El conservadurismo de balance en las empresas Argentinas cotizadas
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2016-11
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La adopción de las Normas Internacionales de Información Financiera (NIIF) por parte de la Unión Europea, Australia y Nueva Zelandia en el año 2005, impulsó el proceso de adopción a nivel mundial y en particular en los países latinoamericanos.
La implementación de las NIIF generó el interrogante sobre la mejora en la calidad de la información financiera emitida bajo este cuerpo normativo con respecto a las normas locales de cada país que las adopta. En este sentido se plantea si la calidad de la información es sinónimo de calidad de las normas, medida a partir del concepto de conservadurismo de balance, o infravaloración sistemática del patrimonio neto contable respecto al valor de mercado de la empresa. De esta forma se investiga si los criterios de reconocimiento y medición de activos, pasivos y resultados utilizados en la preparación de estados financieros bajo las NIIF, resultan más prudentes o conservadores respecto a los preparados bajo la norma local del país que corresponda.
La revisión de la literatura evidencia que también se han utilizado modelos de precios o de beneficios para medir el conservadurismo, para comparar el grado de conservadurismo entre países, entre períodos y entre cuerpos normativos.
El trabajo que presentamos analiza el grado de conservadurismo entre dos cuerpos normativos: las normas contables argentinas y las NIIF. La hipótesis a contrastar se refiere a una reducción del conservadurismo de balance en las empresas cotizadas argentinas en el período post NIIF respecto al período pre NIIF. Para ello realizamos un estudio longitudinal que abarca períodos pre (2008-2009-2010-2011) y post (2012-2013-2014-2015) NIIF, mediante la comparación del ratio MTB de dichos períodos a través de un test de comparación de medias. Los datos utilizados para el análisis se obtienen de la base Thompson, para empresas en régimen de oferta pública durante los períodos indicados.
Los resultados obtenidos muestran que la implementación de las NIIF en Argentina incrementó el sesgo conservador en la preparación de los estados financieros.
The adoption of the International Financial Reporting Standards (IFRS) by the European Union, Australia and New Zealand in 2005, promoted a worldwide adoption process, in particular in Latin American countries. The implementation of IFRSs raised the question about the improvement in the quality of the financial information under this standards respected to the local standards of each country that adopts them. So the question arises whether the quality of information is synonymous with the quality of the standards, as measured by the conservative concept of balance sheet, or systematic undervaluation of the net book value in relation to the market value of the company. The research focus on the relationship between financial statement under IFRS are more conservative than financial statements under local GAPP. The literature review shows that price or earnings models have also been used to measure conservatism, to compare the degree of conservatism among countries, between periods, and between regulatory bodies. This paper analyzes the degree of conservatism between two standards: Argentine accounting standards and IFRS. The hypothesis refers to a reduction of balance-sheet conservatism in listed Argentine companies in the post-IFRS period compared to the pre-IFRS period. To do this, we carried out a longitudinal study covering periods pre (2008-2009-2010-2011) and post (2012-2013-2014-2015) IFRS, by comparing the MTB ratio of these periods through a comparison test of means. The data used for the analysis were from the Thompson database, for listed companies. The results obtained show that the implementation of IFRS in Argentina increased the conservative bias in the preparation of the financial statements and we have to reject the hypothesis.
The adoption of the International Financial Reporting Standards (IFRS) by the European Union, Australia and New Zealand in 2005, promoted a worldwide adoption process, in particular in Latin American countries. The implementation of IFRSs raised the question about the improvement in the quality of the financial information under this standards respected to the local standards of each country that adopts them. So the question arises whether the quality of information is synonymous with the quality of the standards, as measured by the conservative concept of balance sheet, or systematic undervaluation of the net book value in relation to the market value of the company. The research focus on the relationship between financial statement under IFRS are more conservative than financial statements under local GAPP. The literature review shows that price or earnings models have also been used to measure conservatism, to compare the degree of conservatism among countries, between periods, and between regulatory bodies. This paper analyzes the degree of conservatism between two standards: Argentine accounting standards and IFRS. The hypothesis refers to a reduction of balance-sheet conservatism in listed Argentine companies in the post-IFRS period compared to the pre-IFRS period. To do this, we carried out a longitudinal study covering periods pre (2008-2009-2010-2011) and post (2012-2013-2014-2015) IFRS, by comparing the MTB ratio of these periods through a comparison test of means. The data used for the analysis were from the Thompson database, for listed companies. The results obtained show that the implementation of IFRS in Argentina increased the conservative bias in the preparation of the financial statements and we have to reject the hypothesis.
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