Bank Of Shanghai Co.Ltd(601229) special report on changes in accounting policies 2021
Bank Of Shanghai Co.Ltd(601229)
Special notes on changes in accounting policies in 2021
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. 1、 Reasons for changes in accounting policies
The Ministry of finance of the people's Republic of China (hereinafter referred to as the "Ministry of finance") revised and issued the accounting standards for Business Enterprises No. 21 - leasing (hereinafter referred to as the "new leasing standards") in 2018. The group has changed relevant accounting policies in accordance with the requirements of the new leasing standards since 2021. 2、 Changed accounting policies
The group has disclosed the changed accounting policies in the 2021 annual report.
3、 Impact of changes in accounting policies
The main impacts of the group's adoption of the above accounting standards for business enterprises are as follows:
The group as lessee
According to the transition requirements of the new lease standards, the group will not re evaluate the contract options that existed before the first execution date. The group adjusted the amount of relevant items in the financial statements at the beginning of 2021 for the cumulative impact of the standards, and the comparative financial statements in 2020 were not restated. On the first execution date, the Group recognizes the lease liability according to the remaining lease payment and incremental borrowing interest rate on January 1, 2021. It is assumed that the right of use asset is equal to the lease liability, and makes necessary adjustments according to the prepaid rent. For short-term and low value leases existing before the first implementation of the new lease standards, the group adopts a simplified method and does not recognize the right of use assets and lease liabilities, which has no significant impact on the financial statements.
The group as lessor
There is no substantial change in the accounting of the lessor under the new lease standards.
3、 Impact of changes in accounting policies (Continued)
On January 1, 2021, the main impacts of the group's adoption of the new leasing standards and application guidelines are as follows:
Consolidated balance sheet:
On January 1, 2021, the amount restated before restatement is not applicable to the right of use assets after restatement 1887357 lease liabilities are not applicable to 17666061766606 other assets 24672790 (156948) 24515842 other liabilities 4270887 (36197) 4234690 bank balance sheet:
On January 1, 2021, the amount restated before restatement is not applicable to the right of use assets after restatement 18532351853235 lease liabilities are not applicable to 17344521734452 other assets 23770440 (154980) 23615460 other liabilities 4178070 (36197) 414141873 III Impact of changes in accounting policies (Continued)
On January 1, 2021, the group adjusted the unpaid minimum operating lease payments disclosed under the original leasing standards to the lease liabilities recognized under the new leasing standards as follows:
The group and the bank disclosed the future minimum operating lease on December 31, 2020
Payment amount 18082551774226 minus: the payment amount of the lease contract treated in a simplified way (8933) (8933) adopts the above minimum operating lease calculated by discounting the total contract amount of the lessee's lease liabilities 17993221765293 at the incremental borrowing rate on the date of initial application
Present value of payment 17666061734452 lease liabilities recognized on January 1, 202117666061734452 Name: Jin Yu
Position:——————————
chairman
Name: Zhu Jian
Position:——————————
president
Name: Shi Hongmin
Position:——————————
Vice president and chief financial officer
Name: Zhang Jiguang
Position:——————————
Head of Finance Department
Company name: Bank Of Shanghai Co.Ltd(601229) company seal:
