Xinjiang Goldwind Science & Technology Co (HK:2208) has released an update.
Xinjiang Goldwind Science & Technology Co. has announced changes to its accounting policies in compliance with new guidelines issued by the Ministry of Finance, affecting how guaranteed warranty expenses are presented in financial statements. These changes, effective as of the 23rd of August 2024, will see such expenses included in the cost of sales rather than in selling and distribution expenses, with a retrospective adjustment to past financial statements for comparison. This adjustment reflects a significant shift in financial reporting for the company, with a notable impact on the cost of sales figures reported in the first half of 2023.
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