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- Title
COMO AS EMPRESAS MAIS NEGOCIADAS NO BM&FBOVESPA DIVULGAM O EBITDA?
- Authors
Dias Maragno, Lucas Martins; Borba, José Alonso; Fey, Vladimir Arthur
- Abstract
The widespread use by listed companies of non-accounting information, particularly EBITDA and that there is no consensus on the method of calculating EBITDA, and that the measurement lacks an independent objective standard, led to CVM by Instruction 527/12, to standardize the calculation. In this context we sought to investigate the differences in the methodology for calculating the disclosure of EBITDA in accordance with CVM Instruction 527/12. The research in question is descriptive, and data collection was secondary because the data has been collected from the Annual Financial Statements, in the websites of the respective companies. The measure adopted by the CVM does not aim to create a better or worse method for calculating EBITDA, but standardizing it, because the standardization helps the user information. Companies that manage their EBITDA in nonconformance with the standard, showed numbers that are too optimistic, in 2010 the average rate was 8.85% and 4.32% in 2011. In 2012 reached 35.43%, due to V-Agro, Brookfield and MMX Mineração companies presenting variations 323.68%, 181.37% and 128.24% positive, respectively. It is evident to those companies the aggressive management indicator to favor the outcome. The responses showed that when there is no specific regulation, most companies do not comply with CVM recommendations. On the other hand, after the edition of the standard, most companies had EBITDA as determined by CVM. However, starting from the definition of a standard, all companies that have chosen to disclose EBITDA, should disclose it in accordance with the established criteria. Whereas, there are no penalties or punishments, it was observed that some companies continue to manage the indicator by adding or deleting items in the calculation of EBITDA as individual criteria.
- Publication
Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ, 2014, Vol 19, Issue 1, p58
- ISSN
1516-215X
- Publication type
Article