How come the auditor is expressing an opinion that the financials are prepared in conformance with US GAAP, when everybody tells you that the $4b in inventory and the related offset to liabilities are under russian GAAP.
I can guarantee you that these inventories would NEVER be allowable under US GAAP, and I am a CPA by the way.
Also, Income before taxes does not foot in one of the entities. Has to be some of the shoddiest work I have seen in a while (short of the NWOG "audited" financials)
Lastly, if they are this comfortable with these financials being GAAP conforming, why wouldn't they file with the SEC?
Why not even put it in a PR? Why hide them on their website?