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Brazil will require IFRSs for financial institutions

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13 Mar 2006

On 9 March 2006, the Board of Directors of The Central Bank of Brazil decided to require that all Brazilian banks, and all financial institutions licensed by Central Bank to do business in Brazil, fully comply with IFRSs beginning with the financial statements for the year ending 31 December 2010. That decision was announced in an Official Communication (PDF 93k Portuguese).

The Board has asked each of its departments responsible for bank regulation to identify the changes that will be required to existing Bank regulations to achieve the 2010 target and to report back by 31 December 2006. Thereafter, working groups will be formed to propose solutions so that there will be no impediments to using IFRSs in 2010. The Central Bank also announced that it intends to require auditors of financial statements of banks and all other licensed financial institutions to follow the International Standards of Auditing (ISAs) issued by International Auditing and Assurance Standards Board.

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