A STUDY ON CORPORATE GOVERNANCE AND LEVEL OF PRESENT VALUE ADJUSTMENT DISCLOSURE ON THE CONSTRUCTION AND TRANSPORTATION COMPANIES

This research aims to verify the relation between the level of governance and the disclosure of the items included on CPC 12, which refers to the practice of the Present Value Adjustment, in companies of Construction and Transportation, between the years 2008-2012. However, some companies were excluded from the sample because they offer no evidence, in any year, about the practice of present value adjustment. Thus, the sample of the study was composed of 72 companies, which highlighted evidence about the practice of present value adjustment on Notes or on Balance Sheets. It was verified that the disclosures made are weak, comparing to the items proposed by CPC 12, and that changes in the present value adjustment are not reported, constituting a scenario that changes much. The only item that has undergone a major increase in attendance was the dissemination of general practices of Present Value Adjustment on the Notes, especially in 2010, due to the mandatory applications of accounting standards for publicly traded entities. The item which was less disclosed refers to the model of calculations for the application of Present Value Adjustment. Despite the description of the item object, the Present Value Adjustment has a great representation, and entities still need to disclose better the amount and timeframe of the Present value Adjustment. Also noted, the use of Fisher's exact test, to show the relationship between the level of governance and level of disclosure, where those who belong to the New Market are often more prone to better disclose their information, while those that are not covered in the levels of governance have a level of unsatisfactory attendance.