Wednesday, January 23, 2008

Brazil: New Accounting Rules For Brazilian Companies

Law 11.638 of 12/28/2007 makes significant changes to our accounting system regarding companies (S.A.) and economically large entities.

Changes wish to adapt the Brazilian accounting to international standards and establish the need for auditing, includes presentation of mandatory new balance sheets an intangible account and the use of market price as a standard.

The changes are still to be further ruled by our Securities Exchange Commission - CVM - Comissão de Valores Mobiliários viewing to adapt to international standard and include the mandatory cash flow and aggregate value balance sheets for all Sociedade Anônimas that are subject to control of the CVM and have a net asset over two million reais, as well as determines that the books must be audited by a CVM approved professional.

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