CVM Resolution No. 242 of April 13, 2026 — CVM — BR

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Corporate Financial Center Building, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM RESOLUTION NO. 242, OF APRIL 13, 2026
Approves the Revision Document of Technical Pronouncements No. 29, issued by the Accounting Pronouncements Committee – CPC.

The INTERIM PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Board, in a meeting held on April 1, 2026, based on §§ 3 and 5 of Art. 177 of Law No. 6,404, of December 15, 1976, combined with items II and IV of § 1 of Art. 22 of Law No. 6,385, of December 7, 1976, APPROVED the following Resolution:

Art. 1. It is made mandatory for publicly-held companies the Revision Document of Technical Pronouncements No. 29, issued by the Accounting Pronouncements Committee – CPC, as per Annex “A” to this Resolution.

Art. 2. This Resolution enters into force on the date of its publication, applying to fiscal years beginning on or after January 1, 2026.

Signed electronically by
JOÃO CARLOS DE ANDRADE UZÊDA ACCIOLY
Interim President

CVM RESOLUTION NO. 242, OF APRIL 13, 2026
ANNEX “A”
ACCOUNTING PRONOUNCEMENTS COMMITTEE
REVISION OF TECHNICAL PRONOUNCEMENTS – NO. 29/2025

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This revision document presents changes to Technical Pronouncements CPC 03 (R2), CPC 12 (R1), CPC 25, CPC 36 (R3), CPC 37 (R1), CPC 40 (R1), CPC 48, and CPC 10 Guidance.

This document establishes changes in Technical Pronouncements CPC 03 (R2) – Statement of Cash Flows, CPC 12 (R1) – Present Value Adjustment, CPC 25 – Provisions, Contingent Liabilities and Contingent Assets, CPC 36 (R3) – Consolidated Statements, CPC 37 (R1) – Initial Adoption of International Accounting Standards, CPC 40 (R1) – Financial Instruments: Disclosure, CPC 48 – Financial Instruments, and CPC 10 Guidance – Carbon Credits (tCO2e), Emission Allowances, and Decarbonization Credits (CBIO).

The added text is underlined and the deleted text is struck through. The validity of these changes will be established by regulatory bodies.

Includes item 44F in the summary of the Pronouncement and item 65 and alters item 37 in CPC 03 (R2) – Statement of Cash Flows, which shall enter into force with the following wording:

Summary Item
...
TRANSACTION THAT DOES NOT INVOLVE CASH OR CASH EQUIVALENTS 43 – 44 CHANGE IN LIABILITY ARISING FROM FINANCING ACTIVITIES 44A– 44E SUPPLIER FINANCING ARRANGEMENTS 44F COMPONENTS OF CASH AND CASH EQUIVALENTS 45 – 47 ...

37 When the accounting criterion for investment in an associate, jointly controlled entity, or controlled entity is based on the equity method or the cost method, the investing entity is limited to presenting, in the statement of cash flows, the cash flows between the investing entity itself and the entity in which it holds an interest (for example, associate, jointly controlled entity, or controlled entity), represented, for example, by dividends and by advances. ...

65 Technical Pronouncement Revision No. 29, approved by the CPC on February 6, 2026, altered item 37. The entity must apply these changes for the annual reporting period beginning on or after January 1, 2026.

Alters items 1(b) and 7 of CPC 12 (R1) – Present Value Adjustment, which shall enter into force with the following wording:

1 The objective of this Pronouncement is to clarify the basic requirements to be observed when calculating the present value adjustment of asset and liability elements when preparing financial statements, resolving some controversial issues arising from such procedure, such as:
...
(b) in which situations the adoption of present value adjustment of assets and liabilities is required, whether at the time of initial recognition of assets and liabilities, at the change in the measurement basis of assets and liabilities, or at both times; ...

7 It is necessary to observe that the application of the concept of present value adjustment does not always equate the asset or liability to its fair value. CPC 46 disciplines the aspects to be considered in the measurement of the fair value of assets and liabilities, including the revenue approach as a valuation technique to which the concept of present value may apply. When the present value measurement is performed as a methodology for measuring fair value, CPC 46 must be applied in its entirety. However, in situations where the present value measurement is not applied as a measure of fair value of assets and liabilities in the context of CPC 46 or that the measurement is not otherwise disciplined by another specific Pronouncement in force, this Pronouncement must be applied.

Alters the numbering of Example 10A and eliminates Examples 8 and 9 from Appendix C of CPC 25 – Provisions, Contingent Liabilities and Contingent Assets, which shall enter into force with the following wording:

Example 8 – Onerous Contract
An entity operates profitably in a leased factory according to an operating lease. During December 20X0, the entity transfers its operations to a new factory. The lease of the old factory will still have to be paid for another four years, cannot be cancelled, and the factory cannot be subleased to another user.

Present obligation as a result of a past event that generates an obligation – The event that generates the obligation is the signing of the lease contract, which gives rise to a legal obligation. (The expression “lease” replaced “rental” throughout the pronouncement by CPC Revision 14)

An outflow of resources embodying economic benefits in settlement – when the lease becomes onerous, an outflow of resources embodying economic benefits is probable (until the lease becomes onerous, the entity accounts for the lease in accordance with CPC 06. Conclusion – A provision is recognized for the best estimate of the inevitable lease payments (see items 5(c), 14, and 66).

Example 9 – Individual Guarantee
On December 31, 20X0, Entity A provides a guarantee for certain loans of Entity B, whose financial condition at that time was solid. During 20X1, the financial condition of Entity B deteriorated, and on June 30, 20X1, Entity B entered judicial recovery proceedings.

This contract meets the definition of an insurance contract according to Technical Pronouncement CPC 11 – Insurance Contracts, but is within the scope of Technical Pronouncement CPC 38 – Financial Instruments: Recognition and Measurement, because it also meets the definition of a financial guarantee contract of Technical Pronouncement CPC 38. If the issuer has previously explicitly declared that it treats such contracts as insurance contracts and has used the accounting applicable to insurance contracts, the issuer may elect to apply either CPC 38 or CPC 11 to such guarantee contracts. Technical Pronouncement CPC 11 allows the issuer to continue with its existing accounting policies for insurance contracts if certain minimum requirements are met. Technical Pronouncement CPC 11 also allows changes in accounting policies that meet specific criteria. The following example illustrates an accounting policy that Technical Pronouncement CPC 11 allows and is also in compliance with the requirements of Technical Pronouncement CPC 38 regarding financial guarantee contracts within the scope of CPC 38.

(a) On December 31, 20X0
Present obligation as a result of a past event that generates an obligation – The event that generates the obligation is the granting of the guarantee, which gives rise to a legal obligation.
An outflow of resources embodying economic benefits in settlement – No outflow of benefits is probable on December 31, 20X0.
Conclusion – The guarantee is recognized at fair value.

(b) On December 31, 20X1
Present obligation as a result of a past event that generates an obligation – The event that generates the obligation is the granting of the guarantee, which gives rise to a legal obligation.
An outflow of resources embodying economic benefits in settlement – On December 31, 20X1, an outflow of resources embodying future economic benefits is probable to be required to settle the obligation.
Conclusion – The guarantee is subsequently measured at the higher of the following values: (a) the best estimate of the obligation (see items 14 and 23), and (b) the amount initially recognized less, when appropriate, accumulated amortization in accordance with Technical Pronouncement CPC 30 – Revenues.

Example 10 10A – Judicial Case

Includes item C1B and alters items 9, 25(b), 31, B74, B85L(c), B91, and B99A in CPC 36 (R3) – Consolidated Statements, which shall enter into force with the following wording:

...

9 Two or more investors collectively control the investee when they must act together to direct the relevant activities. In these cases, as no investor can direct the activities without the cooperation of the others, no investor individually controls the investee. Each investor must account for its interest in the investee in accordance with the relevant CPC Technical Pronouncements, Guidelines, and Interpretations, such as, for example, the Technical Pronouncements CPC 19 – Joint Operations, CPC 18 – Investment in Associate, Controlled Entity, and Jointly Controlled Entity, or CPC 4838 – Financial Instruments: Recognition and Measurement. ...

25 If the parent loses control of the subsidiary, the parent must:
(a) derecognize the assets and liabilities of the former subsidiary from the consolidated balance sheet; (b) recognize the remaining investment in the former subsidiary, if any, and subsequently account for this investment and any amounts payable or receivable from the former subsidiary, in accordance with the applicable CPC Technical Pronouncements, Guidelines, and Interpretations. This retained interest must be remeasured, as described in items B98(b)(iii) and B99A. The value remeasured at the time this control is lost must be considered as the fair value at initial recognition of a financial asset in accordance with Technical Pronouncement CPC 4838 – Financial Instruments: Recognition and Measurement or, when appropriate, as cost at initial recognition of an investment in an associate or jointly controlled entity, if applicable; ...

31 Unless as described in item 32, an investment entity must not consolidate its subsidiaries nor apply Technical Pronouncement CPC 15 when it obtains control of another entity. Instead, the investment entity must measure this investment in the subsidiary at fair value through profit or loss, in accordance with Technical Pronouncement CPC 4838.
...

B74 This relationship does not need to involve a contractual agreement. A party is a de facto agent when the investor or those who direct the activities of the investor possess the ability to instruct this party to act on behalf of the investor. The party may also be a de facto agent when those who direct the activities of the investor have the ability to direct that party to act on behalf of the investor. In these circumstances, the investor must consider the decision-making rights of its de facto agent and its indirect exposure to, or rights over, variable returns through the de facto agent, together with its own, when assessing control of the investee. ...

B85L In order to satisfy the requirement of item B85K(a), the investment entity must:

(a) elect to account for any investment property using the fair value method referred to in Technical Pronouncement CPC 28 – Investment Property; (b) elect the exemption from applying the equity method of Technical Pronouncement CPC 18 for its investments in associates and jointly controlled entities; and (c) measure its financial assets at fair value using the requirements of Technical Pronouncement CPC 4838. ...

B91 Technical Pronouncement CPC 4838 does not apply to interests in subsidiaries that are consolidated. When instruments containing potential voting rights essentially currently grant access to returns associated with the equity interest in a subsidiary, these instruments are not subject to the requirements of Technical Pronouncement CPC 4838. In all other cases, instruments containing potential voting rights in a subsidiary are accounted for in accordance with Technical Pronouncement CPC 4838. ...

B99A If the parent loses control of a subsidiary that does not contain a business, as defined in Technical Pronouncement CPC 15, as a result of a transaction involving an associate or jointly controlled entity that is accounted for using the equity method, the parent must account for the gain or loss in accordance with items B98 and B99. The gain or loss resulting from the transaction (including amounts previously recognized in other comprehensive income that would be reclassified to profit or loss in accordance with item B99) must be recognized in the parent’s profit or loss only to the extent of the interests of non-related investors in that associate or jointly controlled entity. The remaining part of the gain must be eliminated against the carrying amount of the investment in that associate or jointly controlled entity. Furthermore, if the parent maintains an investment in the former subsidiary and this former subsidiary is now an associate or jointly controlled entity that is accounted for using the equity method, the parent must recognize part of the gain or loss resulting from the remeasurement of the fair value of the investment held in the former subsidiary in profit or loss only to the extent of the interests of non-related investors in the new associate or jointly controlled entity. The remaining part of this gain or loss must be eliminated against the carrying amount of the investment held in the former subsidiary. If the parent maintains an investment in the former subsidiary, which is now accounted for in accordance with Technical Pronouncement CPC 4838, the part of the gain or loss resulting from the remeasurement to fair value of the investment held in the former subsidiary must be recognized in full in the parent’s profit or loss. ...

C1B Technical Pronouncement Revision No. 29, approved by the CPC on February 6, 2026, altered item B74. The entity must apply these changes for the annual reporting period beginning on or after January 1, 2026.

Includes item 39AK and alters items B5 and B6 in CPC 37 (R1) – Initial Adoption of International Accounting Standards, which shall enter into force with the following wording:

...

39AK Technical Pronouncement Revision No. 29, approved by the CPC on February 6, 2026, altered items B5 and B6. The entity must apply these changes for the annual reporting period beginning on or after January 1, 2026.
...

B5 The entity must not incorporate in its opening IFRS balance sheet a protection linkage that does not qualify as hedge accounting by IFRS 9 (CPC 48) (for example, protection linkages where the hedging instrument is the separately issued option or the net written option or when the hedge is the net position in a cash flow hedge for a risk other than currency risk) (see item 6.4.1(a) of CPC 48). However, if the entity designated the net position as a hedged item in accordance with previous accounting criteria, it may designate an individual item within this net position as a hedge in accordance with the IFRS, or the net position if it meets the requirements in item 6.6.1 of CPC 48, provided that it does so until the date of transition to the IFRS.

B6 If, before the date of transition to the IFRS, the entity had designated the transaction as a hedge, but this hedge does not meet the qualifying criteria of items 6.4.1(b) and (c) of the conditions provided in IFRS 9 (CPC 48) for hedge accounting, the entity must apply the provisions of items 6.5.6 and 6.5.7 of IFRS 9 (CPC 48) to discontinue such hedge accounting. Transactions carried out before the date of transition to the IFRS must not be designated retrospectively as hedges.

Includes items 5B to 5D, 20B to 20D, 30A to 30C (including the subtitle before item 30A) and 44LL to 44PP and alters items 11A, 11B, and B38 in CPC 40 (R1) – Financial Instruments: Disclosure, which shall enter into force with the following wording:

...

5B Item 30A applies only to contracts to acquire electricity that are dependent on the nature and that meet the requirements of item 2.3A of CPC 48 and that are outside the scope of that Technical Pronouncement in accordance with items B2.7 and B2.8 of CPC 48.

5C Item 30B applies only to contracts that meet the requirements of item 2.3A of CPC 48 and that have been designated for cash flow hedge in accordance with item 6.10.1 of CPC 48.

5D Item 30C applies only to contracts that meet the requirements of item 2.3A of CPC 48 and that have been initiated by the entity with a view to the acquisition of electricity. These contracts include those that are:
(a) within the scope of CPC 48; and
(b) outside...

Lineage: No known changes