A-share company whitewash performance: "Accounting estimates change" magic

Accounting is evolving from a technology to "art" or even "magic". December 14, Yatai Group (600881. SH) issued a notice of changes in accounting estimates, which has been the 60th since the second half of the announcement of such a-share company. The previous December 11, Shenyang machine tool (000410. SZ) issued an accounting estimates change in the announcement that the company intends to carry out receivables in the provision for the provision of the proportion of changes, the move is expected to increase the 2013 net profit of 2.32 million yuan. "Shenyang machine tool at this time to make accounting estimates change dress up the results have a deep meaning, its May this year, the increase in the shares will be lifted in May 2014." "Even the wealth of paper could inflate the company's valuations," said a private-equity insider. In fact, the use of accounting estimates to change the performance of the "cosmetic", has become a number of listed companies to manipulate the report of the conventional means. 21st century economic reporter statistics found that only the second half of the year, there have been 60 a-share listed companies issued accounting estimates change notice, mainly by reducing the provision of bad debts, prolong the life of fixed assets and other practices, to the book profit "Water injection." Accounts receivable "Magic" after the benefit "in the accounting practice, the use of accounts Receivable accounting estimates change regulation of profit is more common." "said the partner of an accounting firm in Fujian. Tianjin Pu Lin (002134. SZ) In 2013, the net profit loss of 48 million to 58 million yuan, the accounting estimates will be changed, the accounts receivable, other receivables for the provision of bad debts, from the age of 1 years within 5% sharp reduction to 0.5%. Since the accounting estimates change from November 1, 2013 onwards, is expected to increase the net profit of about 6.3 million yuan, although not to avoid this year's losses, but conducive to profitability next year. Compared to the Tianjin General forest in place, Shenyang machine tool is divided into two steps, before the change, its aging within 1 years of accounts receivable and other receivables accounted for the proportion of 5%. After the change, the account receivable and other receivables are changed into 6 months and 6-12 months, and the corresponding proportion is 0% and 5% respectively. In addition to providing convenience for the shareholders, the accounts receivable bad debt preparation for the proportion of changes, but also widely used in listed companies refinancing. Medium Super Cable (002471. SZ) is a "synthesizer" of this practice. July 4, it will be the original 1 years within the Accounts receivable 5%, change to 0-6 months to 0.5%, 7 months-1 years of 5%, resulting in the most recent period of net increase of 23.34 million yuan, accounting for 2012 of the net profit proportion of up to 44.31%. After the outstanding results, its 67.8 million shares announced the non-public offering circulation on December 9, and its decision issued in April this year, the 600 million yuan corporate debt application, also on December 9 through the SFC audit. Anyuan coal Industry (600397. SZ) 's wishful thinking was a result of an accident. November 8 disclosed that its withdrawal of 1.2 billion yuan issued a debt application has been approved by the SFC, due to September 30 its subsidiary Fengcheng Qujiang Coal Company occurred in coal and gas accidents caused 11 people died. Earlier, to tie in with this AprilThe company's debt decision, July 25, Anyuan Coal industry announcement starting from April 1 corresponding to the collection of bad debts to adjust the proportion to increase the net profit of about 25.56 million yuan, but also the fixed assets depreciation years adjustment, increase net profit of about 43.97 million yuan. Manipulating the profit trick more "companies that use accounting estimates change, most of them have rights issues, issue, issuance of corporate debt, reduce, to avoid ST or turn the demand, in the supervision of the increase in the current, has become the year and the next year to improve the profit maneuverability of the optimal choice. "The changes in accounting estimates are subject to future applicable law and do not retroactively adjust the previous year's profit and loss," said the partner. Aluminium shares (002160. SZ) November 19 announced that the previous accounting method for all by the production of the finished product to undertake indirect manufacturing costs, change for the product, semi-finished products by about when the output of the conversion and finished products jointly bear, for 2013 to bring 15 million yuan profit, And its 2012 and the first three quarters of this year respectively loss of 69.2549 million yuan and 52.7135 million yuan, there is the risk of St. "In the change of accounting estimates, the impairment of the provision of bad debts and prolong the service life of fixed assets, especially the enterprises with larger value of fixed assets, change the depreciation life of a fixed asset, which affects the profit and loss in the next few years." said the partner. such as Western resources (600139. SH), the amortization period of the fair value and the original book value of the Ag-Mao mining right is changed from 7.89 years to 13.91 years, the annual amortization amount is reduced by about 27 million yuan, but its net profit in 2012 and the first three quarters of this year is only 186.47 million yuan and 11.0358 million yuan respectively. Tianhong Shopping Mall (002419. SZ) will increase the depreciation of houses and buildings from 20 to 40, increase net profit of about 5.52 million yuan in 2013. "Now the listed companies manipulate the profit margin through the related transaction is small, the adjustment of profit through the accounting method is more prominent, especially in the background of economic depression is more obvious." "The change in accounting estimates does not change the value of the asset itself, but it can create a book profit directly," said the partner. However, the partner cautioned that the use of accounting estimates to manipulate profits is not equivalent to financial fraud, which is easy to identify, the latter more difficult to judge.