IFRS 16

: análise de value relevance em empresas europeias cotadas

Abstract

The accounting treatment applicable to leases established in IAS 17 - Leases, has generated controversy for years, mainly due to the fact that, through operating leases, lessees had significant amounts of rights and obligations that were not recognized in the balance sheet. With the aim of ensuring greater transparency and credibility of financial reporting, IFRS 16 - Leases was published. The new standard came into force on January 1st 2019 and determines, from the lessee's perspective, that lease contracts are recognized as assets and liabilities in the balance sheet of companies, thus excluding the contested dual accounting treatment. Therefore, the objective of this dissertation is to analyze whether the introduction of IFRS 16 affects the relevance of the financial information for listed companies belonging to the STOXX 600 financial index. In order to meet this objective, we used a value relevance model, introduced by Ohlson (1995), which assesses the relevance of financial information from its ability to explain stock prices. The main results obtained show that IFRS 16 did not increase the relevance of financial information for the capital market, to the extent that previously the market already incorporated in the share price the information present in the notes to the financial statements.

Date of Award	7 Dec 2021
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Maria José Martins Lourenço da Fonseca (Supervisor) & Ricardo Ribeiro (Co-Supervisor)