Changes in accounting documents for conglomerate lead IPs

The Central Bank published, on 04.12.2023, two new norms related to accounting documents of Payment Institutions (IPs).

In a nutshell:

Resolution 310/2023: Determines that the conglomerate leading IPs Type 3, framed S2 or S3 and Type 2 IPs IPs that have total assets, calculated according to Cosif's criteria greater than 0.1% of the GDP, must prepare annual consolidated financial statements, adopting the international accounting standard in accordance with the pronouncements issued by the International Accounting Standards Board (IASB), translated into Portuguese by a Brazilian entity accredited by the International Financial Reporting Standards Foundation (IFRS Foundation).

For IPs that were not required to prepare and disclose consolidated financial statements according to the international standard on 01.01.2023, the rules of the new Resolution must be regularized by 01.01.2025.

Entry into force: July 1, 2023
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Resolution 311/2023: Establishes changes to Resolution 146, which provides on the general criteria for the preparation and remittance of accounting documents to the Central Bank by IPs, to determine that the aforementioned standard does not applies to IPs that are leaders of Type 3 S4 or S5 prudential conglomerates and leaders of prudential conglomerates Type 2 that have total assets, calculated in accordance with the criteria and procedures embodied in the Cosif Standard, less than or equal to 0.1% of the GDP.

Payment institutions authorized to operate by the Central Bank are exempt from preparing and submitting the Prudential Conglomerate Report mentioned in article 16 of Res. 146, for the base dates related to the periods ending up to December 31, 2024

Entry into force: I - on July 1, 2023, in relation to the changes in articles 4 and 5 of BCB Resolution No. 146, of 2021; and II - on May 1, 2023, in relation to the other provisions.

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