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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 entity’s 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.
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