AN ANALYSIS OF MEASUREMENT AND DISCLOSURE OF INVESTMENT PROPERTIES FOR BRAZILIAN COMPANIES IN THE SECTOR OF EXPLOITATION OF BUILDINGS

The fair value is mentioned in a number of standards as a measure of measurement, even without, until the issuance of IFRS 13 Fair Value Measurement, no specific rule on the topic. Given the number of changes in accounting as a result of convergence to standards issued by the International Accounting Standards Board - IASB, which stands for Investment Properties, is accepted as methods of evaluating both the fair value as the cost method. Therefore, this research aims to verify how the Brazilian industry's exploration properties are measured for Investment Properties. Secondarily, we sought to determine the level of disclosure, facing the requirements of IFRS 13. To reach that goal we analyzed the notes of 2010 in nine of twelve companies listed on the BM&FBovespa operating in the sector of exploration properties. It was observed that only three companies use the fair value measurement objective in the balance sheet, BR Malls, BR Properties and Sonae, and what we can see is that they have more than 90% of their assets classified as Investment Properties. Regarding the process of obtaining fair value, there is a predominance of measurement in Level 3 of the fair value hierarchy, ie, by means of information not directly observed in the market, such as internal information based on projections, using Flow as discounted cash valuation technique. Already regarding the level of disclosure, it is clear that the lack of regulation on the fair value at the time led to the omission of important items related to the methodology used in the evaluation of investment properties.