Resolution CMN No. 3973 — Establishes procedures applicable to the accounting and disclosure of subsequent events related to the periods covered by financial statements

RESOLUTION NO. 3973

Establishes procedures applicable to the accounting and disclosure of subsequent events related to the periods covered by financial statements.

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 May 26, 2011, based on Article 4, items VIII and XII, of the aforementioned law, and considering the provisions of Article 61 of Law No. 11,941, of May 27, 2009,

RESOLVES:

Art. 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe, in the accounting and disclosure of subsequent events related to the periods covered by their financial statements, Technical Pronouncement CPC 24, approved by the Accounting Pronouncements Committee (CPC) on July 17, 2009.

§ 1. The CPC pronouncements cited in the text of CPC 24 cannot be applied while not endorsed by a specific act of the National Monetary Council.

§ 2. The provisions of this Resolution do not apply to consortium administrators, which will follow the rules issued by the Central Bank of Brazil in the exercise of its legal competence.

Art. 2. The Central Bank of Brazil will regulate the additional procedures to be observed in the accounting and disclosure of the information covered by this Resolution.

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

Brasília, May 26, 2011.

Alexandre Antonio Tombini
President