This paper deals with the palaeoenvironmental ínterpretatíon of the Serra do Espigão Series (Later Permian) of the Paraná Basin in Southem Brazil. Following the Modern Stratigraphy approach, the results of Sequential Analysis, Facíes Analysis, and Depositional Systems Mapping are integrated. The Sequential Analysis made possible the identification of this stratigraphic unit as a depositional episode of third order, which is pointed out by the lateral filling of a pre-exísting gulf by coastal progradatíon. The Facies Analysis and Depositional Systems Mapping, carried out on the depositional sequence of this epísodic event, reassert the former palaeographic reconstruction built up by three depositional systems: Serra Alta epineritic shelf, Corumbataí tidal flat, and Serra do Espigão delta system. Based on this time-space diagnosis the whole Permían-Cerbcníferous sequence of the Paraná Basin is interpreted as a facies-cycle wedge, where the Irati carbonates identify the standstill and reversion from transgressive to the regressive phase.This paper deals with the palaeoenvironmental ínterpretatíon of the Serra do Espigão Series (Later Permian) of the Paraná Basin in Southem Brazil. Following the Modern Stratigraphy approach, the results of Sequential Analysis, Facíes Analysis, and Depositional Systems Mapping are integrated. The Sequential Analysis made possible the identification of this stratigraphic unit as a depositional episode of third order, which is pointed out by the lateral filling of a pre-exísting gulf by coastal progradatíon. The Facies Analysis and Depositional Systems Mapping, carried out on the depositional sequence of this epísodic event, reassert the former palaeographic reconstruction built up by three depositional systems: Serra Alta epineritic shelf, Corumbataí tidal flat, and Serra do Espigão delta system. Based on this time-space diagnosis the whole Permían-Cerbcníferous sequence of the Paraná Basin is interpreted as a facies-cycle wedge, where the Irati carbonates identify the standstill and reversion from transgressive to the regressive phase.