This study aims to analyze the effects of the initial transition to IFRS (International Financial Reporting Standard) in Brazil, beginning 2008 (Law 11.638/07), on results of companies listed in Bovespa (Bolsa de Valores de São Paulo). The inverse of Gray’s (1980, 1988) Index of Conservatism was applied to gradually reduced samples as per transparence and compliance with the new norm. Higher average results measured by new norm than by the prior norm were found - thus indicating Brazilian accounting conservatism, as predicted by Gray. Some inconsistencies between 2007 and 2008 were linked to impacts of the 2008 global financial crisis on specific adjustments to results.
International accounting harmonization; IFRS; BR GAAP; Law 11.638; conservatism index
