Announcement on changes in accounting estimates
Securities code: Beijing Vrv Software Corporation Limited(300352) securities abbreviation: Beijing Vrv Software Corporation Limited(300352) Announcement No.: 2022034 Beijing Vrv Software Corporation Limited(300352)
Announcement on changes in accounting estimates
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.
Special tips:
1. The change of accounting estimate adopts the future applicable method for accounting treatment, and there is no need for retroactive adjustment. It will not affect the financial position, operating results and cash flow of Beijing Vrv Software Corporation Limited(300352) (hereinafter referred to as "the company") in previous periods.
2. Date of change of accounting estimate: this change of accounting estimate is applicable from October 1, 2021. 3. This accounting estimate change does not need to be submitted to the general meeting of shareholders for deliberation.
1、 Summary of changes in accounting estimates
In order to more objectively reflect the financial status and operating results of the company and its subsidiaries, fairly reflect the expected losses of accounts receivable, other receivables and contract assets, and improve the accounting quality, according to the relevant provisions of accounting standards for Business Enterprises No. 22 - recognition and measurement of financial instruments and accounting standards for Business Enterprises No. 14 - income, combined with the company's historical credit loss experience According to the production and operation status and the prediction of future operation, the company plans to change the expected loss accrual method of accounts receivable, contract assets and notes receivable.
On April 13, 2022, the company held the 8th meeting of the 4th board of directors and the 8th meeting of the 4th board of supervisors, deliberated and adopted the proposal on changes in accounting estimates, agreed the company to make changes in accounting estimates, and adopted the future applicable law, which will be applicable from October 1, 2021. This accounting estimate change does not need to be submitted to the general meeting of shareholders for deliberation.
(I) reasons and contents of changes in accounting estimates
With the rapid expansion of the company's business scale, the company's customer structure is further diversified. In accordance with the relevant provisions of the accounting standards for Business Enterprises No. 28 - changes in accounting policies, accounting estimates and error correction and the actual situation of the company, in order to measure the receivables more accurately and reflect the financial position of the company more objectively and fairly
Announcement on changes in accounting estimates
According to the situation and operating results, the company changes the accounting estimate of withdrawing bad debt provision for accounts receivable.
(II) accounting estimate before change
1. The accounts receivable of the company are divided into two combinations. In addition to the accounts receivable with single risk assessment, the comparison table between the overdue aging of accounts receivable and the expected credit loss rate in the whole duration is prepared according to the overdue aging combination, referring to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, and the expected credit loss is calculated. On this basis, the provision for loss of receivables is measured. The specific changes are as follows:
Accrual method of aging expected credit loss
Refer to the experience of historical credit loss, combined with the current situation and future economic conditions
More than 5 years
Predict the situation and calculate the expected credit loss
2. Other receivables are divided into five combinations: related party current account, deposit, petty cash, non related party current account and other receivables within the scope of receivables consolidation. In addition to other receivables with single risk assessment, the comparison table between overdue aging of other receivables and expected credit loss rate in the whole duration is prepared according to the overdue aging combination, referring to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, Calculate expected credit losses. On this basis, the provision for loss of other receivables is measured. The specific changes are as follows:
Portfolio name and accrual method
The deposit refers to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, and calculates the expected credit loss according to the aging
The reserve fund refers to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, and calculates the expected credit loss according to the aging
The expected credit losses of non related parties are calculated according to the aging of the incoming payment by referring to the experience of historical credit losses, combined with the current situation and the prediction of future economic conditions
For others, refer to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, and calculate the expected credit loss according to the aging
3. Contract assets and notes receivable shall be implemented with reference to the accounting estimation of bad debt provision of accounts receivable.
(III) accounting estimate after change
1. The accounts receivable of the company are divided into two combinations. In addition to the accounts receivable with single risk assessment, the comparison table between the overdue aging of accounts receivable and the expected credit loss rate in the whole duration is prepared according to the overdue aging combination, referring to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, and the expected credit loss is calculated. On this basis, the provision for loss of receivables is measured as follows:
Accrual method of aging expected credit loss
The expected credit loss rate of accounts receivable designated for more than 5 years is 100%
2. Other receivables are classified into current accounts receivable from related parties within the consolidation scope, deposits, petty cash and non cash receivables
Announcement on changes in accounting estimates
For the current accounts and other five combinations of related parties, except for other receivables with single risk assessment, the comparison table between the overdue aging of other receivables and the expected credit loss rate of the whole duration is prepared according to the overdue aging combination, referring to the experience of historical credit loss, combined with the current situation and the prediction of future economic conditions, and the expected credit loss is calculated. On this basis, the provision for loss of other receivables is measured as follows:
Portfolio name and accrual method
When there is clear evidence that the bad debt deposit cannot be withdrawn in whole or in part
When there is clear evidence that the reserve cannot be recovered in whole or in part, the bad debt shall be withdrawn
The expected credit losses of non related parties are calculated according to the aging of the incoming payment by referring to the experience of historical credit losses, combined with the current situation and the prediction of future economic conditions
Other bad debts are accrued when there is clear evidence that it is indeed impossible to recover all or part of the money
3. Contract assets and notes receivable are implemented after the accounting estimate of bad debt provision of accounts receivable is changed.
(IV) change time
This change in accounting estimates will be applicable from October 1, 2021.
2、 Impact of this accounting estimate change on the company
According to the relevant provisions of accounting standards for Business Enterprises No. 28 - changes in accounting policies, accounting estimates and error correction, this change in accounting estimates adopts the future applicable method for corresponding accounting treatment, without retroactive adjustment to the company's disclosed financial statements, and will not have an impact on the financial status and operating results of previous years.
3、 Approval procedures for this accounting estimate change
On April 13, 2022, the company held the 8th meeting of the 4th board of directors and the 8th meeting of the 4th board of supervisors, deliberated and adopted the proposal on changes in accounting estimates, and the independent directors of the company issued clear consent opinions. This accounting estimate change does not need to be submitted to the general meeting of shareholders for deliberation.
4、 Explanation of the board of directors on the rationality of changes in accounting estimates
According to the relevant provisions of the accounting standards for business enterprises and the actual situation of the company, the company implements the change of accounting estimates based on the principle of prudence. The changed accounting estimates can more objectively and fairly reflect the actual situation of the company's assets, financial status and operating results, which is in line with the interests of the company and all shareholders. The decision-making procedures for the change of accounting estimates comply with relevant laws and regulations and the articles of association. The board of directors agreed to this meeting
Announcement on changes in accounting estimates
Changes in accounting estimates.
5、 Independent opinions of independent directors on the change of accounting estimates
The independent directors believe that the change of the company's accounting estimate in accordance with the accounting standards for business enterprises issued by the Ministry of Finance and in combination with the actual operation of the company complies with the provisions of relevant laws, regulations and accounting standards, can more objectively reflect the company's financial situation and operation results, and there is no situation that damages the interests of the company and all shareholders, especially the interests of minority shareholders. The decision-making procedure of this matter complies with the provisions of relevant laws, regulations and the articles of association, and agrees with the change of accounting estimates of the company.
6、 Opinions of the board of supervisors on the change of accounting estimates
The board of supervisors believes that the review procedures of the accounting estimate changes comply with the provisions of relevant laws, regulations and accounting standards for business enterprises; The changed accounting estimates can more objectively and fairly reflect the company's financial position and operating results. The change of accounting estimate does not harm the interests of the company and minority shareholders, and the company is agreed to implement the change of accounting estimate.
7、 Documents for future reference
1. Resolutions of the 8th meeting of the 4th board of directors;
2. Resolutions of the 8th meeting of the 4th board of supervisors;
3. Independent opinions of independent directors on matters related to the eighth meeting of the Fourth Board of directors.
It is hereby announced.
Beijing Vrv Software Corporation Limited(300352) board of directors
April 13, 2022
