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Disclosure of Liabilities in Brazil in Light ofInternational Accounting Standards

Author

Listed:
  • Ivone Gonçalves Luiz

    (FUCAPE - Capixaba Foundation for Research in Accounting, Economy and Finance)

  • Álvaro Augusto Ricardino Filho

    (University of São Paulo)

  • Luciene Santana

    (FUCAPE - Capixaba Foundation for Research in Accounting, Economy and Finance)

Abstract

This article investigates the use of liability disclosure concepts,according to the standards introduced by the Intergovernmental Working Group ofExperts on International Standards of Accounting and Reporting (UN-ISAR) in 1997.We analyzed the financial statements of the ten best Brazilian companies classifiedby the ANEFAC/FIPECAFI/SERASA Transparency Award for 2003, considered by acommittee of specialists as having the best accounting publications for that year. Byexamining the content of these financial statements, we determined the level ofadherence of these companies to international liability disclosure standards, i.e., theclassification of liabilities into legal, constructive and equitable obligations. We foundthat Brazilian companies still disclose liabilities in the traditional form, onlyconsidering legal obligations, not constructive and equitable ones. This is true evenwhen these companies published statements in other countries.

Suggested Citation

  • Ivone Gonçalves Luiz & Álvaro Augusto Ricardino Filho & Luciene Santana, 2004. "Disclosure of Liabilities in Brazil in Light ofInternational Accounting Standards," Brazilian Business Review, Fucape Business School, vol. 1(2), pages 89-102, June.
    • Handle: RePEc:bbz:fcpbbr:v:1:y:2004:i:2:p:89-102
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