DUSHANBE. May 31. “Asia-Plus” — The Tajik state owned aluminum company TALCO has completed an independent audit of the company’s fixed assets as of December 31, 2008, the company told the AP.
According to the source, the move will let to evaluate the cost of the company’s assets and reflect the cost of fixed assets in the company’s financial report. “The evaluation of the true cost of the company’s fixed assets was conducted with the purpose to prepare financial report in accordance with international standards (IFRS),” the company has said. “The audit was conducted by one of the biggest audit companies in the world – the American Appraisal (AAR) Inc. The audit report was signed on May 25, 2010.”
The Tajik aluminum giant stressed that according to the audit report, the total cost of recovery (operational, not taking into account social objects) of the company’s fixed assets made $3.15bln, while the complete restoration cost after deduction of physical wear (actual cost of fixed assets) made $930mln.
“Full restoration cost after deduction of physical wear and functional obsolescence made $890mln,” the source has said. “Fair value of fixed assets of the company as of December 31, 2010, made $615mln. Fair value of the company’s fixed assets as of December 31, 2008, was $180mln.”
Independent audit also includes the evaluation and calculation of estimated cost of business. Thus, the cost of business in 2008, according to the report, exceeded $680mln, TALCO reported.
According to the source, independent audit clearly shows transparency and openness of the company. “The results of the audit will be reflected in the audit report,” the company said. “The audit will complete within the next few days as soon as auditors from the Moore Stephens introduce related changes into the report. The results of the audit will be presented at the company’s website.”
