RESUMO A pesquisa foca nas fusões bancárias, explorando como podem surgir benefícios não considerados tradicionalmente ao aplicar o método do Fluxo de Caixa Descontado em instituições financeiras. Utilizou-se dados de fontes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Analisaram-se os dados usando o Modelo de Dividendos Descontados e Modelagem Financeira Simples. Projetou-se a Demonstração do Resultado do Exercício e o Balanço Patrimonial dos bancos, ajustados pela taxa de inflação meta do Bacen. Calcularam-se os dividendos projetados para os próximos dez anos, determinou-se o Valor Patrimonial dos bancos individualmente e combinados, simulação que considerou três cenários: pessimista, realista e otimista. Os resultados destacaram variáveis críticas, como crescimento individual e combinado, Retorno sobre o Patrimônio e Taxa de Reinvestimento, mostrando que uma fusão pode gerar valor em todos os cenários analisados. bancárias financeiras Utilizouse Utilizou se Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney Analisaramse Analisaram Simples Projetouse Projetou Calcularamse Calcularam anos determinouse determinou combinados pessimista otimista críticas combinado Reinvestimento analisados (Bacen

The research focuses on bank mergers, exploring how benefits not traditionally considered can arise when applying the Discounted Cash Flow method in financial institutions. Data from sources such as the Central Bank (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 and Infomoney were used. The data were analyzed using the Discounted Dividend Model and Simple Financial Modeling. We projected the Income Statement and Balance Sheet of the banks, adjusted by the Bacen target inflation rate. We calculated the dividends projected for the next ten years, and determined the “Equity Value” of the banks individually and combined, a simulation that considered three scenarios: pessimistic, realistic and optimistic. The results highlighted critical variables, such as individual and combined growth, Return on Equity and Reinvestment Rate, showing that a merger can generate value in all scenarios analyzed. mergers institutions Bacen, , (Bacen) IFData IF IF.Data Brasil Federal Ipeadata B used Modeling rate years Value pessimistic optimistic variables growth Rate (Bacen

La investigación se centra en las fusiones bancarias, explorando cómo pueden surgir beneficios no considerados tradicionalmente al aplicar el método de Flujo de Caja Descontado en entidades financieras. Se utilizaron datos de fuentes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Los datos se analizaron utilizando el modelo de dividendos descontados y el modelo financiero simple. Diseñamos el Estado de Resultados del Año y el Balance General de los bancos, ajustados por la tasa de inflación objetivo del Bacen. Se calcularon los dividendos proyectados para los próximos diez años, se determinó el Valor Patrimonial de los bancos individualmente y en conjunto, simulación que consideró tres escenarios: pesimista, realista y optimista. Los resultados resaltaron variables críticas, como el crecimiento individual y combinado, el retorno sobre el capital y la tasa de reinversión, mostrando que una fusión puede generar valor en todos los escenarios analizados. bancarias financieras Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney simple años conjunto pesimista optimista críticas combinado reinversión analizados (Bacen

ABSTRACT The main purpose of this research was to assess how the profitability and liquidity of the company "Central de Cooperativas Mineras Rinconada y Lunar de Oro Limitada" were impacted by COVID-19 between the periods 2018 and 2022. This study is classified as basic and explanatory in nature, and it is non-experimental. For data collection, the documentation technique and observation were used, and the company's Balance Sheet and Income Statement were analyzed. The results indicate that, based on the analysis of profitability through Return on Assets (ROA), in 2019, it showed a negative value (-0.21). In contrast, in 2020, it recorded a value of 78.02. On the other hand, the analysis of Return on Equity (ROE) revealed a value of -0.14 in 2019, while in 2020, a significant value was recorded in the ratios (65.01). Regarding the liquidity of the mining company, the Current Ratio in 2019 was 15.46, and in 2020, it was 0.78. Furthermore, the Quick Ratio values were 15.46 in 2019 and 0.78 in 2020. Conclusions: the mining company experienced a significant decline in liquidity; however, it managed to maintain strong economic and financial profitability. Although a company may be profitable, the lack of liquidity represents a significant risk.

RESUMEN El propósito principal de esta investigación fue evaluar cómo la rentabilidad y la liquidez de la empresa “Central de Cooperativas Mineras Rinconada y Lunar de Oro Limitada” se vieron afectadas por el COVID-19 entre los periodos 2018 y 2022. Este estudio se clasifica de tipo básica y nivel descriptivo, y no experimental. Para el recojo de información se usó la técnica de documentación y la observación, se analizó el Estado de situación financiera y Estado de Resultados de la empresa. Los resultados muestran que, según el análisis de rentabilidad por retorno de activos (ROA) en el 2019 mostró un valor negativo (-0,21). Mientras que en 2020 registró un valor 78,02. Por otro lado, el análisis del retorno sobre el patrimonio (ROE), en el 2019 se halló un valor de -0,14. Mientras que en el 2020 se registró un valor significativo en ls ratios (65,01). Respecto a la liquidez de la empresa minera, según valores de Liquidez Corriente en el 2019 fue de 15,46 y en el 2020 fue de 0,78. Por otro lado, los valores de la Prueba Ácida en el 2019 fueron de 15,46 y en el 2020 de 0,78. Conclusiones: la empresa minera percibió una caída importante en su liquidez, sin embargo, logró mantener una sólida rentabilidad económica y financiera. Aunque una empresa pueda ser rentable, la falta de liquidez representa un riesgo significativo.

Abstract Purpose Our research examined the impact of readability on the understandability of notes to the financial statement and investigated the influence of a glossary on understandability. Theoretical framework Previous studies have treated readability and understandability as synonymous, but understandability is a broader concept influenced by contextual complexity, syntax, and individual characteristics. Design/methodology/approach We conducted an experiment involving 111 participants in Brazil with a background in accounting. We manipulated components of the Flesch readability metric and assessed their impact on understandability, as measured by the Meaning Identification Test. Findings Enhancing the readability of financial statement notes did not improve their understandability. However, participants' overall comprehension abilities and personal characteristics were found to significantly influence understandability. Additionally, the inclusion of a glossary of technical terms had a positive impact on understandability only for users with limited prior knowledge. Practical & social implications of research Researchers should consider alternative metrics to assess understandability. Standard setters and regulators should reconsider the effectiveness of presenting a glossary. Investors can advocate for improved text quality measures and the presentation of high quality information. Originality/value Most readability studies focus on reports written in English, and they are mainly applied to Anglophone countries. Our study extends this area of research in Brazil to reports written in Portuguese. Additionally, it highlights the need to explore the relationship between readability and understandability, as traditional readability formulas may not fully capture the comprehensibility of a text. synonymous complexity syntax Designmethodologyapproach Design methodology approach 11 accounting Test However Additionally knowledge information Originalityvalue Originality value English countries Portuguese 1

RESUMEN Los requerimientos de las Normas Internacionales de Información Financiera (NIIF) deben ser acogidos para la preparación de los estados financieros en las empresas. El tratamiento contable de los inventarios establecidos por la Normas Internacionales de Contabilidad NIC 2, da cuenta del modo en que se debe estimar el valor de los mismos. En este sentido, esta investigación plantea actividades de control y monitoreo del deterioro del valor de las existencias, considerando que dichos resultados generan un gran impacto en los estados financieros, como el activo más significativo en INSPA CIA LTDA. Se aplicó un estudio no experimental con alcance descriptivo-explicativo. Entre los principales resultados, se determinó que en INSPA CIA LTDA, el deterioro de los inventarios no incidió en las cuentas patrimoniales, no obstante, si afectó a la estructura financiera. En consecuencia, se elaboraron matrices que contienen parámetros de control, gestión y tratamiento contable de los inventarios.

ABSTRACT The requirements of the International Financial Reporting Standards (IFRS) must be followed for the preparation of financial statements in companies. The accounting treatment of inventories established by the International Accounting Standards (IAS 2), shows how the value of inventories should be estimated. In this sense, this research proposes activities of control and monitoring of the deterioration of the value of inventories, considering that such results generate a great impact on the financial statements, as the most significant asset in INSPA CIA LTDA. A non-experimental study with descriptive-explanatory scope was applied. Among the main results, it was determined that in INSPA CIA LTDA, the deterioration of inventories did not affect the equity accounts, however, it did affect the financial structure. Consequently, matrices containing parameters of control, management and accounting treatment of inventories were developed.

Abstract Purpose We propose a new SCORE model, inspired by Piotroski's (2000) well-known F-SCORE. But here we examine past, present, and future earnings forecasts in this binary model, which is also made up of nine signals. Theoretical framework This research investigates whether a basic accounting-based fundamental analysis method can affect the distribution of returns earned by an investor when applied to a board portfolio of higher growth stocks with high fundamentals (book value). Design/methodology/approach At the end of the fiscal year, we determine the market value of the equity and the BM of the Euronext 100 companies. After forming the BM, we keep the organizations with the highest BM and enough financial statement data to calculate the various performance indicators. The analysis covers the years from 2000 to 2020, a period of 21 years. Findings We demonstrate that by selecting businesses with strong fundamentals, a high SCORE investor's yearly mean return can be boosted by at least 30%. Practical & social implications of research Concerning the study's weaknesses, one of them is the high SCORE of the model providing limited data, which may skew the conclusions. Originality/value This study illustrates how, when applied to a board portfolio of high book-to-market firms with growth potential, a simple accounting-based fundamental strategy can alter the distribution of returns earned by an investor. Piotroskis Piotroski s (2000 wellknown well known FSCORE. FSCORE F SCORE. F-SCORE past present signals accountingbased accounting based book value. . value) Designmethodologyapproach Design methodology approach year 10 companies indicators 200 2020 2 investors 30 30% studys weaknesses conclusions Originalityvalue Originality how booktomarket potential (200 1 20 202 3 (20 (2 (

RESUMEN El objetivo general fue comprender cómo las cuatro mayores empresas del mercado de educación superior en Brasil – Cogna Educação, YDUQS, Grupo Ser Educacional y Ânima Educação – lograron destacarse, en poco tiempo, como las mayores empresas de educación del país, las más rentables y la expansión más rentable en comparación con las empresas del sector servicios del mercado. El examen se basó en el análisis de los documentos primarios de Cogna, que consisten en informes de estados financieros, disponibles en su sitio web, y relacionados con seis trimestres (2019, 2020 y 2021). El estudio indica que la misión de estos grupos educativos no es, principalmente, satisfacer las demandas educativas de la sociedad, sino que se centra en ofrecer servicios altamente rentables, en línea con el negocio de las empresas estrictamente económicas. YDUQS destacarse tiempo país financieros web 2019, 2019 (2019 202 2021. 2021 . 2021) es principalmente sociedad económicas 201 (201 20 (20 2 (2 (

ABSTRACT The overall objective was to understand how the four largest companies in the higher education market in Brazil – Cogna Educação, YDUQS, Grupo Ser Educacional and Ânima Educação – managed to stand out, in a short time, as the largest education companies in the country, the most profitable ones and with greater expansion compared to companies in the service sector of the market. The examination was based on the analysis of Cogna’s primary documents, consisting of financial statement reports, available on its website, and relating to six quarters (2019; 2020 and 2021). The study indicates that the mission of these educational groups is not, primarily, to meet the educational demands of society, but focuses on offering highly profitable services, in line with the business of strictly economic companies. YDUQS out time country Cognas s documents reports website 2019 (2019 202 2021. 2021 . 2021) not primarily society services 201 (201 20 (20 2 (2 (

RESUMO O objetivo geral foi compreender como as quatro maiores companhias do mercado da educação superior no Brasil – Cogna Educação, YDUQS, Grupo Ser Educacional e Ânima Educação – conseguiram destacar-se em pouco tempo como as maiores companhias de educação no país, mais lucrativas e de maior expansão se comparadas às empresas do setor de serviços do mercado. O exame deu-se pela análise de documentos primários da Cogna, constituídos de relatórios de demonstrações financeiras disponibilizados no seu site e relativos a seis trimestres (2019, 2020 e 2021). O estudo indica que a missão desses grupos educacionais não é prioritariamente atender às demandas educacionais da sociedade, mas concentra-se na oferta de serviços altamente lucrativos, nos moldes dos negócios das empresas estritamente econômicas. YDUQS destacarse destacar país deuse deu 2019, 2019 (2019 202 2021. 2021 . 2021) sociedade concentrase concentra lucrativos econômicas 201 (201 20 (20 2 (2 (

Abstract Introduction Thyroid nodules are common globally in almost one fifth of the adult population. The gold standard treatment for thyroid nodule is thyroid lobectomy or total thyroidectomy depending upon the diagnosis. Thyroidectomy has a few known complications but, as per the ATA consensus statement, it is a safe surgery to be done as a day care procedure. Objective To access the feasibility and safety of thyroid lobectomy as a day care surgery and its effect on decreasing overall financial burdens. Methods This retrospective chart review was done from 2006 to 2022. A total of 736 patients underwent thyroid lobectomy among which only 56 were done as day care surgery. Data analysis was done using the IBM SPSS Statistics for Windows, Version 23.0 (IBM Corp., Armonk, NY, USA). Results A total of 40% of the population was male. The mean age of the study population was 42 years. Bethesda II was the most encountered diagnosis, with a rate of 69%. The majority of patients were discharged after 6 hours of postoperative observation. The only complication encountered was seroma, which was seen in two patients. Conclusion Thyroid lobectomy appears to be a safe procedure with a drastic difference in overall cost as a day care procedure. We recommend switching the practice of inpatient thyroid lobectomy to a day care procedure in carefully selected candidates. The major hurdle in day care lobectomy can be approval from insurance. diagnosis but statement burdens 200 2022 73 5 Windows 230 23 0 23. Corp Corp. Armonk NY USA. USA . USA) 40 male 4 years 69 69% observation seroma candidates insurance 20 202 7 2

BACKGROUND: Corporate scandals have resulted in decreasing levels of confidence in the audit profession so that audit quality is under finer scrutiny. AIM: This article has explored the role external audit regulation in Namibia plays in ensuring the quality of its financial statement audits. SETTING: The opinions of audit and regulation experts in Namibia were examined. METHOD: A mixed-method approach, grounded in an interpretive epistemology, was employed. A correspondence table was developed, using the current literature. The opinions of audit and regulation experts on the effect that external regulations have on audit quality were then sought, using correspondence analysis and interviews. RESULTS: The primary themes of audit quality from a regulatory perspective are maintaining independence and consulting on complex audit matters, the employment of competent members in the engagement team and a culture of quality, driven by firm leadership. It is further revealed that administrative functions play a vital role in contributing to the quality of an audit. CONCLUSION: A conceptual model, linking regulation and audit quality, is presented. Independence is considered the cornerstone of the audit profession, while regulations are relevant to independence. Regulators may consider introducing measures such as rotation of audit firms or the disclosure of audit tenure in annual financial statements. CONTRIBUTION: This is the first research of its kind in Namibia. It is helpful to regulators and audit practitioners because it allows them to gain a better understanding of whether the current regulations adequately enhance audit quality, instead of being perceived as a 'tick-box' exercise.

Resumen El presente articulo pretende evaluar los derechos de petición de los usuarios en temas de transporte aéreo a nivel nacional e internacional con el rol del organismo regulador, ya que en hoy en día en Perú y México se sigue luchando por el temor de no ser defendidos y protegidos por los derechos, se basa en la información sobre los bienes y servicios que están contemplados en el mercado nacional e internacional. Con lo que se procura conocer los derechos de los consumidores, para así evitar reclamos ante el organismo regulador por rubros de transportes aéreos y terrestres, servicios financieros, telecomunicaciones, pues así por temas de no ser informados, falta de idoneidad, falta de implementación de libro de reclamaciones, pérdida de equipaje, cancelación de vuelos. Por ello que la ciudadanía peruana y mexicana tenga en conocimiento sobre los derechos de los consumidores, para llegar a esta afirmación se utilizará el método inductivo, bajo un enfoque de investigación cuantitativo. El estudio halló ciertos reclamos de usuarios que luchan contra sus derechos. Se concluye que en México y Perú vivimos en un mundo dentro que los ciudadanos no conocen los derechos y deberes correspondientes, pues así el aumento de reclamos ante las compañías aéreas; de esa manera atraviesa por un problema, pues no estaría cumplimiento con los derechos de petición de los ciudadanos, así como reprogramar el vuelo, dar refrigerio, hospedaje, gastos de traslado, toda vez que se ha advertido en todas las aerolíneas nacional e internacional.

Abstract This article aims to evaluate the rights of petition of users on issues of air transport at national and international level with the role of the regulatory body, as today in Peru and Mexico is still struggling for fear of not being defended and protected by the rights, it is based to be informed about the goods and services that are covered in the domestic and international market. With what is sought to know the rights of consumers, in order to avoid claims before the regulatory body for items of air and land transport, financial services, telecommunications, as well as for issues of not being informed, lack of suitability, lack of implementation of complaints book, loss of luggage, flight cancellations. Therefore, the Peruvian and Mexican citizens have knowledge about the rights of consumers, to arrive at this statement the inductive method will be used, under a quantitative research approach. The study found certain claims of users who fight against their rights. It is concluded that in Mexico and Peru we live in a world in which the citizens do not know the corresponding rights and duties, thus the increase of claims before the airlines; in that way it goes through a problem, because it would not be compliance with the rights of request of the citizens, as well as rescheduling the flight, giving refreshment, lodging, transfer expenses, every time it has been noticed in all the national and international airlines.

Abstract Areas of riparian vegetation are considered by the Native Vegetation Protection Law (NVPL) (Law 12.651/2012) as Permanent Preservation Areas (PPAs). This study seeks to identify the perceptions of farmers in southern Brazil about LPVN and its importance relevance in the conservation of riparian vegetation. The study was developed in the state of Rio Grande do Sul, involving 90 farmers residing in the Atlantic Forest biome and 90 in the Pampa biome. We conducted data collection by applying semi-structured interviews, emphasizing LPVN and riparian vegetation recovering techniques. We then submitted all data to a process of content and statistical analysis. Most farmers (86.11%) affirm to know the rules/guidelines established by LPVN. This statement is greater among farmers who have higher education and more land. For 49.4% of farmers the legislation is important to rule population actions and thus maintain ecosystem services; however The study was developed in the state of Rio Grande do Sul, involving 90 farmers residing in the Atlantic Forest biome and 90 in the Pampa biome ever, they disagree with the established footage, due to economic factors. They highlight the importance of riparian vegetation recovering practices, by planting seedlings, especially those with the potential to generate financial benefits. They ignore the differences between native and exotic species for the recovering of riparian vegetation. NVPL (NVPL 12.651/2012 126512012 12 651 2012 PPAs. PPAs . (PPAs) Sul 9 semistructured semi structured interviews techniques analysis 86.11% 8611 86 11 (86.11% rulesguidelines rules guidelines land 494 49 4 49.4 services ever footage factors practices seedlings benefits 12.651/201 12651201 1 65 201 (PPAs 86.11 861 8 (86.11 49. 12.651/20 1265120 6 20 86.1 (86.1 12.651/2 126512 2 86. (86. 12.651/ 12651 (86 12.651 1265 (8 12.65 126 ( 12.6 12.

Resumo As áreas de vegetação ripária são consideradas, pela Lei de Proteção da Vegetação Nativa (LPVN) (Lei 12.651/2012), como Áreas de Preservação Permanente. Este estudo busca identificar as percepções de agricultores do Sul do Brasil sobre a LPVN e sua importância na conservação da vegetação ripária. O estudo foi desenvolvido no estado do Rio Grande do Sul, envolvendo 90 agricultores, residentes no bioma Mata Atlântica, e 90, no bioma Pampa. A coleta de dados foi realizada por meio de entrevistas semiestruturadas, enfatizando a LPVN e técnicas de recomposição de vegetação ripária. As informações foram registradas em um formulário, gravadas em meio digital e submetidas a um processo de análise de conteúdo e análise estatística. A maioria dos agricultores (86,11%) afirma conhecer as regras/orientações estabelecidas pela LPVN. Essa afirmação é maior entre os agricultores que possuem maior grau de instrução e maior quantidade de terra. Para 49,4% dos agricultores, a legislação apresenta importância para regrar as ações da população e, dessa forma, manter os serviços ecossistêmicos; porém, discordam das metragens estabelecidas, em razão de fatores econômicos. Os agricultores destacaram a importância de práticas de recomposição da vegetação ripária, por meio do plantio de mudas, em especial daquelas espécies que possuem um potencial para gerar benefícios financeiros. Os agricultores ignoram as diferenças entre espécies nativas e exóticas, para a recomposição da vegetação ripária. consideradas (LPVN 12.651/2012, 126512012 12.651/2012 , 12 651 2012 12.651/2012) Permanente 9 Atlântica Pampa semiestruturadas formulário estatística 86,11% 8611 86 11 (86,11% regrasorientações regras orientações terra 494 49 4 49,4 forma ecossistêmicos porém econômicos mudas financeiros exóticas 12651201 12.651/201 1 65 201 86,11 861 8 (86,11 49, 1265120 12.651/20 6 20 86,1 (86,1 126512 12.651/2 2 86, (86, 12651 12.651/ (86 1265 12.651 (8 126 12.65 ( 12.6 12.

Abstract This study developed a model that can be used to differentiate between fraudulent and non-fraudulent reports and helps the auditor to identify and assess material misstatement risk due to fraud. This model was based on the three stages of the fraud triangle, as well as on the agency theory and stakeholder theory. To develop the model, we used a sample that consists on a group of Portuguese companies that show evidence of fraud and another group of companies without evidence of fraud. Logistic regression results showed a positive relation between fraudulent financial statements and: companies need of higher financing, that represented the pressure to commit fraud; operations ineffectiveness, when the relative weight of accounts receivable is greater when compared to assets, which constituted the opportunity to commit fraud; and higher management turnover, which was characterised by managers who showed predisposition to commit fraud (rationalisation).

Resumen Este estudio establece un modelo para determinar qué distingue a los informes fraudulentos de los no fraudulentos y ayuda al auditor a identificar y evaluar el riesgo de falseamiento material, basándose en los tres componentes del triángulo del fraude, las teorías de la agencia y de las partes interesadas. Para este fin, se construyó una muestra de empresas portuguesas cuyos estados contables muestran indicios de fraude. A partir de los resultados, de las regresiones logísticas obtenidas, se destaca la existencia de una relación positiva entre estados contables fraudulentos con mayores necesidades de financiamiento de las empresas, las cuales representan un incentivo al fraude, como también con ineficiencia de operaciones representada en las cuentas por cobrar más elevadas respecto a los activos, que posibilitan una circunstancia de fraude, y por último, con una mayor rotación de gestión que caracterizan el comportamiento del gestor con predisposición a cometer fraude (racionalización)

Resumen En Perú, la dinámica económica de la Banca Múltiple y las Cajas Municipales es relevante; sin embargo, estas no han sido estudiadas en cuanto al riesgo de quiebra, indicador importante en la gestión financiera y la calificación crediticia. La presente investigación pretende ser un nuevo aporte en el tema, ya que se analizó a 26 instituciones financieras activas con el objetivo de evaluar el riesgo de quiebra. Utilizando el análisis discriminante múltiple del modelo Z de Altman complementado con la media armónica, los resultados muestran evidencia empírica de que solo el 20% de las instituciones de la Banca Múltiple se ubica en la zona segura y un preocupante 13% se ubica en la zona de quiebra. Además, las Cajas Municipales cuentan con una relativa mejor salud financiera al ubicarse el 100% fuera de la zona de quiebra. Se sugiere realizar estudios en países con economías similares. Una limitación fue el haberse trabajado con datos históricos. Entre las conclusiones a destacar: se encuentra que, el modelo Z de Altman es eficaz en la predicción del riesgo de quiebra de instituciones financieras.

Abstract In Peru, the economic dynamics of Multiple Banking and Municipal Savings Banks is relevant; however, these have not been studied in terms of bankruptcy risk, an important indicator in financial management and credit rating. This research aims to be a new contribution to the subject, since 26 active financial institutions were analyzed to assess the risk of bankruptcy. Using the multiple discriminant analysis of the Altman Z model complemented with the harmonic mean, the results show empirical evidence that only 20% of Multiple Banking institutions are in the safe zone and a worrying 13% are in the bankruptcy zone. In addition, the Municipal Savings Banks have a relatively better financial health as they are located 100% outside the bankruptcy zone. Studies are suggested in countries with similar economies. One limitation was to have worked with historical data. Among the conclusions to highlight it is found that Altman's Z model is effective in predicting the risk of bankruptcy of financial institutions.

RESUMO Este estudo analisa a influência do comportamento das emissões de gases de efeito estufa no nível de transparência da informação financeira. Uma análise de conteúdo dos anexos às contas anuais das empresas permitiu medir seu nível de transparência. Os resultados sugerem que o nível de transparência da informação financeira está negativamente relacionado com o desempenho das emissões de gases de efeito estufa quando elaborado com base nas normas internacionais de relatório financeiro. Além disso, concluiu-se que essas empresas revelam mais "boas notícias" quando há baixo desempenho nas emissões de gases. Este estudo complementa a literatura anterior sobre a transparência da informação financeira e a necessidade de relacioná-la com medidas de ecoeficiência para melhorar a tomada de decisões dos usuários da informação. O estudo constitui igualmente uma referência para os órgãos reguladores contábeis europeus sobre o comportamento das empresas nesse domínio.

ABSTRACT This research analyzes the influence that the performance of GHG emissions has on the level of transparency in financial reporting. Content analysis of the financial statement notes allowed the level of transparency to be measured. The results suggest that the level of transparency in financial reporting is negatively related to the performance of GHG emissions when financial reports are prepared on the basis of the International Financial Reporting Standards. It was also concluded that more ‘good news’ is disclosed by companies when their GHG emissions’ performance reduces. This study complements previous literature about transparency in financial reporting, and the necessity to relate it to eco-efficiency measures to empower the decision-making process of stakeholders. The study also provides a reference for European accounting regulators on the behavior of companies with regard to this issue.

RESUMEN Esta investigación analiza la influencia que tiene el comportamiento de las emisiones de gases de efecto invernadero (GEI) en el nivel de transparencia de la información financiera. El análisis del contenido de las notas de los estados financieros de las compañías permitió medir el nivel de transparencia. Los resultados sugieren que el nivel de transparencia de la información financiera está negativamente relacionado con el desempeño de las emisiones de GEI cuando los informes financieros se preparan sobre la base de las Normas Internacionales de Información Financiera. Además, se llegó a la conclusión de que esas empresas revelan más "buenas noticias" cuando se reduce el rendimiento de las emisiones de gases. Este estudio complementa la literatura anterior sobre la transparencia de la información financiera y la necesidad de relacionarla con las medidas de ecoeficiencia para potenciar el proceso de toma de decisiones de los grupos de interés. Asimismo, el estudio proporciona una referencia para los reguladores contables europeos sobre el comportamiento de las empresas en esta materia.

Resumen Este artículo ofrece una aproximación al desarrollo en Colombia a través del análisis de la Ley 1735 de 2014, conocida también como la Ley de Inclusión Financiera. La metodología es de orden cualitativo y la técnica usada fue la revisión documental, especialmente de fuentes primarias, como el cuerpo de la ley y su exposición de motivos. La importancia de este trabajo radica en que la inclusión de todos los agentes económicos en el sector financiero es un elemento vital para el desarrollo económico de un país, de acuerdo con la literatura especializada. El principal objetivo de este artículo es analizar el contenido de la Ley de Inclusión Financiera en Colombia. Se encontraron disposiciones normativas de similar espíritu en Latinoamérica (Perú y Uruguay). Como hallazgo central, puede indicarse que la Ley 1735 de 2014 no trata sobre inclusión financiera en el sentido amplio del término, pues versa mayoritariamente sobre la regulación de un nuevo tipo de agente económico llamado sociedades especializadas en depósitos y pagos electrónicos (SEDPE).

Abstract This paper brings an approximation to Colombia’s development process through the analysis of Law nº 1735 of 2014, which is known as “Law of Financial Inclusion”. Methodologically, this work follows a qualitative approach, applying the techniques of documental research and the review of primary sources, such as the Act 1735/14 and its statement of reasons. This study is relevant because economic literature has shown that financial inclusion is vital to development processes. Therefore, the main objective of this research paper is to analyze the content of the Financial Inclusion Law of Colombia. Findings show that there are some similar legislative initiatives in the Latin America region (Peru and Uruguay). The main conclusion is that the Act 1735/2014 is not just about financial inclusion process, since this seems as an exclusive rule about a new economic player in Colombia whose name is Specialist Electronic Payment and Deposit Companies.

South African schools have experienced several curriculum changes over the past few years. In this article we report on the findings regarding the challenges experienced by heads of department (HODs) with the implementation of the Curriculum and Assessment Policy Statement (CAPS) in accounting. A qualitative approach, modelled on the interpretative perspective, was used to explore these challenges, namely: medium of instruction; time allocated to complete the syllabus; poor subject content foundation; progression of learners; and the integration of economic and management sciences (EMS). Open-ended individual interviews with 12 HODs were used as a data-collection technique. The findings indicate that the time allocated in the annual teaching plan (ATP) for accounting may have a negative impact on effective teaching and learning and learner performance. It has also been noted that EMS teachers are not sufficiently competent to teach financial literacy, which may affect learners' subject choices prior to Grade 10. Grade 8 and 9 learners lack exposure to accounting due to subject integration and learner progression. Furthermore, accounting textbooks do not prepare learners for school-based assessments (SBAs) or examinations. Recommendations include that subject choice should occur in Grade 8, rather than Grade 10, and that a secondary school improvement programme (SSIP) should start from Grade 10, and not Grade 12.