AICPA and Brazilian Accounting Bodies Agree on Memorandum of Understanding

MOU with CFC and FBC to Advance Accounting Profession in the U.S. and Brazil

/PRNewswire-USNewswire/ -- The American Institute of CPAs , the Conselho Federal de Contabilidade ("CFC"- Federal Accounting Council) and the Fundacao Brasileira de Contabilidade ("FBC"-Brazilian Accounting Foundation) announced that they have agreed to a Memorandum of Understanding. The two-year agreement was signed earlier this week at the CFC offices in Brasilia.

NEW YORK, Dec. 9, 2011 The MOU, intended to strengthen the accounting profession in both Brazil and the U.S., will allow for the three parties to begin discussions on a number of initiatives. The parties intend to establish working groups dedicated to the launch and administration of the CPA exam in Brazil and seek to implement a Portuguese language IFRS training program centralized in Brazil.

"Whether it is in the preparation of high quality financial reports or the auditing of companies' books, individuals, organizations, and governments across the world rely upon the work of the accounting profession," said Craig Mills, AICPA vice president of examinations and continuing professional education. "In Brazil, the accounting profession is rapidly becoming more influential as the country becomes more important globally. The AICPA is pleased to have the opportunity to work with CFC and FBC as that influence continues to grow."

The AICPA, the National Association of State Boards of Accountancy and Prometric recently announced plans to launch the Uniform CPA Examination in Brazil, starting in February 2012. Testing in Brazil will be open to citizens and long-term residents of Brazil, Argentina, Venezuela, and Colombia. U.S. citizens living abroad are eligible to test at any location.

About the Federal Accounting Council (CFC)

The Federal Accounting Council is a Special Corporative Autarchy that has a legal party under public rights. 

Its structure, organization and proper functioning are established by the Designation-Law #9.295/46 and by the Resolution CFC # 963/03, which approves the General Regulation of Accounting Councils.

The CFC has a representative from each state including the Federal District (DF), totalizing 27 steady counselors and an equal number of substitutes -- Law #11.160/05 -- and among other main objectives ( according to the current law terms), it guides, regulates and controls  the practice of  accounting profession, through Regional Accounting Councils, each one with its proper jurisdiction in the states and in the Federal District, and also deciding (if an action is necessary) the penalty resources established by the Regional  Councils, besides regulating the accounting principles, the technical qualification files and the Continuing Professional Education Programs, as well as editing Brazilian Accounting Rules concerning a technical and professional nature.

About the Brazilian Accounting Foundation (FBC)

The FBC is a non-profit institution concerning a cultural view/nature, also functioning as a legal party under private rights. 

The FBC can act directly or through partnerships with public and private entities in a national and international level, and has the following goals:

a)      Promoting educational programs, researches and master's programs related to the accounting area;

b)      Motivating and coordinating scientific results in the accounting area, through  publications and magazines;

c)      Promoting educational research and technical analysis from specific economic  and social segments through accounting presentations (workshops, seminars) to the Brazilian society;

d)      Practicing and advertising other types of activities that can contribute to develop the accounting profession, under a technical, scientific and cultural point of view. 

About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org), founded in 1887, is the world's largest association representing the accounting profession, with nearly 377,000 members in 128 countries.  AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.

The AICPA maintains offices in New York, Washington, DC, Durham, N.C., Ewing, N.J. and Lewisville, Texas.

Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.

SOURCE American Institute of Certified Public Accountants