SEGMENT INFORMATION ANALYSIS OF COMPANIES THAT WON TRANSPARENCY TROPHY ANEFAC-FIPECAFI-SERASA 2013

Abstract

Since 2010, Brazilian listed companies started to prepare their financial statements according to International Accounting Standards. One of these new standards, CPC 22 or IFRS 08, stated that it must be prepared a footnote with the company business segment. The aim of this article is to investigate the disclosure degree of this segment report in companies that won the Transparency Trophy 2013 Anefac/Fipecafi/Serasa. In this regard, after the collection of financial statements in Anefac site, it was made a content analysis of footnotes regarding segment information, with the goal of showing whether the demands of CPC 22 are met or not, individually. The researched sample consisted of the 20 companies that won the Trophy in 2013; however, only 11 disclosed segment information. After analysis, it was verified a low degree of disclosure, and it can be concluded that some pieces of information are more frequently provided, while there is a tendency of not showing other pieces that could be considered strategic, as the clients´ dependence degree and local areas data. This article can help to draw companies´ attention to prepare more detailed footnotes. As the report is disclosed with all demands established by the regulator, it can be a very useful tool for analysts to obtain data that were previously known only administratively. For future studies, we recommend a deeper investigation with market analysts concerning satisfaction regarding information disclosed in segment footnotes.