Accounting regulation and disclosure of operational information using derivative financial instruments: an analysis of CVM n. 566/08 and CVM n. 475/08 impact on Brazilian open companies disclosure
DOI:
https://doi.org/10.11606/rco.v3i6.34738Keywords:
accounting regulation, derivative financial instruments, disclosureAbstract
The objective of this paper is to analyze the impact of CVM 566/08 Deliberation and CVM 475/08 Instruction on the disclosure of information of operations with derivative financial instruments of open capital Brazilian companies. To do so, a measure based on these rules was elaborated. This measure was composed by four categories and 22 subcategories: qualitative information (5), quantitative information (6), derivatives values (5) and sensitiveness analysis (6). Through the content analysis technique, we seek to analyze the accounting demonstrations from companies on the year 2007, before the approval of the rules, and on 2008, after the approval of the rules. The idea was to compare the level of disclosure of the operational information of derivative financial instruments ex ante and ex post. The sample is composed by the larger non-financial companies listed by BOVESPA - São Paulo Stock Market. Among the main results, it is possible to highlight: (i) tem companies did not mention derivatives on their 2007 Notes; (ii) less than 50% of the companies published to their users the effects of the initial CVM 566 adoption; (iii) the analysis of sensitiveness board was evident by none of the companies on 2007, but evidenced by 90% of them on the year 2008; (iv) the most part of the companies divulged the fair value of their derivatives, but only 33,33% of them showed the evaluation criteria and the measurement used to calculate these values on 2008. The conclusion is that there had been an improvement on companies' disclosure, although they do not divulge the information demanded by the rules integrally.Downloads
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