Impact of Convergence to IFRS in the Financial Analysis: A Study in Brazilian Companies of Open Capital

Abstract

The harmonization of accounting systems has a fundamental role in the development of the companies financial analysis, since the disclosure of clearer and understandable information decreases the asymmetry, helping investors to take their decisions. Moreover, the convergence process, until its complete assimilation by the users of financial statements, may produce difficulties in the financial analysis to reflect changes made in the accounts. In this sense, this article aims to analyze the impact on economic and financial indicators of open Brazilian companies before the presentation of financial statements in IFRS model. Through a descriptive search with quantitative approach, the existence of correlation between indicators calculated from the financial statements was verified, prepared in accordance with Brazilian accounting standards and calculated in accordance with IFRS. Obtaining the sample consisted of companies selection classified into levels of corporate governance of Bovespa, which reported their 2008 statements under IFRS model. The results showed that there are differences among the indicators calculated based on the financial statements prepared in accordance with each accounting standard. Through the correlation analysis and Chi-Square test, it was verified that the economic and financial indicators are not affected of a statistically significant manner by differences between Brazilian accounting standards and international, demonstrating absence of information asymmetry in the survey companies.