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The Brazilian Case of IFRS Adoption: The Impacts and the New Perspectives
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Author(s): Marta Cristina Pelucio Grecco (Praesum Contabilidade Internacional, Brazil)and Cecilia Moraes Santostaso Geron (Praesum Contabilidade Internacional, Brazil)
Copyright: 2016
Pages: 16
Source title:
Economics and Political Implications of International Financial Reporting Standards
Source Author(s)/Editor(s): Efobi Uchenna (Covenant University, Nigeria), Matthias Nnadi (Rivers State University of Science and Technology, Nigeria), Sailesh Tanna (Coventry University, UK)and Francis Iyoha (Covenant University, Nigeria)
DOI: 10.4018/978-1-4666-9876-5.ch015
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Abstract
This chapter contains a brief history of accounting practices in Brazil, the Brazilian convergence process that resulted in using the IFRS, and new perspectives about the IFRS after implementation. In order to highlight the issues, it includes some empirical evidence and cases. The USGAAP served as the major influence on Brazilian accounting from 1978 to 2007. In 2008, the process of the IFRS convergence started in Brazil, resulting in an important culture change. For the local standardization, the Brazilian Accounting Pronouncements Committee, known as the CPC, was created, issuing its norms in compliance with IFRS with no modifications. Brazil has a history of tax legislation influencing its accounting practices, but the process of Brazilian convergence to the IFRS has incurred a detachment of accounting from tax policies for corporate purposes. The chapter concludes with a description of the current activities associated with the IFRS and financial reports, such as the development of the XBRL (eXtensible Business Reporting Language) reporting standard.
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