O impacto da adoção da IFRS 16: arrendamentos nos indicadores econômico-financeiros de empresas arrendatárias
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Tipo
TCC
Data de publicação
2022-12-12
Periódico
Citações (Scopus)
Autores
Viana, Gabriel Lemos
Silva, Guilherme Soares da
Valle, Lucas Rodrigues do
Silva, Guilherme Soares da
Valle, Lucas Rodrigues do
Orientador
Formigoni, Henrique
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Resumo
Este trabalho de pesquisa propôs avaliar o impacto da adoção da IFRS 16 – Arrendamentos nos indicadores econômico-financeiros de empresas arrendatárias. Para tanto, parte da análise de uma amostra de 167 empresas listadas na B3 entre os exercícios de 2017 e 2021, considerando que a padronização contábil para as operações de arrendamentos dessas companhias ocorre no início de 2019. Além de oito indicadores definidos e que abrangem os aspectos de desempenho (EBITDA), rentabilidade (ROE, ROA e ROIC), liquidez (liquidez corrente), alavancagem (dívida líquida / EBITDA) e cobertura de juros (EBITDA / despesas financeiras), foram consideradas mais duas métricas complementares (ativo total e depreciação + amortização). Os dados que compõe a amostra foram extraídos do Economática e submetidos à testes de normalidade (teste Kolmogorov-Smirnov) e de hipóteses não paramétricos (teste U de Mann-Whitney), observando as medianas para cada um dos indicadores e métricas nos períodos que antecedem e sucedem a adoção da norma. Os resultados obtidos, de uma forma geral, evidenciam que houve diferenças entre as medianas observadas, e que essas diferenças são estatisticamente significativas após a norma, destaque para o incremento dos níveis de EBITDA, ROE e liquidez corrente, bem como do ativo total e depreciação + amortização. Já nos indicadores ROA, ROIC e dívida líquida / EBITDA, um impacto estatisticamente significativo não foi observado.
This research work proposed to evaluate the impact of the adoption of IFRS 16 — Leases in the economic-financial indicators on lessees companies. To do so, it starts from the analysis of a sample of 167 companies listed on B3 between in the years 2017 and 2021, considering that the accounting standardization for the leasing operations of these companies takes place at the beginning of 2019. In addition to eight defined indicators covering performance aspects (EBITDA), profitability (ROE, ROA, and ROIC), liquidity (current equity), leverage (debt net income / EBITDA), and interest coverage (EBITDA / financial expenses), were considered two additional metrics (total assets and depreciation +amortization). The data that make up the sample was extracted from “Economática” and submitted to tests of normality (Kolmogorov-Smirnov test) and non-existent hypotheses parametric (Mann-Whitney U test), observing the medians for each indicators and metrics in the periods that precede and follow the adoption of the technical standard. The results obtained, in general, show that there were diferences between the observed medians, and that these differences are statistically significant after the norm, with the highlight for the increase in the levels of EBITDA, ROE, and current liquidity, as well as total assets and depreciation + amortization. As for the ROA, ROIC, and net debt / EBITDA indicators, a statistically significant impact was not observed.
This research work proposed to evaluate the impact of the adoption of IFRS 16 — Leases in the economic-financial indicators on lessees companies. To do so, it starts from the analysis of a sample of 167 companies listed on B3 between in the years 2017 and 2021, considering that the accounting standardization for the leasing operations of these companies takes place at the beginning of 2019. In addition to eight defined indicators covering performance aspects (EBITDA), profitability (ROE, ROA, and ROIC), liquidity (current equity), leverage (debt net income / EBITDA), and interest coverage (EBITDA / financial expenses), were considered two additional metrics (total assets and depreciation +amortization). The data that make up the sample was extracted from “Economática” and submitted to tests of normality (Kolmogorov-Smirnov test) and non-existent hypotheses parametric (Mann-Whitney U test), observing the medians for each indicators and metrics in the periods that precede and follow the adoption of the technical standard. The results obtained, in general, show that there were diferences between the observed medians, and that these differences are statistically significant after the norm, with the highlight for the increase in the levels of EBITDA, ROE, and current liquidity, as well as total assets and depreciation + amortization. As for the ROA, ROIC, and net debt / EBITDA indicators, a statistically significant impact was not observed.
Descrição
Palavras-chave
IFRS-16 , arrendamentos , padronização , indicadores econômico-financeiros , diferença estatisticamente significativa , IFRS-16 , leases , standardization , economic-financial indicators , statiscally significant difference