2020-06-30 | Carta Circular 4065The Head of the Financial System Regulation Department (Denor) of the Central Bank of Brazil issued Circular Letter No. 4065 to modify the National Financial System Institutions' Accounting Plan (Cosif). The regulation creates two new specific accounting subheadings for temporary tax credit differences related to passive provisions for fiscal and social security contingencies, while excluding the previous general subheading. Institutions are required to reclassify existing balances from the old account to the new ones starting from the June 2020 reporting base.
The Head of the Financial System Regulation Department (Denor), using the authority granted by Article 23, item I, clause "a", of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84,287, of February 27, 2015, based on item 4 of Circular Letter No. 1,540, of October 6, 1989,
R E S O L V E S:
Art. 1º The following subheadings are created in the Accounting Plan of the Institutions of the National Financial System (Cosif), with UBDKIFJACTSWERLMNHYZ attributes:
I - 3.0.9.84.21-3 Temporary Tax Credit Difference – Passive Provisions – Fiscal and Social Security Contingencies; and
II - 3.0.9.84.29-9 Temporary Tax Credit Difference – Passive Provisions – Others.
Art. 2º The accounting subheading 3.0.9.84.20-6 Temporary Tax Credit Differences – Passive Provisions is excluded from Cosif.
Art. 3º The provisions of this Circular Letter apply to accounting documents prepared from the June 2020 reporting base.
Sole Paragraph. From the reporting base mentioned in the caput, existing balances in account 3.0.9.84.20-6 Temporary Tax Credit Differences – Passive Provisions must be reclassified to the adequate accounting lines created by this Circular Letter.
Art. 4º This Circular Letter enters into force on the date of its publication.
João André Calvino Marques Pereira