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Opinion on type of income to be included when determining requierement to establish a statutory auditor

(Public Accounting Technical Council, Opinion 1080)

The Public Accounting Technical Council issued an opinion that in order to calculate a company’s gross assets, to determine it’s obligation to establish a statutory auditor, all recognized income must be included, made up of oridinary income, financial income, income from the changes in fair value, exchange rate differences, profit from the sale of non-current assets, and other income. As a reminder, Law 43 of 1990 established the obligation to have a statury auditor for all commercial corporations whose gross assets where equal to or exceeded 5,000 minum wages and/or whose gross income was equal to or exceeded 3,000 minum wages in the previous year.

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