Financial statements of brazilian banks: analysis of the disclosure in the light of risk management
Resumen
This article presents the result of a research project about the disclosure offered by the financial statements of Brazilian banks. Its goal was to evaluate how the financial statements and explanatory notes they presented contribute to the understanding of the evaluation of the risks taken by the banks in their activities. This is an exploratory, documentary and descriptive investigation, and it was carried out during the first half of 2005. The financial statements analyzed – of 2001, 2002 and 2003 – were obtained from the sites of the Brazilian Central Bank – BACEN and the banks covered by the research. Documents and norms on management of risks, issued by the Basle Committee and the Brazilian Central Bank, were also compiled and analyzed. The results indicate that, despite the exchange of information between the Brazilian Central Bank and the Brazilian Securities and Exchange Commission – CVM, the CVM does not explicitly demand from the independent auditors a disclosure that allows the interested reader to make a more complete evaluation of the performance of the analyzed banks in relation to their risk management strategy.
Key words: Basle Capital Agreement, market discipline, transparency, disclosure, regulatory mechanism.
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