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At december 31 1998 and 1999 the company recorded

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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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