DISCLOSURE LEVEL OF FINANCIAL INSTITUTIONS ACCORDING TO CPC 40 - FINANCIAL INSTRUMENTS

Abstract

This study was designed to measure the degree of compliance with the disclosures required of regulated institutions to disclose their financial statements in IFRS in accordance with CMN Resolution 3,786/2009, in order to check whether the disclosures determined by the CPC 40 – Financial Instruments, were as expected. To achieve these objectives, we examined whether the statements of these entities prepared for the year 2012 to 2015, applyingo to a checklist of 121 questions guided the items of mandatory disclosure CPC 40. The results showed annual rates of around 73,8% (period 2012/2013), 72.9% (period 2014/2015) and 73,4% (period 2012/2015). Although these levels suggest some progress, they are still far below expected by stakeholders; and well below the desired position, considering the mandatory nature of the disclosure; cannot therefore fully (1) express the significance of financial instruments for the position and performance of these entities; (2) identify the nature and extent of the risk loading of these instruments; and (3) describe how these entities manage these risks. The results also confirmed that: (i) public undertakings have higher levels than the disclosures required private companies to establish audit committees; (ii) there is no supremacy between auditors regarding the determination of the level of disclosure of entities related to each of them; (iii) only the size and shape of the constitution of companies are the key features of quantum disclosed; and (iv) the longevity of the auditor's work was not as decisive.