Does TMK prepare its accounts according to Russian or International accounting standards (IFRS)?
TMK subsidiaries maintain their accounting records in their local currency and prepare their statutory financial statements in accordance with the Regulations on Accounting and Reporting of the country in which they operate. The consolidated financial statements are based on the statutory accounting records, with adjustments and reclassifications for the purpose of fair presentation in compliance with IFRS. The principal adjustments relate to (1) expense and revenue recognition, (2) valuation of unrecoverable assets, (3) depreciation and valuation of property, plant and equipment, (4) accounting for income taxes, (5) use of fair values, (6) business combinations and (7) translation to the presentation currency.
