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12.77 million! Ganzhao Optoelectronics received government subsidies
On August 31, Ganzhao Optoelectronics released an announcement titled "Notice on Receiving Government Subsidies." The document reveals that based on the "Notice on Filing the Relevant Matters Concerning the Import of Interest-Promoting Funds for Encouraging Products in 2016," issued by the Xiamen Municipal Bureau of Commerce (Xiamen Business [2016] No. 178), Xiamen Ganzhao Optoelectronics Co., Ltd. (referred to as "the company") has been granted discounted interest for imported products from July 1, 2015, to June 30, 2016. The total amount of this subsidy is RMB 12,775,400, which was fully received on August 30, 2017.
According to the relevant provisions of the "Accounting Standards for Business Enterprises No. 16 – Government Subsidy," the company categorizes these import interest subsidies as government grants related to assets. These subsidies are recorded as deferred income upon receipt and allocated to related assets over their useful lives. The average distribution is then included in profit or loss over time.
This financial update reflects the company's commitment to transparency and compliance with accounting standards. It’s always encouraging to see businesses leveraging such support to further their growth and innovation.
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Note: The above content is based on the initial announcement and serves as an interpretation of the financial details provided. For more detailed insights, readers should refer directly to the official announcements or contact the company for official statements.