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Hexun News: Ningbo Haiyue New Materials Co., Ltd. (referred to as Ningbo Haiyue), a subsidiary of Haiyue Energy, has reported significant discrepancies between the previously estimated overhaul costs and other expenses and the actual contract and preliminary settlement amounts. On February 20th, Haiyue Energy issued an announcement, correcting the estimated amounts from previous years using the retrospective restatement method. This accounting error correction has resulted in a reduction of 51.34 million yuan in the net profit of the 2017 consolidated financial statements. The originally disclosed net asset data attributable to shareholders of the listed company was 2,278,632,691.01 yuan, which has been reduced by 36,899,802.43 yuan. The originally disclosed net profit attributable to shareholders was 136,588,325.76 yuan, which has now been reduced by 26,188,087.10 yuan. The announcement has drawn inquiries from the Shanghai Stock Exchange. According to the announcement, Ningbo Haiyue should have recognized 50 million yuan in overhaul expenses for 2017, but the actual amount recognized in the books was only 13 million yuan. The annual audit firm, Tianjian Certified Public Accountants (Special General Partnership), stated that due to the large workload of verification, Ningbo Haiyue failed to estimate the expenses based on the amount submitted by the construction company combined with the audit reduction from a third-party consulting agency. This led to a significant discrepancy in the estimated overhaul costs. The inquiry letter from the Shanghai Stock Exchange requested clarification on the actual estimation basis used in the previous overhaul cost calculations, specifically the “other reliable information” mentioned, the reasons and reliability of using such estimates, and whether these estimates comply with accounting standards. It also asked whether Haiyue Energy had reasonably used the information available at the time of preparing the 2017 financial statements, if there were any major human errors or fraud, and whether the annual auditor had exercised due diligence. In the announcement, Haiyue Energy also disclosed that Ningbo Haiyue should have recognized 21 million yuan in routine maintenance costs prior to 2016, but the books did not reflect this amount. At the same time, the company stated that this accounting error correction only retrospectively adjusted relevant financial data for 2017. The annual audit firm stated that Ningbo Haiyue had not estimated the minor repair costs, mainly due to the lack of reliable information related to these costs during the preparation of the financial statements. During the audit, the accountant obtained maintenance and operation contracts, checked payment records, and cross-checked them with the book records. The inquiry letter from the Shanghai Stock Exchange further requested verification and additional disclosure on the timing and basis of external payments for routine maintenance costs, as well as the reasons for the “lack of reliable information” and the non-recognition of these costs in the previous period. Additionally, the Shanghai Stock Exchange asked Haiyue Energy to disclose the explanation of the company’s board of directors and management regarding the nature and reasons for the correction. If any responsible parties were involved, the company was asked to disclose the accountability measures taken by the board of directors against these individuals and the outcomes. If no responsible parties were identified, reasons for this were to be provided. The announcement from Haiyue Energy also revealed that Ningbo Haiyue should have recognized 22 million yuan in inspection fees for 2017, but the books only reflected 6.3 million yuan. The annual audit firm stated that Ningbo Haiyue failed to estimate the inspection fees for 2017 based on the amounts in the inspection contracts, primarily due to cross-year inspection work, which prevented the financial department from obtaining further reliable information needed to estimate these fees before the financial statements were issued.