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TLT: Explanation for information in the audited financial statement FY2011
On 19/04/2012, Viglacera Thanglong Ceramic Tiles JSC received the correspondence documents from the Hanoi Stock Exchange requesting the Company explain for auditor’s comments in the Financial Statement 2011. The Company explained the as follows:
1. Change in estimating depreciation:
In 2011, the Company changed the depreciation duration of fixed assets from 12 years to 20 years. This change is based on the rule in Circular 203/2009/TT-BTC dated 20/10/2009 of the Ministry of Finance and was approved by the Extraordinary General Mandate No.39/TLT-ĐHCĐ dated 10/11/2011 of the Company.
The Company re-registered the depreciation duration at Vinh Phuc Taxation Department and announced the information on the securities market.
According to the Company’s opinion, this change is reasonable. However, the time for this change was mid-2011, so the Auditor made comments in the Financial Statement.
2. Provision for receivables:
As of 31/12/2011, the bad debts of the company was VND8,041,921,036. Thus, the Company set up a provision of VND2,353,170,089. However, according to the Auditor, to be more prudent, the provision should have been 100% of bad debts.
Currently, the Company is accelating the collection of these debts.
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