This excerpt taken from the PBR 20-F filed May 22, 2009.
EITF No. 08-6
In November 2008, the FASB reached a consensus on Emerging Issues Task Force Issue No. 08-6, Equity Method Investment Accounting Considerations (EITF 08-6), which was issued to clarify how the application of equity method accounting will be affected by SFAS No. 141(R) and SFAS 160. EITF 08-6, among other
requirements, determines that an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investees share issuance shall be recognized in earnings. This issue went into effect on January 1, 2009, and will be applied prospectively.