Securities code: Xueda (Xiamen) Education Technology Group Co.Ltd(000526) securities abbreviation: Xueda (Xiamen) Education Technology Group Co.Ltd(000526) Announcement No.: 2022034 XueDa (Xiamen) Education Technology Group Co., Ltd
Announcement on changes in 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.
The second meeting of the 10th board of directors and the second meeting of the 10th board of supervisors held by XueDa (Xiamen) Education Technology Group Co., Ltd. (hereinafter referred to as “the company”) on April 22, 2022 considered and adopted the proposal on changes in accounting policies. This change in accounting policies does not need to be submitted to the general meeting of shareholders for deliberation. The details are hereby announced as follows:
1、 Overview of this accounting policy change
(I) reason for change:
1. On January 26, 2021, the Ministry of Finance issued the notice on printing and distributing the interpretation of accounting standards for Business Enterprises No. 14 (CAI Kuai [2021] No. 1) (hereinafter referred to as “interpretation of Standards No. 14”), which stipulates the accounting treatment of social capital parties on government and social capital Cooperation (PPP) project contracts and the accounting treatment of changes in the basis for determining the cash flow of relevant contracts caused by the reform of benchmark interest rate.
2. On December 30, 2021, the Ministry of Finance issued the notice on printing and distributing the interpretation of accounting standards for Business Enterprises No. 15 (CAI Kuai [2021] No. 35) (hereinafter referred to as “the interpretation of Standards No. 15”), which stipulates the accounting treatment of the external sales of products or by-products produced before the fixed assets reach the expected usable state or in the process of research and development, the relevant presentation of centralized fund management, and the judgment of loss contracts.
(II) date of change:
1. The standard Interpretation No. 14 shall come into force as of the date of promulgation. The business specified in the new standard Interpretation No. 14 from January 1, 2021 to the implementation date shall be adjusted according to the standard Interpretation No. 14.
2. The contents of the standard Interpretation No. 15 “accounting treatment for the external sales of products or by-products produced before the fixed assets reach the expected usable state or in the process of R & D” and “judgment on loss contracts” shall be implemented as of January 1, 2022; The content of “relevant presentation on centralized fund management” shall go into effect as of the date of promulgation.
(III) accounting policies adopted before and after the change:
1. Accounting policies adopted before change
Before the change of accounting policy, the company implemented the accounting standards for business enterprises – basic standards, various specific accounting standards, subsequent issued and revised accounting standards for business enterprises, application guide of accounting standards for business enterprises, interpretation announcement of accounting standards for business enterprises and other relevant regulations.
2. Accounting policies adopted after change
After this change, the company will implement standard Interpretation No. 14 and standard Interpretation No. 15. 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. 2、 Impact of this accounting policy change on the company
This accounting policy change is a corresponding change made by the company in accordance with the latest accounting standards revised by the Ministry of finance, which complies with the provisions of relevant laws and regulations and the actual situation of the company, will not have a significant impact on the company’s financial status, operating results and cash flow, and will not damage the interests of the company and all shareholders.
3、 Explanation of the board of directors on the rationality of this accounting policy change
The board of directors of the company believes that this change of accounting policy is a reasonable change of the company’s accounting policy according to the latest regulations of the Ministry of finance, in line with relevant regulations and the actual situation of the company, its decision-making procedures comply with relevant laws, regulations and the articles of association, and there is no damage to the interests of the company and minority shareholders. The board of directors of the company agrees with this change of accounting policy.
4、 Opinions of independent directors on changes in accounting policies
The independent directors of the company believe that: the company has made corresponding changes to the company’s accounting policies in accordance with the latest accounting standards issued by the Ministry of finance, so that the company’s accounting policies are consistent with the current national regulations, which is conducive to objectively and fairly reflect the company’s financial situation and operating results, and in line with the interests of the company and all shareholders. We believe that the decision-making procedures for the change of the company’s accounting policies comply with the provisions of relevant laws, regulations and the articles of association, and do not damage the rights and interests of the company and all shareholders, especially minority shareholders. We agree with the change of the company’s accounting policies. 5、 Opinions of the board of supervisors on changes in accounting policies
The board of supervisors of the company believes that the change of accounting policies complies with the relevant provisions of the Ministry of finance, the actual situation of the company, the relevant decision-making procedures comply with the relevant laws and regulations and the articles of association, and there is no damage to the interests of the company and shareholders; This change will not have a significant impact on the company’s financial position, operating results and cash flow. We agree with the change of the company’s accounting policy.
It is hereby announced.
Board of directors of XueDa (Xiamen) Education Technology Group Co., Ltd. April 26, 2022
