Monday, 21/10/2013 00:00

HTC: Explanation for audit\u2019s note in the reviewed FS of the first 06 months of 2013



On 30/09/2013, Hocmon Trade JSC explained for audit’s note in the reviewed FS of the first 06 months of 2013 as follows:

Audit’s note:

“We would like to remind the reader that the scale of this FS only reflects the financial situation and investments according to the original price of Hocmon Trade JSC on 30/06/2013, as well as the operating result for the financial period from 01/01/2013 to 30/06/2013. The consolidation of financial FS of Hocmon Trade JSC with subsidiaries is not included in the scale of this FS”

Explanation:

According to Stage 5 of Accounting Standards issued accordingly with Decision No. 165/2002/QĐ-BTD on 31/12/2002 of Ministry of Finance:

“05. Assets must be recorded according to original price. The original price of assets is calculated according to the amount of money or paid, payable equivalents according to the reasonable value of that assets at the time they are recorded”

According to Stage 26, 27 of Vietnam Accounting Standards No. 25 issued according to Decision No. 234/2003/QĐ-BTC on 30/12/2003 of Ministry of Finance:

“Presenting the investments in Subsidiaries on the private FS of Parents Company

26. On the private FS of Parents Company, the investments of Parents Company in Subsidiaries have been presented on consolidated FS according to cost method

27. Investments in subsidiaries which are excluded of consolidation process have to be presented on the private FS of Parents Company according to cost method.”

The content of audit’s note is helping reader of the audited FS understand clearly that this is the reviewed FS for private FS of Hocmon Trade JSC (Parents Company), is not the consolidated FS of the Group. We note reviewed FS for private FS of Hocmon Trade JSC on investments, which are reflected according to cost method because in the consolidated FS of the Group, the investments of Parents Company will have a consolidation process under the direction of Accounting Standards No. 25 – VAS 25 – issued accordingly with Decision No. 234/2003/QĐ-BTC on 30/12/2003 of Ministry of Finance

HNX

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