Moscow, 27 April 2005. At its regular meeting held today, the Audit Committee under the Board of Directors of RAO "UES of Russia" approved the draft Accounting Policy for some subsidiaries and dependent companies of RAO "UES of Russia" in accordance with the requirements of the International Financial Reporting Standards (IFRS). Approval of this document is an important milestone in the transition of SDCs of RAO "UES of Russia" to preparing their financial reports in accordance with the IFRS. A significant result of the adoption of the IFRS Accounting Policy for the group of SDCs of RAO "UES of Russia" will be identity of the accounting policies used at RAO "UES of Russia" and RAO UES Holding Company, which will facilitate the preparation of consolidated financial statements at RAO "UES of Russia".
Further, the Audit Committee approved the structure of the Committee's Annual Report and the structure of the final report on the project designed to analyze and improve the internal control systems for fuel supply and utilization at RAO "UES of Russia" ("Calorie Project").
Finally, the Committee considered the analysis of the annual financial statements of RAO "UES of Russia" for 2004 prepared in accordance with the Russian Accounting Standards, and heard information on the creation of the controlling service at RAO "UES of Russia".
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