Gpro Titanium adjusts accounting estimates for receivables

Gpro Titanium Industry (SZSE:000545) announced changes to its accounting estimates, effective December 1, 2022. The adjustments relate to the termination of recognition for certain bank acceptance bills and the methodology for estimating bad debt provisions on accounts receivable. The company will now terminate recognition of bank acceptance bills with high credit ratings (AAA or above). In estimating bad debt provisions, the company is modifying its approach for receivables, and it will now individually assess financial support approved by the board. The company said the changes are in compliance with accounting standards and will provide a more accurate reflection of its financial position. The company stated these changes will not impact its prior financial results. As a result of the change in accounting estimates, the company's accounts receivable increased by 146.39 million yuan, and accounts receivable financing decreased by 13.31 million yuan in 2022.