Zgar International (M) SDN BHD , https://www.zgarvape.com
12.77 million! Ganzhao Optoelectronics received government subsidies
On August 31, Ganzhao Optoelectronics released an announcement regarding the receipt of government subsidies. The notice outlined 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 hereafter as "the company") had been granted discounted interest for its imported products between July 1, 2015, and June 30, 2016. This subsidy amounted to RMB 12,775,400. The full payment for this subsidy was received on August 30, 2017.
According to the relevant provisions of the "Accounting Standards for Business Enterprises No. 16 – Government Subsidy," the company has classified these import interest subsidies as government grants linked to assets. As such, the subsidies were recorded as deferred income upon receipt and will be allocated to the related assets over their useful life. The portion corresponding to each accounting period will then be gradually recognized as part of the profit or loss.
This financial update provides transparency into how the company handles government subsidies and reflects its adherence to proper accounting practices. It’s always exciting to see how companies can benefit from such support, especially when it contributes to sustainable growth and innovation.
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