Brazil - IFRS Global Convergence

On January 28, 2010 the Brazilian Federal Council of Accounting and the Brazilian Accounting Pronouncements Committee signed a Memorandum of Understanding (MoU) with the International Accounting Standards Board (IASB) that sets end-2010 as the target date for full convergence with International Financial Reporting Standards (IFRS) and establishes a framework for future cooperation between the organizations. (Read the new IASB Global Convergence webpage.)