o LPA apresenta maior poder explicativo do que o VPA. As diferenças na relevância, no entanto, são sutis, o que sugere interferências do ambiente institucional brasileiro. Esses resultados podem sugerir uma reflexão do Banco Central no sentido de analisar a adoção das IFRS de forma plena, o que caracterizaria uma economia de custos de divulgação. / The Brazilian financial institutions that have an Audit Committee and/or are listed on the Stock Exchange are obliged to disclose two different balance sheets: one following the Bacen GAAP standard and the other in IFRS. From this context, this research aimed to compare the relevance of these two types of information. It was expected that IFRS information would, in general, be more relevant than those in Bacen. To do so, the methodology involved the use of the Ohlson Model (1995) with addition of control variables, and panel data for the years of 2010 to 2017. Two models were estimated, one for each type of information, and the analysis of relevance was given based on the R2 values, information criteria and robustness test. The results were estimated by fixed effects, corrected by robust standard error grouped by companies. In the model with all variables, the IFRS was more value relevant than Bacen. On the other hand, in the separate estimation of the LPA, when measured in Bacen is more relevant, but this is reversed in the VPA\'s estimation, in which the IFRS is more relevant. In addition, the LPA has more explainatory factor than the VPA. The differences in relevance, however, are subtle, suggesting interference from the Brazilian institutional environment. These results may suggest a reflection by the Central Bank in order to analyze the adoption of IFRS in full, which would mean a disclosure cost saving.

Este estudo investiga a relevância das informações contábeis antes e depois do início do processo de convergência para as normas internacionais de contabilidade no Brasil. Foram analisadas 2.277 observações trimestrais de todas as empresas que compuseram a carteira teórica do Ibovespa durante um período de 15 anos, entre 1995 e 2009. Especificamente, pretendeu-se analisar essa questão sobre três perspectivas distintas. A primeira perspectiva, com um enfoque de curto prazo, analisa a reação do mercado de capitais brasileiro associada à divulgação das demonstrações contábeis em três diferentes momentos: antes, durante e após a transição do padrão contábil brasileiro (BR_GAAP) para o padrão híbrido (BR_GAAP/IFRS). A metodologia utilizada para essa perspectiva foi o estudo de eventos. Adicionalmente, o estudo objetiva tratar as empresas analisadas de maneira heterogênea, conforme sugerido por Holthausen (2003) e Lopes e Walker (2008). Assim sendo, nessa primeira perspectiva ocorre a segmentação da amostra da pesquisa de acordo com alguns sinalizadores que indicam maior propensão das empresas em fornecer informações contábeis de maior qualidade, independentemente do regramento contábil do Brasil. Ou seja, intentou-se relacionar se os incentivos que as empresas têm para serem mais informativas mitiga o impacto da adoção de um padrão contábil de maior qualidade (IFRS). Os resultados encontrados indicam que: as demonstrações contábeis possuem conteúdo informacional, isto é, oferecem novas informações que são incorporadas aos preços; para a amostra de empresas que possuem os incentivos para serem mais informativas (ADR), não foram constatadas diferenças em seu conteúdo informacional antes e depois do início do processo de migração para as normas IFRS; para as empresas da amostra cujas boas práticas de governança corporativa foram mensuradas através do Brazilian Corporate Governance Index (BCGI), os resultados mostraram-se inconclusivos. A segunda perspectiva contemplada na pesquisa volta-se a uma análise de longo prazo entre a associação de variáveis contábeis e variáveis de mercado. Essa análise ocorreu de duas formas distintas, porém complementares. Através da investigação da associação entre as informações contábeis (lucro e patrimônio líquido) e o preço, pretendeu-se identificar se a adoção de um padrão contábil de maior qualidade no Brasil (IFRS), mesmo em se tratando de uma adoção considerada parcial, aumenta o nível de associação entre essas variáveis contábeis e o preço. De modo complementar, também foi analisada a relevância da informação contábil, mas com uma modelagem econométrica diferente. Trata-se do modelo de retorno ou timeliness. Nessa segunda perspectiva, os resultados indicam que a relevância da informação contábil, mensurada através dos modelos de preço e retorno, aumentou após a adoção parcial das normas IFRS no Brasil. Esses resultados foram obtidos por meio de dados anuais e trimestrais. Por fim, a terceira perspectiva inspirou-se na análise da relevância dos números contábeis em um momento específico, que é a divulgação dos ajustes de reconciliação do lucro e do patrimônio líquido nas demonstrações contábeis no período de transição entre o padrão contábil brasileiro e as normas IFRS. Salienta-se que os modelos econométricos para verificar essa associação são similares aos adotados na segunda perspectiva (relevância e timeliness). Nessa perspectiva, as evidências indicam que os ajustes de reconciliação do lucro líquido e do patrimônio líquido são relevantes para o mercado de capitais brasileiro. Isso significa que os mesmos eventos econômicos, quando mensurados por diferentes normas contábeis, alteram as expectativas dos investidores acerca dos lucros futuros da empresa e, por conseguinte, modificam os preços. / This study investigates the value-relevance of accounting information before and after the initial convergence process towards international accounting standards in Brazil. A total of 2,277 quarterly observations of all the companies that composed the theoretical portfolio of Ibovespa during a 15-year period, from 1955 to 2009, have been analyzed. The study aims at analyzing this issue from three different perspectives. The first one has a short-term focus, and analyzes the reaction of the Brazilian capital market to the disclosure of financial statements at three different moments: before, during and after the transition from the Brazilian accounting standard (BR_GAAP) to the hybrid standard (BR_GAAP/IFRS). The methodology used in this perspective is the event study. Additionally, the study aims at approaching the companies analyzed in a heterogeneous way, as suggested by Holthausen (2003) and Lopes & Walker (2008). Thus, in the first perspective, there is a segmentation of the research sample according to some markers signing that companies are more likely to provide higher quality accounting information, regardless the accounting rules in Brazil. The aim was to find out whether incentives the companies have to become more informative smooth the impact of adopting a higher quality accounting standard (IFRS). Results have shown that: financial statements have informational content, i.e. they provide new information that is then incorporated into prices; as to the companies from the sample that count on incentives to be more informative (ADR), no differences have been found in their informational content either before or after the beginning of the process of migration to IFRS norms; as to companies from the sample whose good corporate governance practices were measured through the Brazilian Corporate Governance Index (BCGI), results have been inconclusive. The second perspective has turned to a long-term analysis of the association between accounting variables and market variables. This analysis has been carried out in two different, but complementary manners. Through the investigation of the association between accounting information (earnings and equity) and price, the purpose is to identify whether the adoption of a higher quality accounting standard in Brazil (IFRS), despite being partial, increases the level of association between those accounting variables and price. In a complementary way, the value-relevance of the accounting information has also been analyzed, but with a different econometric model: the return model or timeliness. In the second perspective, the results have shown that the value-relevance of the accounting information, as measured through the return and price models, has increased after the partial adoption of IFRS norms in Brazil. These results have been obtained from annual and quarterly data. Finally, the third perspective has been inspired in the analysis of value-relevance of accounting figures at a specific moment, which is the disclosure of adjustments of equity and earnings reconciliation in financial statements along the period of transition from the Brazilian accounting standard to IFRS. We should highlight that the econometric models to check such association are similar to those adopted in the second perspective (value-relevance and timeliness). In this perspective, evidences have shown that the adjustments of earnings and equity reconciliation are value-relevant to the Brazilian capital market. This means that the same economical events, when measured through different accounting norms, both change investors\' expectations as to the future earnings of a company and, consequently, modify prices.

<p>SMEs serve as a backbone to keep an economy going and to boost it up in times of difficult hours like recession, for example. They are considered as the main source of modernization, innovation and entrepreneurial spirit. Like rest of Europe, 99% of enterprises are SMEs in Sweden which form a ratio of approximately 58 SMEs per 1000 inhabitants. Moreover SMEs employ around 60% of Sweden‟s manpower which shows their concern toward social responsibility.</p><p>Several companies irrespective of their size are bound by the statutory rules of a particular country in which they operate to prepare financial reports that conform to specified set of accounting principles. There has been much ongoing debate regarding the suitability of one set of accounting standards in a country for all its operating enterprises, regardless of their size. In July 2009 the International Accounting Standards Board (IASB) published the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs). The IFRS for SMEs is intended to be applied to the general purpose financial statements of entities that do not have public accountability. The main theme of our thesis is to examine the suitability and difficulties faced by SMEs in Sweden towards IFRS for SMEs. Furthermore, this thesis will identify the problems that will be faced by SMEs in Sweden, in the process of adopting IFRS for SMEs. Lastly, this study will be conducted to check whether SMEs in Sweden prefer to choose and use IFRS for SMEs or Swedish GAAP.</p><p>In order to achieve the determined objectives, the study "Assessing the preparedness of small and medium-sized entities in Sweden to adopt International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs)" was conducted. A qualitative research employing semi-structured interviews was carried out with eleven interviews in order to solidify the quality criteria of our research work. Sample was selected based on convenient sampling from Umeå due to the limitations of resources in terms of cost and time; opinions from three different categories of respondents (audit firms, SMEs and experts‟ opinion from the academic perspective) would be gathered. All collected data would be analyzed against the theoretical framework, and with the help of analysis conclusion regarding this study would be drawn.</p><p>Based on the qualitative results, the findings exhibits that SMEs in Sweden are not inclined towards IFRs for SMEs and are not ready in any way to adopt these standards. The Swedish GAAP has been designed over years and all SMEs are very much familiar with the rules and principles applicable in Swedish GAAP. Therefore, according to our research inclination of SMEs in Sweden is towards Swedish GAAP rather than IFRS for SMEs.</p>

SMEs serve as a backbone to keep an economy going and to boost it up in times of difficult hours like recession, for example. They are considered as the main source of modernization, innovation and entrepreneurial spirit. Like rest of Europe, 99% of enterprises are SMEs in Sweden which form a ratio of approximately 58 SMEs per 1000 inhabitants. Moreover SMEs employ around 60% of Sweden‟s manpower which shows their concern toward social responsibility. Several companies irrespective of their size are bound by the statutory rules of a particular country in which they operate to prepare financial reports that conform to specified set of accounting principles. There has been much ongoing debate regarding the suitability of one set of accounting standards in a country for all its operating enterprises, regardless of their size. In July 2009 the International Accounting Standards Board (IASB) published the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs). The IFRS for SMEs is intended to be applied to the general purpose financial statements of entities that do not have public accountability. The main theme of our thesis is to examine the suitability and difficulties faced by SMEs in Sweden towards IFRS for SMEs. Furthermore, this thesis will identify the problems that will be faced by SMEs in Sweden, in the process of adopting IFRS for SMEs. Lastly, this study will be conducted to check whether SMEs in Sweden prefer to choose and use IFRS for SMEs or Swedish GAAP. In order to achieve the determined objectives, the study "Assessing the preparedness of small and medium-sized entities in Sweden to adopt International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs)" was conducted. A qualitative research employing semi-structured interviews was carried out with eleven interviews in order to solidify the quality criteria of our research work. Sample was selected based on convenient sampling from Umeå due to the limitations of resources in terms of cost and time; opinions from three different categories of respondents (audit firms, SMEs and experts‟ opinion from the academic perspective) would be gathered. All collected data would be analyzed against the theoretical framework, and with the help of analysis conclusion regarding this study would be drawn. Based on the qualitative results, the findings exhibits that SMEs in Sweden are not inclined towards IFRs for SMEs and are not ready in any way to adopt these standards. The Swedish GAAP has been designed over years and all SMEs are very much familiar with the rules and principles applicable in Swedish GAAP. Therefore, according to our research inclination of SMEs in Sweden is towards Swedish GAAP rather than IFRS for SMEs.

By utilizing the Case Study Reserch, the J company was selected as the target of research which adopt with IFRS(International Financial Reporting Standards).The all been probed into suitable main points about some variation topics regarding to the financial reports of J company as the examples, to summarize the trial balances with some accounts had been adjusted and showed financial with its impacted amount. The proposal is to suggest to those construction companies and to their investors in accordance to those problems. Due to the J Company adopt IFRS in financial statements, we found some material impacts listed as followed, the stockholder equity increased,widened operational revenue while the fluctuation , current income/loss and the earning per share fluctuated. The result of research shows that early involvement and promotion will be very helpful to identify the issues and find out the solutions by discussing with Certified Public Accountant (CPA) and government authorities. When the adoption of IFRS by the construction companies, it not only has material impact over financial information but it also has hugely influence over their operation performance and their operational models respectively. Therefore the construction companies should cautiously evaluate all confronted problems after the adopted IFRS. The transformation to IFRS is a big process and time-consuming for all of Taiwan¡¦s public listed companies.

I takt med ökad globalisering och ökat ekonomiskt utbyte mellan länder världen över blir det allt viktigare att kunna jämföra information i företagens finansiella rapporter. I Europa har ett led mot ökad jämförbarhet varit krav på börsnoterade företag att följa IFRS, vars målsättning är att skapa en redovisning som är jämförbar och harmoniserad på global nivå. 2007 infördes IFRS 7 Finansiella instrument: Upplysningar, som utvecklades då krav på riskupplysningar inte var tillräckliga i tidigare regelverk. Vid införandet fick regelverket större effekt på banksektorn än andra branscher, då bankernas totala tillgångar och skulder i genomsnitt 90 % utgörs av finansiella instrument. Banker har en central roll i samhället och en koppling till alla individer på ett eller annat sätt. Vår studie syftar till att undersöka hur banker på den svenska bankmarknaden lämnar riskupplysningar enligt kraven från IFRS 7, samt hur svenska banker riskupplyser i jämförelse med de utländska bankerna. Vidare syftar studien till att undersöka om det går att jämföra riskupplysningar och om de har harmoniserat i enlighet med IFRS målsättning. Slutligen, syftar studien till att förstå vad som kan påverka riskupplysningarna som bankerna lämnar. Studien är en kvalitativ undersökning med ett mindre urval banker från den svenska bankmarknaden, baserad på åren 2007 och 2012. Studien går på djupet och undersöker variabler framtagna med hjälp av IFRS 7, med fokus på de vanligt förekommande riskerna kredit-, likviditets- och marknadsrisk. Vi har mätt riskupplysningarna och jämförbarheten genom att räkna antal sidor, antal ord, diagram/tabeller och studera presentationstekniken i bankernas årsredovisningar. Studiens resultat och slutsatser visar på att mängden riskupplysningar generellt ökat från 2007 då IFRS 7 infördes till 2012. IFRS närmar sig målsättningen med jämförbarhet i riskupplysningar, men är än idag inte perfekt. 2007 gick det att jämföra bankernas riskupplysningar vid 21 av totalt 49 tillfällen, vilket blev bättre 2012 då det gick vid 31 tillfällen. Det som kan påverka riskupplysningar är viljan från ledningen att lämna riskupplysningar och påtryckningar från bankernas omgivning. En händelse som kan påverkat utvecklingen av riskupplysningarna är den senaste finanskrisen där banksektorn hade en central roll. / With increased globalization and increased economic exchange between countries around the world, it becomes increasingly important to be able to compare information in corporate financial statements. In Europe, a step towards increased comparability has been the requirement for listed companies to follow IFRS. IFRS objective is to become an accounting standard that is comparable and harmonized at a global level. 2007, IFRS 7 Financial Instruments: Disclosures was introduced, because the requirements for risk disclosures in previous regulations were not adequate. When IFRS 7 was introduced it got greater impact on the banking industry than other industries, because the banks' total assets and liabilities on average consist of 90% financial instruments. Banks has a central role in the community and has a connection to all individuals in one way or another. Our study aims to examine how banks in the Swedish banking market risk disclosures as required by IFRS 7, and how Swedish banks risk disclosures in comparison with the foreign banks. Furthermore, the study aims to examine whether it is possible to compare the risk disclosures and if they have harmonized in accordance with IFRS objective. Finally, the study aims to understand what can affect the risk disclosures by banks. The study is a qualitative study with a smaller sample banks from the Swedish banking market, based on the years 2007 and 2012. Study examines using variables produced from IFRS 7, with a focus on the most common risks of credit, liquidity and market risk. We have measured the risk disclosures and comparability by counting the number of pages, number of words, graphs / tables and study presentation methods in the banks' annual reports. The study's results and conclusions show that the amount of risk disclosures generally increased from 2007 to 2012. IFRS is getting close to the objective of comparability of risk disclosures, but is still not perfect. In 2007 it was possible to compare banks' risk disclosures at 21 of a total of 49 occasions, which increased to 31 occasions in 2012. What may have affected risk discolsures is the willingness of management to provide risk disclosures and pressure from the banks surroundings. The recent financial crisis, where the banking sector had a central role, may have influenced the development of risk disclosures.

Esta pesquisa investigou as motivações econômicas que explicam o nível de reconhecimento dos tributos diferidos sobre o lucro nas companhias abertas brasileiras no período inicial de adoção das IFRS no Brasil e da vigência obrigatória do Regime Tributário de Transição. Foram selecionadas companhias abertas não financeiras brasileiras componentes no índice IBrX 100, sendo identificadas 68 companhias nos anos de 2010 à 2013 compreendendo assim 272 observações. A análise descritiva dos dados evidenciou que o montante dos passivos fiscais diferidos foi superior ao montante dos ativos fiscais diferidos em todos os anos pesquisados, situação esta que contrata com o cenário pré-IFRS onde existiam menos passivos fiscais diferidos devido às reduzidas opções de exclusões temporárias, e que os ativos fiscais diferidos são majoritariamente oriundos de diferenças temporárias, porém ocorrendo um crescimento maior dos créditos fiscais referentes a prejuízos fiscais no período combinado com uma evolução maior dos ativos fiscais totais do que dos passivos fiscais diferidos. Por meio da análise multivariada de regressão múltipla com dados em painel foi possível constatar que: (i) não há relacionamento significativo entre o reconhecimento de tributos diferidos e o endividamento da empresa, isto é, não existe evidência que as companhias utilizem os tributos diferidos com a finalidade de influenciar o nível de endividamento, apesar da possibilidade de quebra de covenants e, consequentemente, aumento de seu risco de crédito, (ii) as maiores empresas tendem a registrar um valor menor de ativos fiscais diferidos líquidos de forma a reduzir seus lucros e divulgar sua sobretaxação a fim de reduzir sua exposição pública, e (iii) as empresas menos lucrativas são propensas a reconhecer um montante maior de ativos fiscais diferidos líquidos para, presumivelmente, atenuar o baixo resultado da empresa e com isso mascarar o seu fraco desempenho, e também, por outro lado, as companhias que possuem maior rentabilidade tendem a registrar valores menores de ativos fiscais diferidos líquidos no sentido de reduzir o lucro, e com isso, diminuir seus custos políticos. Assim, os resultados obtidos sugerem que as empresas utilizam a discricionariedade proporcionada pela regulação contábil dos tributos diferidos para atingir seus objetivos e demandas, no sentido de reduzir sua exposição pública e melhorar sua rentabilidade. / This research investigated the economic motivations that explain the level of recognition of deferred income taxes in the Brazilian companies during initial adoption of IFRS in Brazil and the mandatory term of the Transitional Tax Regime. Non-financial public companies were selected in the index IBrX 100, 68 companies were identified from 2010 to 2013 comprising 272 observations. The descriptive analysis of the data indicated that the amount of deferred tax liabilities was greater than the amount of deferred tax assets in all years studied, a situation that contracts with the pre-IFRS scenario where there were fewer deferred tax liabilities due to reduced options of temporary exclusions and that the deferred tax assets are mainly arising from temporary differences, however there was further growth of tax credits related to tax losses in the period combined with a greater increase in total tax assets than deferred tax liabilities. In the multivariate multiple regression analysis with panel data it was found that: (i) there is no significant relationship between the recognition of deferred taxes and the debts of the Company, that is, there is no evidence that companies use deferred taxes for the purpose of influencing the level of debt, despite the possibility of covenants be broken and, consequently, increase its credit risk, (ii) larger firms tend to register a lower value of net deferred tax assets to reduce their profits and disclose their overcharge in order to reduce public exposure, and (iii) the least profitable firms are likely to recognize a greater amount of net deferred tax assets for presumably mitigate the low result of the company and thus mask their poor performance and also, on the other hand, companies that have higher profitability tend to register lower values of net deferred tax assets to reduce profit, and thus, lower their political costs. Thus, the results suggest that companies use discretion provided by the accounting regulation of deferred taxes to achieve their goals and demands, to reduce public exposure and improve its profitability.

The Full IFRS caters to the needs of shareholding corporations and their investors, which also led to incurring high cost especially for SMEs due to the requirements of financial reporting constructed for public companies as it is very complex and requires a high amount of disclosure (Fearnley and Hines, 2007, Haller and Eirle, 2008, Eierle and Haller, 2009). Hence, for the purpose of reducing essentially the reporting burdens facing SMEs, IASB in 2009 issued IFRS for SMEs. This study aims to investigate the relevance and suitability of IFRS for SMEs in Jordan. It will also analyse the current problems faced by Jordanian SMEs in the light of applying the current IFRSs, furthermore, the expected benefits from applying IFRS for SMEs, will be addressed. A total of 10 interviews with external auditors were conducted to test the ground and determine the relevant topics within IFRS for SMEs in Jordanian SMEs context. In addition to that, a total of 605 questionnaires were distributed to external auditors and financial managers of SMEs who prepare financial statements based on full IFRS. The overall outcomes reveal that managers; banks and creditors; public authorities; and analysts were the most frequent and important SMEs’ financial information users while both employees and shareholders were found as rare users of financial statements presented by SMEs. Furthermore, the current applied standards are substantially characterised to embrace many problems such as; the complexity of measurements and recognitions; high disclosures requirements; making inappropriate decisions and other issues pertaining to preparing financial reports. On the other hand, although the respondents especially the auditors group were evidently worried about several potential obstacles that may impede the effective application of IFRS for SMEs, both groups of users were obviously optimistic about the capability of IFRS for SMEs to mitigate the aforementioned problems and to enhance the accounting practice in terms of preparing and using the financial information. With respect to topics from full IFRS that have been omitted in IFRS for SMEs, all respondents agreed to exclude these topics from the IFRS for SMEs’ content due to the irrelevance of these topics to SMEs’ context. Likewise, the overall participants approved on the most proposals under IFRS for SMEs compared to those based on full IFRS except the suggestion associated with measuring some kind of assets, for instance; investment property; intangible; property; plant and equipment, which were rejected only by the group of managers while several proposals regarding expensing some kind of costs instead of capitalise them as well as lease matters were neither agreed nor disagreed by respondents. Finally the majority of responses show that both groups were willing to adopt IFRS for SMEs. The key contribution provided evidences as to whether the adoption of IFRS for SMEs would be a necessary undertaking. Thus, a recommendation were mainly made to the standard-setters on the basis of preparers’ perceptions of the importance of applying such financial standards.