Repositório RCAAP

This study aims to analyse the effect of applyingNCFR 6 – Intangible Assets (NCRF 6) at the time ofthe transition from Portuguese local GAAP (POC) toAccounting Standardization System (SNC), focusing the analysis on the effects on the value of intangible assets, on the financial position, on the performance and on the economic and financial indicators.To accomplish that aim we performed a multiple casestudy which included a set of six companies that prepared and presented their financial statements in accordance with the POC till 2009 and, due to the change of rules and regulations, from January 2010, found themselves required to submit the same in accordance with the SNC.The analysis revealed that the effects of the adoption of NCRF 6 on the financial statements and on the economic and financial indicators of the companies surveyed are primarily related to differences between the two standards in the recognition of the installing costs and research expenditure and the subsequent valuation of goodwill.

The accounting issue has been on the agenda for the worst reasons: the crisis in financial markets. Political control of the Accounting Standards is a major feature on Continental Accounting System, using the Directives as political instruments to create the free movement of capital on Community Market pursuing the Rome Treaty aims.In the 70’s and 80’s of the twentieth century, Directives characterized the initial convergence of accounting in Europe. The reflection period of 90´s on the impact of the Directives on new global market challenges, clarified the changes needs in the Continental Accounting System to make it compatible with the market globalization and new technologies. The adoption of International Accounting Standards (IAS) was the chosen path, using the comitology process. The Regulation (CE) nº 1606/2002 appears as the juridical instrument for direct and immediate IAS application on consolidated accounts of listed companies, enable them to achieve financial resources on European and Global capital markets.This dissertation is about the application of that regulation in Luxembourg, a country where accounting is based on European directives. Traditionally flexible with respect to issues related to Accounting, Luxembourg has been chosen to leave his decision to the deadline both in the transposition of directives or the adoption of the IAS Regulation. In order to facilitate the work of the accounting profession and to please investors from countries as diverse economic, political, cultural and social as the United States, Britain, France, Switzerland or Japan, Luxembourg always takes all options allowed by the Directives and by the Regulation 1606/2002.Keywords: IAS, IFRS, LUX GAAP, Luxemburg, Regulation (EC) nº 1606/2002.

The globalization of markets together with the opening of frontiers inside the EC and the diversity of accounting systems have enhanced the necessity for the creation of only one accounting system which would be internationally accepted and, at the same time, would facilitate the access to international capital markets.In Portugal, the accounting standards process took the form of a chart of accounts and appeared more than thirty years ago when in 1977 the first Official Chart of Accounts was approved; it would be reformulated in 1989, 1991, 1995 and 2005 when it was finally entirely substituted by a new Accounting Standards System (SNC).It can be observed that the accounting procedures imposed by SNC, particularly concerning NCRF 22 – Accounting for Government Grants and Disclosure of Government Assistance – are more demanding and detailed than those prescribed by the former national standards system in force until 31st December 2009.NCRF 22 offers a more modern and international financial report and provides more precise financial information; in addition, its application allows national entities the ability to highlight financial indicators accurately equivalent to the ones presented by entities from other countries such as Spain, France and Belgium, where accounting treatment of subsidies related to assets does not follow what is advised in the current IAS-20 – Accounting for Government Grants and Disclosure of Government Assistance, therefore permitting at an European and international level a better and wider access either to financing or to tenders, as well as to assistance in the increase of competiveness of Portuguese companies concerning their capacity to carry forward their financial reports through international financing sources in a highly competitive environment.

This study is focused in the problem of internal control in municipalities and the impact of information technologies usage.Information technologies have been assuming, throughout the times, an important place in the development of services provided (public or private), allowing to streamline and speed up processes and procedures and therefore the dematerialisation of processes with impact on internal control system.In the begin a brief statement on internal control and its evolution and impact on municipalities. It relates also the concept of internal control with the concept of dematerialization and process management. Carry out yet, the framework of the concepts of information technology and organizational information systems and its relation to internal control.In order to understand and analyze the current state of the municipalities in internal control practices and information technology usage was applied a methodology based on questionnaire survey. Then was made a statistical analysis of the obtained results and the hypotheses made in this study.

O nº 2 da Revista Estudos do ISCA – série IV – destina-se a continuar a desbravar o árduo caminho da divulgação de novas construções científicas da nossa e de outras comunidades académicas, com especial realce para os professores e investigadores do Brasil.Os artigos deste número constituem um contributo científico e técnico, em vários domínios da Gestão, da Contabilidade, das Normas Internacionais e das Metodologias de Ensino/Aprendizagem do modelo de Bolonha, nomeadamente, através de:- Divulgação da informação sobre combate à corrupção, nos Relatórios de sustentabilidade de empresas portuguesas;- Análise das estruturas de capital de PME portuguesas e respectivas práticas empresariais, que possam validar as teorias explicativas dessas estruturas;- Hipótese do possível reflexo do conservadorismo no resultado contabilístico de empresas do sector siderúrgico brasileiro;- Aplicação da teoria institucional das organizações para identificação dos vários inibidores da adopção das Normas Internacionais de Contabilidade (IFRS), no Brasil;- Realce da necessidade de repensar as metodologias de ensino/aprendizagem no processo de viragem das licenciaturas bietápicas de Contabilidade para o ensino de Bolonha, com base num estudo, por amostragem, de 15 licenciaturas de Contabilidade no Ensino Superior Politécnico, em Portugal.O Espaço Temático aguardou, até hoje, contribuições no domínio da “crise” que pudessem descrever e analisar situações de empresas financeiras e não financeiras, de famílias, do sector público e de outras instituições, em Portugal e na EU, explicar as medidas de política económica adoptadas, abrir perspectivas de combate à crise e construir cenários para o futuro.Neste domínio o contributo é menor do que se poderia esperar. Publicamos apenas um artigo que alerta para a importância da intervenção do Estado no sistema financeiro, em contexto de crise, e respectivas repercussões sobre a falta de sustentabilidade das finanças públicas – importância hoje reconhecida e especialmente valorizada pela European Commisssion (EC) na exigência de informação a transmitir pelos vários Estados Membros através das “supplementary tables”.O Espaço de Divulgação de Teses de Mestrado, elaboradas e discutidas no ISCA/UA, teima em a dar a conhecer os primeiros passos dos nossos alunos na senda da investigação. Neste número realçamos teses nos âmbitos do processo europeu de normalização contabilística (Regulamento 1606/2002 CE); das Normas Internacionais de Contabilidade e importância acrescida do critério do justo valor em detrimento do custo histórico, nomeadamente na valorização de Activos específicos; e da análise, no contexto da EU, da dupla tributação de actividades de prestação de serviços exercidas em Portugal, por sociedades ou trabalhadores independentes residentes noutros Estados Membros.Ao encerrar este editorial não posso deixar de lembrar as tristes notícias que nos acordaram para o empobrecimento da Ciência da Contabilidade. Evoco o desaparecimento, num curto lapso de dois anos, de três eméritas personalidades, que muito honraram o ISCA com seu saber académico e profissional.Em 07 de Novembro de 2008, com 96 anos, deixa-nos o Professor Doutor Camilo A. M. Cimourdain F. de Oliveira que, em reconhecimento dos seus méritos académicos e profissionais, recebeu, ao longo da vida, vários prémios e louvores e a admiração de muitas gerações de profissionais de Economia, de Fiscalidade e Contabilidade, que partilharam o seu saber.Em 07 de Junho de 2010, com 83 anos, faleceu o Professor Doutor António Lopes de Sá, cujo mérito da sua acção, como profissional e professor nas áreas científicas da Administração, Contabilidade e Economia, lhe é reconhecido através da mais alta distinção brasileira que consagra “o contador” e de uma medalha de mérito, a mais alta condecoração militar do Brasil que pode ser recebida por um civil.Em 12 de Junho de 2010, termina em Lisboa, aos 81 anos, a vida do Professor Doutor Rogério Fernandes Ferreira, professor, contabilista, advogado, gestor, auditor e fiscalista, um trabalhador incansável e mestre de muitas gerações. O reconhecimento da sua obra e actividade está patente nas várias condecorações que recebeu - lembro, entre outras, o Prémio de Carreira da Ordem dos Economistas e a Ordem de Instrução Pública – e inúmeras homenagens promovidas pelas instituições por onde passou o seu saber académico, a sua experiência profissional e a integridade do seu carácter.A Revista Estudos do ISCA convida cada leitor a uma reflexão empenhada sobre os temas desenvolvidos e aposta numa permanente sinergia com todos aqueles que convergem neste projecto com seu trabalho e conhecimento.

The capital structure of companies has been, in last decades, one of the main topics of corporate finance. Since the paper published by Modiglianni and Miller (1958), several empirical studies and theories have been applied in this field, initially, applied to large companies, and now applied also to the population of SMEs.This study investigates the capital structure of Portuguese SMEs, and analyse whether business practices allow you to validate the arguments offered by the financial theories that explain the capital structure.Based on a sample of balanced panel data for the period between 2000 and 2005, our results indicate that the theory that best explain the behaviour of SMEs in what concerns its capital structure is the Pecking Order Theory. Firms prefer internal financing. If this is not enough and external financing becomes necessary, they issue risk-free debt, and gradually move up the scale of risk debt. Lastly, the company issues equity.

Several authors have already analysed in previous works the necessity of rethinking teaching and learning methodologies in accounting degrees, especially after the introduction of Bologna restructuring process in Portugal which introduced shorter and more technical courses. In these degrees, methodologies and curricula should privilege interaction and simulation, focusing on business training and practical skills development. This work starts by analysing the curricular evolution of fifteen accounting licentiate degrees established in Portuguese Polytechnic Institutes with the Bologna reformation, in comparison to the former twofold graduation courses.

Corruption is an obstacle to political, social and economic development. Nowadays, the fight against corruption is an integral part of any company’s social responsibility. The acknowledgement its social responsibility by a company implies the recognition of the importance of disclosure of information on the activities related to such responsibility. This study analyses anti-corruption reporting practices in sustainability reports by a sample of Portuguese companies. Reporting on the fight against corruption is clearly an underdeveloped practice, both internationally and in Portugal.

The Conservatism is associated to the Accounting trend of requiring a major level of checking of the good news to recognize them as profit, in relation to the level of checking of the bad news to recognize them in the ending financial reports. Thus, one of the accounting information qualitative characteristics, the Opportunity, can influence the economic return because of its relation with the Conservatism. In view of the concerns about the profit quality, this article’s objective is to analyze the consequences of Conservatism in the financial reports through the asymmetric recognition of the good and bad news on the economic return of the shares of the big companies of Brazilian steelwork sector. The study utilizes Basu (1997) model to investigate the relation between accounting profit and economic return variables, using the positive and negative return values as proxies to bad and good news. The selected companies are Usiminas, CSN and Gerdau, the three bigger of the steelwork sector in Brazil in the parameter of operational revenue value. The mathematic results of Basu (1997) show that there is no recognition of the economic return by the profit, to positive or negative returns, as coefficients that measure the Conservatism are no statically significant to ordinary and preference shares of all the companies. It is also no possible to affirm that the selected companies results recognize by their accruals the losses (bad news) in a more opportunist way than the gains (good news). A possible explanation to the fact that Conservatism was not identified in the financial reports of these companies is the utilization of specific accruals to improve the results disclosed to external users.

This investigation proposed to identify, through the Institutional Theory of the Organizations, the “inhibitors” to the adoption of the International Financial Reporting Standards – IFRS in Brazil, as well as the actions to minimize such factors. The proposal was instigated from need to changes of philosophical order, of posture and of professional attitude introduced by the promulgation of the Law 11.638, though alterations and revocations in the Law of the Stock Companies. The accomplished critic-reflexive analysis suggests that the transition of a methodology supported in the regulator pillar for a modeling that appreciates by the group of normative and cultural-cognitive bases faces great obstacles. In this sense, it identified that [1] responsible subjectivity, [2] the prevalence of the essence on the form, [3] the abandonment of the character of prescribing, [4] the process of professional formation, [5] the lack of professional sufficiently enabled, [6] cultural factors and other inherent characteristics to the professional's Brazilian accounting conduct represent “inhibitors” to the convergence to IFRS.  It believes to be salutary to investigate: [1] in the understanding of the need to a new professional, [2] in the revision of the Brazilian educational process and [3] in the formalization of accounting politics.

After the market domination are we facing a new era of State intervention?The crisis context clarifies the danger of globalization, the strength of the interactions between countries and institutions, fuels the discussion about the shapes and functions of the new Welfare Mix and demands the creation of new international systems of information: the System of National Accounts (SNA 2008), born in crisis, is the suitable model for analyzing and evaluating the performance of an economy.The European Union faces the appearance of hybrid modes of governance and opens the door of bailouts from the public sector to the financial system as a way of protecting - against the danger of the systemic crisis - the economic growth, the employment and the European Social Model. In fact, especially since 2007, the world is in face of strategies of financial sustainability and interventions in the “financial market failures”; it is the case of recapitalizations, loans, grants, acquisition of Assets, several actions conducted by special purpose entities (SPE) and both the command and supervision performed by public corporations and the general government over the financial system. All of these operations, affecting the public deficit, the public debt, the stock flow adjustment and the public finances, call the supra regulation of international bodies conducted by the follow up of several principles in the context of the systems of national accounts.Case studies of Belgium, Netherlands and Portugal were performed based on the information of the European System of Accounts (ESA95) and further analysis confirmed the new State functions, in a crisis context, and showed the repercussions of the interventionism on the public deficit and debt. This study supports the prediction of the danger of lack of sustainability of the public finances, in those countries and the EU, specially if the guarantees are requested, the loans not solved and the Assets bought by the government lost its value.In conclusion, we can say that all the countries need a strategic management of their Assets and Liabilities, mainly the financial ones, both in the public and in the financial sectors, using the state interventions in order to create value; in fact, the General Government acting as a share holder or as a creditor of the financial system, must always avoid the danger of an unsustainable public debt, the lost of wealth, the systemic risk and, above all, the unreliability of the State as the guarantor of the economic and financial system.

This work deals with the issues arising from international juridical double taxation over the service providing activities made by a corporation or independent workers resident of another State of the European Union in Portugal. It is made the framing of this activity in our country and put in evidence the difference of treatment between the resident service providers and the non resident ones. The Double taxation Conventions with Portugal are analyzed to understand in which measure they require the fulfilment of certain requisites, evaluating the level of simplicity of the measures imposed and the fiscal contingencies which the services payers are subject for no fulfilling of their duties and also the position that is being assumed by the Portuguese justice. In a community perspective the legal provisions in the matter of direct taxations are analysed, the state of evolution in terms of harmonization, the decisions of the Court of Justice of the European Communities and the European Commission actions, namely those involving the Portuguese State. Finally it is made a critical analyse over the matter, concluding with some ideas and proposals of clarification on legislation and simplification of the legal instruments.

The European Union has in recent decades the desire to achieve the accounting harmonization at the global level. Advanced to the harmonization of various economic and social policies, followed by several MS, under the necessity of companies, they appeal to finance scheduled capital. Regulation (EC) No. 1606/2002 of the European Parliament and the Council of 19 July 2002, aimed to make the preparation and presentation of international accounting standards for consolidated accounts of companies with securities admitted on regulated markets. Since the creation of the EEC were approved on accounting matters, four main Directives: Directive 78/660/EEC of 25 July 1978 (4th rd Directive) on the annual accounts of certain types of companies; Directive 83/349 / EEC of 13 June 1983 (7th rd Directive) on consolidated accounts; Directive 86/635/EEC of 8 December 1986 (the Banking Directive) on the annual accounts and consolidated accounts of banks and other financial institutions; Directive 91/674/EEC of 19 December 1991 (Insurance Directive) on the annual accounts and consolidated accounts of insurance undertakings. Changes made on one objective of transparency and clarification of rules, and are to be able to make comparisons in banking and insurance sector globally. Our contribution for this project will provide detailed information, as possible and accurate, as the history and subsequent evolution of changes in the Banking and Insurance Directives.

Due to the last developments in the accounting’s world and the implementation of a new accounting system in Portugal, there are been several changes. The economy’s globalization has influenced the national accounting systems, due to their need to adapt to the international accounting standards, as a way to ensure greater consistency and comparability of information at international level. With the introduction of these standards, the fair value accounting gains relevance in the register of certain specific assets, rather than the valuation by historical cost. Currently there is a significant controversy over the use of the fair value due to the divergent opinions on its concept and measurement.

O nº 1 da Revista Estudos do ISCA – série IV – começa hoje a desbravar o caminho de um projecto partilhado por várias áreas temáticas, concretizador de percursos que desafiam novas correntes de pensamento e de acção, e aberto à comunicação com públicos diversos.Os artigos deste número constituem um contributo científico e técnico nos domínios da Contabilidade e das Normas Internacionais, das Novas Tecnologias Aplicadas à Contabilidade, da Auditoria e da Contabilidade Nacional e Finanças Públicas.O Espaço Temático, movido “pelas ventos de Bolonha”, comunica-nos as preocupações vividas pelos vários agentes envolvidos no complexo processo de ensino/aprendizagem e aponta soluções que vão ao encontro da problemática da literacia financeira em Instituições de Ensino Superior, das metodologias utilizadas nos Cursos de Ciências Empresariais, no modelo de Bolonha e da aprendizagem e respectivas metodologias PBL envolvidas no desenvolvimento de competências no Ensino Superior profissionalizante.O Espaço de Divulgação de Teses de Mestrado, elaboradas e discutidas no ISCA/UA, no âmbito do processo europeu de normalização contabilística (Regulamento 1606/2002 CE), e do Empreendedorismo e seu Financiamento, dá a conhecer os primeiros passos dos nossos alunos no âmbito da investigação.A Revista Estudos do ISCA convida cada leitor a uma reflexão empenhada sobre os temas desenvolvidos e aposta numa permanente sinergia com todos aqueles que convergem neste projecto com seu trabalho e conhecimento.

From 2005 on, all companies listed in European stock exchange are obliged to present their consolidated financial statements based on IAS/IFRS as adopted by the EC. Under IFRS, namely IFRS 3 – Business Combinations, goodwill is no longer systematically amortized, but instead is tested annually for impaimenr losses.Our study aims at analyzing goodwill accounting treatment in the transition period from national GAAP regimes to IAS/IFRS, using the consolidated financial statements of Lisbon Euronext listed companies. Firstly, we analyze the initial and subsequent accounting treatment of goodwill, followed by a quantification of the impact of transition adjustments that took place in companies’ financial position and performance.Secondly, we identify the type of information displayed in the notes to the financial statements, assessing the compliance with IAS/IFRS dispositions concerning goodwill disclosing and eventual impairment losses. Finally, we look for empirical evidence of goodwill-based earnings manipulation during the transition period, using specifically big bath practices.

The cultural, economic and politics aspects have influenced the worldwide accounting practices, creating different rules in different countries. With globalization, comparability is increasingly one of the main characteristics required by users of financial reporting, particularly by the financial markets which have assumed particular prominence in the global economy.In order to achieve the much desired comparability, the European Union started the process of harmonization accounting, publishing Regulation (EC) nº 1606/2002, which requires listed companies in their financial markets to adopt International Accounting Standards in the consolidated accounts. With this process were created the conditions for a normalisation in the format of disclosure of financial reporting.The development of new information and communication technologies offer came the emergence of languages that can, with advantage, be adapted to the preparation and dissemination of financial reporting. The language XBRL (eXtensible Business Reporting Language), has advantages that help improve the relevance, reliability and comparability of financial information.However, past a decade after the start of its development, XBRL is not yet the standard language in financial reporting. Therefore, it is crucial to examine the gap mentioned for the XBRL language in the European Union and its representativeness in relation to other formats used in the disclosure of financial reporting.

The evaluation of going-concern is one of the most visible elements of the auditor’s reports. Usually the auditor is criticized about is incapacity of identified the going-concern red flags. The auditor report doesn’t have always the effects that we expect, but there is evidence of some effects and it is an additional element to be considered in the moment of a decision. For these reasons, some statically models have been developed to help auditors in the evaluation of going-concern.The Basle model, supported on capital risk based definition, has been used by the financial entities. The reality of industry and financial entities are different but they have commons points that justify the adoption of a similar model.So, we propose an application of a risk-based capital model for the industrial entities as an objective way to anticipate a going-concern problem and as a way of help the auditor in the evaluation of the going-concern.To accomplish this objective we identify the most important groups of risk factors associated with the operational, financial and investment activities developed by the industry and also the risks that affect all the activities. We assume that the entities that have the capital related with these risks have less probability of going-concern problems.

No contexto, marcado pela União Monetária Europeia, pela Estratégia de Lisboa para o Crescimento e Emprego, pelo Pacto de Estabilidade e Crescimento e pelas novas Estratégias de Desenvolvimento Sustentável, emerge, com força redobrada, uma harmonização estatística e contabilística que privilegia o domínio das Finanças Públicas e elege a Contabilidade Nacional como o quadro conceptual adequado à gestão da sustentabilidade de um modelo de “Welfare State”, que implica um novo sistema de produção e prestação de serviços de interesse geral (SIG) e uma nova “cultura da regulação” integrados num processo de transformação e metamorfose do Sector das Administrações Públicas (AP).O novo SNA 2008 permite a definição de unidades de análise – consistentes com os novos e variados contextos internacionais – ao traçar e definir as fronteiras entre as unidades públicas e as privadas e ao caracterizar, dentro do sector público, as instituições que produzem para o mercado e são controladas pelo sector das administrações públicas – as empresas públicas financeiras e não financeiras - e aquelas que, sendo não mercantis, sem fins lucrativos e controladas pelas administrações públicas, caem na sua órbita.A tendência de diversos países para a escolha de modelos de intervenção na esfera produtiva, que diminuem o âmbito da função produtora das A.P. por troca com mais responsabilidades de regulação e financiamento dos chamados SIG, deixa nascer, com o fenómeno da empresarialização, um sector público cada vez mais interveniente em termos económicos, sociais e ambientais e desafia o novo SNA2008 a uma resposta adequada que não questione a qualidade das finanças públicas.

This paper applies the artificial neural networks’ techniques to model financial literacy in higher education institutions in Portugal. The modeling of financial literacy of students enrolled in higher education was accomplished through the measurement of their financial knowledge on credit cards, loans and savings plans, as well as through the analysis of the determinants of that knowledge.The results indicate that knowledge on credit cards is significantly dependent on the students’ enrollment year, age group and possession of a cellular phone price plan; a strong relevance was also obtained between the permanency with a cellular phone price plan and the knowledge level of the respondents on credit cards (n=666; 11.39%; 10.76% and 10.13%, respectively).The research demonstrates that Portuguese students’ knowledge on credit cards is very good in less than 1% of the sample and very limited in more than 60% of the sample. Concerning knowledge on loans and savings plans, the results indicate that more than 70% of the respondents present a high level of financial illiteracy.The most relevant and determinant factors for this study were: age, the fact of living in their own house, the fact of possessing a cellular phone price plan or being a credit card holder.