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AGC: Explanation for the different between AFS 2008 and FS 2008
An Giang Coffee JSC explained the difference between audited financial statement 2008 and financial statement 2008 as follows:
- Adjustment in Revenue: In 2008, company delivered 4,703 tons Robusta coffee price was not fixed. However, the Company got a sum of advanced payment. Auditor calculated rough revenue of this delivered goods at the price of delivery time of each batch.
- Net sales of merchandise and services were adjusted by adjusted Revenue.
- Cost of goods sold increased due to adjusted Revenue
- Gross profit from sale of merchandise and services was adjusted due to adjustment in Cost of goods sold and Revenue.
- Financial income increase because of revaluation of foreign exchange
- Financial expenses increase because interest expenses which had been distributed construction was included.
- Selling expenses were adjusted by adjusted financial expense
- General and administration expenses increase because company makes mistake between selling expenses and General and administration expenses
- Operating profit was adjusted by adjusted General and administration expenses
- Other income was adjusted when all items above had been adjusted
- Other expenses increase because miscounting
- Profit before tax was adjusted by other expenses adjusted
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