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This excerpt taken from the PBR 20-F filed May 22, 2009. SFAS No. 141-R
In December 2007, the FASB issued FASB Statement No. 141
(revised 2007), “Business Combinations”
(“SFAS 141-R”),
which will become effective for business combination
transactions having an acquisition date on or after
January 1, 2009. This standard requires the acquiring
entity in a business combination to recognize the assets
acquired, the liabilities assumed, and any non-controlling
interest in the acquiree at the acquisition date to be measured
at their respective fair values.
SFAS 141-R
changes the accounting treatment for the following items:
acquisition-related costs and restructuring costs to be
generally expensed when incurred; in-process research and
development to be recorded at fair value as an indefinite-lived
intangible asset at the acquisition date; changes
in deferred tax asset valuation allowances and income tax
uncertainties after the acquisition to be generally recognized
in income tax expense; acquired contingent liabilities to be
recorded at fair value at the acquisition date and subsequently
measured at either the higher of such amount or the amount
determined under existing guidance for non-acquired
contingencies.
SFAS 141-R
also includes a substantial number of new disclosures
requirements. The impact on the application of
SFAS 141-R
in the consolidated financial statements will depend on the
business combinations arising during 2009 and thereafter.
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