Post by account_disabled on Mar 12, 2024 6:14:09 GMT
From 2008 onwards, with the enactment of Law No. 11,638/07, international accounting standards, the IFRS [1] . The financial data of public entities in Brazil are the subject of Law No. 4,320/64, which establishes general standards of Financial Law for the preparation and control of budgets and balance sheets of the Union, states, municipalities and the Federal District. This law deals with Brazilian public accounting , having established the standards for the public balance sheet and budget. However, in light of the changes that accounting has undergone throughout the world, based on the premise of the prevalence of economic essence over form, public sector accounting has also been reviewed.
In October 2016, the Federal Accounting Council (CFC), when adapting the accounting standards of public entities to the so-called International Public Sector Accounting Standards ( Ipsas), published new resolutions effective from 1/1/2017, which made the use oSpaccaLaw No. in its article 175 et seq., deals with the financial statements of for-profit entities, companies, which seek to portray the Belgium Phone Number Data fruit of business activity f international accounting standards mandatory for the public sector. Thus, this sector also has an Accounting Standard [2] that deals with the Brazilian Conceptual Accounting Structure, dated which guides the conceptual structure for the preparation and disclosure of accounting information general purpose by public sector entities.
This standard focused on the conceptual structure of accounting reports, establishes the concepts that must be applied in the development of the CFC's other Brazilian Accounting Standards Applied to the Public Sector (NBCs TSP). Furthermore, such concepts are applicable to the preparation and formal disclosure of General Purpose Accounting Reports of Public Sector Entities (RCPGs). Furthermore, according to this standard, the main objective of most public sector entities is to provide services to society, instead of obtaining profits and generating financial returns for investors (item 2), and RCPGs also provide information to their users to support decision-making processes and accountability.
In October 2016, the Federal Accounting Council (CFC), when adapting the accounting standards of public entities to the so-called International Public Sector Accounting Standards ( Ipsas), published new resolutions effective from 1/1/2017, which made the use oSpaccaLaw No. in its article 175 et seq., deals with the financial statements of for-profit entities, companies, which seek to portray the Belgium Phone Number Data fruit of business activity f international accounting standards mandatory for the public sector. Thus, this sector also has an Accounting Standard [2] that deals with the Brazilian Conceptual Accounting Structure, dated which guides the conceptual structure for the preparation and disclosure of accounting information general purpose by public sector entities.
This standard focused on the conceptual structure of accounting reports, establishes the concepts that must be applied in the development of the CFC's other Brazilian Accounting Standards Applied to the Public Sector (NBCs TSP). Furthermore, such concepts are applicable to the preparation and formal disclosure of General Purpose Accounting Reports of Public Sector Entities (RCPGs). Furthermore, according to this standard, the main objective of most public sector entities is to provide services to society, instead of obtaining profits and generating financial returns for investors (item 2), and RCPGs also provide information to their users to support decision-making processes and accountability.