Brazil

The Conselho Federal de Contabilidade (CFC) is a Special Corporate Autarchy and a legal entity of public law. Created and governed by specific legislation, the Decree-Law No. 9.295, of May 27, 1946, CFC has its structure, organization, and operation regulated by the Resolution CFC No. 1.612, of February 11, 2021, which approves the General Regulation of the Accounting Councils, and by the Resolution CFC No. 1.616, of March 18, 2021, which approves its Internal Regulations. It is worth noting Law No. 12.249, of June 11, 2010, which established the mandatory nature of the Sufficiency Exam in the accounting area.

The CFC is composed of a representative from each state and also from the Federal District, totaling 27 effective counselors and an equal number of alternates – Law No. 11.160/05, and has, among other purposes, according to the legislation in force, mainly to guide, standardize, and supervise the exercise of the accounting profession, through the Regional Accounting Councils (CRCs), each in its jurisdictional base, in the States and in the Federal District; to decide, ultimately, on the appeals against penalties imposed by the CRCs; to regulate accounting principles, the Sufficiency Exam, the technical qualification registry, and continuing education programs; and to publish Brazilian Accounting Standards of a technical and professional nature.