Um Ensaio Sobre a Adoção das International Financial Reporting Standards em Covenants Contratuais

Aziz Xavier Beiruth; Luiz Paulo Lopes Fávero

doi:10.7444/322

Um Ensaio Sobre a Adoção das International Financial Reporting Standards em Covenants Contratuais

Aziz Xavier Beiruth, Luiz Paulo Lopes Fávero

Resumo

OBJETIVO
A adoção das normas internacionais de contabilidade (IFRS) no Brasil altera diversas relações pré-existentes no mercado financeiro. Neste sentido, o objetivo do presente trabalho é aprofundar a análise dos impactos causados pela adoção das IFRS no mercado de crédito, com base em cláusulas contratuais restritivas (covenants).

METODOLOGIA
A metodologia consiste em apresentar um ensaio a partir de uma revisão da literatura proveniente de países que já adotaram as IFRS há mais tempo que o Brasil.

RESULTADOS E CONCLUSÕES
Os resultados encontrados permitem concluir que existe uma menor utilização de covenants elaborados com base em números contábeis, além da existência de diferenças nos impactos causados pela adoção das IFRS nos diversos países pesquisados. Neste sentido, a redução da utilização de cláusulas restritivas com base em informações contábeis mostra certo receio inicial de fornecedores de recursos com as novas normas contábeis, visto que estas permitem maior possibilidade de contabilização a partir de critérios subjetivos.

IMPLICAÇÕES PRÁTICAS
O entendimento sobre os impactos causados pela adoção de novas normas contábeis nos covenants é relevante para a tomada de decisões no mercado de crédito e no fornecimento de recursos às empresas, e pode fazer com que sejam antecipadas possíveis dificuldades que fornecedores de recursos e empresas que captam dívida por meio de contratos enfrentam e poderão enfrentar com a adoção das IFRS.

PALAVRAS-CHAVE
IFRS, covenants, mercado de crédito, mercado de capitais.

AN ESSAY ON THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN COVENANTS CONTRACT

OBJECTIVE
The adoption of international financial reporting standards (IFRS) in Brazil changes several pre-existing relations in the financial market. In this sense, this study aims to analyze the impacts caused by the adoption of IFRS in the credit market, more specifically in restrictive clauses (covenants).

METHODOLOGY
This study presents a literature review from countries that have adopted IFRS longer than Brazil.

RESULTS AND CONCLUSIONS
The found results allow us to conclude that there is less use of covenants based on accounting numbers and differences in impacts caused for adoption in several of the investigated countries. In this sense, the reduction of the use of covenants based on accounting information shows a certain initial fear of new accounting standards, due to the fact that they allow a broader subjective accountability.

PRACTICAL IMPLICATIONS
The impact caused by the adoption of new accounting standards is relevant for decision making in credit markets. Therefore, one can anticipate possible difficulties that resources’ vendors and companies that capture debt through contracts face and will face in the future with the adoption of IFRS.

KEYWORDS
IFRS, covenants, credit market, financial market.

Referências

BALL, R.; ROBIN, A.; SADKA, G. (2006). Are timeliness and conservatism due to debt or equity markets? An international test of “contracting” and “value relevance”. Theories of Accounting. Manuscript, University of Chicago.

BALL, R.; SHIVAKUMAR, L. (2005). Earnings quality in U.K. private firms. Journal of Accounting and Economics, 39, 83-128.

BALL, R.; ROBIN, A.; SADKA, G. (2008). Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism. Review of Accounting Studies, 13, 168-205.

BALL, R.; LI, X.; SHIVAKUMAR, L. (2013). Mandatory IFRS adoption, fair value accounting and accounting information in debt contracts. Fair Value Accounting and Accounting Information in Debt Contracts (September 11, 2013).

BARTH, M. E.; LANDSMAN, W. R.; LANG, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46, 467-498.

BECKMAN, J.; BRANDES, C.; EIERLE, B. (2007). German reporting practices: an analysis of reconciliation from German commercial code to IFRS or US GAAP. Advances in International Accounting, 20, 253-294.

BEGLEY, J.; FELTHAM, G. A. (1999). An empirical examination of the relation between debt contracts and management incentives. Journal of Accounting and Economics, 27, 229-259.

BHARATH, S. T.; SUNDER, J.; SUNDER, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28.

BHARATH, S. T.; DAHIYA, S.; SAUNDERS, A.; SRINIVASAN, A. (2009). Lending relationships and loan contract terms. Review of Financial Studies, hhp064.

BORGES, L. F. X. (1999). Covenants: instrumento de garantia em Project Finance. Revista BNDES. Rio de Janeiro, n. 11.

BRAGA, J. P.; ARAUJO, M. B. V., MACEDO, M. A. S.; CORRAR, L. J. (2011). Análise do impacto das mudanças nas normas contábeis Brasileiras: um estudo comparativo dos indicadores econômico-financeiros de companhias brasileiras para o ano de 2007. Revista Contemporânea em Contabilidade, 8(15), 105-128.

BRASIL. Lei n.º 11.101, de 9 de fevereiro de 2005. Lei de Falências e De Recuperação de Empresas Diário Oficial da União, Brasília, DF, 9 fev 2005.

BANCO MUNDIAL, Doing Business in 2005 - Removing Obstacles to Growth , 2005 Disponivel em: http://www.doingbusiness.org/~/media/FPDKM/Doing%20Business/ Documents/Annual-Reports/English/DB05-FullReport.pdf

CARMO, C. H. S. (2014). Lobbying na regulação contábil internacional: uma análise do processo de elaboração da norma sobre reconhecimento de receitas. Tese de Doutorado, Faculdade de Economia, Administração e Ciências Contábeis, Universidade de São Paulo, São Paulo.

CHAVA, S.; ROBERTS, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance, 63(5), 2085-2121.

CHAVA, S.; KUMAR, P.; WARGA, A. (2010). Managerial agency and bond covenants. Review of Financial Studies, 23(3), 1120-1148.

CHEN, T. Y.; CHIN, C. L.; WANG, S.; YAO, C. (2013). The effect of mandatory IFRS adoption on bank loan contracting. Available at SSRN 2159001.

CHEN, KEVIN C. W.; WEI, K. C. (1993). ‘Creditors’ decisions to waive violations of accounting- based debt covenants. The Accounting Review, 68, 218-232.

CHRISTENSEN, H. B.; NIKOLAEV, V. V. (2012). Capital versus performance covenants in debt contracts. Journal of Accounting Research, 50(1), 75-116.

COSTELLO, A. M. (2011). The impact of financial reporting quality on debt contracting: evidence from internal control weakness reports. Journal of Accounting Research, 49(1), 97-136.

CUIJPERS, R.; BUIJINK, W. (2005). Voluntary adoption of non-local GAAP in the European Union: a study of determinants and consequences. European Accounting Review, 14(3), p. 487-524.

DASKE, H. et al. Adopting a label: heterogeneity in the economic consequences of IFRS adoptions. 2008.

DASKE, H.; HAIL, L.; LEUZ, C.; VERDI, R. (2008). Mandatory IFRS reporting around the world: early evidence on the economic consequences. Journal of Accounting Research, 46, 1085-1142.

DEFOND M.; HU, X.; HUNG, M.; LI, S. (2011). The impact of IFRS adoption on U.S. mutual fund ownership: the role of comparability. Journal of Accounting and Economics, 51, 240-258.

DENIS, D.Y.; MIHOV, V. T. (2003). The choice among bank debt, non-bank private debt and public debt: evidence from new corporate borrowings. Journal of Financial Economics, 70(1), 3-28.

DEMERJIAN, P. R. (2011). Accounting standards and debt covenants: has the ‘balance sheet approach’ led to a decline in the use of balance sheet covenants? Journal of Accounting and Economics, 52(2-3), 178-202, 2011.

DEMERJIAN, P. R. (2014). Uncertainty and debt covenants. Available at SSRN 2066731.

DEMIROGLU, C.; JAMES, C. M. (2010). The information content of bank loan covenants. Review of Financial Studies, 23(10), 3700-3737.

ERNSTBERGER, J.; VOGLER, O. (2008). Analyzing the German accounting triad - “accounting premium” for IAS/IFRS and U.S. GAAP vis-à-vis German GAAP? The International Journal of Accounting, 43, 339-386.

FLOROU, A.; KOSI, U. (2009). The economic consequences of mandatory IFRS adoption for debt financing. Working paper, University of Macedonia and Lancaster University.

FLOROU, A.; POPE, P. F. (2012). Mandatory IFRS adoption and investor asset allocation decisions. The Accounting Review,

FRANKEL, R.; LITOV, L. (2007). Financial accounting characteristics and debt covenants. SSRN eLibrary.

GARLEANU, N.; ZWIEBEL, J. (2009). Design and renegotiation of debt covenants. Review of Financial Studies, 22(2) 749-781.

GRAHAM, J.; LEARY, M.; ROBERTS, M. (2013). A century of capital structure: the leveraging of corporate America. Working Paper.

GUAY, W. R. (2008). Conservative financial reporting, debt covenants, and the agency costs of debt. Journal of Accounting and Economics, 45(2), 175-180.

HAIL, L.; LEUZ, C.; WYSOCKI, P. Global accounting convergence and the potential adoption of IFRS by the United States: an analysis of economic and policy factors. Working Paper, 2009. Disponível em: http://ssrn.com/abstract=1357331.

HAIL, L.; LEUZ, C.; WYSOCKI, P. D. (2010). Global accounting convergence and the potential adoption of IFRS by the U.S. (Part I): conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355-394.

HOLTHAUSEN, R. W.; WATTS, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31, 3-75.

HOUQE, N.; MONEM, R.; CLARKSON, P. (2013). Understanding IFRS adoption: a review of current debate and consequences. FIRN Research Paper.

LI. S. (2010). Does mandatory adoption of international financial reporting standards in the European Union reduce the cost of equity capital? The Accounting Review, 85(2), 607-636.

LOPES, A. B.; WALKER, M. (2008). Firm-Level incentives and the informativeness of accounting reports: an experiment in Brazil. Available at SSRN 1095781.

MATHER, P.; PEIRSON, G. (2006). Financial covenants in the markets for public and private debt. Accounting and Finance, 46(2), 285-307.

NASH, R. C.; NETTER, J. M.; POULSEN, A. B. (2003). Determinants of contractual relations between shareholders and bondholders: investment opportunities and restrictive covenants. Journal of Corporate Finance, 9(2), 201-232.

NIKOLAEV, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 51-89.

NINI, G.; SMITH, D. C.; SUFI, A. (2009). Creditor control rights and firm investment policy. Journal of Financial Economics, 92(3), 400-420.

NINI, G.; SMITH, D. C.; SUFI, A. (2012). Creditor control rights, corporate governance, and firm value. Review of Financial Studies, 25(6), 1713-1761.

ORMROD, P.; TAYLOR, P. (2004). The impact of the change to International accounting standards on debt covenants: a UK perspective. Accounting in Europe, 1, 71-94.

PAULO, E. (2007). Manipulação das informações contábeis: uma análise teórica e empírica sobre os modelos operacionais de detecção de gerenciamento de resultados. Tese de Doutorado em Ciências Contábeis, Departamento de Contabilidade e Atuária, Universidade de São Paulo, São Paulo, SP, Brasil.

RAMSAY, I.; SIDHU, B. (1998). Accounting and non-accounting based information in the market for debt: evidence from Australian private debt contracts. Accounting and Finance, 38(2), 197-221.

ROBERTS, M. R.; SUFI, A. (2009). Control rights and capital structure: an empirical investigation. Journal of Finance, 64(4), 1657-1695.

SANTANA, V. F.; SARQUIS, R. W.; LOURENÇO, I.; SALOTTI, B. M.; MURCIA, F. D. (2014). Economic effects of IFRS adoption in Brazil: an empirical analysis of stock price synchronicity. Available at SSRN: http://ssrn.com/abstract=2383363.

SANTOS, E. S. (2012). Análise dos impactos dos CPCS da primeira fase de transição para o IFRS no Brasil: um exame dos ajustes aos resultados nas DFPS de 2008. Revista de Contabilidade e Organizações, 6(15), 23-43.

SCHLEICHER, T.; TAHOUN, A.; WALKER, M. (2010) IFRS adoption in Europe and investment-cash flow sensitivity: outsider versus insider economics. The International Journal of Accounting, 45(2), 143-168.

SMITH, C.; WARNER, J. (1979). On financial contracting: an analysis of bond covenants. Journal of Financial Economics, 7, 117-161.

STOKES, D.; TAY, K. L. (1988). Restrictive covenants and accounting information in the market for convertible notes: further evidence. Accounting and Finance, 28, 57-73.

TAN, H.; WANG, S.; WELKER, M. (2011). Analyst following and forecast accuracy after mandated IFRS adoptions. Journal of Accounting Research, 49(5), 1307-1357.

WANG, X.; YOUNG, D.; ZHUAN, Z. (2008). The effects of mandatory adoption of international financial reporting standards on information environments. Unpublished paper, The Chinese University of Hong Kong, 2008.

WATTS, R. (2006). What has the invisible hand achieved. Accounting and Business Research, Special Issue: International Accounting Policy Forum, 51-61.

WATTS, R.; ZIMMERMAN, J. L. (1986). Positive accounting theory. Englewood Cliffs: Prentice Hall.

WATTS, R.; ZIMMERMAN, J. L. (1990). Positive accounting theory: a ten year perspective. The Accounting Review, 65, 131-156.

WHITTRED, G.; ZIMMER, I. (1986). Accounting information in the market for debt. Accounting and Finance, 26, 19-33.

WU, J. S.; ZHANG, I. (2014). The adoption of internationally recognizes accounting standards: implications for the credit markets. Journal of Accounting, Auditing & Finance, 29(2), 95-128.

ZHANG, I. (2010). Economic consequences of the Sarbanes–Oxley Act of 2002. Journal of Accounting & Economics, 44(1-2), 74-115.

Texto completo: PDF