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CTN: Explanation for the difference between AFS and FS in 2008
Underground Works Construction JSC explained the difference between audited financial statement 2008 and financial statement 2008 as follows:
- Decrease in Revenue: Company duplicated revenues of Cua Dat Project and Srepok Project
Indemnity in Cua Dat project, and revenue from the repair of guide sleeve was moved to other income by auditor.
- Net sales of merchandise and services was adjusted due to adjustment in Revenue
- Cost of goods sold decreased due to decrease in Revenue
- Gross profit from sale of merchandise and services were adjusted by Revenue and Cost of goods sold
- Financial income increased because of supplement of interest income
- Financial expense decreased because of revaluation of foreign exchange differences
- General and administration expenses decrease because auditor left out 2009 guarantee fee from expenses in 2008
- Operating profit decreased due to adjustment in Financial income, Financial expense and general and administration expenses.
- Other income increased after re-categorizing Revenue
- Other expense increase after re-categorizing Net sales of merchandise and services
- Profit from other activities was adjusted by adjustment in Other income and Other expense.
- Profit before tax was adjusted when all items above had been adjusted
- Income tax payable was adjusted when all items above had been adjusted
- Deferred income taxes were adjusted because auditor re-counted loss in foreign exchange differences
- Profit after tax and Earning Per Share were adjusted when all items above had been adjusted.
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