An accounting standards board was formed in Brazil in August 2006, called Comite de Pronunciamentos Contabeis (CPC) – the Committee for Accounting Pronouncements. Its mandate clearly states that its mission is to converge Brazilian accounting requirements towards IFRSs. CPC was formed by agreement of six founding members:

• ABRASCA (the association of the Brazilian listed companies),
• APIMEC (the association for the analysts),
• BOVESPA (the Stock Exchange),
• CFC (the Federal Council of Accounting),
• IBRACON (the Institute of Independent Auditors), and
• FIPECAFI (the accounting research foundation, representing the academics.

In 2006, the Central Bank of Brazil formally decided that any bank required by law or regulation to publish financial statements in Brazil (be they domestic owned or foreign owned) will have to prepare and publish consolidated financial statements in full compliance with IFRSs starting with years ending 31 December 2010. For that purpose, the Central Bank disclosed in March 2006 that its technical departments had until 31 December 2006 to fully list all banking regulations still in force relating to financial reporting, consolidate them in a single document, and come up with recommendations of changes to converge to IFRSs and the legal procedures necessary. Such legal procedures might involve revoking the ruling by the Central Bank, revising it at the level of the National Monetary Council (that sits above Central Bank in certain issues), or eventual changes in law that would then be proposed by the President of the Republic to Congress.