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Article: CVRD Will Start Consolidating ALBRAS.
- Article from:
- PR Newswire
- Article date:
- July 6, 2004
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RIO DE JANEIRO, Brazil, July 6 /PRNewswire/ -- Companhia Vale do Rio Doce (CVRD) informs that it will start consolidating Albras Aluminio Brasileiro S.A. (Albras) under US GAAP (general accepted accounting principles in the United States of America) financial reporting, given that it received the necessary approval from PricewaterhouseCooopers, its independent auditor. Albras is a primary aluminum producer where CVRD holds a 51% stake. The consolidation will be reported as of January 1, 2004.
Such consolidation is in line with interpretation 46, "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51" (FIN 46), issued on January 2003, by ...