You may have heard that Brazil is on the way to adopting IFRS.
Here is my name and tag line in Portuguese, the language spoken in Brazil.
O Exorcist de IFRS
O diabo está nos detalhes
As usual please let me know if you have a better translation (and keep it clean please).
The Securities and Exchange Commission of Brazil (CVM) has ruled that Brazilian listed companies should publish their consolidated financial statements according to IFRS, starting with reporting periods ending in 2010. Use of IFRS will be optional for listed companies from 2007 to 2009.
There is a good discussion of the IFRS activities in Brazil in the KPMG publication at:
http://www.kpmg.com.br/publicacoes/audit/IFRS/Folder_IFRS_Perguntas_Respostas_ingles_2506.pdf
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