CVM Instruction No. 176 of February 6, 1992

CVM INSTRUCTION NO. 176, OF FEBRUARY 6, 1992.

Amends CVM Instruction No. 167/91, of December 17, 1991, which establishes criteria and guidelines on procedures to be adopted in the registration of monetary correction provided for in Law No. 8,200, of June 28, 1991, and in Decree No. 332, of November 4, 1991.

The BOARD OF DIRECTORS OF THE SECURITIES AND EXCHANGE COMMISSION makes public that, in a meeting held on this date, based on Art. 22, sole paragraph, items I, II, IV and VII of Law No. 6,385, of December 7, 1976, and on Art. 177 of Law No. 6,404, of December 15, 1976, considering, furthermore, the provisions of Art. 48 of DECREE NO. 332, of November 4, 1991, resolved to issue the following Instruction:

Art. 1º The special monetary correction, provided for in Art. 2º of Law No. 8,200/91, must be accounted for in a specific capital reserve account, without deduction of income tax and other charges.

Sole paragraph. In an explanatory note, the balance of the asset resulting from the special monetary correction, cited in the "caput" of this article, to be recognized in future fiscal years and which will not be deductible for tax purposes, shall be highlighted.

Art. 2º The application by the open company, until May 31, 1992, of the provisions of Art. 10 and paragraphs of CVM Instruction No. 167/91 is optional.

Sole paragraph. The open company that adopts the option not to transfer the amounts registered in the revaluation reserve to the specific capital reserve and/or accumulated profits or loss accounts, shall highlight in an explanatory note:

I - the amount of tax charges maintained in this reserve;

II - the period foreseen for the realization of these charges, when possible its estimate; and

III - comparatively to these charges, the value of the tax credit resulting from the debtor balance of the complementary monetary correction of IPC x BTNF, registered in the long-term realizable asset.

Art. 3º Revaluation reserves recorded by open companies from 1992 onwards shall be accounted for at net value, of taxes and other charges levied.

Art. 4º The forwarding of information, as provided for in paragraph 2º of Art. 12 of CVM Instruction No. 167/91, is no longer mandatory, with the open company deciding on its preparation and disclosure.

§1º - These statements are exempt from the opinion of the independent auditor.

CVM INSTRUCTION NO. 176, OF FEBRUARY 6, 1992.
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§2º - If the open company discloses this information without the opinion of the independent auditor, it must adopt the expression "NOT AUDITED" in bold.

Art. 5º The disclosure provided for in item "c" of Art. 13 of CVM Instruction No. 167/91 is optional for the open company.

Art. 6º This Instruction shall enter into force on the date of its publication, revoking any provisions to the contrary.

Original signed by
ARY OSWALDO MATTOS FILHO
President