Impact of Brazil's move to IFRSs on US companies
08 May 2010
Starting in 2010, the securities and banking regulators in Brazil are requiring all listed companies and all banks (listed and unlisted) to adopt IFRSs for their consolidated financial statements.
That change to the existing statutory reporting environment will affect Brazilian subsidiaries of US companies. In most cases, comparative data are required for 2009. To help our clients understand and plan for the challenges, costs, tax impacts, and long-term benefits of the change, Deloitte has published a briefing document titled IFRS: Changes in the Brazil Statutory Reporting Environment (PDF 352k). This briefing document summarises key issues related to the move to IFRSs in Brazil, including:
- Overview of the changes to the existing Brazilian statutory environment
- Impact on Brazilian subsidiaries of US companies
- Timeline considerations for this change
- Steps that US companies should take in light of these developments
