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People & Business :: Companies

Reports: Brazil's regulator seeks explanation from Braskem, Petrobras of hedge accounting in second quarter

7:34 AM MDT | August 14, 2013 | Francinia Protti-Alvarez

Brazil's securities commission, CVM (Rio de Janeiro), has requested Braskem and energy company Petrobras to provide an explanation of the adoption of hedge accounting in the companies' second-quarter results, according to a report from Agencia Estado. Hedge accounting is a mechanism that neutralizes the impact of exchange rate fluctuations on a company's foreign-currency debt in the short term.  CVM has requested Braskem to provide documentation detailing the risk-management policy that guides the company's strategy, says a report from Brazilian newspaper...

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