REDUCTION TO RECOVERABLE ASSETS AND THEIR ADOPTION IN COMPANIES OF THE PUBLIC SERVICE SECTOR LISTED ON THE BM&FBOVESPA BY THE LIGHT OF CPC 01

Abstract

Technical Pronouncement CPC 01 – Reduction to Recoverable Assets–, of 2007, modified by CPC 01(R1), of 2010, approved by Decision CVM nº 639/2010 – in order to align Brazilian standards to the international standard IAS 36 – establishes procedures to be implemented by companies to make sure their assets are registered by values which are never higher than their respective recovery values. The present study aims at analyzing the characteristics of the disclosure of information and the economic effects of recognizing the reduction of recoverable asset values in accounting statements of 2008 and 2009 by companies in the public service sector listed at BM&FBovespa by the light of CPC 01. It is a descriptive research of qualitative nature realized by means of documental analysis, gathering the 72 listed companies in the subsectors of Water and Sanitation, Electrical Power and Gas. The level of disclosure was analyzed with the application of the content analysis on the explanatory notes related to the accounting statements of exercises finished in 2008 and 2009, by means of a checklist, following CPC 01 dispositions, and the economic effects were measured by means of ROA index (return on assets), ROI (return on investments) and ROE (return on equity). The results demonstrate that: (i) most companies evaluated evidence of loss in assets, but did not registered loss by impairment, especially in the electrical power subsector, which presents specific regulation; and (ii) the level of observance of release items in CPC 01 by companies was relatively low, even in those ones in which loss was significant. Regarding economic effects, a negative variation in profitability was observed, which points at the importance of an impairment test for an adequate financial-economical evaluation of companies.