DISCLOSURE OF INFORMATION ON INTANGIBLE ASSETS AND THEIR USEFULNESS IN INVESTMENT ANALYSIS

Abstract

This essay refers to intangible assets and their usefulness in investment valuation in accordance with the Brazilian investment analysts’ perception. The main objective is to verify the adequacy of the information disclosed by the companies to that end. The exploratory research is based on a sample composed by 18 experts on strategic analysis of investments located in the cities of São Paulo and Rio de Janeiro. The data analysis, using a qualitative method, shows that analysts take into account intangible assets, especially human assets, as important financial performance drive and as a relevant contribution to the company’s results. However, most analysts indicated that the information reported by companies is not sufficiently structured. The essay suggests that the analysts would benefit from a more structured disclosure of non-financial information by the companies. Once they receive better information, the results of their analysis would reflect a business scenario closer to reality, thus enabling better communication between the company and the market.