August 31, 2017

The Central Bank of Brazil published a public consultation (54/2017) on the proposed resolution on accounting criteria for classification, measurement, and recognition of financial instruments by financial institutions. Comments are to be submitted by December 01, 2017.

The draft submitted for public consultation deals specifically with the subject addressed in the International Financial Reporting Standards (IFRS) 9 - Financial Instruments, of the IASB. The initiative integrates the scope of strategic project approved by the Board called "Accounting of Financial Instruments - International Convergence." This consultation, which is included in the BC+ Agenda, aims to reduce asymmetries between the accounting standard established in the Accounting Plan of the Institutions of the National Financial System (COSIF) and the best internationally recognized best practices, particularly those derived from the IASB.

 

Related Links

Press Release (in Portuguese)

Consultation (PDF in Portuguese)

Comment Due Date: December 01, 2017

Effective Date: January 01, 2019

Keywords: Americas, Brazil, Banking, Accounting, IFRS 9, COSIF, IASB, Central Bank of Brazil

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