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VCG: Explanation for auditor's notes in reviewed financial statement 2012
In the Reviewed Financial Statements 2012 of holding company and
consolidation, Deloitte Vietnam gave 2 notes. Vietnam Construction and
Import-Export Joint Stock Corporation (Vinaconex., JSC) provided more information relating to these
notes as follows:
Note 1:
Announcement No.65/TB-VPCP dated 29/02/2012 of the Office of the Government
“Conclusion of the Prime Minister on dealing with some financial issues after
inspecting the equitization of Vietnam Construction and Import-Export Joint
Stock Corporation” mentioned some issues raised in the report of the Government
Inspectorate.
According
to the announcement, proposals by the Government Inspectorate are handled
according to the following directives:
Point
1: the Prime Minister agrees to exclude the land use cost at Trung Hoa - Nhan
Chinh Urban Quarter, increase the asset value of ground floor offices when
evaluating the company assets for equitization. Thus, figures in the financial
statement of VCG do not change as the obligation of the Company to the State
does not arise.
Point
2: the Prime Minister agrees with the proposal of the Ministry of Finance and
Ministry of Construction in dealing with losses and debts that shareholders
have not paid when increasing charter capital at VISCO JSC. Thus, figures in
the financial statement of VCG do not change as the obligation of the Company
to the State does not arise.
Point
3: Asigning the People’s Committee of Hanoi to adjust the plan and ask the land
owner to pay land use fees for 5,562m2 of land area at Trung Hoa - Nhan Chinh
Urban Quarter
Point
4: Ministry of Construction in cooperation with the Government Inspectorate
defines the time Vinaconex used the land use rights advantage (goodwill) to
contribute capital to the North An Khanh Urban Quarter Project.
When
the Prime Minister has official conclusion to Point 3 and 4, the Company will
comply and announce to regulators and shareholders.
Note 2: The
Company applies the calculation of exchange rate difference according to
Circular 201/2009/TT-BTC issued on 15/10/2009 by the Ministry of Finance. This
method has some differences from Vietnam Accounting Standard 10.
The
Company believe the application of Circular 201/2009/TT-BTC issued on 15/10/2009
by the Ministry of Finance is appropriate.
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