Alterações contábeis em arrendamentos mercantis e implicações econômico-financeiras: análise sobre possíveis efeitos no custo de capital de terceiros
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2024
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O Accounting Standards Codification número 842 (ASC 842) e o International
Financial Reporting Standard número 16 (IFRS 16), publicados em janeiro de 2016 pelo
Financial Accounting Standards Board (FASB) e pelo International Accounting Standards
Board (IASB), respectivamente, ambos pronunciamentos com vigência a partir dos exercícios
sociais iniciados em janeiro de 2019, alteraram o tratamento contábil das operações de
arrendamento mercantil, especificamente aquelas antes categorizadas como arrendamento
mercantil operacional. Neste ensejo, os tratamentos contábeis das operações de arrendamento,
advindos destes dois novos pronunciamentos, influenciam no sentido de aumentar os ativos e o
endividamento financeiro registrados e divulgados nas demonstrações contábeis das
companhias. Simultaneamente, o EBITDA – indicador amplamente utilizado em análises
financeiras e entendido como um importante sinalizador da capacidade de geração de caixa –
também tende a ser positivamente afetado com a introdução do IFRS 16, diferentemente do
ASC 842, que aponta para efeitos imperceptíveis (ou nulos) sobre o mesmo indicador. Este
estudo tem como objetivo primordial identificar e mensurar potenciais efeitos econômicos
sobre o custo de capital de terceiros, após a efetividade dos novos tratamentos dispensados às
operações de arrendamentos mercantis. Também por ocasião destes novos pronunciamentos
contábeis, o presente estudo, auxiliarmente, se propõe a perceber e quantificar a magnitude das
(prováveis) oscilações de saldos contábeis e indicadores financeiros derivados, que, por sua
vez, compõem uma carga informacional capaz de explicar parcialmente os mencionados efeitos
(caso existam) sobre o custo de capital de terceiros. As análises foram elaboradas a partir de
dados financeiros trimestrais dos anos de 2018 (anteriormente à efetividade da intervenção) e
2019 (posteriormente à efetividade da intervenção), para uma amostra de pouco mais de 2,5 mil
empresas distribuídas em 19 países. Recorreu-se à técnica econométrica conhecida como
Diferença-em-Diferenças aplicada às variáveis de interesse provenientes dos dados amostrais,
e os resultados apontaram para variações no custo de capital de terceiros, atribuídas, ao que se
indica, às referidas mudanças de práticas contábeis. No que tange aos impactos sobre saldos
contábeis e seus indicadores associados, causados pela alteração de tratamento contábil
dispensado aos arrendamentos mercantis, os resultados também corroboram os prognósticos de
uma profusão de trabalhos anteriores centrados no tema dos arrendamentos.
The Accounting Standards Codification number 842 (ASC 842) and the International Financial Reporting Standard number 16 (IFRS 16), released in January 2016 by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), respectively, both effective for fiscal periods beginning in January 2019, changed the accounting treatment of leases, specifically those previously categorized as operating leases. In this context, the accounting treatments for leases arising from these two new standards tend to increase the financial debt and assets recorded and disclosed in companies' financial statements. Simultaneously, EBITDA – widely used as a financial analysis indicator and understood as a key proxy of cash generation capacity – is also expected to be positively affected by the introduction of IFRS 16, unlike ASC 842, which points to negligible effects on the same indicator. This study primarily aims to identify and measure potential economic effects on the cost of debt, following the new accounting treatments of leases. Also, with the introduction of new accounting standards, it seeks to understand and quantify the magnitude of (imminent) fluctuations in related accounting balances and derived financial ratios, which, in turn, comprise information that may partially explain the mentioned effects (if any) on the cost of debt. The analyses were performed based on quarterly financial data from 2018 (before new accounting treatment effectiveness) and 2019 (after new accounting treatment effectiveness), for a sample of just over 2.5 thousand companies across 19 countries. The econometric technique known as Difference-in-Differences was applied to the variables of interest from the sample data, and the results indicated variations in the cost of debt that seem attributable to these changes in accounting practices. Regarding the impacts on accounting balances and their associated indicators due to changes in lease accounting treatment, the results also support the forecasts of a multitude of previous studies focused on the topic of leases.
The Accounting Standards Codification number 842 (ASC 842) and the International Financial Reporting Standard number 16 (IFRS 16), released in January 2016 by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), respectively, both effective for fiscal periods beginning in January 2019, changed the accounting treatment of leases, specifically those previously categorized as operating leases. In this context, the accounting treatments for leases arising from these two new standards tend to increase the financial debt and assets recorded and disclosed in companies' financial statements. Simultaneously, EBITDA – widely used as a financial analysis indicator and understood as a key proxy of cash generation capacity – is also expected to be positively affected by the introduction of IFRS 16, unlike ASC 842, which points to negligible effects on the same indicator. This study primarily aims to identify and measure potential economic effects on the cost of debt, following the new accounting treatments of leases. Also, with the introduction of new accounting standards, it seeks to understand and quantify the magnitude of (imminent) fluctuations in related accounting balances and derived financial ratios, which, in turn, comprise information that may partially explain the mentioned effects (if any) on the cost of debt. The analyses were performed based on quarterly financial data from 2018 (before new accounting treatment effectiveness) and 2019 (after new accounting treatment effectiveness), for a sample of just over 2.5 thousand companies across 19 countries. The econometric technique known as Difference-in-Differences was applied to the variables of interest from the sample data, and the results indicated variations in the cost of debt that seem attributable to these changes in accounting practices. Regarding the impacts on accounting balances and their associated indicators due to changes in lease accounting treatment, the results also support the forecasts of a multitude of previous studies focused on the topic of leases.
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CIENCIAS SOCIAIS APLICADAS::ECONOMIA