O impacto da divulgação e do reconhecimento do valor justo de propriedades para investimento nos indicadores financeiros de companhias listadas na B3

Abstract

Regulatory flexibility about investment properties implies an accounting choice to measure them by cost or fair value. The objective of this research is to analyze the impact of the disclosure and recognition of the fair value of the investment properties in the financial indicators of the companies listed in B3. For this purpose, 21 publicly-held companies with investment properties representing 10% of Total Assets were selected from 2010 to 2016. This is a documentary and descriptive research carried out through the consolidated financial statements published by the companies. The main contributions of the study are linked to the importance of the values recognized or disclosed in the financial statements of companies, which may change the perspective of the analysis of users of accounting information, and the question of the use of fair value and its methodologies of novelty in Brazil from the IFRS. The results point to a balance between the choice to recognize or disclose the fair value of the investment properties in the sample companies, as well as the methodology used to obtain the fair value most used by such companies is the discounted cash flow (level 3), which indicates greater subjectivity, as it strongly depends on internal information of the companies and projections of future cash flows. Regarding the impacts of the disclosure and recognition of fair value, there were significant variations in the profitability and capital structure indicators, and were only positive in return on equity (ROE).