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PBR » Topics » 8. Change in Accounting Practices

This excerpt taken from the PBR 6-K filed Aug 14, 2006.

8. Change in Accounting Practices

Beginning in January 2006, in accordance with Deliberation CVM No. 489/2005 and the Technical Interpretation No. 1/2006 of IBRACON, the Company reversed the reserve balance for programmed shut-downs and adopted the practice of registering the amounts related to the maintenance of industrial units and boats in Property, Plant & Equipment, which includes spare parts, assembly and disassembly services, amongst others.

Regarding the change in accounting policy, the reversal of amounts provisioned through of December 31, 2005 for depreciation of a portion of the relevant maintenance costs, capitalization of expenses incurred and accumulated depreciation on these expenses, through December 31, 2005, was made directly to the retained earnings, net of taxes, as a prior period adjustment in the amount of R$ 529,406 thousand.

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