CFO: Brazil's Petrobras Confident Accounting Practices Correct

Reuters

SAO PAULO, March 8 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA is "confident" its financial reporting is in line with regulation, its chief financial officer said on Wednesday, after securities regulator CVM questioned its hedging practices.

CVM had asked Petrobras, as the company is known, to restate its annual financial statements for 2013, 2014 and 2015 to include the impact of hedging transactions.

Chief Financial Officer Ivan Monteiro told reporters Petrobras would appeal the CVM decision and keep the same accounting practices, including in its fourth-quarter results, scheduled for March 21.

Monteiro said Petrobras financial statements were approved by external auditors and that the company will appeal the CVM decision later this month.

(Reporting by Stephen Eisenhammer, Marta Nogueira and Ana Mano; Editing by Greg Mahlich, Bernard Orr)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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