Review of practical implementation issues of International financial reporting standards: Case study of Brazil

In 2004, the Brazilian economy experienced significant growth with the country’s Gross Domestic Product (GDP) growing by 5.2 per cent – the highest growth rate since 1994. Brazil attracted close to $18 billion in foreign direct investment (FDI). At the same time, outward investment from Brazil amounted to $9.5 billion. As of June 2006, there were 31 Brazilian companies listed on the New York Stock Exchange. Integrating into global capital markets and facilitating the mobilization of capital and fostering investor confidence call for national corporate transparency requirements which are consistent with international best practices, including in the area of corporate financial reporting. These trends have underpinned efforts aimed at converging national accounting and reporting standards to International Financial Reporting Standards (IFRS) in Brazil. To this end, various reforms in the area of accounting are being undertaken in the country.

Sustainable Development Goals:

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions