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For cash flow hedge transactions in which the company

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Unformatted text preview: vative instrument that are reported in other comprehensive income will be reclassified as earnings in the periods in which earnings are impacted by the variability of the cash flows of the hedged item. The ineffective portion of all hedges will be recognized in current period earnings. 16 Aracruz Celulose S.A. Notes to Consolidated Financial Statements Expressed in thousands of United States dollars (unless otherwise stated) Management estimates that, due to the limited number of unsettled derivative instruments as of December 31, 2000, the adoption of FAS 133, as amended, as of January 1, 2001 will not have a significant effect on the Company’s results of operations or its financial position. (n) Income taxes The Company has adopted SFAS 109 - "Accounting for Income Taxes" for all years presented. Accordingly, the Company recognizes (i) the benefits of tax loss carryforwards available to be offset against future taxable income and (ii) deferred tax assets and liabilities for the ex...
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