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Tatneft finds flaws in US GAAP reports
RBC, 05.03.2005, Almetyevsk 17:13:08.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). Furthermore, the company will make corrections to its interim non-audited consolidated financial reports under US GAAP for the first six months of 2003, relating to these mistakes' effect on the estimate for the delayed profit tax costs for 2002, which has led to the group underestimating its net profit under US GAAP for the first six months of 2003 by approximately $64m.
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