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Brazil

Financial Reporting Framework in Brazil

Listed Companies

On 13 July 2007, the Securities and Exchange Commission of Brazil - Comissão de Valores Mobiliários, or CVM (www.cvm.gov.br) - issued Rule No. 457 requiring listed companies to publish their consolidated financial statements according to IFRSs, starting with reporting periods ending in 2010. Use of IFRSs will be optional for listed companies from 2007 through 2009.

Banks

In 2006, the Central Bank of Brazil decided that any bank required by law or regulation to publish financial statements in Brazil (including domestic owned and foreign owned, listed and unlisted) will have to prepare and publish consolidated financial statements in full compliance with IFRSs starting with years ending 31 December 2010.

SMEs

In December 2009, the Brazilian Accounting Pronouncements Committee (CPC) adopted a Portuguese version of the IFRS for SMEs as an option for SMEs in Brazil. By Resolution 1255 of 2009, the CPC's SME standard was endorsed by the Brazilian Federal Accounting Council (CFC), the national professional body. (You can download Resolution 1255 here.) The standard is a temporary and unofficial translation of the IFRS for SMEs that is available for download from the CPC Website.

Related news

  • Deloitte IAAER Scholarship Programme – One year on

  • Apr 04, 2014

  • In February 2013, Deloitte (DTTL) and the International Association for Accounting Education and Research (IAAER) launched the Deloitte IAAER Scholarship Programme aiming at supporting better accounting education and improving the quality of financial reporting and auditing. One year into the programme, the scholars have had the chance to present their work at international conferences, have published papers in high quality journals and have become links between academe, standard-setting and industry.

  • ASAF membership announced

  • Mar 19, 2013

  • The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum (ASAF) that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global standard-setting community, in order to bring important regional perspectives to the IASB’s technical work and to offer feedback on the most important issues of the day.

  • Deloitte IAAER Scholarship Programme launched

  • Feb 13, 2013

  • Deloitte (DTTL) and the International Association for Accounting Education and Research (IAAER) today announced the Deloitte IAAER Scholarship Programme, naming five associate professors from Brazil, Indonesia, Poland, Romania and South Africa as the programme’s inaugural scholars.

  • Report from recent IFASS meeting released

  • Jan 17, 2013

  • A report has been issued summarising the discussions at a meeting of the International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich on 22-23 October 2012. The meeting covered a broad range of topics, including the future relationships between the IASB and regional and national standard setters, topical issues in financial reporting, reports from regional groups and administrative matters.

  • Emerging Economies Group meeting focuses on common control transactions

  • Dec 17, 2012

  • The IASB has publicly released a communiqué from a meeting of the Emerging Economies Group (EEG) held in Sao Paulo, Brazil on 4-5 December 2012. The main topic discussed at the meeting was transactions under common control, and the meeting also included brief discussions on hybrid financial instruments and impairment of financial assets.

  • IFRS Foundation conference in Latin America announced

  • Dec 04, 2012

  • The IFRS Foundation announced the dates for its conference in Latin America, which will be held in São Paulo, Brazil on Monday 15 April 2013 and Tuesday 16 April 2013. The conference will feature presentations by Hans Hoogervorst, Chairman of the IASB, and Pedro Malan, Trustee of the IFRS Foundation, and will focus on the future of IFRS and updates on projects and regulations.

  • Rio+20 'encourages' sustainability reporting

  • Jun 24, 2012

  • The outcome document from the United Nations Conference on Sustainable Development (Rio+20) held on 20-22 June 2012 has acknowledged the importance of sustainability reporting. Paragraph 47 of the document 'encourages' companies to integrate sustainability information into their reporting cycle. The development has been championed by the governments of Brazil, Denmark, France and South Africa, which are forming a group of ‘friends of paragraph 47’ to advance corporate sustainability reporting.

  • Report from recent IFASS meeting released

  • Jun 04, 2012

  • The International Forum of Accounting Standards Setters (IFASS) met in Kuala Lumpur on 29-30 March 2012. A detailed report of proceedings at the meeting has now been released, outlining discussions on numerous topics such as the relationship between standard setters and the IASB, the IASB's work programme and processes, and a report on the possible adoption of IFRS in the United States noting a possible "step back".

  • Sustainability and integrated reporting update

  • Feb 14, 2012

  • A summary of recent developments in sustainability reporting, integrated reporting and related topics, focused on developments from the Global Reporting Initiative (GRI), a report from CPA Australia and a survey from the Climate Disclosure Standards Board (CDSB).

  • New publications from Deloitte Brazil

  • Dec 31, 2011

  • Deloitte (Brazil) has published Brazilian editions of IFRS Model Financial Statements for 2011 (without early application) and IFRS Compliance, Presentation and Disclosure Checklist 2011, both in Portuguese.

  • Private sector task force final report to G20

  • Oct 07, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published a final report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • IFRS Foundation conference in South America announced

  • Aug 03, 2011

  • The IFRS Foundation announced the dates for its conference in South America, which will be held in São Paulo, Brazil on Thursday, 27 October 2011 and Friday, 28 October 2011. The conference will feature presentations by Hans Hoogervorst, Chairman, and Ian Mackintosh, Vice-Chairman of the IASB, and will focus on the future of IFRS and updates on projects and regulations.

  • Emerging Economies Group established

  • Aug 02, 2011

  • On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia.

  • Private sector task force interim report to G-20

  • Jul 19, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G-20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • More than 70 jurisdictions apply ISAs

  • Jul 11, 2011

  • On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean (referred to as CReCER after its Spanish/Portuguese acronym).

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