Securities code: V V Food & Beverage Co.Ltd(600300) securities abbreviation: St Weiwei Announcement No.: pro 2022008 V V Food & Beverage Co.Ltd(600300)
Announcement on correction of accounting errors
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.
Important content tips:
● V V Food & Beverage Co.Ltd(600300) (hereinafter referred to as “the company”) this accounting error is making retroactive adjustments to the consolidated and parent company’s financial statements in 2020, which has no significant impact on the company’s financial position and profit and loss in 2020.
In accordance with the rules for the preparation and reporting of information disclosure of companies offering securities to the public No. 19 – correction and related disclosure of financial information, the stock listing rules of Shanghai Stock Exchange and other relevant provisions of the China Securities Regulatory Commission, the relevant information on the correction of accounting errors in the previous period is described as follows:
1、 Overview of accounting error correction
The company has implemented the accounting standards for Business Enterprises No. 14 revenue (hereinafter referred to as the “new revenue standards”) since January 1, 2020. According to the requirements of the new revenue standards and the specific revenue policies implemented by the company, the company’s product sales business recognizes the operating revenue at the point when “the transfer of product control and the economic benefits of product delivery are likely to flow into the enterprise” , the transportation services provided before the delivery of the company’s products belong to the performance obligations specified in the sales contract and do not constitute a single performance obligation, and the corresponding transportation costs shall be included in the operating cost accounting. The company has retroactively adjusted the financial statements of 2020.
The company held the 7th Meeting of the 8th board of directors and the 7th Meeting of the 8th board of supervisors on March 3, 2022, and deliberated and adopted the proposal on correction of accounting errors.
2、 Effect of correction of accounting errors in earlier period
According to relevant regulations, the company made retroactive adjustments to the consolidated and parent company’s financial statements in 2020, and the relevant subjects and amounts affecting the financial statements are as follows:
1. Consolidated financial statements
Consolidated income statement items
Corrected amount before correction after correction
Operating cost 3707718864787422748810378194635288
Selling expenses 43669194477 -742274881036246445667
Consolidated cash flow statement
Project 2020
Corrected amount before correction
Cash paid for purchasing goods and accepting 3578175 Shanghai Laiyifen Co.Ltd(603777) 422748810365240309187 labor services
Other and paid
Cash related to business activities 48286601656 -742274881040863852846 2. Financial statements of the parent company
Income statement items
Project 2020
Corrected amount before correction after correction
Operating cost 1229412949673256620696126197915663
Sales expenses 24124232511 – 325662069620867611815
Cash flow statement
Project 2020
Corrected amount before correction after correction
Cash paid for purchasing goods and accepting 1141944142693256620696117451034965 labor services
Other and paid
Current funds related to business activities: 24798740318 -325662069621542119622
3、 Concluding observations of independent directors, board of supervisors and accounting firms
1. Opinions of the board of directors
The board of Directors believes that the correction of accounting errors complies with the accounting standards for Business Enterprises No. 28 – changes in accounting policies and accounting estimates and error correction and the rules for the preparation of information disclosure of companies offering securities to the public No. 19 – correction and related disclosure of financial information, and truly, objectively and fairly reflects the financial situation of the company, The board of directors agreed to the correction of accounting errors.
2. Opinions of independent directors
The independent directors agreed that the correction and retroactive adjustment of accounting errors in the previous period involved in this meeting comply with the provisions of Accounting Standards No. 28 – changes in accounting policies and accounting estimates and correction of errors and rules for the preparation of information disclosure of companies offering securities to the public No. 19 – correction and related disclosure of financial information, It helps to objectively and fairly reflect the financial status and operating performance of the company in the relevant accounting period. The deliberation and voting procedures of the board of directors on the error correction comply with the provisions of laws and regulations, and the retroactive adjustment process is legal and compliant. We agree to the above correction of accounting errors.
3. Opinions of the board of supervisors
All the supervisors agreed that the correction of the company’s accounting errors met the relevant requirements of the accounting standards for business enterprises, the rules for the preparation of information disclosure of companies offering securities to the public No. 19 – correction and related disclosure of financial information and the company’s accounting policies, and could more fairly reflect the company’s financial status and operating results. The decision-making procedure of the proposal complies with the relevant provisions of relevant laws and regulations, and the board of supervisors agrees with the treatment of the board of directors on the correction of accounting errors.
4. Opinion of accounting firm
Lixin Certified Public Accountants (special general partnership), an accounting firm employed by the company, issued the special report on the special explanation for the correction of accounting errors in the early stage of 6003 Zoje Resources Investment Co.Ltd(002021) (No.: xksbz [2022] za10179).
4、 Documents for future reference
1. Resolutions of the 7th Meeting of the 8th board of directors of the company;
2. Resolutions of the 7th Meeting of the 8th board of supervisors of the company;
3. Independent opinions of the company’s independent directors on relevant matters;
4. Lixin Certified Public Accountants (special general partnership) issued the special report on the special explanation for the correction of accounting errors in the early stage of 6003 Zoje Resources Investment Co.Ltd(002021) (No.: xksbz [2022] za10179).
It is hereby announced.
V V Food & Beverage Co.Ltd(600300) board of directors
March 5, 2002
