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05 March 2005 17:13
Tatneft finds flaws in US GAAP reports
The Tatneft company has announced that it had discovered some mistakes in the group's consolidated reports under US GAAP, relating to the delayed profit tax costs and depreciation costs. These mistakes have led to the company underestimating its costs by $73.4m in 2002 and $6.9m in 2001 (2001's mistakes dealt with depreciation costs only). Therefore, the group's net profit under US GAAP over those years had been overestimated proportionally. The overall volume of the mistake relating to depreciation costs for years preceding 2001 was less than RUR0.7bn ($25.3m).
[RBC]
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Bernhard Baruch
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