Table 12 - uploaded by Carlos Pinho
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IASB has defined in IFRS 7-Financial Instruments: Disclosures" and in IFRS 13 "Fair Value Measurement", the set of disclosures that a company must make regarding the fair value measurement techniques used. The fair value hierarchy concept, introduced in IFRS 7 in 2009, classifies the data used in the measurement according to three levels, of which...
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... Despite the existence of research that covers a given (or some) standard, covering different assets and liabilities that can be measured at a current value under several IAS and IFRS [namely on IFRS 13 (Alkababji, 2016;Kasyan et al., 2018), IAS 19 (Ali et al., 2004;Fahad et al., 2020;Santos et al., 2014;Street & Gray, 2002;Tsalavoutas, 2011), IAS 36 (Glaum et al. 2013;Paugam et al., 2013;Santos et al., 2014;Tsalavoutas, 2011), and IAS 37 (Santos et al., 2014;Tsalavoutas, 2011)], none studies were identified that assess disclosures related to discount rate in a broader perspective. Thus, this study contributes in this regard. ...
... Through the literature review, it was also found that the analysis on financial information disclosures is considerably more abundant when the topic is related to MD than VD (Ali et al., 2004;Alkababji, 2016;Fahad et al., 2020;Glaum et al., 2013;Hassan & Marston, 2010;Healy & Palepu, 2001;Kasyan et al., 2018;Lopes & Rodrigues, 2007;Meek et al., 1995;Paugam et al., 2013;Santos et al., 2014;Street & Gray, 2002;Tsalavoutas, 2011). Furthermore, despite the significant number of studies on VDs covering different topics [see, for instance, Zamil et al. (in press)], there are still gaps in what concerns specific matters related to financial information for which some requirements are missing in IAS and IFRS, such as discount rates, the object of this research. ...
... As regards the relevance, it should be noted that the IASB itself identifies inconsistencies motivated by a lack of specific guidance in some of the IAS/IFRS that may lead to different levels of disclosure (IASB, 2019). Through the literature, it is also possible to see that the level of disclosures is different according to the standards under analysis, either in Portugal (Kasyan et al., 2018) or in other markets (Alkababji, 2016;Fahad et al., 2020;Glaum et al.,2013;Paugam et al., 2013). Such divergences can be potentially explained by the different methodologies, periods, and samples used, but also by the different materials involved. ...
This paper aims to identify the explanatory factors of mandatory disclosure (MD) and voluntary disclosure (VD) levels related to discount rates, based on disclosure theories. The size, leverage, profitability, and audit firms were selected from different theories, namely agency theory, signaling theory, positive accounting theory, including the political cost hypothesis, and the cost of capital theory. Furthermore, the materiality (weight of the items) and the relevance (nature) of the topic were also considered, based on the evidence already obtained in the literature. Research on disclosures related to discount rates has been assessed either as an incidental topic or from a limited-scope analysis, particularly with respect to MDs. This paper assesses this topic as its specific object of analysis for both MD and VD. The use of the discount rate has been assuming growing importance within financial reporting. Therefore, this topic should deserve particular attention from international standard-setting bodies. The understanding of the proper set of items to be disclosed and understanding the factors that explain its disclosure, aligned with the efforts to assure its compliance by legal authorities, may contribute to reducing asymmetries and increasing transparency in entities' financial reporting. This study uses the method of archival research and content analysis of consolidated reports and accounts for the year 2020 of listed entities in Euronext Lisboa. Regression models were used, having disclosure indices related to discount rates as dependent variables. This paper finds a positive association between disclosures related to discount rates and the entity’s size, as well as the materiality and the relevance, assessed by the weight of the items and the nature of the topic under assessment, respectively. It adds new explanatory factors on the VDs and MDs related to discount rates in a broader perspective of analysis.
... Apesar da existência de pesquisas que cobrem uma determinada norma (ou algumas normas), abarcando diferentes ativos e passivos que podem ser mensurados ao valor atual sob várias IAS e IFRS [a saber, sobre a IFRS 13 (Alkababji, 2016;Kasyan et al., 2018), IAS 19 (Ali et al., 2004;Fahad et al., 2020;Santos et al., 2014;Street & Gray, 2002;Tsalavoutas, 2011), IAS 36 (Glaum et al. 2013;Paugam et al., 2013;Santos et al., 2014;Tsalavoutas, 2011), e IAS 37 (Santos et al., 2014;Tsalavoutas, 2011)], não foram identificados estudos que avaliem as divulgações relacionadas à taxa de desconto numa perspectiva mais ampla. Assim, este estudo contribui nesse sentido. ...
... Através da revisão da literatura, também se descobriu que a análise sobre a divulgação de informações financeiras é consideravelmente mais abundante quando o tópico está relacionado às DOs do que às DVs (Ali et al., 2004;Alkababji, 2016;Fahad et al., 2020;Glaum et al., 2013;Hassan & Marston, 2010;Healy & Palepu, 2001;Kasyan et al., 2018;Lopes & Rodrigues, 2007;Meek et al., 1995;Paugam et al., 2013;Santos et al., 2014;Street & Gray, 2002;Tsalavoutas, 2011). Além disso, apesar do número significativo de estudos sobre DVs que cobrem diferentes tópicos [ver, por exemplo, Zamil et al. (no prelo)], ainda há lacunas no que diz respeito a questões específicas relacionadas a informações financeiras para as quais alguns requisitos estão ausentes nas IAS e IFRS, tais como taxas de desconto, o objeto desta pesquisa. ...
... Quanto à relevância, deve-se observar que o próprio IASB identifica inconsistências motivadas pela falta de orientação específica em algumas das IAS/IFRS que podem levar a diferentes níveis de divulgação (IASB, 2019). Através da literatura, também é possível observar que o nível de divulgação difere segundo os padrões em análise, tanto em Portugal (Kasyan et al., 2018), como em outros mercados (Alkababji, 2016;Fahad et al., 2020;Glaum et al., 2013;Paugam et al., 2013). Tais divergências podem ser potencialmente explicadas pelas diferentes metodologias, períodos e amostras utilizadas, mas também pelas diferentes matérias envolvidas. ...
This paper aims to identify the explanatory factors of mandatory disclosure (MD) and voluntary disclosure (VD) levels related to discount rates, based on disclosure theories. The size, leverage, profitability, and audit firms were selected from different theories, namely agency theory, signaling theory, positive accounting theory, including the political cost hypothesis, and the cost of capital theory. Furthermore, the materiality (weight of the items) and the relevance (nature) of the topic were also considered, based on the evidence already obtained in the literature. Research on disclosures related to discount rates has been assessed either as an incidental topic or from a limited-scope analysis, particularly with respect to MDs. This paper assesses this topic as its specific object of analysis for both MD and VD. The use of the discount rate has been assuming growing importance within financial reporting. Therefore, this topic should deserve particular attention from international standard-setting bodies. The understanding of the proper set of items to be disclosed and understanding the factors that explain its disclosure, aligned with the efforts to assure its compliance by legal authorities, may contribute to reducing asymmetries and increasing transparency in entities' financial reporting. This study uses the method of archival research and content analysis of consolidated reports and accounts for the year 2020 of listed entities in Euronext Lisboa. Regression models were used, having disclosure indices related to discount rates as dependent variables. This paper finds a positive association between disclosures related to discount rates and the entity’s size, as well as the materiality and the relevance, assessed by the weight of the items and the nature of the topic under assessment, respectively. It adds new explanatory factors on the VDs and MDs related to discount rates in a broader perspective of analysis.
Keywords:
disclosure; Portuguese stock market; explanatory factors; discount rates; present value
Ülkemizde, uluslararası muhasebe standartları ile uyumlu iki farklı muhasebe standardı uygulaması mevcuttur. Bu standartlar, 2006 yılında uygulanmaya başlayan Türkiye Muhasebe ve Finansal Raporlama Standardı (TMS/TFRS) ve 2018 yılında uygulanmaya başlayan Büyük ve Orta Boy İşletmeler İçin Finansal Raporlama Standardıdır (BOBİ-FRS). Finansal bilgi kullanıcılarına, ihtiyaca uygun ve karşılaştırılabilir bilgi sunumunu hedefleyen muhasebe sürecinin önemli işlemlerinden biride ölçümleme uygulamasıdır. Bu bağlamda, standartlara göre varlık ve yükümlülük hesaplarına ait ölçüm esaslarının örnek muhasebe kayıtları ile birlikte açıklanması çalışmanın amacını oluşturmaktadır. Sonuç olarak her iki standart uygulamasında da varlık ve yükümlüklerin ölçümlemesi esaslarının birbiriyle uyumlu olduğu görülmektedir. İşletmelerin varlıklarını ve yükümlülüklerini gerçeğe uygun değeriyle ölçümlendikleri tespit edilmiştir.
