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- A cultura e as características qualitativas da informação financeira: um estudo empírico com base em empresas cotadas em distintos mercados europeusPublication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, Joaquín; Rodrigues, Nuno Miguel BarrosoA presente investigação visa aferir a eventual existência de associação entre os valores culturais propostos por Gray (1988) e as características qualitativas no relato financeiro, no âmbito da revisão da Estrutura Conceitual conjuntamente desenvolvida entre o Financial Accounting Standards Board (FASB) e o International Accounting Standards Board (IASB). A recolha dos dados foi realizada a partir dos relatórios e contas consolidados anuais, relativos a 2013 e 2014, divulgados pelas entidades não financeiras cotadas nos índices bolsistas referentes a mercados financeiros da União Europeia (UE): PSI-20, IBEX-35, FTSE-100, DAX-30 e OMX-S30. Após a aplicação dos critérios de seleção, a população final deste estudo engloba 137 entidades. Foi utilizada a análise de conteúdo como método de pesquisa. Os resultados obtidos a partir da aplicação do teste estatístico de Mann-Whitney-U sugerem que o conservadorismo encontra-se negativamente associado à relevância da informação financeira. Avaliar o impacto da cultura no processo de convergência internacional, bem como dos elementos que se encontram associados a essa problemática, constitui um dos contributos científicos desta investigação.
- The Influence of Culture and Professional Judgment on Accounting: An Analysis from the Perspective of Information Preparers in PortugalPublication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, Joaquín; Marcelino, Manuela MariaThe standards issued by the International Accounting Standards Board (Iasb) are based on principles, which delegate decisions on accounting matters to professional judgment, based on the concepts existing in those standards, with implications for financial reporting. The objective in this study is to analyze the influence of culture on professional judgment, through the analysis of the existence of significant differences in the decisions about the disclosure or recognition of liabilities and assets, as well as to validate (or not) the classification Gray (1988) attributed to Portugal concerning the accounting values of conservatism and secrecy. In that sense, the concepts established in Accounting and Financial Reporting Standard (NCRF) 21, entitled Provisions, Contingent Liabilities and Contingent Assets. Based on the distribution of a questionnaire to the information preparers, which resulted in a sample of 408 professionals, it could be identified through the use of bivariate statistical techniques that there are significant differences in the professionals’ perception of asset and liability disclosure and recognition, revealing a stronger trend towards the disclosure or recognition of liabilities. Concerning conservatism and secrecy, using multivariate statistical techniques, a higher level of conservatism could be verified as an accounting value in Portugal, as well as the existence of an association between conservatism and secrecy. This study attracts standardizing entities’ attention to the importance of aspects related to the information disclosed in the financial statements, particularly regarding the professional judgment.
- Is the Financial Reporting of Listed Entities in the European Markets Influenced by Conservatism?Publication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, Joaquín; Rodrigues, Nuno SimõesThe influence of the accounting value of conservatism, proposed by Gray (1988) as part of the cultural relevance theory, has been widely debated in the literature. The possession of derivative financial instruments (DFI) was used as proxy to define it. This study aims to assess the existence of the explanatory variables of this accounting value, such as regional groups, firm level controls and qualitative characteristics. Content analysis was used in 2013 and 2014 annual reports and consolidated accounts disclosed by non-financial entities listed on five stock market indexes of the European Union (EU), namely: PSI-20, IBEX-35, FTSE-100, DAX-30, and OMX-S30. After the application of the selection criteria, the population of this study encompasses 137 entities. The findings indicate that conservatism differs significantly according to the regional groups, as suggested by the literature. Additionally, firm level controls such as size and profitability, as well as the fundamental qualitative characteristics, can explain conservatism. One of the main contributions of this research is to consider the impact of culture on the financial reporting, even bearing in mind the latest convergence efforts among the main accounting standard setting bodies at international level.
- Three essays on the culture and professional judgment in AccountingPublication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, JoaquínThree essays on the culture and the professional judgment is a book composed by three different papers, which were written by several authors who can be also considered this book’s authors. Despite their previous publication in different journals, we have decided to gather them in this project in order to present different perspectives of this theme in a single document. The first one presents one example of the Gray’s (1988) model application using the data extracted from the comment letters received by the International Accounting Standards Board (IASB) in the scope of a review process of the International Accounting Standard (IAS) 39 - Financial Instruments: Recognition and Measurement. The second makes use of a survey and intends to demonstrate how the financial statements can be differently presented according to the professional judgement. Finally, the main aspect to be highlighted regarding the third paper is the focus on the decision in terms of the financing options from the perspective of the owners of the Small and Medium-sized (SMEs) entities. Data from annual account reports and a survey were jointly used within this empirical research. The criterion for the selection made for this book were based on the differences in terms of the underlying issues as well as the different methodological approaches.