Impactos da IFRS16 nas demonstrações financeiras
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Autores
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Serra, Ricardo Goulart
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Citações na Scopus
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Trabalho de Conclusão de Curso
Data
2023
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O presente trabalho aborda os impactos da mudança contábil promovida pela IFRS16
em 2019 nos indicadores financeiros das empresas. A contabilização dos ativos e
passivos relacionados ao Direito de Uso e Arrendamento transformou despesas
operacionais em despesas financeiras e de depreciação, resultando em aumentos no
EBIT e no EBITDA. Além disso, a estrutura de capital foi modificada devido ao aumento
do passivo, afetando o cálculo do WACC da empresa. Observou-se ainda alterações no
CAPEX devido a alterações no direito de uso e arrendamento. O estudo apresenta uma
análise teórica e prática das mudanças contábeis, incluindo um exemplo com a empresa
fictícia VAREJ S.A. Os impactos da norma em indicadores financeiros como EBIT, EBITDA,
CAPEX, Fluxo de Caixa, WACC e índices de dívida foram examinados. Para avaliar os
impactos, foram utilizados os resultados do 4T19 da empresa Magazine Luiza S.A como
exemplo, destacando as mudanças no EBIT, EBITDA e Fluxo de Caixa. Os resultados da
pesquisa revelaram alterações nos resultados financeiros da empresa, demonstrando a
influência da IFRS16 na elaboração dos índices mencionados, o que potencialmente
impactaria as premissas adotadas na avaliação das empresas. Como alternativa, foi
proposta uma possível reversão desses efeitos, visando obter índices sem o impacto de
tais efeitos, o que contribuiria para a tomada de decisões por parte de gestores e
investidores, caso haja interesse nessa abordagem. Espera-se que este estudo forneça
uma compreensão aprofundada dos impactos da IFRS 16 e ofereça insights relevantes
para a gestão financeira e a tomada de decisões no contexto das mudanças contábeis.
Thisstudy examines the impacts of the accounting change introduced by IFRS 16 in 2019 on the financial indicators of affected companies. The recognition of assets and liabilities related to the Right of Use and Lease transformed operational expenses into financial expenses and depreciation, resulting in significant increases in EBIT and EBITDA. Additionally, the capital structure was modified due to the increase in liabilities, affecting the company's WACC. Changes in CAPEX were also observed due to increased depreciation. The study provides a theoretical and practical analysis of the accounting changes caused by IFRS 16, including an example with the fictitious company VAREJ S.A. The impacts of the standard on financial indicators such as EBIT, EBITDA, CAPEX, Cash Flow, WACC, and debt ratios were examined. The results of the 4Q19 of the company Magalu were used as a sample to evaluate these impacts, focusing on changes in EBIT, EBITDA, and Cash Flow. The research findings revealed significant alterations in the company's financial results, demonstrating the strong influence of IFRS 16 on company evaluation. As an alternative, a possible reversal of the accounting changes was proposed to achieve more accurate and comparable evaluations, which would contribute to better decision-making by managers and investors, if they are interested in this approach. It is expected that this study will provide an in-depth understanding of the impacts of IFRS 16 and offer relevant insights for financial management and decision-making in the context of accounting changes.
Thisstudy examines the impacts of the accounting change introduced by IFRS 16 in 2019 on the financial indicators of affected companies. The recognition of assets and liabilities related to the Right of Use and Lease transformed operational expenses into financial expenses and depreciation, resulting in significant increases in EBIT and EBITDA. Additionally, the capital structure was modified due to the increase in liabilities, affecting the company's WACC. Changes in CAPEX were also observed due to increased depreciation. The study provides a theoretical and practical analysis of the accounting changes caused by IFRS 16, including an example with the fictitious company VAREJ S.A. The impacts of the standard on financial indicators such as EBIT, EBITDA, CAPEX, Cash Flow, WACC, and debt ratios were examined. The results of the 4Q19 of the company Magalu were used as a sample to evaluate these impacts, focusing on changes in EBIT, EBITDA, and Cash Flow. The research findings revealed significant alterations in the company's financial results, demonstrating the strong influence of IFRS 16 on company evaluation. As an alternative, a possible reversal of the accounting changes was proposed to achieve more accurate and comparable evaluations, which would contribute to better decision-making by managers and investors, if they are interested in this approach. It is expected that this study will provide an in-depth understanding of the impacts of IFRS 16 and offer relevant insights for financial management and decision-making in the context of accounting changes.
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