Music as 2017 annual report 13 billion 900 million loss accounting firm: unable to express their views

category:Internet
 Music as 2017 annual report 13 billion 900 million loss accounting firm: unable to express their views


Related reading: LETV first quarter revenue 440 million, down 89%, net loss 310 million In the first quarter, 140 thousand retail investors fought and killed the music network. Every journalist intern reporter Xu Shuai reporter Xie Zhenyu is edited by Song Sijian every time. Today (April 27th) early in the morning, music network (300104, SZ) disclosed the 2017 annual report, the companys net profit margin is 13 billion 878 million yuan, more startling details are again exposed to investors. The daily economic news reporter noticed that the associated party of Jia Yueting controlled the balance of the music network up to 7 billion 280 million yuan, accounting for 40.69% of the total assets of the music network. This means that the arrears of Jia Yue Ting are nearly half of the total assets of LETV. At the same time, Lixin Accounting firm issued a unable to express opinion audit report to LETV. The balance owed by Jia Yueting is 40.69% of the total assets of LETV. The 2017 annual report shows that the companys revenue in 2017 was 7 billion 25 million yuan, down 68% compared to the same period last year. Net profit was 13 billion 878 million yuan, compared with a profit of 555 million yuan in the same period last year. After a comprehensive inventory and asset impairment test of the assets that may be devalued in 1~12 months of 2017, the company and its subsidiaries have taken a total of 10 billion 882 million yuan for the loss of assets in 2017. In addition, the reputation and credibility of LETV are still in a more serious negative public opinion whirlpool due to the persistent impact of the tight funds and liquidity disturbances. As a result, the advertising revenue, terminal revenue and membership income of the company declined sharply compared with the same period last year. In this annual report of LETV, LETV disclosed details of the failure of Jia Yue ting to fulfill his promise. At the end of 2014 and 2015, Jia Yueting had promised to borrow more than 5 billion 700 million yuan. However, as of now, Jia Yuetings actual loan to music network is 0. However, the most shocking thing is that Jia Yueting not only failed to borrow money from LETV, but he owed $7 billion 280 million to the music network. The annual report shows that Jia Yueting forms a large number of listed companies receivables through related companies through music holdings and other music vision systems under their control. As of December 31, 2017, the balance of related debts owed by the relevant parties to listed companies reached 7 billion 280 million yuan, accounting for 40.69% of total assets. The net shows that the higher accounts receivable balance leads to a certain shortage of liquidity in the company, which has caused an unbearable burden on the business operation of the company. So, what is a concept of 7 billion 280 million yuan? By the end of 2017, the total assets were 17 billion 900 million yuan, and the net assets were only 663 million yuan, that is, the balance of the associated parties controlled by Jia Yueting was 10.98 times the net assets of the music network. The net assets in 2014, 2015 and 2016 were 3 billion 343 million yuan and 3 billion 815 million yuan, 10 billion 482 million yuan, respectively, when the net performance of the music network was compared with the net assets of the net. The balance of 7 billion 280 million yuan also surpassed the net assets scale of LETV at the end of 2014 and the end of 2015. It is worth mentioning that in the 2016 annual report, the music network was issued the audit report with emphasis on matters of emphasis by the CPA firm, and the company also described it in this annual report. Music network executives said they were unable to fulfill the increase in commitment What is the difference between the two? The Chinese CPA audit guidelines No. 1503rd - the addition of emphasis and other items in the audit report (revised December 23, 2016) said: the paragraph of emphasis refers to a paragraph contained in the audit report, which refers to matters that have been properly reported or disclosed in the financial statements and are based on registration. The professional judgment of Accountants is very important for the users of financial statements to understand the financial statements. The non reservations published in the audit report, No. 1502nd of the Chinese certified public accountants audit guidelines (revised in December 23, 2016) said that the inability to express the opinion belongs to a non unreserved opinion. One of the cases of the CPAs non unreserved opinion is that it is impossible to obtain adequate and appropriate Audit evidence can not draw a conclusion that there is no gross misstatement in the financial statements as a whole. The difference between two phases is self-evident. 1. Matters relating to accounts receivable and other receivables. The company did not provide specific basis for its ratio, nor did it provide sufficient evidence for the recoverable assessment of the remaining accounts receivable. Two. At the end of the company, the value reduction of intangible assets was prepared. In the process of auditing, Li Xin failed to obtain sufficient and appropriate evidence to make judgement on the time when the signs of impairment appeared. Three, as stated in seven, consolidated financial statement item notes 37, accounts payable, the companys final accounts payable balance includes the estimated amount of the estimated cost that has not been settled. The company failed to provide sufficient evidence on the basis of provisional estimates of these costs. Xu Yang, an independent economist, told the daily economic news reporter that he personally felt that accounting firms seemed to be avoiding the truth. It is worth mentioning that the previous commitment to increase the shareholding of executives and core backbone of the network also gave up its promise. The 2017 annual report shows that in February 5, 2018 and March 19th, LETV had urged all the contractors to fulfill their obligation to increase their obligations by sending mail. Recently, LETV received the replies sent by the Underwriters respectively, and the undertakings respectively expressed that they could no longer carry out their commitments to increase their holdings. In addition, during the period of commitment increase, the above commitments did not increase the companys stock in accordance with the promised increase plan. Source: Daily Economic News Editor: Bai Xin _NT4464 Three, as stated in seven, consolidated financial statement item notes 37, accounts payable, the companys final accounts payable balance includes the estimated amount of the estimated cost that has not been settled. The company failed to provide sufficient evidence on the basis of provisional estimates of these costs. Xu Yang, an independent economist, told the daily economic news reporter that he personally felt that accounting firms seemed to be avoiding the truth. It is worth mentioning that the previous commitment to increase the shareholding of executives and core backbone of the network also gave up its promise. The 2017 annual report shows that in February 5, 2018 and March 19th, LETV had urged all the contractors to fulfill their obligation to increase their obligations by sending mail. Recently, LETV received the replies sent by the Underwriters respectively, and the undertakings respectively expressed that they could no longer carry out their commitments to increase their holdings. In addition, during the period of commitment increase, the above commitments did not increase the companys stock in accordance with the promised increase plan.