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D11: Explanation for audit exception in semi-annual financial statement 2012
On 27/09/2012, Real Estate 11 JSC announces the explanation for audit exception in semi-annual financial statement 2012 as follows:
In 2011, Real Estate 11 JSC recorded the rest of the revenue of the transferred An Phu, District 2 project. However, the capital price had not raised correlatively with the revenue. Therefore, the company used the advance shared infrastructure expense with the personal propriety to construct the infrastructure of the main pivot of the 87 ha area which was VND 46,619,563,277. It included the compensation for land clearance of VND 42,115,391,503 based on the area and the temporarily unit prince.
Because the Real Estate 11 JSC was the ancillary investor of An Phu Project and must share the instruction of the infrastructure of the main pivot of the 87 ha area project with the personal propriety. The real share value would be defined after the instruction of the infrastructure of the main pivot of the 87 ha area project being handed over and balanced the investment capital. However, by the time of the share duty and draw the balance sheet with the personal propriety, Real Estate 11 JSC had not been able to finish it due to the uncompleted construction.
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