{"id":8346,"date":"2023-04-06T18:46:16","date_gmt":"2023-04-06T21:46:16","guid":{"rendered":"https:\/\/u2zlhfavaswa001.azurewebsites.net\/?post_type=publicacoes&#038;p=8346"},"modified":"2023-04-06T18:51:27","modified_gmt":"2023-04-06T21:51:27","slug":"approval-of-company-accounts-and-recent-changes-in-the-rules-for-publishing-financial-statements","status":"publish","type":"publicacoes","link":"https:\/\/u2zlhfavaswa001.azurewebsites.net\/en\/publicacoes\/approval-of-company-accounts-and-recent-changes-in-the-rules-for-publishing-financial-statements\/","title":{"rendered":"Approval of company accounts and recent changes in the rules for publishing financial statements"},"content":{"rendered":"<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">According to Brazilian corporate law, companies organized as a limited liability company or corporation must approve management accounts and financial statements on a yearly basis.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">For closely held corporations, it is also the opportunity to elect officers and members of the board of directors, as well as deliberate on dividend distribution, as the case may be.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">This meeting must occur within the first four months following the end of the financial year. Thus, companies whose fiscal year coincides with the calendar year (December 31st) must hold a general meeting or shareholders&#8217; meeting until <strong>April 30th of each year<\/strong>.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">It is important to point out that there are new rules for publishing financial statements. The applicable rules are summarized below.<\/span><\/p>\n<p><span style=\"font-size: 17px; line-height: 25px;\"><strong><span style=\"color: #ee3e37; line-height: 18px;\">CORPORATIONS<\/span><\/strong><\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">The publication of financial statements in the official gazette is no longer mandatory for corporations.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">The corporation may publish the financial statements in a widely circulated newspaper, summarized in printed versions, and full versions of these documents made available on the electronic version of the newspaper.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">For privately held corporations with annual gross revenues of up to BRL 78 million, the publications may be made electronically, on the SPED Balance Sheet Center.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">Publicly traded companies follow the same rule for publishing their financial statements applicable to closely held corporations. However, according to CVM Guidance Opinion No. 39, among other aspects, printed publications must bear a warning that the summarized statements should not be considered separately for decision making.<\/span><\/p>\n<p style=\"line-height: 22px; word-break: break-word; font-size: 15px;\"><span style=\"font-size: 15px; line-height: 22px;\">Also, regarding publicly traded companies, CVM Resolution No. 166\/2022 allows publicly traded companies with annual gross revenues of less than BRL 500 million to carry out their publications exclusively on the Empresas.NET or Fundos.NET systems &#8211; publication systems already used by publicly trade companies.<\/span><\/p>\n<p><span style=\"font-size: 17px; line-height: 25px;\"><strong><span style=\"color: #ee3e37; line-height: 18px;\">LIMITED LIABILITY COMPANIES<\/span><\/strong><\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">Regarding limited liability companies, the publication of financial statements is not mandatory.<\/span><\/p>\n<p style=\"font-size: 15px; line-height: 22px; word-break: break-word;\"><span style=\"font-size: 15px; line-height: 22px;\">On November 25th, 2022, through Circular Letter SEI n\u00ba 4742\/2022\/ME, the National Department of Business Registration and Integration (DREI) made it optional for \u201clarge size\u201d limited liability companies (those with total assets greater than BRL 240 million, or annual gross revenue exceeding BRL 300 million) to publish their financial statements, being incumbent upon the shareholders the decision whether to publish such statements or not.<\/span><\/p>\n","protected":false},"featured_media":8347,"template":"","categories":[69],"class_list":["post-8346","publicacoes","type-publicacoes","status-publish","has-post-thumbnail","hentry","category-reports"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Approval of company accounts and recent changes in the rules for publishing financial statements - Loeser e Hadad Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/u2zlhfavaswa001.azurewebsites.net\/publicacoes\/aprovacao-de-contas-das-sociedades-e-as-recentes-mudancas-nas-regras-para-publicacao-das-demonstracoes-financeiras\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Approval of company accounts and recent changes in the rules for publishing financial statements - Loeser e Hadad Advogados\" \/>\n<meta property=\"og:description\" content=\"According to Brazilian corporate law, companies organized as a limited liability company or corporation must approve management accounts and financial statements on a yearly basis. 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