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Unformatted text preview: the U.S. Securities and Exchange
Commission permitted foreign registrants to report in U.S. dollars rather than in the currency of
the country in which they are incorporated. The U.S. dollar amounts have been remeasured
from Brazilian reais (R$) in accordance with the criteria set forth in Statement of Financial
Accounting Standards Nº 52 - "Foreign Currency Translation" (“SFAS 52”). The Board of
Directors and management have historically considered the U.S. dollar as the Company's
functional currency as this has been, and remains in their opinion, the currency in which it
principally operates as well as being the Company’s primary unit of economic measure.
Accordingly, the Company's management has concluded that the Company's functional
currency is and will continue to be the U.S. dollar.
On January 13 and 15, 1999, certain significant changes occurred in the exchange rate policy
until then adopted by the Brazilian government, which resulted in the elimination of certain
exchange controls, prev...
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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