Brazil

Financial Reporting Obligations for Companies in Brazil

1. Registry for Submitting Financial Statements

In Brazil, filings typically involve state commercial registries Juntas Comerciais coordinated by DREI (https://www.gov.br/mdic/pt-br/assuntos/drei); the Federal Revenue’s digital platform SPED (https://www.gov.br/receitafederal/pt-br/assuntos/sped) for accounting/tax books like ECD (https://www.gov.br/receitafederal/pt-br/assuntos/sped/escrituracao-contabil-digital-ecd) and ECF (https://www.gov.br/receitafederal/pt-br/assuntos/sped/escrituracao-contabil-fiscal-ecf).

Public Access to Financial Statements:

In Brazil, financial statements of listed companies are publicly available through the Comissão de Valores Mobiliários (CVM) disclosure system (https://www.gov.br/cvm) and the B3 Stock Exchange ((https://www.b3.com.br).

However, financial reports of private companies (LTDA and other non-listed entities) are not publicly accessible. Such reports are submitted to authorities but are not disclosed to the general public.

2. Legal Forms Obliged to Publish Financial Statements

Main Brazilian legal forms and typical filing/publication duties:

  • Sociedade Anônima (S.A.) – Joint Stock Company (open/closed): prepares and approves annual FS under the Lei das S.A. (Law 6.404/1976) (https://www.planalto.gov.br/ccivil_03/leis/l6404consol.htm); listed issuers publish and file via CVM (https://www.gov.br/cvm) and B3 (https://www.b3.com.br).
  • Sociedade Limitada (Ltda.) – Limited Liability Company: prepares FS; annual minutes/FS registered at the Junta (see DREI (https://www.gov.br/mdic/pt-br/assuntos/drei)). Publication/audit if classified as “sociedade de grande porte”.
  • Sociedade em Comandita por Ações (SCA) – Partnership Limited by Shares: duties similar to S.A.
  • Sociedade Cooperativa – Cooperative: prepares FS; publication/audit when large or required by sector rules.
  • Sociedade Simples (SS) – Simple Partnership: prepares FS; publication generally not required unless “grande porte”.
  • Sociedade Limitada Unipessoal (SLU) – Single-member Ltda.: same rules as Ltda.; note that EIRELI was replaced/converted by Law 14.195/2021 (https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2021/lei/L14195.htm).
  • Empresário Individual (EI) – Individual Entrepreneur: keeps books; no public publication unless “grande porte”.
  • Sucursal – Branch of a foreign company: Brazilian books; filings at Junta; disclosures per local law and, where applicable, parent obligations.
  • Associações & Fundações: keep accounts; publication/audit when reaching thresholds or per oversight authority requirements.
  • SNC (General Partnership) & SCS (Limited Partnership): keep accounts; publication generally not required unless “grande porte”.

Forms typically not obliged to publish to the public: MEI and micro/small entities under Simples Nacional (https://www.gov.br/receitafederal/pt-br/assuntos/simples-nacional); they must still keep tax/accounting records appropriate to their regime.

3. Companies Requiring Audited Financial Statements

Audits follow the Lei das S.A. (https://www.planalto.gov.br/ccivil_03/leis/l6404consol.htm) and the “sociedade de grande porte” concept introduced by Law 11.638/2007 (https://www.planalto.gov.br/ccivil_03/_ato2007-2010/2007/lei/l11638.htm).

Legal Form

Audit Rule

Criteria
S.A. – Companhia aberta (listed) Audit always required Independent audit by firm registered with CVM (https://www.gov.br/cvm); annual/interim filings via CVM and B3 (https://www.b3.com.br).
S.A. – Companhia fechada (private) Audit required if “grande porte” or bylaws/regulator require Total assets > R$ 240,000,000 or Gross revenue > R$ 300,000,000 (prior year) — Law 11.638/2007 (https://www.planalto.gov.br/ccivil_03/_ato2007-2010/2007/lei/l11638.htm).
Sociedade Limitada (Ltda.) & SLU Audit required if “grande porte” Same thresholds — Law 11.638/2007 (https://www.planalto.gov.br/ccivil_03/_ato2007-2010/2007/lei/l11638.htm).
SCA (Comandita por Ações) Audit required if listed or “grande porte” Same “grande porte” thresholds.
Cooperativa; SS; SNC; SCS; EI Audit required if “grande porte” or regulator requires Same thresholds; sector-specific rules may add requirements.
MEI (Microempreendedor Individual) No independent audit Simplified tax declarations — Simples Nacional (https://www.gov.br/receitafederal/pt-br/assuntos/simples-nacional).

Key audit criteria (Brazil): a company is “sociedade de grande porte” when prior-year assets > R$ 240m or gross revenue > R$ 300m → independent audit mandatory — Law 11.638/2007 (https://www.planalto.gov.br/ccivil_03/_ato2007-2010/2007/lei/l11638.htm).

4. Local Stock Exchange and Financial Statements Publication

Listed companies publish via B3 (https://www.b3.com.br) and file with the CVM (https://www.gov.br/cvm) (e.g., ITR/DFP/Reference Form per CVM rules).

5. Deadline for Submitting Financial Statements

6. Companies Submitting Partial Financial Statements

Micro and small entities under Simples Nacional (https://www.gov.br/receitafederal/pt-br/assuntos/simples-nacional) and MEI keep simplified records and file simplified tax declarations. This does not waive basic bookkeeping where required by law or financing/contract counterparties.

7. Consequences for Late Submission of Financial Statements

Failure to meet deadlines can lead to RFB SPED fines — SPED (https://www.gov.br/receitafederal/pt-br/assuntos/sped), state Junta penalties/registration issues — DREI (https://www.gov.br/mdic/pt-br/assuntos/drei), and CVM/B3 sanctions for listed issuers — CVM (https://www.gov.br/cvm) / B3 (https://www.b3.com.br).

8. Requirements for Foreign-Owned Branches and Newly Established Companies

Foreign-owned branches must maintain Brazilian books and comply with Junta/RFB rules — RFB (https://www.gov.br/receitafederal); audits apply if “grande porte” or required by sector regulator/parent. Newly established companies prepare their first FS for the initial fiscal year and follow the same approval/filing deadlines thereafter — DREI (https://www.gov.br/mdic/pt-br/assuntos/drei) and SPED (https://www.gov.br/receitafederal/pt-br/assuntos/sped).

Sources

Source

Link
Lei 6.404/1976 (Lei das Sociedades por Ações) planalto.gov.br
Lei 11.638/2007 (Sociedade de Grande Porte) planalto.gov.br
Receita Federal do Brasil – SPED (ECD/ECF) gov.br/receitafederal
CVM – Issuer Disclosure gov.br/cvm
B3 – Market Disclosures b3.com.br
DREI – Department of Business Registry gov.br/mdic
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