Novos Índices Contábeis Para Avaliar a Qualidade de Demonstrativos Financeiros ('New Accounting Indices to Evaluate the Quality of Financial Statements')

XLIII Encontro da ANPAD - EnANPAD 2019

17 Pages Posted: 24 Oct 2019

See all articles by Marcelo Henriques-de-Brito

Marcelo Henriques-de-Brito

Ibmec-RJ Business School; Probatus Consultoria Ltda

Ana Beatriz Gomes de Mello Moraes

Ibmec-RJ Business School

Claudio Ulysses Ferreira Coelho

Ibmec-RJ Business School

Bruno Guerra Ramos

Ibmec-RJ Business School

Date Written: May 20, 2019

Abstract

Portuguese Abstract: Este artigo propõe um novo método para medir a qualidade dos resultados de demonstrativos financeiros após desenvolver um procedimento descrito por Ciesielski (2017). Trata-se de uma metodologia modificada e ampliada visto que acrescenta à proposta original dois índices adicionais, além de propor acrônimos para os indicadores, parâmetros e índices, os quais facilitam o manuseio de dados e a interpretação dos resultados. A aplicação do novo método considerou dados trimestrais entre 2012 a 2018 para as empresas Petrobras, Vale,Usiminas, Eternit e OGX. O método exposto neste artigo e que foi denominado CFAM baseia-se na avaliação quantitativa da extensão do descasamento entre os fluxos de caixa eos registros dos lançamentos contábeis por competência. A identificada tendência de regressão à média (valor zero) do índice ARAD proposto neste artigo possibilita constatar a utilidade deste índice como uma ferramenta para avaliar a qualidade de demonstrativos financeiros. Os resultados apresentados de longas séries históricas de diversas empresas revelam que o Método CFAM de análise contábil parece ser uma ferramenta eficaz para avaliar a credibilidade de resultados de demonstrativos financeiros e até para detectar antecipadamente eventuais problemas ou mesmo possíveis manipulações.

English Abstract: This paper introduces a new method for measuring the quality of financial statements after developing a procedure that is described by Ciesielski (2017). There is a modified and expanded method, since it adds to the original procedure two additional indices, besides proposing acronyms for the indicators, parameters and indices, which facilitate both data handling and the interpretation of the results. The application of the new method employed quarterly data from 2012 to 2018 for the companies: Petrobras, Vale, Usiminas, Eternit and OGX. The method described in this article, which was called CFAM, is based on the quantitative assessment of the extent of mismatch between cash flows and accrual accounting entries. The identified trend of regression to the mean (zero value) of the ARAD index introduced in this paper makes it possible to verify the usefulness of this index as a tool to evaluate the quality of financial statements. The presented results using long historical series of several companies reveal that the CFAM Method for accounting analysis seems to be an effective tool to evaluate the credibility of financial statement results and even to detect in advance possible problems or even possible manipulations.


The procedure exemplified by CIESIELSKI (2017) that inspired this article is amid a required reading in the CFA Program Curriculum Level II (offered by CFA Institute), noting that the CIESIELSKI procedure (2017) is illustrated with data from Nestlé annual financial statements in the context of a case study "without anomalies”. On the other hand, this article presented at EnANPAD 2019 adds to the original proposal two additional indices, suggests acronyms for the indicators, parameters and indices, and illustrates the denominated “CFAM Method” ("Cash Flow Accruals Method", with data from quarterly financial statements of “controversial” companies listed on the Brazilian stock exchange B3, being hence more than that a simple application of the procedure applied by CIESIELSKI (2017), because there is an additional creative process.

Note: Downloadable document is in Portuguese.

Keywords: Gerenciamento de resultados contábeis, disclosure, análise de demonstrativos financeiros, relações com investidores, finanças corporativas, earnings management, disclosure, financial statement analysis, investor relations, corporate finance

JEL Classification: M41, G30

Suggested Citation

Henriques-de-Brito, Marcelo and Gomes de Mello Moraes, Ana Beatriz and ULYSSES FERREIRA COELHO, CLAUDIO and Guerra Ramos, Bruno, Novos Índices Contábeis Para Avaliar a Qualidade de Demonstrativos Financeiros ('New Accounting Indices to Evaluate the Quality of Financial Statements') (May 20, 2019). XLIII Encontro da ANPAD - EnANPAD 2019. Available at SSRN: https://ssrn.com/abstract=3466400

Marcelo Henriques-de-Brito (Contact Author)

Ibmec-RJ Business School ( email )

Av. Presidente Wilson, 118
Rio de Janeiro - RJ, 20030-020
Brazil
+5521982256686 (Phone)

HOME PAGE: http://www.ibmecrj.br

Probatus Consultoria Ltda ( email )

Av.Nsa.Sra. Copacabana,1059 sala 902
Rio de Janeiro – RJ, 22060-001
Brazil
+552125225815 (Phone)

HOME PAGE: http://www.probatus.com.br

Ana Beatriz Gomes de Mello Moraes

Ibmec-RJ Business School ( email )

Av. Presidente Wilson, 118
Rio de Janeiro - RJ, 20030-020
Brazil

CLAUDIO ULYSSES FERREIRA COELHO

Ibmec-RJ Business School ( email )

Av. Presidente Wilson, 118
Rio de Janeiro - RJ, 20030-020
Brazil

Bruno Guerra Ramos

Ibmec-RJ Business School ( email )

Av. Presidente Wilson, 118
Rio de Janeiro - RJ, 20030-020
Brazil

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