Circular No. 2224 — Establishes Complementary Procedures for Monetary Correction of Equity, as Provided in Articles 38 and 51 of Law No. 8,383

CIRCULAR NO. 002224

ESTABLISHES COMPLEMENTARY PROCEDURES
FOR THE EFFECT OF MONETARY CORRECTION OF EQUITY, REGARDING THE PROVISIONS IN ARTS.
38 AND 51 OF LAW NO. 8,383.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 02.09.92, HAVING IN VIEW THE PROVISIONS IN ARTS. 38 AND 51 OF LAW NO. 8,383, OF 30.12.91, AND IN PORTARIA NO. 441, OF 27.05.92, OF THE MINISTRY OF ECONOMY, FINANCE AND PLANNING, AND WITH FOUNDATION IN ART. 4, ITEM XII, OF LAW NO. 4,595, OF 31.12.64, BY COMPETENCE DELEGATED BY THE MONETARY NATIONAL COUNCIL, DECIDED:

ART. 1. FINANCIAL INSTITUTIONS, THE OTHER
ENTITIES AUTHORIZED TO OPERATE BY THE CENTRAL BANK AND ADMINISTRATORS OF CONSORTIUMS, IN THE CONSOLIDATION OF MONTHLY RESULTS THAT THE ART. 38 OF THE MENTIONED LAW NO. 8,383, MUST, FOR THE EFFECT OF SEGREGATION AND MONETARY CORRECTION OF MONTHLY RESULTS:

I - REGISTER, MONTHLY, THE DIFFERENTIAL DETERMINED BETWEEN REVENUES AND EXPENSES, CREDITOR RESULT ACCOUNT GROUPS, CODE 7.0.0.00.00-9, AND DEBTOR RESULT ACCOUNTS, CODE 8.0.0.00.00-6, OF THE COSIF, IN RESULT DETERMINATION, CODES 7.9.1.10.00-0 OR 8.9.1.10.00-7, AS THE CASE MAY BE, HAVING AS THE COUNTERPART THE TITLE ACCUMULATED PROFITS OR ACCUMULATED SURPLUSES OR ACCUMULATED LOSSES, NOT CAUSING THE FORMAL CLOSURE OF REVENUE AND EXPENSE ACCOUNTS;

II - CORRECT MONTHLY THE RESULT DETERMINED IN
EACH MONTH, REGISTERED IN ACCUMULATED PROFITS OR LOSSES OR ACCUMULATED SURPLUSES OR LOSSES, FROM THE FOLLOWING MONTH, IN COUNTERPART OF MONETARY CORRECTION RESULT, ADEQUATE SUBTITLE.

SINGLE PARAGRAPH. THE ENTRY DETERMINATION OF RESULT, CODE 750, IS MAINTAINED FOR THE EFFECT OF BANKING STATISTICS - ESTBAN, WITH THE FUNCTION OF EXCLUSIVELY HOLDING THE BALANCE OF DETERMINATION OF RESULT, CODES 7.9.1.10.00-0 AND 8.9.1.10.00-7.

ART. 2. THE EXPENSE OF MONETARY VARIATION ON THE INCOME TAX AND ADDITIONAL INCOME TAX TO BE COLLECTED AT THE STATE LEVEL MUST BE REGISTERED IN INCOME TAX, CODE 8.9.4.10.00-6, WITH SEGREGATION IN SUBTITLES FOR INTERNAL USE.

ART. 3. THE EXPENSE OF MONETARY VARIATION ON THE SOCIAL CONTRIBUTION TO BE COLLECTED MUST BE REGISTERED IN SOCIAL CONTRIBUTION, CODE 8.9.4.20.00-3, WITH SEGREGATION IN A SUBTITLE FOR INTERNAL USE.

ART. 4. THE RESULT DETERMINED IN THE FIRST HALF-YEAR, MAINTAINED IN EQUITY, MUST BE MONETARILY CORRECTED DURING THE SECOND HALF-YEAR OF THE SAME YEAR, IN COUNTERPART OF MONETARY CORRECTION RESULT, ADEQUATE SUBTITLE, OBSERVING THE PERIODICITY AND MONTHLY COMPETENCE.

ART. 5. IN THE PREPARATION AND PUBLICATION OF THE STATEMENT OF THE RESULT OF THE SEMESTER/FISCAL YEAR, THE MONETARY CORRECTION OF THE MONTHLY RESULTS MUST BE THE OBJECT OF ADJUSTMENT, IN SUCH A WAY THAT ITS EFFECTS DO NOT ALTER THE RESULT OF THE SEMESTER/FISCAL YEAR.

PARAGRAPH 1. IN THE PREPARATION OF THE STATEMENT OF THE RESULT OF THE FISCAL YEAR, THE MONETARY CORRECTION OF THE RESULT OF THE FIRST HALF-YEAR MUST ALSO BE CONSIDERED, FOR THE EFFECT OF ADJUSTMENT.

PARAGRAPH 2. THE EFFECTS OF THE APPLICATION OF THE PROVISION IN THIS ARTICLE MUST BE ADJUSTED IN THE BALANCE SHEET OF THE INVESTOR OR CONTROLLING COMPANY, WHEN APPLICABLE THE EVALUATION BY THE EQUITY METHOD.

ART. 6. FOR THE EFFECT OF PUBLICATION OF BALANCE SHEETS, THE BALANCE OF DETERMINATION OF RESULT MUST BE AGGLOMERATED IN THE PUBLICATION ENTRY 618.

ART. 7. UNTIL THE BASE DATE OF 31.12.92, INCLUSIVE, THE PROCEDURES PROVIDED IN ARTS. 1, 2 AND 3 OF THIS CIRCULAR DO NOT APPLY TO FINANCIAL INSTITUTIONS, TO THE OTHER ENTITIES AUTHORIZED to OPERATE BY THE CENTRAL BANK AND TO CONSORTIUM ADMINISTRATORS THAT OPT FOR THE CONSOLIDATION OF SEMESTER RESULTS THAT THE MENTIONED PORTARIA NO. 441.

ART. 8. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

ART. 9. CIRCULARS NOS.
2,158, OF 10.04.92, AND 2,218, OF 26.08.92, ARE REVOKED.

BRASÍLIA (DF), 03 OF SEPTEMBER OF 1992

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR