Securities code: Tibet Summit Resources Co.Ltd(600338) securities abbreviation: Tibet Summit Resources Co.Ltd(600338) Announcement No.: 2022026 Tibet Summit Resources Co.Ltd(600338)
Announcement on changes in accounting policies of the company
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 Tibet Summit Resources Co.Ltd(600338) (hereinafter referred to as “the company”) deliberated and adopted the proposal on the change of accounting policies of the company at the 10th meeting of the 8th board of directors and the 7th Meeting of the 8th board of supervisors held on April 18, 2022. This change of accounting policies does not need to be submitted to the general meeting of shareholders for deliberation. The specific contents are as follows: according to the relevant requirements of the Ministry of Finance and in order to more fairly and truly reflect the asset status and operating results of the company, The company plans to change the relevant accounting policies of the company, as follows:
1、 Reasons for changes in accounting policies
On December 7, 2018, the Ministry of Finance revised and issued the accounting standards for Business Enterprises No. 21 – leasing (hereinafter referred to as the “new leasing standards”), which requires enterprises listed at the same time 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 has implemented the above standards since January 1, 2021, and adjusted the financial statements accordingly on January 1, 2021 in accordance with the provisions on convergence in the above standards.
2、 Main contents of this accounting policy change
The main contents of the revision of the new leasing standards include:
Under the new lease standards, the lessee no longer divides the lease into operating lease or financial lease, but adopts a unified accounting treatment model, recognizes the right to use assets and lease liabilities for all leases other than short-term lease and low value asset lease, and accrues depreciation and interest expenses respectively.
For short-term leases and low value asset leases, the lessee can choose not to recognize the right to use assets and lease liabilities, but adopt the accounting treatment similar to the current operating leases.
In addition to the above matters, there is no change in other major accounting policies in the reporting period.
3、 Impact of this accounting policy change on the company
1. According to the connection provisions of the conversion between the old and new standards, it will be implemented from January 1, 2021. The company will adjust the amount of retained earnings and other relevant items in the financial statements at the beginning of 2021 according to the cumulative impact of the first implementation of the standards, and will not adjust the information in the comparable period.
2. This accounting policy change will not have a significant impact on the company’s financial position, operating results and cash flow.
3. The change of accounting policy is a reasonable change in accordance with laws, administrative regulations and relevant national unified accounting policies, which complies with relevant regulations. The implementation of the new accounting policy can objectively and fairly reflect the company’s financial status and operating results, will not have a significant impact on the company’s financial statements, and will not damage the interests of the company and all shareholders, especially minority shareholders.
4、 Opinions of the board of directors
According to the latest revised accounting standards for business enterprises and relevant regulations of the Ministry of finance, the change of the company’s accounting policies can more fairly reflect the company’s financial status and operating results, and approve the change of accounting policies.
5、 Opinions of the board of supervisors
1. The change of the company’s accounting policy is carried out according to the relevant requirements of the Ministry of Finance and meets the requirements of relevant laws and regulations;
2. The relevant decision-making procedures of this accounting policy change comply with the provisions of relevant laws and regulations and the articles of association, and there is no situation damaging the interests of the company and shareholders.
6、 Opinions of independent directors
This accounting policy change is based on the latest revised accounting standards of the Ministry of finance, which can more fairly reflect the company’s financial status and operating results, and comply with the accounting standards for business enterprises and relevant regulations. The decision-making procedure of this accounting policy change complies with the provisions of relevant laws, regulations and the articles of association, and does not damage the rights and interests of the company and minority shareholders.
We agree to the change of accounting policy.
7、 Documents for future reference
1. Resolutions of the 10th meeting of the 8th board of directors;
2. Resolutions of the 7th Meeting of the 8th board of supervisors;
3. Independent opinions of independent directors on relevant proposals of the 10th meeting of the 8th board of directors.
It is hereby announced.
Tibet Summit Resources Co.Ltd(600338)
Board of directors
April 20, 2022
