Normative Instruction BCB No. 523 of September 17, 2024

Cosif - Account List Group 1 - Realizable Asset

NORMATIVE INSTRUCTION BCB NO. 523, OF SEPTEMBER 17, 2024

Amends Normative Instruction BCB No. 273, of April 1, 2022, and Normative Instruction BCB No. 315, of October 27, 2022, to create accounting rubrics for the account list of the Accounting Standard for Institutions Regulated by the Central Bank of Brazil (Cosif).

The Head of the Financial System Regulation Department (Denor), using the authority granted by Article 23, item I, letter "a" of the Internal Regulations of the Central Bank of Brazil, annexed to Resolution BCB No. 340, of September 21, 2023, based on Articles 12 of CMN Resolution No. 4.858, of October 23, 2020, and 10 of BCB Resolution No. 92, of May 6, 2021,

RESOLVES:

Art. 1. Normative Instruction BCB No. 273, of April 1, 2022, published in the Official Gazette of the Union on April 5, 2022, shall enter into force with the following alterations:

"Art. 11.
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XXI - 7.1.9.90.00-8
REVERSAL OF OPERATIONAL PROVISIONS, with attributes UBDKIFJACTSWERLMNHYZ, Estban code 711, whose function is to record the reversals of provisions established in previous fiscal years or semesters, except for reversals of provisions established to meet the monthly appropriation of expenses, whose adjustments are made by reversing the corresponding expense or supplementing the provision, if applicable;

XXII - 7.1.9.99.00-9
OTHER OPERATING REVENUES, with attributes UBDKIFJACTSWERLMNHYZ, Estban code 711, whose function is to record operating revenues that constitute effective revenue for the institution in the period for which there is no specific account for bookkeeping, as well as for the reclassification of credit balances presented by accounts with a debtor nature, resulting from the recording of exchange rate variation on passive operations with exchange rate adjustment clauses; and

XXIII - 7.1.9.35.00-1
REVENUES FROM TRANSFER PRICE ADJUSTMENTS, with attributes UBDKIFJACTSWRLMNHYZ, Estban code 711, whose function is to record revenues for which there is no specific account, resulting from compensatory adjustments made by institutions domiciled in Brazil that carry out controlled transactions with related parties abroad, in accordance with specific transfer pricing regulations.

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(NR)

Art. 2. Normative Instruction BCB No. 315, of October 27, 2022, published in the Official Gazette of the Union on November 1, 2022, shall enter into force with the following alterations:

"Art. 12.
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XXIV - 8.1.9.90.00-5
(-) EXPENSES FOR TAX AND CONTRIBUTION UPDATES, with attributes UBDKIFJACTSWERLMNHYZ, whose function is to record amounts corresponding to the updates of provisions for taxes and contributions on profits, salaries, third-party services, and others, observing the variation of relevant official indices;

XXV -
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b) the debtor balances presented by accounts with a creditor nature, resulting from the recording of exchange rate variation on active operations with exchange rate adjustment clauses, and the institution must maintain analytical control to identify expenses of this kind, according to their nature; and

XXVI - 8.1.9.35.00-8
EXPENSES FROM TRANSFER PRICE ADJUSTMENTS, with attributes UBDKIFJACTSWRLMNHYZ, whose function is to record expenses for which there is no specific account, resulting from compensatory adjustments made by institutions domiciled in Brazil that carry out controlled transactions with related parties abroad, in accordance with specific transfer pricing regulations.

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(NR)

Art. 3. The provisions of this Normative Instruction apply to accounting documents prepared from the reference date of October 2024.

Art. 4. This Normative Instruction enters into force on October 1, 2024.

GILNEU FRANCISCO
ASTOLFI VIVAN

NOTE 645/2024 – BCB/DENOR, OF SEPTEMBER 17, 2024

Justifies proposal for the issuance of a normative instruction that alters accounting rubrics for the Creditor Result and Debtor Result groups of the account list of the Accounting Standard for Institutions Regulated by the Central Bank of Brazil (Cosif).

Dear Head of Denor,

This Note justifies the proposal for the issuance of a normative instruction that alters accounting rubrics for the account list of the Accounting Standard for Institutions Regulated by the Central Bank of Brazil (Cosif), in accordance with the competence of the Financial System Regulation Department (Denor), using the authority granted by Article 23, item I, letter "a" of the Internal Regulations of the Central Bank of Brazil (BCB), annexed to Resolution BCB No. 340, of September 21, 2023, based on Articles 12 of CMN Resolution No. 4.858, of October 23, 2020, and 10 of BCB Resolution No. 92, of May 6, 2021.

2. With the issuance of Law No. 14.596, of June 14, 2023, which establishes rules for transfer pricing related to the Corporate Income Tax (IRPJ) and the Social Contribution on Net Profit (CSLL), it is necessary to amend the Cosif to provide for the possibility of recording compensatory adjustments in the transfer pricing of controlled transactions.

3. Thus, two accounting titles are being created, in the creditor result group and the debtor result group, with the function of recording, when there is no more specific rubric, the results resulting from adjustments to the tax base for the Corporate Income Tax (IRPJ) and the Social Contribution on Net Profit (CSLL) of legal entities domiciled in Brazil that carry out controlled transactions with related parties abroad, in accordance with the transfer pricing rules provided for in specific tax regulations.

4. Finally, in compliance with Article 5 of Law No. 13.874, of September 20, 2019, Decree No. 10.411, of June 30, 2020, determines that proposals for normative acts of general interest for economic agents formulated by federal direct, autarchic, and foundation administrative agencies, as well as by collegial bodies through the agency or entity responsible for providing administrative support, must be preceded by a Regulatory Impact Analysis (RIA).

5. However, as provided by Article 4, item II, of this Decree, the obligation to prepare an RIA may be waived for a normative act that aims to regulate rights or obligations defined in a hierarchically superior norm that does not allow, technically or legally, different regulatory alternatives. In view of these provisions, the normative instruction currently proposed is exempt from the preparation of an RIA.

For your consideration.

UVERLAN
RODRIGUES PRIMO

Deputy Head

Agreed.

GILNEU
FRANCISCO ASTOLFI VIVAN

Department Head