Source: http://www.spell.org.br/documentos/ver/48104/value-relevance-das-propriedades-para-investimento-no-setor-de-exploracao-de-imoveis-
Timestamp: 2019-04-22 20:42:33+00:00

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The adoption of CPC 28 by companies that have assets recognized as Investment Properties (IPs) result in new accounting procedures, both for separately recognizing these assets and for the flexibility of the measurement method, allowing the choice between fair value and historical cost. In this sense, this paper intends to investigate, from the perspective of value relevance, the relevance and reliability of IPs measurements, evaluating whether there is evidence of differences in these attributes according to the adopted method of measurement, using Ohlson's model (1995) adapted. We worked with the real estate companies listed on the BM&FBovespa from 2010 to 2016. It was verified that IPs presented value relevance for the entire period analyzed, regardless of whether they are recognized at fair value or historical cost. However, the results showed that the IPs recognized at fair value present low reliability in comparison to the IPs recognized by the historical cost and fair value disclosed in explanatory notes of the IPs recognized by the historical cost were relevant and improved the association of the accounting numbers with the market value, although they also present low reliability, and that the net result affected by the fair value variation did not present value relevance. It was also observed that fair value results in more relevant information, despite the low reliability, and that the change in fair value recognized in profit or loss impacts negatively the value relevance of the accounting profit.
La adopción del CPC 28 en las empresas que poseen activos reconocidos como Propiedades para inversión (PPIs) incurrió en nuevos procedimientos contables, tanto en el sentido de reconocer por separado esos activos, como por la flexibilidad del método de medición, permitiendo la elección entre valor razonable o costo histórico. En este sentido, este trabajo se propuso investigar, desde la perspectiva del value relevance, la relevancia y la confiabilidad de las mediciones de las PPIs, evaluando si existen evidencias de diferencias en esos atributos según el método de medición adoptado, utilizando para tanto el modelo de Ohlson (1995) adaptado. Se trabajó con las empresas del sector de Explotación de Inmuebles, listadas en la BM&FBovespa, en el período de 2010 a 2016. Se verificó entonces que las Propiedades para la Inversión presentaron value relevance para todo el período analizado, independientemente de si se reconocen por el valor razonable o costo histórico. Sin embargo, los resultados evidenciaron que las PPIs reconocidas por el valor razonable presentan una baja confiabilidad en comparación con las PPI reconocidas por el costo histórico y que el valor razonable divulgado en notas explicativas de las PPI reconocidas por el costo histórico se mostraron relevantes y mejoraron la asociación de los números contables con el valor de mercado, aunque también presentan baja confiabilidad, y que el resultado neto afectado por la variación del valor razonable no presentó value relavance. Se observó también que el valor razonable resulta en informaciones más relevantes, a pesar de la baja confiabilidad, y que la variación al valor razonable reconocidas en el resultado afectan negativamente el value relevance de los resultados contables.
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