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Companies may prepare the Balance Sheet and any other Financial Statement, whenever they want to (at the end of the month, bimester, semester or year).

Trade legislation, by means of Law no. 6,404/76, section 176, establishes that companies must prepare the Balance Sheet, along with the other financial statements, at the end of each fiscal year. Section 175 of the same law sets forth the duration of the fiscal year as one year but allows companies to choose a closing date.

In turn, tax legislation, through section 38 of Law no. 8,383 dated 12/30/91 sets down that, for the purpose of collecting Income Tax, companies subject to this tax must calculate their results and prepare the Balance Sheet on a monthly basis.

According to business and tax legislation, companies must calculate their results and prepare the Balance Sheet, in addition to other statements, periodically.

Thus, even though some companies are subject to the calculation of results on a monthly basis or even have an initial or final date for the fiscal year when they do not coincide with those of the calendar year, to meet the business and tax regulations, they must calculate their results and prepare their financial statements (the Balance Sheet among them) at least on December 31 every year.