IDV: Explanation for audit exception in audited financial statement FY2012

Vinh Phuc Infrastructure Development JSC (Stock code: IDV) explained the audit exception in the audited Financial Statements 2012 as of 30/9/2012 as follows:

 Investment into affiliates:

Audit exception: as financial reports of affiliates as of 30/9/2013 could not be collected, investments into affiliates are accounted according to the original cost method instead of owner’s equity method.

Explanation:

2012 is the first year the company changed the period of a fiscal year (ending on 30/9/2013) after the approval of the authority. As the company received the approval just before the end of the new fiscal year, affiliates could not prepare reports for first 9 months of 2012 for the company’s consolidated financial statement.

Affiliates’ operation is going well as planned, which does not exert much influence on the company’s Financial Statements 2012.

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