CHAPTER 51
COMPLIANCE: BRAZIL
51.1 INTRODUCTION
51.2 BUSINESS OWNERSHIP STRUCTURE AND PUBLIC ACCOUNTABILITY
51.3 LEGAL ENVIRONMENT
51.4 ACCOUNTING/FINANCE ENVIRONMENT
51.5 AUDITING ENVIRONMENT
51.6 CORPORATE GOVERNANCE IN BRAZIL
51.7 SHORTFALLS IN THE LEGAL ENVIRONMENT
51.8 COMPLIANCE AND ITS DEPENDENCE ON THE FUTURE OF ACCOUNTING STANDARD SETTING IN BRAZIL
NOTES
51.1 INTRODUCTION
In both area and population, Brazil is one of the largest countries in the world, and it is classified as a developing economy. Due to the vast latitude of this poorly defined expression, it is worth pointing out certain features of the country's current economic status to properly frame the understanding of its present compliance regime.
An old-time exporter of commodities (only gold and coffee made the country famous in the then developed European courts between the sixteenth and nineteenth centuries), Brazil nowadays hosts a very diversified and modern industrial base and a world-class services industry.
About 70 percent of its exports are composed of either services or manufactured and semimanufactured products; the efficiency of its steel mills and mining exploration ventures (privatized in the early 1990s) is recognized worldwide, which also makes them global players and key foreign investors. Manufacturing and exports of passenger aircraft propelled Brazil's high-technology industry to the level of competition with soundly developed ...
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