THERE ARE CREATIVE ACCOUNTING PRACTICES IN PETROBRAS? A content analysis in the mainstream media

Abstract

The present study aimed at identifying if there was earnings management in Petrobras accounts in the year 2013, in face of the negative economic-financial performance in 2012. In order to do so, Bardin (2011) content analysis has been undertaken in the main means of communication of countries which presented any relation of investment or production with Petrobras, towards information that the company generated in their financial reports. 258 newspapers and magazines from the five continents have been analyzed, in a period of 2012 to 2014. This period was determined by the fact that in the year 2012 the company obtained loss in the second semester, with that, in the following year, earnings were declared, due to a change in debt's accounting method, with the use of hedge accounting. This change in the criterion of debt's accounting was an option adopted by the company in order to revert the loss generated in 2012, loss which was a reflection of the devaluation of Real currency relative to Dollar. According to this information generated by the content analysis, it was possible to visualize the motive and cause which made the company adopt this method. For studiers and researchers of this theme, the motives and the cause that made the company choose this alteration in the debt's accounting resides in intentionally demonstrating a better financial performance, even though it is announced in law, it can be considered earnings management.