Xiamen Xinda clear rectification measures will comprehensively sort out the confirmation of sales receipts
From May to June 2014, the Xiamen Securities Regulatory Bureau conducted an on-site inspection of Xiamen Xinda (000701), arguing that the company was not standardized on the recognition of part of sales revenue and non-operating income. Today, Xiamen Xinda issued an announcement saying that the board of directors of the company attached great importance to the problems found in the inspection. At present, the rectification measures have been formulated and implemented.
According to the "Decision on Correcting Measures", the CSRC considered that part of the business of the shelf cattle and cathode copper purchase and sale business carried out by Xiamen Xinda and its subsidiaries in 2013 was the agency business or the main risk and remuneration of the goods, but confirmed by the total amount. In the sales revenue, the sales revenue was confirmed to be 904 million yuan in 2013.
In this regard, Xiamen Xinda said that because the company's understanding of the revenue recognition criteria is not comprehensive and accurate, resulting in more than 904 million yuan in sales revenue in 2013, it also confirmed the cost of sales (no impact on 2013 net profit). The relevant departments of the company will comprehensively sort out the confirmation of sales revenue according to the terms of the contract and the risk-reward and other conditions assumed by the company, and confirm the income in strict accordance with the accounting standards.
Secondly, the "Decision" also believes that on March 4, 2014, Xiamen Xinda Subsidiary Fujian Xinda Optoelectronics Technology Co., Ltd. received a financial subsidy of 30 million yuan for the "Technology Three Projects" and the fiscal year in the first quarter of 2014. The subsidy is fully included in the non-operating income. As the subsidy is related to the LED packaging and application products of the subsidiary, the project has not yet started construction, and the one-time income and loss are not standardized.
In this regard, Xiamen Xinda said that this is due to the company's understanding of the relevant provisions of the "Enterprise Accounting Standards No. 16 - Government Subsidy" deviation, in the receipt of 30 million yuan of science and technology three subsidies, one-time full credit into the business income.
At present, the company has corrected the problem. The follow-up will confirm the three subsidies for science and technology according to the accounting standards of the project, the investment in R&D, and the construction of the channel in accordance with the accounting standards of the enterprise and the results confirmed by the auditing organization.
In addition, the "Decision" also believes that Xiamen Xinda's 2013 financial statements should disclose but not disclose the situation that the fixed assets such as the multi-storey warehouse of No. 9 Xinglong Road in Xiamen City and the buildings on the leased land of the automobile 4s shop cannot handle the property certificate. .
In response, the company said that it has carefully checked and reviewed the notes and notes items, and will correct them in the 2014 semi-annual report. The notes to the financial statements of the 2014 semi-annual report of the company will be disclosed in accordance with the “Accounting Standards for Business Enterprisesâ€, “Regulations on the Information Disclosure and Compilation of Companies That Offer Securities to the Public No. 15 – General Provisions on Financial Reporting†(revised in 2010) and other relevant regulations. The status of the title certificate and its reasons.
Xiamen Xinda said that the company will take this opportunity to strengthen learning and further improve the company's internal control system to ensure the company's sustained, healthy and stable development.
According to the "Decision on Correcting Measures", the CSRC considered that part of the business of the shelf cattle and cathode copper purchase and sale business carried out by Xiamen Xinda and its subsidiaries in 2013 was the agency business or the main risk and remuneration of the goods, but confirmed by the total amount. In the sales revenue, the sales revenue was confirmed to be 904 million yuan in 2013.
In this regard, Xiamen Xinda said that because the company's understanding of the revenue recognition criteria is not comprehensive and accurate, resulting in more than 904 million yuan in sales revenue in 2013, it also confirmed the cost of sales (no impact on 2013 net profit). The relevant departments of the company will comprehensively sort out the confirmation of sales revenue according to the terms of the contract and the risk-reward and other conditions assumed by the company, and confirm the income in strict accordance with the accounting standards.
Secondly, the "Decision" also believes that on March 4, 2014, Xiamen Xinda Subsidiary Fujian Xinda Optoelectronics Technology Co., Ltd. received a financial subsidy of 30 million yuan for the "Technology Three Projects" and the fiscal year in the first quarter of 2014. The subsidy is fully included in the non-operating income. As the subsidy is related to the LED packaging and application products of the subsidiary, the project has not yet started construction, and the one-time income and loss are not standardized.
In this regard, Xiamen Xinda said that this is due to the company's understanding of the relevant provisions of the "Enterprise Accounting Standards No. 16 - Government Subsidy" deviation, in the receipt of 30 million yuan of science and technology three subsidies, one-time full credit into the business income.
At present, the company has corrected the problem. The follow-up will confirm the three subsidies for science and technology according to the accounting standards of the project, the investment in R&D, and the construction of the channel in accordance with the accounting standards of the enterprise and the results confirmed by the auditing organization.
In addition, the "Decision" also believes that Xiamen Xinda's 2013 financial statements should disclose but not disclose the situation that the fixed assets such as the multi-storey warehouse of No. 9 Xinglong Road in Xiamen City and the buildings on the leased land of the automobile 4s shop cannot handle the property certificate. .
In response, the company said that it has carefully checked and reviewed the notes and notes items, and will correct them in the 2014 semi-annual report. The notes to the financial statements of the 2014 semi-annual report of the company will be disclosed in accordance with the “Accounting Standards for Business Enterprisesâ€, “Regulations on the Information Disclosure and Compilation of Companies That Offer Securities to the Public No. 15 – General Provisions on Financial Reporting†(revised in 2010) and other relevant regulations. The status of the title certificate and its reasons.
Xiamen Xinda said that the company will take this opportunity to strengthen learning and further improve the company's internal control system to ensure the company's sustained, healthy and stable development.
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