Accounting Organizations

CPC

CPC, short for Comitê de Pronunciamentos Contábeis in Portuguese, is the local organization that promotes the application of the International Financial Reporting Standards (IFRS) in Brazil. The CPC approves standards that are identical to IFRS Standards as issued by the IASB. These standards are endorsed by the CVM for public entities and by the CFC for non-public entities. The CPC issues the following documents for Brazilian companies to follow:

• Accounting standards: CPC
• Interpretations: ICPC
• Guidance: OCPC

The CPC has 6 board members: ABRASCA, APIMEC, BOVESPA, CFC, FIPECAFI and IBRACON.

CFC   

CFC, short for Conselho Federal de Contabilidade in Portuguese, is the Brazilian Federal Council of Accounting. It is the organization created to guide, regulate and supervise the exercise of the accounting profession. It also creates the Brazilian accounting standards and administers the national exam to become a Brazilian Chartered Certified Accountant. 

CRC

CRC, short for Conselho Regional de Contabilidade in Portuguese, is the State Council of Accounting and represents the CFC to grant accounting certification and licensure. Every accountant should be registered in the CRC as Brazilian Chartered Certified Accountants are licensed by the state.

IBRACON

IBRACON, short for Instituto dos Auditores Independentes do Brasil in Portuguese, is the Brazilian Institute of Independent Auditors and member of IFAC (International Federation of Accountants). Its goal is to promote development of the auditing profession. IBRACON is the official translator of International Financial Reporting Standards (IFRS).

Tax Organizations

Department of Federal Revenue of Brazil

The Department of Federal Revenue of Brazil, English for Secretaria da Receita Federal do Brasil, is the Brazilian Federal Revenue Service Agency. The government agency is a bureau of the Ministry of Finance of Brazil. It is responsible for administrating and collecting federal taxes and customs in Brazil. It also fights against tax fraud and tax evasion.

SEFAZ 

SEFAZ, short for Secretaria da Fazenda do Estado in Portuguese, is the state department of taxation. Each state administers its own tax system and has its own SEFAZ, such as SEFAZ São Paulo and SEFAZ Rio de Janeiro. Each SEFAZ is responsible for collecting state taxes such as ICMS, IPVA and ITCMD.

Municipal Department of Finance

Each city administers its own tax system and has its own Department of Finance. The Department of Finance is responsible for collecting state taxes such as ISS, IPTU and ITBI.

Other Organizations

CVM

The CVM, short for Comissão de Valores Mobiliários in Portuguese, is the Securities and Exchange Commission of Brazil, it was created in 1976 to review, regulate, guide and develop the stock market in Brazil.

ABRASCA

ABRASCA, short for Associação Brasileira das Companhias Abertas in Portuguese, is an association of public companies in Brazil, created in 1971. The goal of ABRASCA is to bring public companies together in order to work toward their interests.

APIMEC

APIMEC, short for Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais in Portuguese, is the Brazilian member of the Association of Certified International Investment Analysts (ACIIA). APIMEC works together with ACIIA to offer the Certified International Investment Analyst (CIIA) qualification.

B3 (BOVESPA)

The B3, formerly BM&FBOVESPA, is the Brazilian stock exchange located in São Paulo city. The B3 was conceived by the merger between BM&FBOVESPA and Cetip. The main stock market index of B3 is the Bovespa Index (Ibovespa).

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Written by Thiago M. Silveira

Thiago M. Silveira is a Brazilian Chartered Certified Accountant (CRC) with more than 10 years of success in the accounting field, with insightful understanding in all aspects of accounting, financial reports preparation, local taxes and compliance in Brazil.

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