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AICPA and Brazilian Accounting Bodies Agree on Memorandum of Understanding

NEW YORK (Dec. 9, 2011) – The American Institute of CPAs (AICPA), the Conselho Federal de Contabilidade (CFC – Federal Accounting Council) and the Fundao Brasileira de Contabilidade (FBC – Brazilian Accounting Foundation) announced that they have agreed to a Memorandum of Understanding. The two-year agreement was signed earlier this week at the CFC offices in Brasilia.

The MOU, intended to strengthen the accounting profession in both Brazil and the U.S., will allow for the three parties to begin discussions on a number of initiatives. The parties intend to establish working groups dedicated to the launch and administration of the CPA exam in Brazil and seek to implement a Portuguese language IFRS training program centralized in Brazil.

“Whether it is in the preparation of high quality financial reports or the auditing of companies’ books, individuals, organizations, and governments across the world rely upon the work of the accounting profession,” said Craig Mills, AICPA vice president of examinations and continuing professional education. “In Brazil, the accounting profession is rapidly becoming more influential as the country becomes more important globally. The AICPA is pleased to have the opportunity to work with CFC and FBC as that influence continues to grow.”

The AICPA, the National Association of State Boards of Accountancy and Prometric recently announced plans to launch the Uniform CPA Examination in Brazil, starting in February 2012. Testing in Brazil will be open to citizens and long-term residents of Brazil, Argentina, Venezuela, and Colombia. U.S. citizens living abroad are eligible to test at any location.

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