 The origins of modern accounting in Brazil: Influences leading to the adoption of IFRSLúcia Lima Rodrigues, Paulo Schmidt and José Luiz dos Santos Research in Accounting Regulation, 2012, vol. 24, issue 1, 15-24 Abstract: Despite the increasing importance of Brazil, there has been little documentation of how accounting developed and about the significant formative influences involved. This paper explores the significant influences on Brazilian accounting and the path to the adoption of International Financial Reporting Standards (IFRS). Several important influences are emphasized: the equity theory of the Italian school of accounting in the early 20th century; the birth of the Brazilian accounting profession in 1931 and the certified accountants association in 1946; the impact of US trade and American accounting in the 1950s; and the high rates of inflation that occurred from the beginning of the 1960s. Modern Brazilian accounting had its beginning in the 1970s with the development of the stock market, the reforms of the financial system, and the decrease of tax influences on accounting. The globalization process and the need for Brazilian accounting to converge with international accounting led to the decision to adopt IFRS in 2007. Keywords: Brazil; Financial reporting; Accounting development; Accounting thought; IFRS adoption (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:reacre:v:24:y:2012:i:1:p:15-24 DOI: 10.1016/j.racreg.2011.12.003 Access Statistics for this article Research in Accounting Regulation is currently edited by G. Previts More articles in Research in Accounting Regulation from Elsevier |
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