This excerpt taken from the PBR 6-K filed Mar 18, 2008.
(c) Adaptation to the Law 11,638/2007
Law 11,638/07 was enacted on December 28, 2007, and amends and repeals provisions of Laws 6,404 and 6,385, which governed financial statements preparation for Brazilian companies, in order to adjust Brazilian Accounting Practices to the international financial reporting standards (IFRS), affecting the Companys net income and shareholders equity, which are basis for dividend and interest on equity payment.
The Company is currently evaluating the potential impacts of this law.
This excerpt taken from the PBR 6-K filed Mar 4, 2008.
31.1 Adaptation to the Law 11.638/2007
Law 11.638/07 was enacted on December 28, 2007, and amends and repeals provisions of Law 6.404, of December 15, 1976, and Law 6.385, of December 07, 1976, which deal with the preparation of the financial statements, in order to adjust Brazilian accounting practices to the international financial reporting standards (IFRS).
Among the principal changes made, we draw attention to the following matters which, in the view of our Management, might affect the presentation of our financial statements, as a result of new criteria for calculating income and the Companys equity and financial position, as from 2008:
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