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PBR » Topics » a) Emerging Issues Task Force (EITF) 04-3

This excerpt taken from the PBR 6-K filed Nov 28, 2006.

a) Emerging Issues Task Force (EITF) 04-3

At its September 2005 meeting, the Emerging Issues Task Force (EITF) reached a consensus on Issue No. 04-13, “Accounting for Purchases and Sales of Inventory with the Same Counterparty.” Issue 04-13 requires that two or more legally separate exchange transactions with the same counterparty, including buy/sell transactions, be combined and considered as a single arrangement for purposes of applying the provisions of Accounting Principles Board Opinion No. 29, “Accounting for Nonmonetary Transactions,” when the transactions are entered into “in contemplation” of one another. The Company adopted the EITF 04-13 on a prospective basis as from April 1, 2006. There are no new arrangements entered into, nor modifications or renewals of existing arrangements in connection with EITF 04-13 from April 1 to September 30, 2006. Net operating revenues and cost of sales were not affected by EITF 04-13.

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