Petrobras may need to re-publish Q1 results due to accounting issue- regulator

miércoles 20 de mayo de 2015 16:19 GYT
 

SAO PAULO May 20 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA could be forced to re-publish first-quarter results after it included a contract completed after the reporting period, the president of Brazil's markets regulator said on Wednesday.

Petrobras, as the company is known, included 1.3 billion reais ($433 million) on its balance sheet related to a contract with state-run utilities company Eletrobras that was only closed on May 7, 37 days after the end of the first quarter.

Leonardo Pereira, president of markets regulator CVM, said a decision would be made based on guidance from the Accounting Pronouncements Committee (CPC), an independent body which lays out norms for reporting practices that are usually adopted by the CVM.

"If it is proven that a company has not followed accounting norms of the CPC on this issue, it could be forced to re-publish its results," Pereira told reporters at an event in Sao Paulo.

$1 = 3 reais (Reporting by Aluísio Alves; Editing by Diane Craft)