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SDP: Explanation for the difference between Audited Consolidated Financial Statement and Consolidated FS
Song Da Trading and Transport JSC explained the difference in Audited Consolidated FS (ACFS) and Consolidated FS (CFS) before auditing as follows:
1. Assets:
1.1 Fixed assets: ACFS transferred tangible fixed assets item (FAST accounting software) to intangible fixed assets an amount of VND 15,720,000 of original cost and VND 772,889 of accumulated depreciation.
1.2 Commercial advantage: ACFS recalculated the value of Commercial advantage is VND 21,478,484,267, which differed from the CFS an amount of VND 3,773,644,209, after the re-evaluation of SDP’s holding in Sotraco Minerals exploiting MTV Ltd. Company.
2. Owners’ equity:
2.1 Undistributed earnings: ACFS decreased profit an amount of VND 182,865,765 – a loss of Nghi Son Petroleum Commercial Investment JSC has not yet included in CFS.
2.2 Minority interests: ACFS decreased an amount of VND 2,274,535,887 after recalculation of the real capital contribution of minority investors in Nghi Son Petroleum Commercial Investment JSC
Due to Sotraco Minerals exploiting MTV Ltd. Company has just started its operation in the end of November, 2009, therefore there is no induced revenue and profit of 2009. SDP shall distribute the commercial advantage in 2010.
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