Accounting and Its Environment in Brazil
RESUMO: This paper analyses the development of the business and the legal and regulatory environment of the Brazilian accounting, including the accounting education, the structure of ownership, the development of the capital market, auditing and the accounting profession. Brazilian accounting was influenced by tax legislation. Nowadays, this influence is more strong by the corporate Law and the regulation from governmental bodies. However, in recent years has undergone significant changes. Nevertheless, important differences between Brazilian accounting standards and international accounting remain, although efforts made by Brazilian bodies to adapt their accounting norms to the international financial reporting standards. Brazilian accounting profession and representative councils are not politically strong enough to influence the government. The Brazilian accounting standards published by the Federal Accountancy Council don't have legal authority. Shortcomings in the education of accounting in Brazil have brought about the necessity for a proficiency examination and continued professional development under the Federal Accountancy Council.