The Brazil Securities Commission (CVM) has opened a consultation on accounting amendments reflecting updates issued by the International Accounting Standards Board (IASB). The consultation continues its work on convergence with international standards, following October consultations on investment fund accounting and other technical pronouncements. The proposals address the fair value option for investments in associates and joint ventures, translation into a hyperinflationary presentation currency, and illustrative examples concerning uncertainties in financial statements. They also cover amendments to International Financial Reporting Standard (IFRS) 19 on disclosures by subsidiaries without public accountability, alongside updates to illustrative examples in other standards. Further changes to Accounting Pronouncements Committee (CPC) pronouncements and interpretations reflect CPC 51 on presentation and disclosure in financial statements.
Brazil Securities Commission consults on accounting amendments to align with updated international standards
The Brazil Securities Commission is consulting on accounting amendments aligned with updated international standards. Proposals cover the fair value option for investments in associates and joint ventures, hyperinflationary currency translation and disclosure updates. They also include consequential changes arising from Brazil’s standard on financial statement presentation and disclosure.