Summary by Futu AI
China Central Automobile Co., Ltd. (CRRC) issued a notice on March 28, 2024 announcing that the company has implemented new accounting policy changes in accordance with the newly issued and revised accounting criteria requirements of the Ministry of Finance. The change includes the implementation of new insurance contract accounting guidelines and an accounting treatment provision that does not apply to deferred income tax exemptions for assets and liabilities arising from individual transactions. THE COMPANY ACKNOWLEDGES THAT THIS CHANGE IN ACCOUNTING POLICY DID NOT HAVE A SIGNIFICANT IMPACT ON THE COMPANY'S FINANCIAL CONDITION AND OPERATING RESULTS. It is noted in the announcement that no insurance-related transactions have occurred and the adoption of the above provisions does not have a material impact on the company's financial condition and operating results. CRRC's Board of Directors and all directors are legally responsible for the truthfulness, accuracy and completeness of the contents of the announcement.