Browsing by Author "Pinho, Carlos"
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- A adopção das IPSAS em Portugal conduzirá necessariamente ao relato de informação financeira comparável no âmbito do Sector Público Administrativo?Publication . Santos, Paula Gomes dos; Pinho, CarlosAs demonstrações financeiras públicas podem ser menos comparáveis do que os seus utilizadores, habitualmente, presumem. Face à expectativa de implementação das IPSAS em Portugal, este estudo pretende contribuir para determinar se a sua adopção conduzirá, necessariamente, ao relato de informação comparável. As principais conclusões prendem-se com a necessidade de harmonizar a informação orçamental no que respeita quer aos modelos das demonstrações financeiras e aos conceitos envolvidos, quer quanto aos métodos de mensuração das receitas e das despesas. Tenha-se presente que as IPSAS não contemplam as diversas questões estudadas sendo as mesmas definidas pela variada, dispersa e contraditória legislação em vigor.
- Análise de projetos de investimentoPublication . Pinho, Carlos; Tavares, Susana1. Conceitos Introdutórios 2. Tipologias 3. Estudos Preliminares 4. O Cálculo dos Cash-Flows 5. Critérios de Avaliação 5.1. O Retorno do Investimento - ROI 5.2. O Valor Actual Líquido – VAL 5.3. O Período de Recuperação do Investimento (Pay-Back) 5.4. A Taxa Interna de Rendibilidade - TIR 6. O Efeito das Decisões de Financiamento 6.1. O Valor Ajustado 6.2. A Avaliação na Óptica dos Capitais Próprios 6.3. O Custo Médio Ponderado do Capital 7. Situações Especiais 8. A Análise de Risco
- A análise financeiraPublication . Pinho, Carlos; Tavares, Susana1. Objetivos da Análise Financeira 2. A Preparação das Demonstrações Financeiras para Análise Financeira 2.1. O Balanço Funcional 2.2. A Demonstração dos Resultados 3. Indicadores de Análise Financeira 3.1. Indicadores de Liquidez 3.2. Indicadores Económicos 3.3. Indicadores de Funcionamento 3.4. Indicadores de Endividamento 3.5. Análise de Rendibilidade 3.6. Indicadores de Risco 3.7. O Equilíbrio Financeiro 3.8. Indicadores de Mercado 4. A elaboração de um Relatório de Análise Financeira
- Analytical procedures: are they useful for auditing purposes? An Iberian Peninsula approachPublication . Pinho, Carlos; Santos, Paula; Martinho, CarlaThe use of analytical audit procedures has been reinforced in view of the increase in the number and complexity of transactions of the audited entities. Previous studies indicate that its use is more significant in the planning and opinion formation phases. Even so, the growing use of software to support audit work has reinforced its usefulness in the phase of collecting audit evidence. To complement those conclusions, the investigation of this article is: in which areas analytical procedures are more suitable for use as evidence gathering? In fact, several studies have been carried out to understand the usefulness of analytical procedures during the different steps of a financial audit, but there is a lack of studies concerning in what financial statements / auditing areas such procedures are more likely to be useful. This study focused on a survey carried out with auditing partners from Big4 audit firms in the Iberian Peninsula, in order to obtain their perception of the areas of work in which analytical procedures are most frequently used as evidence collection. The results obtained, based on statistical descriptive analysis and confidence intervals prepared at a 95% level of confidence, point to the fact that analytical procedures are mostly used in areas of work related to the Profit & Loss Account, particularly in the areas of (i) Sales / Customers, (ii) Purchases / Suppliers, (iii) Personnel Expenses and (iv) Income / Financial Expenses. At a significantly lower level, it is shown that in the areas of the Balance Sheet the use of analytical procedures is considered in a much lesser degree. Furthermore, it appears that the typology of analytical procedures used in these areas correspond mainly to comparison tests, trend analysis, ratio analysis, reasonability tests, all those categorized to be less complex analytical procedures.
- Assessing eLearning : finding a model for higher educationPublication . Martins, António Eduardo Pais Falcão Barbosa; Reis, Felipa Lopes dos; Negas, Mário Carrilho; Pinho, CarlosLike every form of education or training, e-learning must be assessed with respect to various criteria, bearing in mind that it is undergoing a constant process of improving and progressing towards its goals. However, it is difficult to define a single model for assessing e-learning as technology is evolving all the time, in addition to the fact that Web 2.0 has created new ways for internet users to relate to each other. Therefore, it will be important to analyse the ways in which assessment 2.0 of e-learning is undertaken, bearing in mind that it will correspond to an evolution in the assessment of the mode of e-learning that could be designated "e-learning 1.0", whose most important points are described below. In assessing e-learning, it is often usual to compare it to exclusively presential models, ignoring the fact that e-learning is about what could be called e-pedagogy, in which new standards of communication, collaboration and group behaviour co-exist. In e-learning, new models of learning are used, involving the way that learners interact not only among themselves but also with the educational resources available, both online and offline, resulting in a change in the way they perceive the learning context in which they are involved. The evaluation of e-learning should be tackled in a very pragmatic way. It should be appropriate to the learning project in question and not become a highly complex study resulting in a large amount of complicated data, in which the aims of the evaluation end up being unclear to users. A proper assessment of e-learning must therefore have objectives, indicators, and goals that are explicit and easy to grasp, making it possible to respond to the questions that users wish to see solved. Above all, it should create methods of presenting the results of the assessment in a way that is easily understood by all parties concerned.
- Composition of an optimal portfolio in the Capital Market - Elton & Gruber Model in Portugal’s Capital MarketPublication . Pinho, Carlos; Melo, AugustoIn order to maximize their utility function, investors select some assets over others by choosing the ideal portfolio that will maximize their wealth. Each asset is chosen taking into account the relationship between the risk of that particular investment (usually measured by variance)- and the return it can offer, as well as the risk between this and other assets (as measured by covariance). The purpose of this work was to build an optimal portfolio using data on PSI-20's stock prices (2008-2016) where investors are aware of risk and want to minimize it. For this purpose, an optimal portfolio’s comparison in the period between 2004-2007 was conducted. This period was referred to as the financial pre-crisis, compared to the optimal portfolio obtained in the period after the financial crisis (2008-2016). The methodology used to estimate the expected profitability of each asset that makes up the PSI-20 was obtained by extracting the historical quotations from the Euronext Lisbon website. The Elton & Gruber model was used in order to determine the optimal portfolio, as well as the assets that should be part of it. In the period after the financial crisis, it can be verified in the optimal portfolio’s composition that, in the periods after the financial crisis and the financial crisis, there were no stocks to be included in the optimal portfolio, and an analysis in smaller periods was made. In the post financial crisis period actions were found with an attractiveness index superior to the cut-off point, which would lead them to be included in the optimal portfolio, and it was verified that the large distribution sector with (32.15%) has the greatest weight in the optimal portfolio, considering also the Oil and Gas (19.95%), Banking (11.84%) and Production (8.09%) sectors. While addressing shorter periods in pre financial crisis period, no asset was included in the optimal portfolio’s constitution.
- Conceitos fundamentais de contabilidade e relato financeiroPublication . Pinho, Carlos; Tavares, Susana1. Conceito de Empresa 2. Os Fluxos 3. Os Ciclos Financeiros 3.1. O ciclo das operações de exploração 3.2. O Ciclo das operações de investimento 3.3. O ciclo das operações de financiamento 4. A contabilidade como Sistema de Informação - As Demonstrações Financeiras 4.1. O Balanço 4.2. A Demonstração dos Resultados 4.3. A Demonstração dos Fluxos de Caixa 4.4. A Demonstração das Alterações nos Capitais Próprios 4.5. O Anexo às Demonstrações Financeiras 4.6. O Relatório de Gestão 5. Demonstrações Financeiras Consolidadas 6. A Normalização Contabilística e a Harmonização do Relato Financeiro
- Determinantes do índice de transparência municipal em Portugal (2013 a 2017)Publication . Martinho, Carla; Santos, Paula Gomes dos; Escaninha, Mariana; Pinho, CarlosA transparência assenta na disponibilização de informação sobre a gestão, sendo imprescindível a uma boa governação pública. Dada a divulgação do Índice de Transparência Municipal (ITM) relativo aos anos de 2013 a 2017, a presente investigação tem como objetivo estudar as determinantes que influenciam este índice, naquele período. Para a realização do estudo utilizaram-se dados dos 308 municípios portugueses, sendo o valor do ITM a variável que se pretende explicar. Para a respetiva análise, recorreu-se à análise estatística via modelos de regressão linear múltipla com dados em painel. Como principal conclusão da investigação realizada retira-se que as variáveis despesa efetiva per capita, taxa de população idosa e percentagem de abstenção, demonstraram ser determinantes do índice de transparência municipal para os anos em análise. O presente estudo pretende contribuir para o conhecimento no âmbito da transparência dos governos locais em Portugal.
- Disclosure of fair value measurement techniques of financial instruments: study applied to the portuguese banking Sector according to IFRS 13Publication . Kasyan, Ana; Santos, Paula Gomes dos; Pinho, Carlos; Pinto, VeraIASB has defined in IFRS 7 ―Financial Instruments: Disclosures" and in IFRS 13 "Fair Value Measurement", the set of disclosures that a company must make regarding the fair value measurement techniques used. The fair value hierarchy concept, introduced in IFRS 7 in 2009, classifies the data used in the measurement according to three levels, of which two levels introduce some subjectivity in the measurement. IFRS 7 has been amended several times with the clear intention to improve the disclosure requirements about financial instruments. IFRS 13 defines fair value, sets out a single framework for measuring fair value and requires disclosures about fair value measurements. Hence, this research aims to study the disclosure of fair value measurement techniques of the financial instruments, required by IFRS 13, of companies operating in the banking sector in Portugal from 2013 to 2015. Its purpose is to understand whether those financial instruments duly applied the accounting standards that define the required disclosures and analyse the fair value measurement techniques used for financial instruments. The results of the study allow us to conclude that companies operating in the banking sector in Portugal have not generally disclosed information on fair value measurement techniques of the financial instruments required by IFRS 13. It was also concluded that most financial instruments measured at fair value are classified at level 2 of the fair value hierarchy, which limits the degree of certainty about their values.
- Disclosure of fair value measurement techniques of financial instruments: study applied to the portuguese banking sector according to IFRS 7Publication . Kasyan, Ana; Santos, Paula Gomes dos; Pinho, Carlos; Pinto, VeraThe last financial crisis raised a lot of criticism toward fair value measurement and, consequently, the IASB defined in IFRS 7 “Financial Instruments: Disclosures" and IFRS 13 "Fair Value Measurement", the set of disclosures that a company must make regarding the fair value measurement techniques used. The fair value hierarchy concept, introduced in IFRS 7 in 2009, classifies the data used in the measurement according to three levels, of which two levels introduce some subjectivity in the measurement. Hence, this research aims to study the disclosure of fair value measurement techniques of the financial instruments of companies operating in the banking sector in Portugal from 2013 to 2015. Its purpose is to understand whether those financial instruments duly applied the accounting standards that define the required disclosures and analyse the fair value measurement techniques used for financial instruments. The results of the study allow us to conclude that companies operating in the banking sector in Portugal have generally disclosed information on fair value measurement techniques of the financial instruments required by IFRS 7, with the exception of disclosures related to the description of valuation techniques applied for the determination of the fair value of financial assets and liabilities and the reconciliation of changes in the fair value of financial instruments classified at level 3 of the fair value hierarchy. It was also concluded that most financial instruments measured at fair value are classified at level 2 of the fair value hierarchy, which limits the degree of certainty about their values.
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