BRAZILIAN FEDERAL REVENUE ISSUES REGULATION TO ADDRESS FUTURE CHANGES IN ACCOUNTING STANDARDS

With the introduction of international accounting standards in Brazil (IFRS), Law 12,973 of 2014 was enacted to identify and neutralize occasional effects of IFRS upon the assessment of Income Taxes. However, Brazilian accounting regulations continue to evolve since then, which may make such provisions obsolete soon.

To tackle this issue, the Brazilian Federal Revenue issued Normative Instruction 1,753, according to which any changes in accounting standards issued after Law 12,973 must not affect the assessment of Income Taxes, until they are specifically regulated in an Annex to the Normative Instruction.

For further information, please contact:

Henrique Lopes

Tatiana Vikanis

Victor Polizelli

Álvaro Lucasechi

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