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KMF: Explanation for the difference between AFS 2008 and FS 2008
Mirae Fiber Joint Stock Co explained the difference between audited financial statement 2008 and financial statement 2008 as follows:
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Before being audited |
Audited |
Difference |
Explain |
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Gross sales of merchandise and services |
140,345,047,248 |
140,791,110,347 |
446,063,099 |
Adjusted because there was mistake with foreign exchange |
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Cost of goods sold |
111,629,367,963 |
113,834,439,575 |
2,205,071,612 |
Auditor re-counted inventory and put all expenses to cost of goods sold |
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Financial income |
2,883,924,360 |
5,603,224,635 |
2,719,300,275 |
Wrong accounting with VND 1.8 billion to buy shares; VND 815,480,586 of receivables adjusted, VND 103,819,689 by revaluation of foreign exchange |
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Financial expenses |
5,656,963,972 |
6,174,219,377 |
517,255,405 |
Increase of VND 218,524,571 of receivables adjusted; VND 298,730,834 by revaluation of foreign exchange |
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Selling expenses |
9,819689,510 |
9,670,684,715 |
- 149,004,795 |
Some expenses are deducted in profit after tax |
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General and administration expenses |
9,735,737,927 |
7,374,422,769 |
-2,361,315,158 |
Mistake due to calculating VND 2,361,315,158 of selling expenses to general administration expenses |
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Other income |
23,456,343 |
561,808,127 |
538,351,784 |
Increase of VND 455,275,110 by adjusting receivables; increase of VND 83,076,674 because of adjustment in price of goods |
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Other expenses |
321,279,599 |
833,995,185 |
512,715,586 |
Increase of VND 380,894,798 by adjusting receivables, VND26,252,794 decrease in price of goods. VND 105,667,994 because oversea customers were bankrupted |
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