CVM Instruction No. 485 of September 1, 2010

CVM INSTRUCTION NO. 485, OF SEPTEMBER 1, 2010.

Amends CVM Instruction No. 457, of July 13, 2007, which provides for the preparation and disclosure of consolidated financial statements, based on the international accounting standard issued by the International Accounting Standards Board – IASB.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on August 3, 2010, based on the provisions of the sole paragraph of Article 249 of Law No. 6,404, of December 15, 1976, and on items I, II, and IV of § 1º of Article 22 of Law No. 6,385, of December 7, 1976, and

CONSIDERING:
a) that the process of full convergence to international accounting standards, initiated in 2008, was substantially complemented with the issuance and approval by the CVM, in 2009, of the set of pronouncements, interpretations, and guidelines issued by the Accounting Pronouncements Committee - CPC; b) that all pronouncements and other documents issued by the CPC, including those being revised and updated, notwithstanding some restrictions and additions made in these documents, are or will be fully convergent with the standards issued by the IASB – International Accounting Standards Board; c) that there is a formal commitment on the part of the CPC and the CVM to revise and keep updated the set of documents issued so that they remain convergent with the IASB standards; and d) that the adoption of these revised and updated pronouncements, interpretations, and guidelines enables publicly held companies to prepare and present consolidated financial statements in accordance with international accounting standards,

RESOLVED:

Art. 1º Article 1 of CVM Instruction No. 457, of July 13, 2007, shall be effective with the following wording:

“Art. 1º......

§ 1º For the purpose of compliance with the provisions of the caput of this article, the consolidated financial statements of publicly held companies shall be prepared based on pronouncements, fully convergent with international standards, issued by the Accounting Pronouncements Committee – CPC and endorsed by the CVM. The consolidated financial statements of publicly held companies shall be designated as “Consolidated Financial Statements in IFRS”.

§ 2º The early adoption of international pronouncements or the adoption of alternatives provided for therein is conditioned upon prior approval by normative act of this Commission.

§ 3º Publicly held companies shall present, in a note to the consolidated financial statements, an explicit and unreserved declaration that these statements are in conformity with the international accounting standards issued by the IASB and also in accordance with accounting practices adopted in Brazil.

§ 4º The provisions of this article also apply to the consolidated financial statements of the previous year presented for comparative purposes.” (NR)

Art. 2º Article 3 of CVM Instruction No. 457, of July 13, 2007, is hereby repealed.

Art. 3º This Instruction enters into force on the date of its publication.

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Original signed by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President