Discussion files – Accounting Intake 52
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Module 3
<b>Vinashin </b>
After more than 4 months ( from July to November 2010 ) inspecting production and
business activities in Vinashin, government inspectors found a series of irregularities in
institutional building activities, mobilization and management of financing funds.
According to the inspection results, Vinashin’s total assets as at Dec. 31, 2009 is
VND102,000 billions ( VND92,500 billions after eliminating internal receivables). At that point
in time Vinashin 's liabilities are over VND86,700 billions.
Vinashin’s audited financial statements 2009 show that Vinashin’s loss just VND1,700
billions, but government inspectors determined real losses of the corporation to be nearly
VND5,000 billions, more than VND3,300 billions compared with the audit report.
Specifically, Vinashin has lost nearly VND848 billions from not recognizing in the income
statement costs of shipbuilding contracts completed and transfered to the shipowner;
payments for ship management companies, depreciation expense for assets using for
operations...
Vinashin also suffers a loss of VND2,455 billions due to exchange rate differences arising
from the revaluation of assets and long-term liabilities denominated in foreign currencies.
In addition, Government Inspectors pointed out that Vinashin also suffers a contingent loss
of VND8,500 billions, of which nearly VND2,800 billions is the work in process cost of
shipbuilding contracts that have been canceled; VND 4,700 billions is unidentifiable debtors’
internal receivables and VND1,000 billion is the penalty paid to the shipowner due to
Vinashin’s breach of contract.
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