This excerpt taken from the TSEM 20-F filed Jun 30, 2009.
Managements Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our consolidated financial statements for the year ended December 31, 2008 and related notes and the information contained elsewhere in this annual report. Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles (US GAAP). We recast the comparative prior year amounts included in our financial statements and in this report to US GAAP. Prior to the fourth quarter of 2007, we prepared our financial reports in accordance with generally accepted accounting principles in Israel and provided reconciliation to US GAAP in the notes to the financial statements.
This excerpt taken from the TSEM 6-K filed Nov 22, 2005.
DISCUSSION AND ANALYSIS OF FINANCIAL