BR GAAP definition

BR GAAP means the accounting principles generally accepted in Brazil according to the Business Corporation Act and the standards issued by the Securities Commission (“CVM”), as applicable, with the observance of the accounting criteria of the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB), including with the pronouncements and guidelines issued by the Brazilian Committee of Accounting Pronouncements (CPC), as approved by CVM.

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BR GAAP means Brazilian generally accepted accounting principles as issued by the Accounting Pronouncements Committee and in effect from time to time.

BR GAAP means, in respect of any Person, Brazilian generally accepted accounting principles, consistently applied, and, if adopted by the Company in the future, IFRS, consistently applied for accounting purposes.

Examples of BR GAAP in a sentence

• Each of the Company Financial Statements was prepared in accordance with BR GAAP consistently applied (except (A) as may be set forth in the notes thereto, (B) for the exclusions listed on Section 3.06(a)(ii) of the Sellers Disclosure Schedules and (C) in the case of unaudited financial statements, subject to (x) normal recurring year-end adjustments the effect of which will not, individually or in the aggregate, be material and (y) the absence of footnote disclosure).

• For the sake of clarity, the Accounting System Integration shall comply with the BR GAAP.

• The Preliminary Statements shall be prepared in accordance with BR GAAP and the definitions of Closing NWC and Closing Indebtedness contained herein.

• The books of account and other financial records of the Company are in all material respects complete and correct and accurately reflect all items of its income and expense and all assets and Liabilities of the Company, and have been prepared in accordance with BR GAAP.

• Exhibit C sets forth true and complete copies of the Financial Statements, which: (i) were prepared in accordance with the books of account and other financial records of the Company; (ii) present fairly the financial condition of the Company as of December 31, 2012 and August 31, 2013; (iii) have been prepared in accordance with BR GAAP applied on a consistent basis.

• There is no material liability of any type or nature that, according to the BR GAAP and the Company’s past accounting practices, should have been reported in the Company’s audited financial statements for the fiscal year ended December 31, 2020 or any notes thereto, but was not.

• The statement must be accompanied by a certificate from the accountants of the Company confirming that the amount of the Estimated Closing Indebtedness is accurate and complete in accordance with BR GAAP.

• All Accounts Payable of the Company are as of the corresponding date duly stated in the Financial Statements in accordance with applicable Law and BR GAAP.

• We provide these indicators because we use them as measures of company performance; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS.

• Within [**] ([**]) days from the Closing Date, the Buyer shall prepare a balance sheet for the Company dated as of the Closing Date (“Closing Balance”), calculated in accordance with BR GAAP and in a manner consistent with the principles used in the preparation of the Financial Statements and inform the Sellers, by means of written notification, the amount of the Confirmed Net Indebtedness, the Confirmed Working Capital and the Price Adjustment (“Price Adjustment Notice”).

More Definitions of BR GAAP

BR GAAP means generally accepted accounting principles in force in Brazil;

BR GAAP means the Corporate Law Method together with the industry specific guidelines (provided by the rules and regulations of the Conselho Monetario Nacional (the National Monetary Council), the Central Bank, the Commissão de Valores Mobiliários (the Brazilian Securities Commission) and other regulatory entities) that are also considered part of the accounting practices adopted in Brazil.

BR GAAP means the accounting principles generally accepted and in force in Brazil, according to (i) the Brazilian Corporate Law; (ii) specific rules issued by the Brazilian Securities Commission (Comissão de Valores Mobiliários - CVM); (iii) the accounting standards defined by the Brazilian Federal Accounting Council (Conselho Federal de Contabilidade — CFC), the Brazilian Public Accountants Institute (Instituto dos Auditores Independentes do Brasil — IBRACON), and by the resolutions of Brazilian Federal Accounting Council (Conselho Federal de Contabilidade — CFC), or by any other Person that substitutes the Brazilian Public Accountants Institute (Instituto dos Auditores Independentes do Brasil — IBRACON) or the Brazilian Federal Accounting Council (Conselho Federal de Contabilidade — CFC) or which the applicable laws empower to issue resolutions concerning accounting matters, as the case may be and as applicable.

BR GAAP means the Brazilian generally accepted accounting principles.