JPMorgan - KASE
JPMorgan - KASE JPMorgan - KASE
development and/or the normal operation of a long-lived asset, except for certain obligations of lessees. The Corporation has not yet evaluated the effect that FAS No 143 will have on financial reporting. Statement of financial accounting standards no. 144 (“FAS 144”)—accounting for the impairment or disposal of long-lived assets FAS 144, Accounting for the Impairment or Disposal of Long Lived Assets supersedes both FAS No. 121 and the accounting and reporting provisions of APB Opinion No.30. FAS 144 retains the fundamental provisions of FAS 121 for recognizing and measuring impairment losses on longlived assets. FAS 144 retains the basic provisions of Opinion 30 on how to present discontinued operations in the income statement but broadens that presentation to include a component of an entity rather than a segment of a business. FAS 144 is effective for all fiscal years beginning after December 15, 2001. Adoption of FAS 144 on January 2002 will not have a material impact on the Corporation’s financial position or net income. Consolidated statements of income and deficit reclassifications Interest and other income is presented within revenue under Canadian GAAP, under the United States GAAP this would be presented as a separate line item after operating income. Interest and financing costs is presented within expenses under Canadian GAAP, under United States GAAP this would be presented as a separate line item after operating income. Unusual items as presented under Canadian GAAP would be included within expenses under United States GAAP. Consolidated statements of cash flow reclassifications Under Canadian GAAP within “Repayment of debt and accrued interest” in Financing Activities is $7,491 thousand of US Dollars of interest which would be included in Operating Activities under United States GAAP. 22 Subsequent Events The Corporation, through its operating subsidiaries in Kazakhstan, has disputed certain tax assessments as disclosed in Note 16 to the financial statements. The Corporation has been engaged in two court cases in Kazakhstan pertaining to the disputed assessments. The first involved ShNOS and was approximately $8.8 million. ShNOS has successfully argued its case at the first level of the court system in Kazakhstan and at the Supreme Court level. There is a possibility that the Ministry of State Revenue may appeal to the ultimate appellate level, the Supervisory Commission of the Supreme Court. No provision has been made in the financial statements for this assessment. The second case involved HKM and was for a total of approximately $8 million excluding any potential fines or penalties, which may be approximately $2 million. HKM was successful at the first level of the court system and was unsuccessful on the majority of the issues at the Supreme Court level. HKM will appeal to the ultimate appellate level, the Supervisory Commission of the Supreme Court. The Corporation has provided for $4.2 million of the $8 million in the March 31, 2002 financial statements. The Corporation continues to dispute this assessment, as it believes that tax stability provisions of its Hydrocarbons Contracts establish that HKM is not subject to the assessed taxes. F-45
Legal Proceedings The Corporation has been named as a defendant in a claim filed by a company alleging it was retained under a consulting contract as disclosed in Note 16 to the financial statements. The arbitration decision has been received and the Corporation has accrued $6.1 million for full settlement of the claim. Long Term Investments The conditions set out in the Sale and Purchase Agreement for the purchase of our interest in the CPC pipeline were not met by the deadline of June 13, 2002 and the agreement was therefore terminated. The entire first payment of $40 million was reimbursed. The impact on the financial statements is a $40 million increase in cash and a corresponding decrease in Long Term Investments. F-46
- Page 159 and 160: Regulation S Notes By purchasing no
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- Page 191 and 192: accordance with current legislation
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Legal Proceedings<br />
The Corporation has been named as a defendant in a claim filed by a company alleging it was<br />
retained under a consulting contract as disclosed in Note 16 to the financial statements. The<br />
arbitration decision has been received and the Corporation has accrued $6.1 million for full<br />
settlement of the claim.<br />
Long Term Investments<br />
The conditions set out in the Sale and Purchase Agreement for the purchase of our interest in the<br />
CPC pipeline were not met by the deadline of June 13, 2002 and the agreement was therefore<br />
terminated. The entire first payment of $40 million was reimbursed. The impact on the financial<br />
statements is a $40 million increase in cash and a corresponding decrease in Long Term<br />
Investments.<br />
F-46
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