Securities code: Quakesafe Technologies Co.Ltd(300767) securities abbreviation: Quakesafe Technologies Co.Ltd(300767) Announcement No.: 2022013 bond Code: 123103 bond abbreviation: Zhen’an convertible bond
Quakesafe Technologies Co.Ltd(300767)
Announcement on change of accounting policies
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Quakesafe Technologies Co.Ltd(300767) (hereinafter referred to as “the company” or “the company”) held the 13th meeting of the third board of directors and the 10th meeting of the third board of supervisors on March 17, 2022, deliberated and adopted the proposal on changing accounting policies, and agreed to change the company’s accounting policies in accordance with the relevant provisions issued by the Ministry of finance of the people’s Republic of China (hereinafter referred to as “the Ministry of finance”). This accounting policy change does not need to be submitted to the general meeting of shareholders for deliberation.
1、 Overview of this accounting policy change
(I) reasons for changes in accounting policies
The accounting standards for Business Enterprises No. 21 – leasing (CK [2018] No. 35) (hereinafter referred to as the “new leasing standards”) revised and issued by the Ministry of Finance in December 2018 requires enterprises listed at home and abroad and enterprises listed abroad and preparing financial statements using international financial reporting standards or accounting standards for business enterprises to take effect from January 1, 2019; Other enterprises that implement the accounting standards for business enterprises shall be implemented as of January 1, 2021. The company changes the corresponding accounting policies in accordance with the above notice of the Ministry of finance.
(II) date of change
According to the above provisions, the company, as a domestic listed enterprise, will implement the new leasing standards from January 1, 2021.
(III) accounting policies adopted before change
Before this change, the company implemented the accounting standards for business enterprises – basic standards, various specific accounting standards, application guidelines of accounting standards for business enterprises, interpretation announcement of accounting standards for business enterprises and other relevant regulations issued by the Ministry of finance. (IV) accounting policies implemented by the company after change
After this change, the company will implement the relevant provisions of the new leasing standards issued by the Ministry of Finance in 2018. The remaining unchanged parts are still subject to the accounting standards for business enterprises – basic standards, various specific accounting standards, application guidelines of accounting standards for business enterprises, interpretation announcement of accounting standards for business enterprises and other relevant provisions issued by the Ministry of Finance in the early stage. Other unchanged parts shall still be implemented in accordance with the accounting standards for business enterprises – basic standards, various specific accounting standards, the application guide of accounting standards for business enterprises, the interpretation announcement of accounting standards for business enterprises and other relevant provisions issued by the Ministry of Finance in the early stage.
(V) main contents of this accounting policy change
1. Under the new lease standards, except for short-term leases and low value leases, the lessee will no longer distinguish between financial leases and operating leases. All leases are subject to the same accounting treatment, and the right to use assets and lease liabilities need to be recognized; 2. For the right to use assets, if the lessee can reasonably determine that it will obtain the ownership of the leased assets at the expiration of the lease term, depreciation shall be accrued within the remaining service life of the leased assets. If it is impossible to reasonably determine that the ownership of the leased asset can be obtained at the expiration of the lease term, depreciation shall be accrued within the shorter of the lease term and the remaining service life of the leased asset. At the same time, the lessee shall determine whether the right of use assets are impaired and account for the identified impairment losses;
3. For the lease liability, the lessee shall calculate the interest expense of the lease liability in each period of the lease term and record it into the current profit and loss;
4. For short-term leases and low value asset leases, the lessee may choose not to recognize the right of use assets and lease liabilities, and record them into the relevant asset costs and current profits and losses according to the straight-line method or other systematic and reasonable methods in each period of the lease term.
2、 Main contents of this accounting policy change and its impact on the company
According to the convergence provisions of the old and new standards, the company will implement the new leasing standards from January 1, 2021. According to the cumulative impact of the first implementation of the standards, the amount of retained earnings and other relevant items in the financial statements at the beginning of the year when the standards are first implemented will be adjusted, and the information of comparable periods will not be adjusted.
This accounting policy change is made by the company in accordance with the relevant provisions and requirements of the Ministry of finance. The changed accounting policy can objectively and fairly reflect the company’s financial status and operating results, and comply with the provisions of relevant laws and regulations and the actual situation of the company. This accounting policy change will not have a significant impact on the company’s financial situation, operating results and cash flow, and there is no damage to the interests of the company and shareholders.
3、 Audit opinions on this accounting policy change
(I) opinions of the board of directors
The change of accounting policy is a reasonable change according to the requirements of the Ministry of finance, which can more objectively and fairly reflect the financial status and operating results of the company, comply with the relevant requirements of national laws and regulations and the actual situation of the company, the decision-making procedure of the change of accounting policy complies with the provisions of relevant laws, regulations and the articles of association, and there is no situation that damages the interests of the company and all shareholders, especially small and medium-sized shareholders. The board of directors of the company agreed to the change of accounting policies of the company.
(II) opinions of independent directors
This accounting policy change is a reasonable change based on the accounting standards for Business Enterprises No. 21 – leasing (CK [2018] No. 35) issued by the Ministry of Finance in 2018, which can more objectively and fairly reflect the company’s financial situation and operating results, meet the relevant requirements of national laws and regulations and the actual situation of the company, and the decision-making procedure of accounting policy change is in line with the provisions of relevant laws, regulations and the articles of association, There is no situation that damages the interests of the company and all shareholders, especially minority shareholders. We unanimously agree to the change of the company’s accounting policy. (III) opinions of the board of supervisors
After deliberation, all supervisors agreed that the change of accounting policy was a reasonable change according to the requirements of the Ministry of finance, which could more objectively and fairly reflect the financial status and operating results of the company, meet the relevant requirements of national laws and regulations and the actual situation of the company, and the deliberation procedure of the board of directors on the change of accounting policy was in line with the provisions of relevant laws, regulations and the articles of association. We agree with the change of the company’s accounting policy.
4、 Documents for future reference
(I) resolution of the 13th meeting of the third board of directors of the company;
(II) independent opinions of the company’s independent directors on matters related to the 13th meeting of the third board of directors; (III) resolution of the 10th meeting of the third board of supervisors of the company.
It is hereby announced.
Quakesafe Technologies Co.Ltd(300767) board of directors March 19, 2022
