Circular No. 1561 — Financial Statements: Preparation, Submission, Publication, and Audit

CIRCULAR N. 001561

To
Credit Cooperatives

Financial Statements -
Preparation, Submission, Publication and Audit

We inform you that the Board of Directors of the Central Bank of Brazil, in a session held on 19.12.89, based on Article 4, item XII, of Law No. 4,595, of 31.12.64, by competence delegated by the National Monetary Council, and having in view the provisions of Resolution No. 1,041, of 15.08.85, and Circulars No. 1,273, of 29.12.87, 1,322, of 15.06.88, 1,395, of 13.12.88, 1,481, of 11.05.89, and 1,490, of 01.06.89, decided that:

Art. 1. Regarding the preparation, submission, publication, and audit of financial statements of credit cooperatives, the following must be observed:

I - Singular credit cooperatives must prepare the following Financial Statements:

a) monthly:

General Analytical Trial Balance

b) on the base date of June 30:

General Analytical Trial Balance

General Analytical Balance Sheet

Statement of Results of the 1st semester

c) on the base date of December 31:

General Analytical Trial Balance

General Analytical Balance Sheet

Statement of Results of the 2nd semester

Statement of Results of the fiscal year

Complementary Statistical Data

II - Central credit cooperatives must prepare the following financial statements:

a) monthly:

General Analytical Trial Balance

b) on the base date of June 30:

General Analytical Trial Balance

General Analytical Balance Sheet

Statement of Results of the 1st semester

c) on the base date of December 31:

General Analytical Trial Balance

General Analytical Balance Sheet

Statement of Results of the 2nd semester

Statement of Results of the fiscal year

Statement of Changes in Equity of the fiscal year

Statement of Sources and Applications of Resources of the fiscal year

Complementary Statistical Data

III - Singular and central credit cooperatives must proceed to submit to the Central Bank, observing the prevailing regulatory provisions, the following financial statements:

a) monthly:

General Analytical Trial Balance - code CADOC 4010

b) referring to the base date of June 30:

General Analytical Trial Balance - code CADOC 4010

General Analytical Balance Sheet - code CADOC 4016

c) referring to the base date of December 31:

General Analytical Trial Balance - code CADOC 4010

General Analytical Balance Sheet - code CADOC 4016

Statement of Results of the fiscal year - code CADOC 44.1.7.050-1

Complementary Statistical Data - code CADOC 44.1.7.010-9

IV - Singular credit cooperatives must publish the following financial statements:

a) monthly:

Patrimonial Trial Balance - document No. 2 - chapter 4 of COSIF

b) referring to the base date of June 30:

Patrimonial Balance Sheet - document No. 2 - chapter 4 of COSIF

Statement of Results of the 1st semester - document No. 8 - chapter 4 of COSIF

c) referring to the base date of December 31:

Patrimonial Balance Sheet - document No. 2 - chapter 4 of COSIF

Statement of Results of the 2nd semester - document No. 8 - chapter 4 of COSIF

Statement of Results of the fiscal year - document No. 8 - chapter 4 of COSIF

V - Central credit cooperatives must publish the following financial statements, observing the provisions of the Accounting Plan of the Institutions of the National Financial System - COSIF, including with respect to the Explanatory Notes and the Opinion of the Independent Auditor:

a) monthly:

Patrimonial Trial Balance - document No. 2 - chapter 4 of COSIF

b) referring to the base date of June 30:

Patrimonial Balance Sheet - document No. 2 - chapter 4 of COSIF

Statement of Results of the 1st semester - document No. 8 - chapter 4 of COSIF

c) referring to the base date of December 31:

Patrimonial Balance Sheet - document No. 2 - chapter 4 of COSIF

Statement of Results of the 2nd semester - document No. 8 - chapter 4 of COSIF

Statement of Results of the fiscal year - document No. 8 - chapter 4 of COSIF

Statement of Changes in Equity of the fiscal year - document No. 11 - chapter 4 of COSIF

Statement of Sources and Applications of Resources of the fiscal year - document No. 12 - chapter 4 of COSIF

VI - Observing the deadlines and other regulatory requirements applicable, the financial statements referred to in item IV, prepared by singular credit cooperatives, may be disseminated through a bulletin or newspaper of the cooperative itself or of an entity that represents it, but which are distributed to all members.

VII - The hiring of independent audit services referred to in COSIF 1.22.3.5 by singular credit cooperatives is optional.

VIII - Audit in singular credit cooperatives, when applicable, may be carried out by an Audit Department established in central credit cooperatives, under the responsibility of a professional legally qualified to practice audit in financial institutions.

Art. 2. For the purpose of submission to the Central Bank of the financial statements referred to in Article 1, item III, of this Circular, singular and central credit cooperatives must adapt the procedures for preparing these documents, so that, by the base date of 30.06.90, the provisions of Circular No. 1,322, of 15.06.88, are fully observed, under penalty of being subject to the sanctions provided for in Circular No. 1,490, of 01.06.89, clarified that, for this purpose, entities that have interest in the standardized product by the Central Bank for use in microcomputers, intended for recording the data of the mentioned documents, object of Circular No. 1,395, of 13.12.88, may obtain it directly from the Regional Delegation of this Agency to which they are subject.

Art. 3. This Circular enters into force on the date of its publication.

Brasília-DF, December 29, 1989

Wadico Waldir Bucchi José Tupy Caldas de Moura President Director