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Unformatted text preview: t of the retirement benefits plans is accrued currently. Employee postretirement and
postemployment benefits as defined by SFAS 106 - “Employers’ Accounting for
Postretirement Benefits other than Pensions” and SFAS 112 - “Employers’ Accounting for
Postemployment Benefits”, respectively, are not significant. The Company is required by law to
provide severance benefits to employees terminated without just cause. No significant amounts
were accrued at December 31, 1999 and 2000, since future severance costs are not
reasonably estimable. (k) Compensated absences
The liability for employees' future vacation compensation is accrued as vacation vests during the
year. 15 Aracruz Celulose S.A.
Notes to Consolidated Financial Statements
Expressed in thousands of United States dollars
(unless otherwise stated) (l) Revenues and expenses
Revenues arise from annual and long-term contracts and from spot sales and are recognized
when products are invoiced. Expenses and costs are accrued as incurred....
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This note was uploaded on 02/05/2014 for the course ECON 101 taught by Professor Gottlieb during the Spring '08 term at Rutgers.
- Spring '08