000578SZSE

Explanation of the Board of Directors on the Correction of Prior Accounting Errors

Salt Lake Group·March 7, 2011·3 pages

✨ AI Summary

The announcement details the correction of an accounting error related to employee compensation of a subsidiary, which was incorrectly recorded as management expenses. This necessitates a retrospective adjustment of the 2009 financial statements. Key figures affected include tax payable, undistributed profits, and net profit, with adjustments totaling 1,717,117.89 yuan impacting the financial results.

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Full Translation

AI Translation· azure_openai

Explanation of the Board of Directors on the Correction of Prior Accounting Errors

The wholly-owned subsidiary of the company, Qinghai Salt Lake Technology Development Co., Ltd., incurred employee compensation of 8,941,047.75 yuan for its 51%-owned subsidiary, Qinghai Salt Lake Blue Science Lithium Industry Co., Ltd., in 2009. This amount was mistakenly recorded as management expenses of Qinghai Salt Lake Technology Development Co., Ltd., which does not comply with the provisions of the enterprise accounting standards. A retrospective adjustment of the disclosed 2009 financial statement data is required, with the specific situation as follows:

Accounting Treatment and Impact of the Correction of Accounting Errors

The impact of the above accounting error correction on the financial position of Salt Lake Group at the end of 2009 and the operating results for 2009 is shown in the table below:

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