Shares To Carry Out Special Training Three New Board, A Number Of Financial Flaws Sample Exposure

The supporting measures for the new three board reform are constantly advancing.

In twenty-first Century, the exclusive economic report reporter learned that the stock transfer system has launched online special training aimed at improving the financial regulatory issues of listed company recently, and emphasized the necessity of improving the financial standardization of listed company and the main problems of the current three board financial irregularities.

In fact, further improving the financial norm of listed company has always been an established strategy for the stock transfer system. As early as the end of 2019, the stock transfer system had convened a number of listed company and intermediaries to discuss the direction of improving listed company's financial standardization. In January of this year, the stock transfer system also informed the listed company that it would identify the weak links in the financial foundation and standardize the company's financial accounting, and that the financial special training is undoubtedly the implementation and continuation in this direction.

In this training, the stock transfer system once again reiterated that "telling the truth and doing the real accounts" is the foundation of the quality of listed company. In the industry view, with the attention of regulators, the new three board company's financial norm level is expected to be improved, superimposed selective layer reform and other measures, is expected to further attract more investors into the "Nuggets".

Financial chaos is frequent.

Reporters learned from the listed company who are close to the stock transfer system. In the above training, the stock transfer system pointed out that the current financial irregularities of listed company are mainly reflected in many aspects.

For example, some companies are weak in financial management and imperfect in financial system; some companies lack internal control system, and the internal control mechanism is not in place; some companies are not standardized in financial accounting, and there are problems such as cost spans, insufficient asset impairment, inaccurate accounting subjects, etc. in addition, there are doubts about the company's financial authenticity, and there are problems such as inflated revenue and early recognition of revenue.

It is worth mentioning that some new three Board Companies' financial non-standard cases are also listed in the training system as the reverse textbook.

For example, the attachment of a A account receivable of a listed company is incomplete. When preparing accounts receivable for bad debts, there are only bookkeeping vouchers, and no material list of bad debts is calculated. The calculation of intangible assets does not include the value of each asset, so that the amount of disposal and cost of disposal can not be accurately accounted for in the future.

Another example is that a listed company B failed to fulfill its financial approval procedures in accounting treatment. For example, when paying oil bills as accounting vouchers, only bank transfer electronic credentials, no payment approval documents, some personal transfer vouchers, and only bank transfer electronic vouchers, lack of supporting approval documents.

"This shows that there is a lack of relevant requirements at the institutional level of the company. Some accounts are lacking in the approval process, and there is not enough refinement in accounting records." An investment bank member close to the stock transfer system said.

It is worth mentioning that there are still some listed company lack of independence in the financial system, that is, they have not established their own accounting system and financial system independently, but have followed the financial system of the controlling shareholders directly, and some financial reimbursement has been approved by the principal shareholder.

"This is not only the absence of the financial system, but also the absence of governance. Some new three Board companies lack the awareness of public companies, and the controlling shareholders feel that the listed companies are their own ones and are treated as subsidiaries. This is obviously contrary to the positioning of the public companies." The investment bankers said.

At the same time, some companies' income and cost confirmation were found to be in question. For example, a listed company's C promotion fee and promotion fee are both signed by a service order, and the promotion fee is confirmed through the billing. The cost is confirmed at the time of payment, which results in mismatch and intertemporal problems in the income and cost of the promotion fee, resulting in a virtual profit increase for C company.

It is not uncommon that asset impairment testing is not saturated, and the long term deferred charges have been delayed in some listed company.

For example, a listed company D did not carry out the impairment test on fixed assets alone, but relied solely on the equity valuation report to determine that there was no impairment in assets. The rationality of this accounting process was questioned by stock transfer. A listed company D, for example, delayed the entry of suppliers for a long time, including the rebate, cost accounting, low value consumables and long term prepaid expenses, resulting in a virtual increase in the company's value. Profits and less assets and liabilities.

Prominent system construction

In this training, the stock transfer system has emphasized at least four key points for improving the financial norm, including strengthening the construction of the financial accounting system, perfecting the financial personnel and institutional setup, accounting and financial reporting, and building the financial information system in four aspects.

In the training of stock transfer system, the listed company can make reference to the "accounting law", "basic accounting standards", "basic standards for internal control of enterprises" and supporting measures, etc., and formulate internal control supervision mechanism, and make clear the responsibilities and powers of internal audit institutions and other internal organizations in internal supervision, and further standardize the procedures and requirements of internal supervision.

In the preparation of financial reports, the stock transfer system emphasizes that listed company should meet the three directions of public company information disclosure: "truthfully reflect", "complete and accurate" and "meet the needs". At the same time, it should formulate clear and appropriate accounting policies combined with the industry characteristics and operating characteristics of enterprises. At the same time, listed company should also disclose important accounting policies and Accounting Evaluation in the notes to the reports. Ming, and related policy, assessment changes description.

In view of the revenue recognition defects of some new three Board companies, the stock transfer system clearly confirms that the time point of revenue should be for customers to obtain control of relevant products or services.

In addition, the stock transfer system suggests that enterprises should strengthen control over the development and maintenance of financial information systems, access and change, data input and output, file storage and storage, network security and other aspects, so as to ensure the safe and stable operation of the system, such as establishing and perfecting the corresponding financial user management system, strengthening the management of access to important business systems, and avoiding improper and unauthorized authorization. Responsibilities such as cross account operation of user accounts and other risks.

In the industry's view, the above training of regulators will further enhance listed company's awareness of financial normalization and ultimately bring about improvement in listed company quality.

"In the past, although the new three Board companies had formally met the regulatory rules of public companies after listing, some companies did have financial irregularities, which is precisely correcting the situation." A broker from East China investment bank pointed out that "on the one hand, the new three boards are facing the reform of the selective layer. It is imperative to enhance the quality of listed company. On the other hand, the threshold of investors is also declining. As a potential pool of quasi IPO projects, the promotion of listed company's financial quality standards will also help attract more funds into the Nuggets and enhance the activity of the third board market."