The Brazil Securities Commission issued CVM Resolutions 237 and 238, making it mandatory for listed companies to adopt the CPC 51 standard on presentation and disclosure in financial statements and the related Technical Pronouncements Review Document 28. The rules enter into force on 1 January 2027 and apply to financial years beginning on or after that date. CPC 51, issued by the Brazilian Accounting Pronouncements Committee, is aligned with IFRS 18 and will replace CPC 26 (R1) on presentation of financial statements. It introduces requirements intended to improve financial statement presentation, including note disclosure of management-defined performance measures and new principles for aggregation and disaggregation of information. Resolution 237 revokes CVM Resolutions 106 and 156, while Resolution 238 mandates the consequential amendments in Review Document 28, which primarily updates cross-references in other CPC documents consistent with IFRS 18. CVM indicated that neither resolution underwent a regulatory impact analysis under Article 4 of Decree 10.411 and that the changes reflect contributions received in public consultations SNC 1/2025 and SNC 2/2025.
Brazil Securities Commission (CVM) 2025-12-24
Brazil Securities Commission mandates CPC 51 and related technical pronouncement revisions for listed companies from 1 January 2027
The Brazil Securities Commission (CVM) issued Resolutions 237 and 238, mandating listed companies to adopt CPC 51 for financial statement presentation and disclosure, effective 1 January 2027. CPC 51, aligned with IFRS 18, replaces CPC 26 (R1) and introduces enhanced disclosure requirements and principles for information aggregation. Resolution 237 revokes previous resolutions, while Resolution 238 mandates amendments in Review Document 28, updating cross-references with IFRS 18.