Accounting in Brazil

Overview by

Accounting System

Accounting Standards
Inspired by the American model: translated from the American Institute of Certified Public Accountants' Statement of Auditing Standards.
Accounting Regulation Bodies
CFC, Federal Accountancy Council
Regulation of financial institutions, Internet Portal on Brazilian accounting ressources
Accounting Law
Law nº 6.404 of 15 December 1976.
Difference Between National and International Standards (IAS/IFRS)
Merging with IFRS standards in progress, reinforced by law nº 11.638 of 28 December 2007.
Accounting News
Brazil Accounting News

Accounting Practices

Tax Year
From 1 January, finishing 31 December of the same year.
Accounting Reports
According to the American model, the financial statements must include at least: a table of variation of equity capital apart from the reserve account, a table of cash flow, notes to the accounts. For additional information go to the websit of the Brazil Company Handbook.
Publication Requirements
Commercial companies are obliged to publish annually a balance sheet, a profit and loss account and all the information necessary to understand the financial health of the company. The documents are controlled within the 60 days preceding the shareholders' Annual General Meeting.

Accountancy Profession

There are no real differences compared with most other countries. Qualified chartered accountants, working independently or for an accounting practice, must certify the company accounts.
Professional Accountancy Bodies
IBRACON, Professional association of chartered accountants
CFC, Federal Accountancy Council
CPC, Committee for the improvement of accounting standards and practices
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of IASB.
Audit Bodies
Independent auditors and international firms registered with the Instituto Brasileiro de Contadores.
The financial statements are controlled by an independent auditor registered with the "Securities and Exchange Commission" or the "Instituto Brasileiro de Contadores". Approximately half of the audits in Brazil are carried out by international audit firms.
The present trend is towards an increase in the number of companies audited, including those which are not obliged to be audited. The guarantee of quality arising from a certification represents a not inconsiderable advantage for Brazilian companies.

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