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KPMG Corporate Finance Ltda

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KPMG Corporate Finance Ltda

Mission statement:

KPMG is the global network of professional advisory firms whose aim is to turn knowledge into value for the benefit of its clients, its people and its communities.

Overview:

The capital markets are heading towards greater harmonization of international accounting and auditing standards in order to confer greater credibility and consistency to financial statements. This means that many organizations will have to change the way they present themselves to the markets, seeking improvements in the quality and in the way they present their financial information.

Throughout its history KPMG International has been assisting companies throughout the world to implement accounting standards efficiently, an activity that has been intensified over the last two years, when one considers that the financial statements for fiscal year 2005 of approximately 7 thousand companies in Europe, Australia and South Africa will follow International Financial Reporting Standards (IFRS). One of the purposes of this set of standards is to align the accounting records for similar transactions in the different markets.

According to Brazilian accounting rules (BR GAAP), it is possible for an asset not to be booked as an asset of the lessee, which is contrary to international standards. These discrepancies tend to disappear. A survey conducted recently by KPMG in Brazil shows that more than 40% of Brazilian companies constantly use international standards, and 90% of the interviewed companies intend to use IFRS more frequently in the next three years. Bill of Law 3741, which amends the Corporations Law, permits incorporation of international standards. In the meantime while the bill of law has not been approved and in the absence of any legal impediment, the Brazilian Securities Commission (CVM) is attempting to issue standards that aim at compatibility between Brazilian and international accounting practices.

Most Brazilian companies that are listed in U.S. public stock exchanges are making an effort to comply with U.S. accounting standards (US GAAP), although the US Securities and Exchange Commission (SEC) does not require such procedure for foreign issuers of shares – only the inclusion of a reconciliation to US GAAP or presentation already in full US GAAP format.

In 2005, for the first time all large U.S. companies had to comply with the rules of Article 404 of the Sarbanes-Oxley Act, concerning the control of financial reports. Inspections were also conducted in U.S. auditing companies, and KPMG was the first in the country to have its review published by the Public Company Accounting Oversight Board (PCAOB), the agency responsible for monitoring auditors and companies registered with the SEC.

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