Listed companies in Brazil will use IFRSs starting 2010
18 Jul 2007
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. Previously (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.
