CMN Resolution No. 5,252 — Accounting Concepts and Criteria for Sustainability Assets and Liabilities

Resolution No. 5,252

CMN RESOLUTION
NO. 5,252, OF SEPTEMBER 25, 2025

Establishes the accounting concepts and criteria to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil in the measurement, recognition, derecognition, and accounting disclosure of sustainability assets and liabilities.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the Monetary National Council, in a session held on September 25, 2025, based on Arts. 4, caput, items VIII and XII, of the aforementioned Law, and Art. 1, § 1, of Complementary Law No. 130, of April 17, 2009,

R E S O L V E D:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1 This Resolution establishes the accounting concepts and criteria to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil in the measurement, recognition, derecognition, and accounting disclosure of sustainability assets and liabilities.

§ 1 The provisions of this Resolution do not apply to consortium administrators, payment institutions, securities correspondent companies, securities distribution companies, and foreign exchange correspondent companies, which must observe the regulation issued by the Central Bank of Brazil, in the exercise of their legal duties.

§ 2 For the purposes of the provisions of this Resolution, consider:

I - sustainability asset: a non-financial asset with the following characteristics:

a) intangible and without physical substance;

b) transferable separately in a transaction; and

c) originated with the objective of promoting social, environmental, or climate sustainability, including the asset intended to prevent, control, reduce, or remove greenhouse gas emissions; and

II - sustainability liability:
a non-financial liability originated from a legal or informal obligation, as defined in specific regulation, that:

a) arises from a commitment related to social, environmental, or climate sustainability, including the obligation to take actions with the objective of preventing, controlling, reducing, or removing emissions of greenhouse gas; and

b) can be settled with sustainability assets.

CHAPTER II
OF RECOGNITION, MEASUREMENT, AND DERECOGNITION

Section IOf sustainability assets

Art. 2 The institutions mentioned in Art. 1 must only recognize sustainability assets:

I - granted by a governmental body; or

II - certified by:

a) an entity that uses an accredited methodology, when provided for in specific regulation; or

b) a qualified independent entity, in other cases.

Sole paragraph. The certification provided for in item II, letter “b”, of the caput must be carried out by an entity with technical, administrative, and operational capacity compatible with the evaluation of aspects related to sustainability assets, meeting, at minimum, the following requirements:

I - not be considered a related party, in the form of Art. 34, § 3, of Law No. 4,595, of December 31, 1964;

II - use a methodology of recognized merit in the market, based on consistent and verifiable criteria; and

III - adopt national or international methodologies that establish criteria and rules for measurement, reporting, and verification of emissions, in the case of carbon credits.

Art. 3 The institutions mentioned in Art. 1 must, upon initial recognition, measure sustainability assets by:

I - cost, including the costs incurred in the certification process, as well as others that may be incurred until its availability for the intended use by the institution, in the case of originated assets;

II - cash acquisition price, increased by transaction costs, in the case of acquired assets; or

III - fair value, determined in accordance with specific regulation, on the date of recognition, in the case of sustainability assets received from a governmental body.

§ 1 In the case of installment purchase, the difference between the cash price of the asset and the total value of payments must be allocated monthly, pro rata temporis, as an expense, in accordance with the accrual basis of accounting.

§ 2 For the purposes of the provisions of items I and II of the caput, only costs that, cumulatively, are:

I - directly attributable to the acquisition or origination of the sustainability asset; and

II - incremental, thus considered the costs which the institution would not incur if it had not acquired or originated the sustainability asset.

Art. 4 The institutions mentioned in Art. 1 must, upon initial recognition, classify sustainability assets into the following categories:

I - retirement, intended for the sustainability asset that the institution will probably use to fulfill an obligation assumed related to sustainability; and

II - trading, intended for the sustainability asset that the institution intends to designate for future sale and for the generation of profits based on variations in its market prices.

Sole paragraph. Only fungible sustainability assets may be classified in the trading category.

Art. 5 The institutions mentioned in Art. 1 must, at the time of trial balances and balance sheets, measure sustainability assets:

I - classified in the retirement category:

a) at cost, in the case of sustainability assets linked to sustainability liabilities already recognized; and

b) at the lower of cost and fair value, determined in accordance with the provisions of specific regulation, net of selling expenses, recognizing changes in the carrying amount of the asset in counterpart to the period's result, in the case of sustainability assets not linked to sustainability liabilities; and

II - classified in the trading category:

a) at the lower of cost and fair value, determined in accordance with the provisions of specific regulation, net of selling expenses, recognizing changes in the carrying amount of the asset in counterpart to the period's result, in the case of originated or received sustainability assets; and

b) at fair value, determined in accordance with the provisions of specific regulation, net of selling expenses, recognizing the appreciation or depreciation in counterpart to the period's result, in the case of acquired sustainability assets.

Sole paragraph. The cost of the sustainability asset received from a governmental body refers to the value initially recognized, in accordance with the provisions of Art. 3, caput, item III.

Art. 6 In the case of change of purpose of sustainability assets, the institutions mentioned in Art. 1 must reclassify them on the first day of the period subsequent to the calculation of accounting results.

Sole paragraph. On the date of reclassification, the following adjustments must be made:

I - in the transfer from the retirement category to the trading category, any difference between the carrying amount of the asset on the transfer date and the value measured in accordance with Art. 5, caput, item II, letters “a” and “b”, must be recognized in the result of the period; and

II - in the transfer from the trading category to the retirement category, the value referred to in Art. 5, caput, item II, letters “a” and “b”, determined on the transfer date, must constitute the new gross carrying amount of the asset, with no reversal of amounts already computed in the result arising from unrealized gains or losses permitted.

Art. 7 The institutions mentioned in Art. 1 must derecognize:

I - sustainability assets designated for trading, upon sale; and

II - sustainability assets designated for retirement, in counterpart to the liabilities related to them, upon fulfillment of the obligation assumed related to sustainability.

Sole paragraph. The institutions mentioned in Art. 1 must recognize the positive or negative result determined upon the sale of sustainability assets designated for trading in the period's result.

Section IIOf sustainability liabilities

Art. 8 The institutions mentioned in Art. 1 must, with respect to sustainability liabilities, measure:

I - the portion covered by sustainability assets, at the carrying amount of assets classified in the retirement category that will be used to settle the obligation assumed related to sustainability; and

II - the portion not covered by sustainability assets, at the best estimate of the outflow of resources to settle the obligation assumed related to sustainability.

Art. 9 The institutions mentioned in Art. 1 must derecognize sustainability liabilities only when the obligations assumed related to sustainability expire, are settled, cancelled, or extinguished.

CHAPTER III
OF DISCLOSURE IN EXPLANATORY NOTES

Art. 10. The institutions mentioned in Art. 1 must disclose, in explanatory notes, in a clear and objective manner, with respect to sustainability assets and sustainability liabilities:

I - the description of accounting policies regarding the recognition and measurement of these items, in such a way that users of financial statements can make an adequate judgment about the accounting policies adopted;

II - for all sustainability assets, except those classified in the retirement category, in accordance with Art. 5, caput, item I, letter “a”:

a) the value at initial recognition and the fair value on the reporting date, by level of fair value hierarchy, segregating the classification in accordance with Art. 5; and

b) gains and losses recognized in the result arising from fair value adjustments;

III - relevant exposures of recognized sustainability assets, including:

a) the description of their nature;

b) their carrying amount on the date of the balance sheet; and

c) their accounting classification;

IV - the carrying amount of relevant sustainability liabilities, segregating:

a) the description of their nature; and

b) the covered and uncovered portion, in accordance with Art. 8; and

V - the aggregate carrying amount of sustainability assets and sustainability liabilities not considered individually relevant.

CHAPTER IV
FINAL PROVISIONS

Art. 11. The
Central Bank of Brazil, in the exercise of its competence, may adopt the measures necessary to comply with this Resolution, including regarding the requirements for disclosure of information.

Art. 12. The Central Bank of Brazil may determine adjustments in the models adopted by institutions for fair value assessment of sustainability assets, if it identifies inadequacy in the definition of these models.

Art. 13. The institutions mentioned in Art. 1 must keep available to the Central Bank of Brazil the documentation evidencing, in a clear and objective manner, the criteria used for the measurement of sustainability assets, for a minimum period of five years, counted from the date of measurement, or for a longer period, due to legal or regulatory determination.

Art. 14. The institutions mentioned in Art. 1 must apply the provisions of this Resolution prospectively, from the date of its entry into force.

Sole paragraph. The effects of any adjustments arising from the initial application of the accounting criteria established by this Resolution must be recorded in counterpart to the account of accumulated profits or losses by the net value of the tax effects.

Art. 15. This Resolution enters into force on January 1, 2027.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil