Resolution CMN No. 3786 — Dispenses on the preparation and disclosure of consolidated financial statements based on the international accounting standard issued by the International Accounting Standards Board (IASB)

RESOLUTION NO. 3786

Dispenses on the preparation and disclosure of consolidated financial statements based on the international accounting standard issued by the International Accounting Standards Board (IASB).

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on September 24, 2009, based on Article 4, item XII, of the aforementioned law, and considering the provisions of Article 61 of Law No. 11,941, of May 27, 2009,

RESOLVES:

Article 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil, constituted as open companies or those required to constitute an audit committee in accordance with current regulations, must, as of the reference date of December 31, 2010, prepare and disclose annually consolidated financial statements adopting the international accounting standard, in accordance with pronouncements issued by the International Accounting Standards Board (IASB), translated into Portuguese by a Brazilian entity accredited by the International Accounting Standards Committee Foundation (IASC Foundation).

Sole Paragraph. The provisions of the caput also apply to an institution constituted as a closed company, which is the leader of a conglomerate integrated by an institution constituted as an open company.

Article 2. It is optional for the institutions referred to in Article 1 to present comparative consolidated financial statements as provided for in this resolution for the reference date of December 31, 2010.

Article 3. The statements referred to in Article 1 must be disclosed accompanied by the opinion of the independent auditor regarding the adequacy of such statements to the pronouncements issued by the IASB.

Article 4. The Central Bank of Brazil will regulate the additional procedures to be observed in the preparation and disclosure of the information covered by this resolution, and may, in particular, indicate the accounting criterion to be observed by the institutions referred to in Article 1, when there is more than one option provided for in the international accounting standard.

Article 5. This resolution enters into force on the date of its publication.

Brasília, September 24, 2009.

Henrique de Campos Meirelles
President