This excerpt taken from the PBR 20-F filed May 22, 2009.
FASB Statement No. 161
In March 2008, the FASB issued FASB Statement No. 161, Disclosures about Derivative
Instruments and Hedging Activities an amendment of FASB No. 133 (SFAS 161), which expands disclosure requirements of FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities (SFAS 133) and related interpretations. This statement requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under SFAS 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entitys financial position, financial performance and cash flows. This statement is effective for interim and annual financial statements beginning with the first quarter of 2009. We adopted SFAS 161 early, and its implementation did not have material impact on our consolidated financial statements other than additional disclosures that have been incorporated into Note 20 of our consolidated financial statements.