Circular No. 2.173

CIRCULAR No. 002173 ------------------ TO CREDIT UNIONS CLARIFIES THE NEED TO OBSERVE THE ACCOUNTING CRITERIA SET FORTH IN COSIF BY CREDIT UNIONS, ESPECIALLY WITH REGARD TO EQUITY MONETARY CORRECTION. WE INFORM THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 06.05.92, BASED ON ART. 4, ITEM XII, OF LAW No. 4.595, OF 31.12.64, UNDER AUTHORITY DELEGATED BY THE NATIONAL MONETARY COUNCIL, DECIDED: ART. 1. THE ADOPTION OF THE SYSTEM OF EQUITY MONETARY CORRECTION OF FINANCIAL STATEMENTS, PROVIDED FOR IN THE LEGISLATION AND REGULATIONS IN FORCE, IS MANDATORY AS OF 01.07.92 FOR CREDIT UNIONS THAT HAVE NOT YET ADOPTED SUCH PROCEDURE IN THEIR ACCOUNTING RECORDS. SOLE PARAGRAPH. THE FAILURE TO PRESENT, AS OF THE DATE MENTIONED IN THIS ARTICLE, A MONTHLY BALANCE IN THE ACCOUNTING TITLE RESULTING FROM MONETARY CORRECTION, CODES 7.6.1.10.00-3 AND 8.6.1.10.00-0, SHALL ENTAIL THE RETURN OF THE RESPECTIVE TRIAL BALANCE FOR THE PRESENTATION OF JUSTIFICATIONS REGARDING IT. ART. 2. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION. BRASÍLIA (DF), 6 MAY 1992 PEDRO LUIZ BODIN DE MORAES LUIZ NELSON GUEDES DE CARVALHO DIRECTOR DIRECTOR