Resolution CMN No. 3853 on the Preparation and Disclosure of Interim Consolidated Financial Statements Based on IASB Standards

RESOLUTION NO. 3853

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

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 April 29, 2010, 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 public companies or which are required to constitute an audit committee in accordance with current regulations, which disclose interim consolidated financial statements, must observe the pronouncements issued by the International Accounting Standards Board (IASB), translated into the Portuguese language by a Brazilian entity accredited by the International Accounting Standards Committee Foundation (IASC Foundation).

§ 1. The statements referred to in the caput must be disclosed accompanied by the limited review report of the independent auditor.

§ 2. The institution must keep at the disposal of the Central Bank of Brazil, for a minimum period of five years, documentation proving the preparation and disclosure of the interim consolidated financial statements.

Article 2. It is optional for the institutions referred to in Article 1 to present comparative interim consolidated financial statements provided for in this resolution for the fiscal year of 2010.

Article 3. The institutions referred to in Article 1, for the purpose of preparing and disclosing consolidated financial statements, must observe the effective date of validity of the pronouncements issued by the IASB.

Sole Paragraph. The early adoption of the pronouncements provided for in the caput is conditioned to specific normative provision.

Article 4. The disclosure of the opening balance sheet of the consolidated financial statements, in accordance with the pronouncements issued by the IASB, is waived.

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

Brasília, April 29, 2010.

Henrique de Campos Meirelles
President