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São Paulo Law School debates new accounting standard for companies

Topics such as the tax impact caused by the measures to be adopted by the MP 627, the need for a legislation on accounting and the responsibility of directors before the IFRS were also discussed.

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The coordinators of the Group of Studies in Law and Accounting (GEDEC) of São Paulo Law School (DIREITO SP), Vanessa Canado and Edison Carlos Fernandes, welcomed scholars, professionals, legal directors and accountants to discuss the impacts of Provisional Measure 627 and the Normative Instruction 1397 - which seek to regulate the accounting of the companies within the new international accounting standards, known by the acronym IFRS.According to Vanessa and Edison, the new legislation is so controversial that by the end of February, more than 500 amendments had been presented. Those present at the meeting questioned what would be the information to publish considering the new rules, especially in relation to information about capital market companies, whose regulation is the responsibility of the CVM (Brazilian Securities Commission).Topics such as the tax impact caused by the measures to be adopted by the MP 627, the need for a legislation on accounting and the responsibility of directors before the IFRS were also discussed. At the end, the guests attended the launching of the book Contabilidade Aplicada ao Direito (Accounting Applied to Law), of the GVlaw/Saraiva Series - organized by professors Edison Carlos Fernandes and Artur Ridolfo.The meeting took place at the School on February 26.