It is available the electronic program established by IN RFB No. 949/09 of Brazilian Federal Revenue called FCONT (Accounting Tax Control of Transition). FCONT is the bookkeeping of balance sheet accounts and income accounts in double entries. It considers accounting methods and criteria laid down by the tax legislation.
The use of FCONT is required for adjustments established by the item 4 or article 3. It cannot be replaced by any other calculation control or memory.
For purposes of FCONT bookkeeping, the criteria to define fixed and variable costs to finished or unfinished products can be used, upon apportionment other than that used for corporate purposes, provided that it is integrated and coordinated with the rest of the bookkeeping, pursuant to art. 294 of the Decree 3,000 dated March 26, 1999.
If there is no entry based on methods and criteria other than those laid down by tax legislation, the taxpayer is exempt from generating the FCONT, based on accounting principles prevailing on December 31, 2007, under the terms of art. 2.
The FCONT is intended for companies that adopt the Tax Regime of Transition and opt for the changes introduced by the accounting law 11.638/07 and 11.941/09, which modify the criteria for recognition of Revenue, Costs and Expenses in the calculation of DRE and do not have fiscal effects in the calculation of profit for the financial years of 2008 (DIPJ 2009 - Calendar Year 2008) and 2009 (DIPJ 2010 - Calendar Year 2009).
Applicative
The application provided by the Tax Authority can be found in http://www1.receita.fazenda.gov.br/fcont/download.htm.
Complementary legislation
Law No. 11.638, December 28, 2007, Law No. 11.941, May 27, 2009 and IN RFB No. 949, June 16, 2009.
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