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VNE: Explanation for difference after examining financial statement
Vietnam Electricity Construction Joint Stock Corporation (VNECO) has explained difference after examining the financial statement of the first 6 months 2010 as follows:
I. Balance sheet:
1. Increase of cash, decrease of receivables:
- Before examination: VND26,352,445,661
- After examination: VND29,860,513,709
- Difference: Increase of VND3,508,068,048
Reason: Before examination, VNECO got the amount of VND3,508,068,048 in the securities account in the Asia - Pacific Securities Joint Stock Company (APEC), however it was not transferred to the bank account of the company. Thus, its accountants recorded the amount in the part of other receivables (Code 135). After examination, this amount was recorded in increase of cash (Code 111) and decrease of other receivables (Code 135).
2. Decrease of sales:
- Before examination: VND1,225,502,807
- After examination: 0
- Difference: VND1,225,502,807
Reason: There was project that not recorded in sales in 2009. However, at the end of Q2/2010, sales of the project was done but accountants of the company did not adjusted in the financial statement. Thus, an audited firm suggested the company to adjust in the term.
II. Business result
- Decrease of pre-tax profit:
- Before examination: VND13,810,131,426
- After examination: VND13,342,038,781
- Difference: VND468,092,645
Reason: There were adjustments as follows:
- Increase of management expenses due to increase of long-term payable in advance: VND620,800,290
- Decrease of COGS: VND150,619,039
For the reasons above, after-tax profit of the company declined VND409,581,079; corporate income tax reduced VND58,511,566. Undistributed profit in the balance dropped VND409,581,079.
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