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IASB and Brazil sign Memorandum of Understanding

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30 Jan 2010

On 28 January 2010, two accountancy bodies in Brazil signed a Memorandum of Understanding (MOU) with the IASB establishing principles for future cooperation aimed at supporting adoption of IFRSs in Brazil and fostering the engagement of the Brazilian accounting standard-setter in the international accounting standard setting process.

The two Brazilian organisations are:
  • Conseho Federal de Contabilidade (CFC, the Brazilian Federal Council of Accounting), and
  • Comitê de Pronunciamentos Contábieis (CPC, the Brazilian Accounting Pronouncements Committee – the standard-setter).
IASB Chairman Sir David Tweedie was in Brazil for the signing. Full IFRSs take effect in Brazil starting in 2010 for listed companies and financial institutions. CPC will eliminate the remaining differences between Brazilian GAAP and IFRSs by the end of 2010. Regarding small and medium-sized entities, the MOU states:
The CPC will endeavour efforts in order to have all relevant documents issued by the IASB or the International Accounting Standards Committee Foundation with respect to SMEs translated into Brazilian Portuguese, including educational material. CPC shall also engage its best efforts in its endorsement process and in its broad dissemination, including support to training, aiming at facilitating adoption of the IFRS for SMEs in Brazil.
Click to download the IASB-Brazil Memorandum of Understanding (Bilingual)(PDF 2,429k).

 

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