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PBR » Topics » (a) Determination of net income, current and noncurrent assets and liabilities

This excerpt taken from the PBR 6-K filed Mar 18, 2005.

(a) Determination of net income, current and noncurrent assets and liabilities

Net income is accounted for on an accrual basis and include: revenues, expenses and monetary or exchange variations, based upon official indexes or rates, calculated on current and noncurrent assets and liabilities as well as, where applicable, the adjustment of assets to market or net realizable values and provision for uncollectible accounts established in amounts considered sufficient to cover possible losses on accounts receivable.

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