{"id":2034,"date":"2022-06-01T12:43:25","date_gmt":"2022-06-01T15:43:25","guid":{"rendered":"http:\/\/abracicon.org\/abracicon_saber\/?p=2034"},"modified":"2023-06-03T19:49:03","modified_gmt":"2023-06-03T22:49:03","slug":"contribuicoes-das-caracteristicas-qualitativas-da-informacao-para-mitigar-assimetria-de-conhecimento-na-gestao-de-liquidez-da-firma","status":"publish","type":"post","link":"https:\/\/abracicon.org\/abracicon_saber\/contribuicoes-das-caracteristicas-qualitativas-da-informacao-para-mitigar-assimetria-de-conhecimento-na-gestao-de-liquidez-da-firma\/","title":{"rendered":"Contribui\u00e7\u00f5es das caracter\u00edsticas qualitativas da informa\u00e7\u00e3o para mitigar assimetria de…"},"content":{"rendered":"\t\t
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\"\"<\/a> \"\"<\/a><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Autor<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Doutor em Contabilidade e em Economia; Professor do Departamento de Ci\u00eancias Cont\u00e1beis e Atuariais Universidade de Bras\u00edlia (UnB).

franca@itecon.com.br<\/a> <\/em><\/span>
https:\/\/orcid.org\/<\/a><\/em><\/span>
0000-0002-8233-3620<\/em><\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Jos\u00e9 Antonio de Fran\u00e7a<\/h2>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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RESUMO<\/h2>

Este artigo introduz uma discuss\u00e3o sobre as caracter\u00edsticas qualitativas da informa\u00e7\u00e3o, denominadas capacidade de verifica\u00e7\u00e3o e representa\u00e7\u00e3o fidedigna, associadas a um modelo quantitativo de mensura\u00e7\u00e3o das capacidades nominal e efetiva de pagamento, capaz de mitigar os efeitos de assimetria e sinalizar tend\u00eancia de neutralidade do conte\u00fado informacional da liquidez e solv\u00eancia da firma, com base no Coeficiente de Efici\u00eancia Financeira (CEF) e no Coeficiente de Sustentabilidade da Liquidez (CSL), em perspectiva te\u00f3rica.<\/p>

Palavras-chave:<\/strong><\/em> Assimetria da informa\u00e7\u00e3o. Neutralidade da informa\u00e7\u00e3o. Caracter\u00edsticas qualitativas da informa\u00e7\u00e3o. Coeficiente de efici\u00eancia financeira (CEF). Coeficiente de sustentabilidade da liquidez (CSL). <\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Contribui\u00e7\u00f5es das caracter\u00edsticas qualitativas da informa\u00e7\u00e3o para mitigar assimetria de conhecimento na gest\u00e3o de liquidez da firma<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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1. INTRODU\u00c7\u00c3O<\/h2>

Este artigo traz para discuss\u00e3o uma contribui\u00e7\u00e3o resumida das caracter\u00edsticas qualitativas da informa\u00e7\u00e3o, capacidade de verifica\u00e7\u00e3o e representa\u00e7\u00e3o fidedigna, associadas ao modelo \u201cNecessary and Sufficient Conditions for Liquidity Management\u201d, introduzido por De Fran\u00e7a e Sandoval (2019), para mitigar o efeito assimetria contido na divulga\u00e7\u00e3o de informa\u00e7\u00e3o financeira relativa \u00e0 capacidade de pagamento da firma, divulgada pela Contabilidade, na perspectiva de que a informa\u00e7\u00e3o possa ser neutra.<\/p>

A informa\u00e7\u00e3o cont\u00e1bil, para ser considerada \u00fatil, deve ser provida das carater\u00edsticas qualitativas que emprestam os fundamentos b\u00e1sicos para agregar confian\u00e7a e assegurar benef\u00edcios na tomada de decis\u00e3o. Neste contexto, o ordenamento contabil\u00edstico brasileiro, emanado do Conselho Federal de Contabilidade (CFC), j\u00e1 desde 1993, por meio da Resolu\u00e7\u00e3o CFC 750 (revogada), sinaliza a relev\u00e2ncia dessas caracter\u00edsticas (CFC, 1993). Mais recentemente, com a ado\u00e7\u00e3o do padr\u00e3o IFRS (International Finance Reporting Standards), essas caracter\u00edsticas s\u00e3o ainda mais necess\u00e1rias, permeando toda a estrutura conceitual da contabilidade aplic\u00e1vel aos neg\u00f3cios dos setores p\u00fablico e privado (CFC, 2016 e CFC, 2019).<\/p>

As caracter\u00edsticas qualitativas da informa\u00e7\u00e3o s\u00e3o classificadas como fundamentais e de melhoria e t\u00eam o papel de aportar credibilidade e reduzir assimetrias entre a Entidade e o Usu\u00e1rio. As caracter\u00edsticas classificadas como fundamentais se referem \u00e0 relev\u00e2ncia e \u00e0 representa\u00e7\u00e3o fidedigna da informa\u00e7\u00e3o, enquanto que as caracter\u00edsticas classificadas como de melhoria s\u00e3o as identificadas com a comparabilidade, capacidade de verifica\u00e7\u00e3o, tempestividade e compreensibilidade. A partir deste par\u00e1grafo as terminologias firma, entidade e entidade econ\u00f4mica s\u00e3o utilizadas como sin\u00f4nimas.<\/p>

Parte dos relat\u00f3rios financeiros padronizados e elaborados pela contabilidade, do ponto de vista da informa\u00e7\u00e3o quantitativa, apresenta restrito conte\u00fado informacional porque necessita do complemento qualitativo que lhe assegure confiabilidade.<\/p><\/blockquote>

Ent\u00e3o, as caracter\u00edsticas qualitativas s\u00e3o o complemento da informa\u00e7\u00e3o quantitativa reportada pelas demonstra\u00e7\u00f5es cont\u00e1beis estruturadas, tamb\u00e9m conhecidas como demonstra\u00e7\u00f5es financeiras padronizadas, elaboradas e sustentadas pelas pr\u00e1ticas cont\u00e1beis positivadas. Neste artigo o foco \u00e9 centrado em apenas duas dessas caracter\u00edsticas: a capacidade de verifica\u00e7\u00e3o e a representa\u00e7\u00e3o fidedigna.<\/p>

Sustentado nesta breve contextualiza\u00e7\u00e3o, este artigo pretende apresentar, de forma resumida, a rela\u00e7\u00e3o de completude entre as caracter\u00edsticas qualitativas, capacidade de verifica\u00e7\u00e3o e representa\u00e7\u00e3o fidedigna, e a informa\u00e7\u00e3o financeira de capacidade de pagamento da firma divulgada pelas entidades econ\u00f4micas em suas demonstra\u00e7\u00f5es cont\u00e1beis, em uma perspectiva te\u00f3rica, com o objetivo de mitigar os efeitos de assimetria entre a entidade econ\u00f4mica e o usu\u00e1rio e tamb\u00e9m aproximar a informa\u00e7\u00e3o da neutralidade.<\/p>

As contribui\u00e7\u00f5es apresentadas s\u00e3o relevantes para estimular a combina\u00e7\u00e3o da pr\u00e1tica cont\u00e1bil com o pensamento te\u00f3rico-anal\u00edtico, cujo produto \u00e9 um conte\u00fado informacional tendendo \u00e0 neutralidade, consequente redu\u00e7\u00e3o de vi\u00e9s, e benef\u00edcios para a tomada de decis\u00e3o.<\/p>

2. Contribui\u00e7\u00f5es das caracter\u00edsticas qualitativas da informa\u00e7\u00e3o ao conte\u00fado informacional da liquidez<\/h2>

Parte dos relat\u00f3rios financeiros padronizados e elaborados pela contabilidade, do ponto de vista da informa\u00e7\u00e3o quantitativa, apresenta restrito conte\u00fado informacional porque necessita do complemento qualitativo que lhe assegure confiabilidade.<\/p>

Esta declara\u00e7\u00e3o \u00e9 explicitamente provocante porque ela desafia a cren\u00e7a na fidedignidade do balan\u00e7o, como demonstra\u00e7\u00e3o cont\u00e1bil estruturada, fundamental, representativa da situa\u00e7\u00e3o patrimonial e financeira da entidade econ\u00f4mica.<\/p>

Parte dessa provoca\u00e7\u00e3o se sustenta no poder de resposta de ativos financeiros e n\u00e3o monet\u00e1rios, como, por exemplo, receb\u00edveis e estoques de venda, que comp\u00f5em o ciclo operacional de uma entidade econ\u00f4mica, na gest\u00e3o do fluxo de caixa, quando confrontado com as obriga\u00e7\u00f5es oriundas do neg\u00f3cio para compor o ciclo financeiro.<\/p>

Poder-se-ia invocar para essa aferi\u00e7\u00e3o a caracter\u00edstica qualitativa de melhoria denominada capacidade de verifica\u00e7\u00e3o para certificar a razoabilidade do conte\u00fado informacional da grandeza monet\u00e1ria dos saldos, ainda que para essa certifica\u00e7\u00e3o seja necess\u00e1rio utilizar alguma matem\u00e1tica probabil\u00edstica com intervalo de confian\u00e7a.<\/p>

Isto sugere que n\u00e3o basta aplicar metodologia de mensura\u00e7\u00e3o por valor justo a itens financeiros e n\u00e3o monet\u00e1rios, \u00e9 necess\u00e1rio mitigar assimetria e buscar a neutralidade da informa\u00e7\u00e3o, para que haja representa\u00e7\u00e3o fidedigna.<\/p>

Ent\u00e3o, para a completude da referida certifica\u00e7\u00e3o poder-se-ia aplicar a caracter\u00edstica qualitativa fundamental denominada representa\u00e7\u00e3o fidedigna para assegurar a neutralidade e aus\u00eancia de erro. Por\u00e9m, aus\u00eancia de erro n\u00e3o pode ser completa porque a entidade econ\u00f4mica est\u00e1 sujeita a externalidades negativas e a riscos sist\u00eamicos que n\u00e3o est\u00e3o sob o controle da governan\u00e7a.<\/p>

As grandezas quantitativas representadas por receb\u00edveis e estoques de venda, e ainda pelas obriga\u00e7\u00f5es oriundas do neg\u00f3cio, reportadas no balan\u00e7o, produzem o indicador de ciclo financeiro (CF = CO – PMPC) 1 , como preditor do coeficiente de efici\u00eancia financeira \u00b2.<\/p>

O CEF reduz eventual assimetria de conhecimento entre o usu\u00e1rio externo e o gestor com rela\u00e7\u00e3o ao conte\u00fado informacional do indicador de liquidez corrente (ILC = AC\/PC) 3, que mede a capacidade nominal de pagamento, e o coeficiente de sustentabilidade de liquidez (CSL=ILC\/CEF) 4 que representa a capacidade efetiva de pagamento como demonstrado por De Fran\u00e7a e Sandoval (2019).<\/p>

A redu\u00e7\u00e3o da assimetria tende \u00e0 neutralidade da informa\u00e7\u00e3o porque \u00e9 decorrente da caracter\u00edstica capacidade de verifica\u00e7\u00e3o e se aproxima da caracter\u00edstica representa\u00e7\u00e3o fidedigna.<\/p>

A assimetria de conhecimento do usu\u00e1rio externo para o gestor, com rela\u00e7\u00e3o \u00e0 capacidade de pagamento da firma, assertivamente, \u00e9 mitigada pelos indicadores CEF e CSL propostos por De Fran\u00e7a e Sandoval (2019) porque o modelo introduz uma combina\u00e7\u00e3o alg\u00e9brica com a vari\u00e1vel tempo que resulta no ajuste do ILC e vem ao encontro das inquieta\u00e7\u00f5es de Richards e Laughlin (1980) e Assaf Neto (2014) ao questionarem essa insufici\u00eancia do referido indicador.<\/p>

\u00c9 neste ponto que as caracter\u00edsticas da representa\u00e7\u00e3o fidedigna e da capacidade de verifica\u00e7\u00e3o atuam para validar o conte\u00fado informacional da capacidade de pagamento da firma, contribuindo, em conjunto, para mitigar os efeitos da assimetria dessa informa\u00e7\u00e3o que se submete ao processo de accountability e responsabilidade fiduci\u00e1ria da Governan\u00e7a da entidade econ\u00f4mica. Neste ponto tamb\u00e9m se avalia se a informa\u00e7\u00e3o apresentada no balan\u00e7o patrimonial \u00e9 livre de erro e se \u00e9 verific\u00e1vel.<\/p>

Se assim o for, h\u00e1 robusta evid\u00eancia de que a entidade econ\u00f4mica adota boas pr\u00e1ticas cont\u00e1beis, caso contr\u00e1rio, as pol\u00edticas cont\u00e1beis devem ser revistas.
Sendo o ILC um indicador que reporta apenas o quociente oriundo da divis\u00e3o das duas grandezas monet\u00e1rias que comp\u00f5em o capital de giro l\u00edquido, ativo circulante e passivo circulante, entre as fronteiras de um intervalo temporal fixo de um exerc\u00edcio social a outro, n\u00e3o h\u00e1 atributo confi\u00e1vel que assegure solv\u00eancia a partir da liquidez.<\/p>

Por outro lado, o CSL, por ser o quociente da divis\u00e3o do ILC pelo CEF, combina algebricamente per\u00edodos de embolso e desembolso no intervalo de tempo entre as fronteiras de dois exerc\u00edcios sociais e o respectivo custo do dinheiro no tempo. Desta combina\u00e7\u00e3o surgem m\u00e9tricas que qualificam o status da liquidez como fortemente sustent\u00e1vel, fracamente sustent\u00e1vel e n\u00e3o sustent\u00e1vel (vide De Fran\u00e7a e Sandoval, 2019 – 4.1 e 4.2).<\/p>

A redu\u00e7\u00e3o da assimetria tende \u00e0 neutralidade da informa\u00e7\u00e3o porque \u00e9 decorrente da caracter\u00edstica capacidade de verifica\u00e7\u00e3o e se aproxima da caracter\u00edstica representa\u00e7\u00e3o fidedigna.<\/p><\/blockquote>

S\u00e3o essas m\u00e9tricas que mitigam o efeito assimetria e proporcionam que o conte\u00fado informacional da liquidez se aproxime da neutralidade porque, se a liquidez \u00e9 fortemente sustent\u00e1vel, h\u00e1 sinaliza\u00e7\u00e3o de h\u00e1 folga financeira entre os prazos de embolso e desembolso que afasta o risco de colapso financeiro da entidade.<\/p>

Se a liquidez \u00e9 fracamente sustent\u00e1vel o risco de colapso pode ser considerado e deve haver efetivo monitoramento preventivo. Se o status da liquidez \u00e9 n\u00e3o sustent\u00e1vel, a\u00ed a firma n\u00e3o disp\u00f5e de ativos financeiros e n\u00e3o monet\u00e1rios em giro suficientes para honrar todos os compromissos financeiros na maturidade.<\/p>

3. Considera\u00e7\u00f5es finais<\/h2>

A abordagem apresentada neste artigo associou a contribui\u00e7\u00e3o de caracter\u00edsticas qualitativas da informa\u00e7\u00e3o, denominadas capacidade de verifica\u00e7\u00e3o e representa\u00e7\u00e3o fidedigna, a indicadores de liquidez na perspectiva para mitigar o efeito assimetria com vistas \u00e0 neutralidade do conte\u00fado informacional da capacidade efetiva de pagamento partindo da capacidade nominal.<\/p>

Com base em contribui\u00e7\u00f5es dispon\u00edveis na literatura, sustentadas em modelo te\u00f3rico desenvolvido por De Fran\u00e7a e Sandoval (2019), argumenta-se que a assimetria de informa\u00e7\u00e3o da capacidade efetiva de pagamento da firma \u00e9 mitigada e tende \u00e0 neutralidade, ainda que por efeitos de externalidades, n\u00e3o sujeitas ao controle da governan\u00e7a, n\u00e3o se vislumbre a aus\u00eancia total de erro. Contudo, \u00e9 relevante a observa\u00e7\u00e3o de que sendo identificada diverg\u00eancia entre a capacidade nominal e a capacidade efetiva de pagamento isto permite ao gestor tomar decis\u00f5es que minimize custos, como parte do processo de accountability e da responsabilidade fiduci\u00e1ria.<\/p>

Por fim, por ser um estudo preliminar, estimula-se o desafio de aprofundar investiga\u00e7\u00e3o te\u00f3rico-emp\u00edrica da a\u00e7\u00e3o de caracter\u00edsticas qualitativas nos dados quantitativos das demonstra\u00e7\u00f5es financeiras padronizadas para melhoria do conte\u00fado informacional e benef\u00edcio da tomada decis\u00e3o pela governan\u00e7a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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1 co=ciclo operacional; pmpc=prazo m\u00e9dio de pagamento de compras.
2 I=taxa de juros; co=ciclo operacional; e cf=ciclo financeiro.
3 ac=ativo circulante; pc=passivo circulante.
4 ILC = \u00edndice de liquidez corrente; CEF = coeficiente de efici\u00eancia financeira.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Refer\u00eancias<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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REVISTA ABRACICON SABER – ISSN: 2357\/7428
EDI\u00c7\u00c3O N\u00aa 39<\/b><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Assaf Neto, Alexandre. (2014). Finan\u00e7as Corporativas e valor. 7. ed. S\u00e3o Paulo: Atlas.<\/p>

CFC. (1993). Resolu\u00e7\u00e3o 750: Princ\u00edpios Fundamentais de Contabilidade.<\/p>

CFC. (2016). Estrutura Conceitual para Elabora\u00e7\u00e3o e Divulga\u00e7\u00e3o de Informa\u00e7\u00e3o Cont\u00e1bil de Prop\u00f3sito Geral pelas Entidades do Setor P\u00fablico.<\/p>

CFC. (2019). Estrutura conceitual para relat\u00f3rio financeiro.<\/p>

De Fran\u00e7a, Jos\u00e9 Antonio e Sandoval, Wilfredo Sosa. (2019). Necessary and Sufficient Conditions for Liquidity management. International Journal of Economics and Finance. V.11, n. 5.<\/p>

Richards, Verlyn D.; Laughlin, Eugene J. (1980).A cash conversion cycle approach to liquidity analysis. Financial Management. v. 9, r. 1, pp. 32-38.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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1 OC=operating cycle; DPO=days payable outstanding.
2 FC =financial cycle; OC = operating cycle.
3 CA = current assets; CL = current liabilities.
4 CR = current ratio; FER = financial efficiency ratio.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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ABSTRACT<\/h2>

This article introduces a discussion about the information qualitative characteristics, represented verification capacity and reliable representation, associated with a quantitative model for measuring nominal and effective payment capacities, capable of mitigating the asymmetry effect and signaling a tendency towards neutrality of the informational content of the liquidity and solvency of the firm, based on the financial efficiency ratio (FER) and the liquidity sustainability ratio (LSR), in theoretical perspective.<\/p>

\u00a0<\/p>

Keywords<\/strong>: Information asymmetry. Information neutrality. Information qualitative characteristics. Financial efficiency ratio (FER). Liquidity sustainability ratio (LSR).<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Contributions of Qualitative Information Characteristics to Mitigate Knowledge Asymmetry in Firm Liquidity Management<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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1. INTRODUCTION<\/h2>

EThis article brings to the discussion a summarized contribution of the qualitative characteristics of the information, verification capacity and reliable representation, associated with the \u201cNecessary and Sufficient Conditions for Liquidity Management\u201d model, introduced by De Fran\u00e7a and Sandoval (2019), to mitigate the asymmetry effect contained in the disclosure of financial information related to the firm’s ability to pay, disclosed by Accounting, in the perspective that the information may be neutral.<\/p>

The accounting information to be considered useful must be provided with qualitative characteristics that lend the basic foundations to aggregate trust and ensure benefits in decision making. In this context, the Brazilian accounting system, emanating from the Federal Accounting Council (FAC), since 1993, through CFC Resolution 750 (revoked), signals the relevance of these characteristics (CFC, 1993).\u00a0<\/p>

Recently, with the adoption of the IFRS (International Finance Reporting Standards), these characteristics are even more necessary, permeating the entire conceptual framework of accounting applicable to public and private sector businesses (CFC, 2016 and CFC, 2019).<\/p>

The qualitative characteristics of the information are classified as fundamental and for improvement, and have the role of providing credibility and reducing asymmetries between the Entity and the User.\u00a0<\/p>

The characteristics classified as fundamental refer to the relevance and reliable representation of the information, while the characteristics classified as improvement are those identified with comparability, verification capacity, timeliness and understandability.<\/p>

From this paragraph onwards, the terminology firm, entity and economic entity are used synonymously.<\/p>

So, the qualitative characteristics are the complement of the quantitative information reported by the structured financial statements, also known as standardized financial statements, prepared and supported by the positive accounting practices. In this article the focus is centered on just two of these characteristics, verifiability and reliable representation.<\/p>

Based on this brief approach, this article intends to present, in a summarized way, the relationship of completeness between the qualitative characteristics, verification capacity and reliable representation, and the financial information of the firm’s ability to pay disclosed by economic entities in their financial statements, in a theoretical perspective, with the objective of mitigating the effects of asymmetry between the economic entity and the user and also bringing information closer to neutrality.<\/p>

Part of the standardized financial reports prepared by accounting, from the point of view of quantitative information, presents restricted informational content because it needs a qualitative complement that ensures reliability<\/p><\/blockquote>

The contributions presented are relevant to stimulate the combination of accounting practice with theoretical-analytical thinking, whose product is an informational content tending towards neutrality, consequent reduction of bias, and benefits for decision making.<\/p>

2. Contributions of qualitative characteristics to the informational content of liquidity<\/h2>

Part of the standardized financial reports prepared by accounting, from the point of view of quantitative information, presents restricted informational content because it needs a qualitative complement that ensures reliability.<\/p>

This statement is explicitly provocative because it challenges the belief in the reliability of the balance sheet, as a structured, fundamental financial statement, representative of the economic entity’s equity and financial situation.\u00a0<\/p>

Part of this provocation is based on the response power of financial and non-monetary assets, such as receivables and sales inventories, which make up the operating cycle of an economic entity, in cash flow management, when faced with the obligations arising from the business, to compose the financial cycle.<\/p>

One could invoke for this measurement the qualitative improvement characteristic called verification capability to certify the reasonableness of the informational content of the monetary magnitude of the balances, although for this certification it is necessary to use some probabilistic mathematics with a confidence interval.<\/p>

This suggests that it is not enough to apply a fair value measurement methodology to financial and non-monetary items, it is necessary to mitigate the asymmetry effect and seek information neutrality, so that there is a reliable representation.<\/p>

Then, for the completeness of the referred certification, the fundamental qualitative characteristic called reliable representation could be applied to ensure neutrality and absence of error. However, absence of error cannot be complete because the economic entity is subject to negative externalities and systemic risks that are not under the control of governance.<\/p>

The quantitative values represented by receivables and sales inventories, and also by the obligations arising from the business, reported in the balance sheet, produce the financial cycle ratio (FCR = OC – DPO) 1 , as a predictor of the financial efficiency ratio 2. . The FER reduces any knowledge asymmetry between the external user and the manager with respect to the informational content of the current ratio (CR = CA\/CL) 3, which measures the nominal payment capacity, and the liquidity sustainability ratio (LSR=CR\/FER) 4 that represents the effective payment capacity as demonstrated by De Fran\u00e7a and Sandoval (2019) and approaches the characteristic reliable representation.<\/p>

The asymmetry of knowledge from the external user to the manager, regarding the firm’s ability to pay, is assertively mitigated by the FER and LSR indicators proposed by De Fran\u00e7a and Sandoval (2019) because the model introduces an algebraic combination with the time variable that results in the adjustment of the CR and meets the concerns of Richards and Laughlin (1980) and Assaf Neto (2014) when questioning the insufficiency of that indicator.\u00a0<\/p>

It is at this point that the characteristics of reliable representation and verification capacity act to validate the informational content of the firm’s ability to pay, contributing, together, to mitigate the effects of the asymmetry of this information that undergoes the process of accountability and fiduciary responsibility of the governance of the economic entity. At this point, it is also assessed whether the information presented in the balance sheet is error-free and whether it is verifiable.<\/p>

If so, there is robust evidence that the economic entity adopts good accounting practices, otherwise, the accounting policies should be reviewed.<\/p>

Since the ILC is an indicator that only reports the quotient arising from the division of the two monetary quantities that make up the net working capital, current assets and current liabilities, between the borders of a fixed time interval from one fiscal year to another, there is no reliable attribute that ensures solvency from liquidity.<\/p>

On the other hand, the LSR, being the quotient of the division of the CR by the FER, algebraically combines disbursement and disbursement periods in the time interval between the boundaries of two fiscal years and the respective time cost of money.<\/p>

From this combination emerge metrics that qualify the liquidity status as strongly sustainable, weakly sustainable and unsustainable (see De Fran\u00e7a and Sandoval, 2019 – 4.1 and 4.2).\u00a0<\/p>

It is these metrics that mitigate the asymmetry effect and allow the informational content of liquidity to approach neutrality, because if liquidity is strongly sustainable<\/p><\/blockquote>

It is these metrics that mitigate the asymmetry effect and allow the informational content of liquidity to approach neutrality, because if liquidity is strongly sustainable, there is a signal of financial slack between the disbursement and disbursement periods, which removes the risk of financial collapse of the entity. If liquidity is poorly sustainable, the risk of collapse can be considered and there must be effective preventive monitoring.<\/p>

If the liquidity status is unsustainable, then the firm does not have sufficient working financial and non-monetary assets to meet all financial commitments at maturity.<\/p>

3. Final considerations<\/h2>

The approach presented in this article associated the contribution of qualitative characteristics of the information, called verification capacity and reliable representation, to liquidity indicators in the perspective of mitigating the asymmetry effect with a view to the neutrality of the informational content of the effective payment capacity starting from the nominal capacity.<\/p>

Based on contributions available in the literature, supported by a theoretical model developed by De Fran\u00e7a and Sandoval (2019), it is argued that the information asymmetry of the firm’s effective ability to pay is mitigated and tends to neutrality, albeit due to the effects of externalities, not subject to governance control, the total absence of error cannot be envisaged. However, it is important to note that when a divergence is identified between the nominal capacity and the effective payment capacity, this allows the manager to make decisions that minimize costs, as part of the accountability process and fiduciary responsibility.<\/p>

Finally, as it is a preliminary study, the challenge of deepening the theoretical-empirical investigation of the action of qualitative characteristics in the quantitative data of the standardized financial statements is encouraged to improve the information content and benefit the decision-making by governance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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1 OC=operating cycle; DPO=days payable outstanding.
2 FC =financial cycle; OC = operating cycle.
3 CA = current assets; CL = current liabilities.
4 CR = current ratio; FER = financial efficiency ratio.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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References<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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REVISTA ABRACICON SABER – ISSN: 2357\/7428
EDI\u00c7\u00c3O N\u00aa 39<\/b><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Assaf Neto, Alexandre. (2014). Finan\u00e7as Corporativas e valor. 7. ed. S\u00e3o Paulo: Atlas.<\/p>

CFC. (1993). Resolu\u00e7\u00e3o 750: Princ\u00edpios Fundamentais de Contabilidade. <\/p>

CFC. (2016). Estrutura Conceitual para Elabora\u00e7\u00e3o e Divulga\u00e7\u00e3o de Informa\u00e7\u00e3o Cont\u00e1bil de Prop\u00f3sito Geral pelas Entidades do Setor P\u00fablico. <\/p>

CFC. (2019). Estrutura conceitual para relat\u00f3rio financeiro. <\/p>

De Fran\u00e7a, Jos\u00e9 Antonio e Sandoval, Wilfredo Sosa. (2019). Necessary and Sufficient Conditions for Liquidity management. International Journal of Economics and Finance. V.11, n. 5.<\/p>

Richards, Verlyn D.; Laughlin, Eugene J. (1980).A cash conversion cycle approach to liquidity analysis. Financial Management. v. 9, r. 1, pp. 32-38.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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ISSN: 2357\/7428<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Autor Doutor em Contabilidade e em Economia; Professor do Departamento de Ci\u00eancias Cont\u00e1beis e Atuariais Universidade de Bras\u00edlia (UnB). franca@itecon.com.br https:\/\/orcid.org\/ 0000-0002-8233-3620 Jos\u00e9 Antonio de Fran\u00e7a RESUMO Este artigo introduz uma discuss\u00e3o sobre as caracter\u00edsticas qualitativas da informa\u00e7\u00e3o, denominadas capacidade de verifica\u00e7\u00e3o e representa\u00e7\u00e3o fidedigna, associadas a um modelo quantitativo de mensura\u00e7\u00e3o das capacidades nominal […]<\/p>\n","protected":false},"author":2,"featured_media":2035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[57],"yst_prominent_words":[],"taxonomy\/academias":[],"taxonomy\/autores":[],"taxonomy\/edicoes-revista":[165],"class_list":["post-2034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-75","tag-socializando-o-conhecimento","edicoes-revista-edicao-39"],"_links":{"self":[{"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/posts\/2034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/comments?post=2034"}],"version-history":[{"count":32,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/posts\/2034\/revisions"}],"predecessor-version":[{"id":2067,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/posts\/2034\/revisions\/2067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/media\/2035"}],"wp:attachment":[{"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/media?parent=2034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/categories?post=2034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/tags?post=2034"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/yst_prominent_words?post=2034"},{"taxonomy":"academias","embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/taxonomy\/academias?post=2034"},{"taxonomy":"autores","embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/taxonomy\/autores?post=2034"},{"taxonomy":"edicoes-revista","embeddable":true,"href":"https:\/\/abracicon.org\/abracicon_saber\/wp-json\/wp\/v2\/taxonomy\/edicoes-revista?post=2034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}