|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the PBR 6-K filed Nov 12, 2008. 1.1 Significant accounting policies The quarterly information has been produced in accordance with the accounting practices adopted in Brazil, in conformity with Brazilian Corporation Law and the standards and procedures laid down by the Brazilian Securities and Exchange Commission - CVM. Certain balances relating to prior periods were reclassified in order to properly compare the interim financial information between the periods. The authorization for concluding the preparation of these financial statements was granted at the Meeting of the Board of Directors held on November 11, 2008. This excerpt taken from the PBR 6-K filed Aug 13, 2008. 1.1 Significant accounting policies The quarterly information has been produced in accordance with the accounting practices adopted in Brazil, in conformity with Brazilian Corporation Law and the standards and procedures laid down by the Brazilian Securities and Exchange Commission - CVM. Certain balances relating to prior periods were reclassified in order to properly compare the interim financial information between the periods. The authorization for concluding the preparation of these financial statements was granted at the Meeting of the Board of Directors held on August 11, 2008. This excerpt taken from the PBR 6-K filed Aug 21, 2007. Significant accounting policies The quarterly information has been produced in accordance with the accounting practices adopted in Brazil, in conformity with Brazilian Corporation Law and the standards and procedures laid down by the Brazilian Securities and Exchange Commission - CVM. No changes were made to the main accounting guidelines followed by the Company in relation to those stated in the 2006 annual report. Certain balances relating to prior periods were reclassified in order to properly compare the interim financial information between the periods. This excerpt taken from the PBR 6-K filed Nov 17, 2006. Significant accounting policies The quarterly information was prepared in accordance with the accounting practices adopted in Brazil, pursuant to the provisions of Brazilian Corporate Law and the standards and procedures established by the Brazilian Securities Commission (CVM). There have been no changes to the significant accounting policies adopted by the Company in relation to those mentioned in the 2005 annual report, except for the accounting practice adopted with regard to the programmed stoppages for major maintenance of the industrial plants and ships. Until December 31, 2005, the Company used to recognize monthly, a provision for the maintenance of its industrial plants and ships during the period prior to the programmed stoppage, based on estimated costs. Starting in January 2006, following the CVM in a Pronouncement no. Decision 489/2005 and The Brazilian Institute of Independent Auditors - IBRACON Technical Interpretation 1/2006, the Company reversed the provision for programmed stoppages and adopted as a new accounting policy, the recognition of relevant expenditures realized on the maintenance of its industrial plants and ships, which include spare parts, assembling and disassembling services, among other, in the Property, Plant and Equipment account. Such stoppages occur on average every 4 years and the respective expenditures are depreciated as production cost until the next stoppage begins. Being a change in accounting policy, the reversion of the provision as at December 31, 2005, the additional depreciation corresponding to the major maintenance, the capitalization of the costs incurred and the related accumulated depreciation on such costs prior to December 31, 2005, were adjusted against retained earnings, net of taxes effects, as a prior year adjustment, amounting to R$529.406 thousand. Certain balances relating to prior periods were reclassified in order to properly compare the interim financial information between the periods. To converge with international accounting practices, CVM Pronouncement no. 488 approved the IBRACON NPC Pronouncement no. 27 that established new standards for presenting and disclosing the financial statements. According to the aforementioned decision, assets should be classified as “Current” and “Non-Current”, with the latter also for long-term accounts receivable, investments, intangibles and deferred assets. Liabilities should be classified as “Current” and “Non-Current”. This excerpt taken from the PBR 6-K filed Aug 19, 2005. Significant accounting policies The quarterly information was prepared in accordance with the accounting practices adopted in Brazil, pursuant to the provisions of Brazilian Corporate Law and the standards and procedures established by Brazilian Securities Commission (CVM). There has been no change in the significant accounting policies by the Company in relation to those mentioned in the 2004 annual report. According to CVM Instruction No. 408/04, from January1, 2005, Special Purpose Entity – SPE’s, which activities are controlled directly or indirectly by Petrobras, were consolidated in the financial statements. The effect of this instruction adoption are as follows:
To facilitate comparability, the 2004 consolidated financial information was changed, for presentation purposes, including the Special Purpose Entity. The related effects are as follows:
8 | EXCERPTS ON THIS PAGE:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
