CMN Resolution No. 3617 — Criteria for Accounting Registration of Fixed and Deferred Assets by Financial Institutions

RESOLUTION NO. 003617

Dispenses with criteria for accounting registration of fixed and deferred assets by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on September 30, 2008, based on Article 4, items VIII and XII, of the aforementioned law, and on Law No. 6,099, of September 12, 1974, and considering the provisions of Article 179, items IV and V, of Law No. 6,404, of December 15, 1976, as amended by Law No. 11,638, of December 28, 2007,

RESOLVES:

Article 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must register under Fixed Assets the rights that have as their object corporeal assets intended for the maintenance of the entity's activities or exercised with that purpose, including those resulting from operations that transfer to the entity the benefits, risks, and control of these assets.

Sole Paragraph. The provisions of the caput do not apply to assets subject to leasing operations, which must be registered under the fixed assets of the leasing institutions, in accordance with specific regulation.

Article 2. The institutions referred to in Article 1 must register under Deferred Assets exclusively pre-operational expenses and restructuring costs that will effectively contribute to increasing the result of more than one fiscal year and that do not constitute solely a reduction in costs or an increase in operational efficiency.

Sole Paragraph. The linkage of expenses and costs registered under Deferred Assets with the increase in results of more than one fiscal year must be based on a technical study prepared by the entity, consistent with the information used in other operational reports, demonstrating, at a minimum:

I - the conditions mentioned in the caput;

II - the calculation of the estimated period in which the benefits resulting from the applications will be enjoyed.

Article 3. The balances existing in Fixed Assets and Deferred Assets established before the entry into force of this resolution, which were registered based on previous normative provisions, must be maintained until their actual write-off.

Article 4. The Central Bank of Brazil will regulate the procedures to be observed for adapting the norms embodied in the Accounting Plan of the Institutions of the National Financial System (Cosif) to the provisions of this resolution.

Article 5. This resolution enters into force on the date of its publication.

Brasília, September 30, 2008.

Henrique de Campos Meirelles
President