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Financial Reporting Framework in Brazil

Listed Companies

On 13 July 2007, the Securities and Exchange Commission of Brazil - Comissão de Valores Mobiliários, or CVM ( - 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.


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.


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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.