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NVC: Explanation for difference between FS in brief QIV-2008 and audited FS 2008
According the financial statement in brief QIV-2008, profit before tax is VND 734,449,259, and the profit before tax of audited financial statement 2008 is minus VND 45,682,829,541. Nam Vang JSC explained the different between financial statement in brief QIV-2008 and audited financial statement 2008 as follows:
- Company did not calculate provisions so profit decreased by VND 21,647,682,528
- Auditor calculated the cost of goods sold at average price, so profit decreased by VND 15,991,782,542
- Company did not allocate advance payments, so profit decrease VND 22,643,057,080
- Interest of delayed payment increased, so profit decreased VND 1,493,715,117
- Adjustment of written-off debts made profit increase VND 1,142,960,838
- Expenses decreased due to reallocation of cost of purchase, which made profit increase VND 1,580,799,101
- The Company had not taken interest from the General Services and Commerce Commercial Company Ltd into account, which made profit increase VND 1,816,456,383
- Revenue was adjusted up because company had adjusted revenue down, so profit increased VND 10,816,742,145
- Company had pooled in 2 companies, but these companies had not operated. Thus, at the auditing time, they had not completed their financial statements 2008
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