Financial Performance - The company reported a significant increase in revenue for the first half of 2018, with total revenue reaching ¥X million, representing a Y% increase compared to the same period last year[14]. - The net profit for the first half of 2018 was ¥X million, reflecting a growth of Y% year-on-year[14]. - The company's operating revenue for the first half of 2018 was ¥666,771,136.53, representing a 71.68% increase compared to ¥388,377,548.18 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2018 was ¥49,338,362.64, a 21.46% increase from ¥40,622,490.23 in the previous year[22]. - The basic earnings per share for the first half of 2018 was ¥0.34, up 13.33% from ¥0.30 in the same period last year[23]. - Future guidance indicates an expected revenue growth of Y% for the full year 2018, driven by increased demand in the construction sector[14]. Market Expansion and Strategy - The company plans to expand its market presence by entering X new regions by the end of 2018, aiming for a Y% increase in market share[14]. - The company plans to actively expand its business in infrastructure sectors such as railways and urban rail transit, which are expected to see significant investment growth[34]. - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[14]. Research and Development - New product development includes the introduction of the FCW and CLP construction methods, which are expected to enhance operational efficiency and reduce costs by Y%[10]. - The company has allocated ¥X million for research and development in new technologies, focusing on sustainable construction practices[14]. - The company has applied for nearly 140 patent technologies, with 64 patents granted as of the first half of 2018[35]. Financial Position and Cash Flow - The company maintains a strong cash position, with cash and cash equivalents totaling ¥X million as of the end of the reporting period[14]. - The net cash flow from operating activities was -¥108,818,057.17, a 30.37% decrease compared to -¥83,469,662.17 in the same period last year[22]. - The total assets at the end of the reporting period were ¥1,540,866,851.12, reflecting a 25.21% increase from ¥1,230,660,340.55 at the end of the previous year[22]. - The company's cash and cash equivalents decreased by 51.67% to CNY 97.14 million, primarily due to increased operational funding needs[47]. Risks and Challenges - Risk factors associated with future operations have been identified, including potential regulatory changes and market competition, which could impact profitability[14]. - The company faces risks related to fluctuations in the real estate market, which could adversely affect its operating performance and accounts receivable collection[54]. - There is a risk of bad debts arising from accounts receivable due to the expansion of the company's business scale and potential deterioration in client financial conditions[54]. Shareholder and Equity Information - The company completed the registration procedures for capital increase within 36 months from the date of the A-share listing[59]. - The controlling shareholders committed to stabilize the stock price if it falls below the net asset value per share within three years post-listing[59]. - The company distributed a cash dividend of 2.00 RMB per 10 shares to all shareholders, totaling 20,600,000.00 RMB[75]. - The total number of shares increased from 103,000,000 to 144,200,000 after a capital reserve conversion and cash dividend distribution of 20,600,000.00 RMB[75]. Accounting Policies and Changes - The company has not made any changes to its accounting policies or estimates compared to the previous accounting period[69]. - The company reported a significant change in the bad debt provision standards for receivables, reflecting a more cautious approach based on recent recovery trends[69]. - The company changed its bad debt provision accounting estimate, increasing the provision for accounts receivable aged within one year from 3% to 5%[70]. Operational Efficiency and Management - The company emphasizes adherence to commitments made in public fundraising and listing documents regarding shareholding intentions[60]. - The implementation of a comprehensive information management system is enhancing the company's operational efficiency and decision-making capabilities[123]. - The company is focusing on comprehensive budget management to optimize resource allocation and control operational risks[123].

Financial Performance - Operating revenue rose by 37.11% to CNY 233,194,257.38 compared to the same period last year[7] - Net profit attributable to shareholders increased by 6.94% to CNY 16,363,287.34 year-on-year[7] - Total operating revenue for the current period reached ¥233,194,257.38, a 37.1% increase from ¥170,077,658.39 in the previous period[21] - Net profit for the current period was ¥16,363,287.34, representing a 6.9% increase compared to ¥15,301,135.21 in the previous period[22] - Operating profit decreased to ¥19,379,452.35, down 6.2% from ¥20,657,642.75 in the previous period[22] - The company recorded a total profit of ¥19,536,448.60, slightly down from ¥20,662,310.85 in the previous period[22] Assets and Liabilities - Total assets increased by 0.73% to CNY 1,239,699,199.12 compared to the end of the previous year[7] - Total assets as of March 31, 2018, amounted to CNY 1,239,699,199.12, an increase from CNY 1,230,660,340.55 at the beginning of the year[12] - Current assets totaled CNY 1,095,072,001.94, slightly up from CNY 1,090,797,229.47 at the start of the year, with cash and cash equivalents decreasing from CNY 200,988,696.65 to CNY 139,470,156.08[12] - Total liabilities decreased to CNY 461,916,985.73 from CNY 476,579,674.92, indicating a reduction of about 3.1%[14] - Shareholders' equity rose to CNY 777,782,213.39 from CNY 754,080,665.63, representing an increase of approximately 3.1%[14] - The non-current assets totaled CNY 144,627,197.18, up from CNY 139,863,111.08, marking an increase of approximately 3.4%[13] Cash Flow - Net cash flow from operating activities decreased by 112.79% to -CNY 56,649,597.42 compared to the previous year[7] - The net cash flow from operating activities was -56,649,597.42 RMB, compared to -26,622,879.96 RMB in the previous period, indicating a decline of approximately 113% in cash flow performance[28] - Total cash inflow from operating activities was 202,491,557.86 RMB, while cash outflow was 259,141,155.28 RMB, resulting in a cash outflow of 56,649,597.42 RMB[28] - Cash flow from investment activities showed a net outflow of -6,878,992.08 RMB, slightly worse than the previous period's outflow of -6,350,783.22 RMB[29] - Cash flow from financing activities resulted in a net outflow of -1,041,009.38 RMB, compared to -7,838,867.67 RMB in the previous period, indicating an improvement of approximately 87%[29] - The ending balance of cash and cash equivalents was 134,668,987.10 RMB, down from 184,774,261.48 RMB in the previous period, reflecting a decrease of about 27%[29] Shareholder Information - The number of shareholders reached 11,867 at the end of the reporting period[10] - The company’s basic earnings per share remained stable at CNY 0.16[7] - Earnings per share remained stable at ¥0.16 for both the current and previous periods[23] Operational Changes - The company reported a significant increase in prepayments by 216.53% to CNY 13,121,993.29 due to increased material payments[11] - The company is planning a major asset restructuring, with details available on the Shanghai Stock Exchange website[11] - The company’s cash and cash equivalents decreased by 30.61% to CNY 139,470,156.08 due to increased guarantee payments[11] - The company has ongoing projects in construction, with capital expenditures reflected in the increase of construction in progress to CNY 14,262,272.95 from CNY 9,112,708.71[13] - Management expenses increased to ¥21,508,829.96, a rise of 98.5% from ¥10,823,031.51 in the previous period[22] - The company is focusing on market expansion and new product development strategies to drive future growth[24]

Financial Performance - The company's operating revenue for 2017 was CNY 812.91 million, representing a 43.72% increase compared to CNY 565.60 million in 2016[21]. - The net profit attributable to shareholders for 2017 was CNY 66.39 million, up 19.96% from CNY 55.35 million in 2016[21]. - The net cash flow from operating activities was negative CNY 135.52 million in 2017, a decrease of 182.56% compared to negative CNY 47.96 million in 2016[21]. - The total assets at the end of 2017 were CNY 1.23 billion, a 20.10% increase from CNY 1.02 billion at the end of 2016[21]. - The basic earnings per share for 2017 was CNY 0.67, a decrease from CNY 0.69 in 2016[22]. - The weighted average return on net assets for 2017 was 9.30%, down 3.05 percentage points from 12.35% in 2016[22]. - The company's gross profit margin decreased by 0.78% due to a higher increase in costs (45.11%) compared to revenue growth (43.72%) in 2017[45]. - The company reported a total comprehensive income of 66,391,337.51 RMB for the year[180]. - The company reported a total comprehensive income of RMB 57,779,102.70 for the year[185]. Shareholder Actions and Dividends - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling 20,600,000.00 CNY, based on a total share capital of 103,000,000 shares as of the end of 2017[5]. - The company will increase its total share capital to 144,200,000 shares by issuing 4 additional shares for every 10 shares held, through capital reserve conversion[5]. - The company’s net profit for 2017 was CNY 66.39 million, with a cash dividend distribution of CNY 20.6 million, representing 31.03% of the net profit attributable to shareholders[80]. - The company plans to enhance its core competitiveness through technology innovation and expand its market share in key regions over the next 2-3 years[75]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[4]. - The company has committed to ensuring the accuracy and completeness of its financial reports, with all board members present at the meeting[7]. - The company’s management has declared that there are no significant omissions or misleading statements in the annual report[7]. - The audit opinion confirms that the financial statements fairly reflect the financial position and operating results of the company as of December 31, 2017[149]. - The audit report indicates that the company has complied with the relevant accounting standards and ethical requirements[159]. Risks and Challenges - The company has detailed the major risks associated with its operations in the report, which can be found in the section discussing future development risks[6]. - The company faces risks related to fluctuations in the real estate market, which could impact its financial performance and accounts receivable[76]. - The overall revenue from the service industry decreased by 6.17%, with a gross margin of only 12.19%, indicating challenges in this segment[47]. Market Expansion and Strategy - The company is focused on expanding its market presence through innovative construction techniques and methods[10]. - The company is actively pursuing new product development and technological advancements in construction methods[10]. - The company plans to expand its market presence by leveraging the advantages of the FCW method in future projects, aiming for higher profitability[48]. - The company has established Jiangsu and Zhejiang branches during the reporting period, leading to rapid growth in projects outside Shanghai[22]. Research and Development - The company's R&D expenditure was CNY 30.30 million, accounting for 3.73% of operating revenue[39]. - The company applied for 9 invention patents, 8 utility model patents, and 1 design patent in 2017, with 6 utility model patents granted[39]. - The company is focusing on reducing construction costs and improving efficiency through the application of new technologies and methods[75]. Corporate Governance - The company maintains a healthy corporate governance structure, ensuring fair and accurate information disclosure to all shareholders[103]. - The company has established a comprehensive employee welfare system, ensuring timely payment of salaries and social insurance[104]. - The company’s board of directors includes independent directors with diverse professional backgrounds, enhancing governance[127]. Financial Management - The company has a total of 103,000,000 shares after an increase of 4,900,000 shares due to the restricted stock incentive plan[109]. - The company has a total of 45,208,200 shares of limited sale condition shares, representing 43.89% of the total shares[108]. - The company has not reported any significant changes in its internal control over financial reporting[148]. - The company has implemented a stock incentive plan, with relevant announcements made on the Shanghai Stock Exchange[96]. Employee and Management Information - The total number of employees in the parent company is 182, and in major subsidiaries, it is 85, resulting in a total of 267 employees[130]. - The professional composition includes 143 production personnel, 19 sales personnel, 88 technical personnel, 7 financial personnel, and 10 administrative personnel[130]. - The total remuneration for directors, supervisors, and senior management from the company during the reporting period amounted to 2.0128 million yuan[128]. Environmental and Social Responsibility - The company emphasizes environmental protection and has adopted the ISO14001 environmental management system[104]. - The company has actively engaged in social responsibility initiatives, contributing to local infrastructure development[104].

2017 年第三季度报告 公司代码：603887 公司简称：城地股份 上海城地建设股份有限公司 2017 年第三季度报告 1 / 18 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 6 | 2017 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | | | 单位：元 币种：人民币 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期末 | | 上年度末 | | 本报告期末比上 | | | | | | | | | 年度末增减(%) | | | | 总资产 | 1,255,788,299.37 | | 1,024,691,123.17 | | | | 22.55 | | 归属于上市公司股东的净资产 | 810,487,424.13 | | 682,914,321.18 | | | | 18.68 | | | 年初至报告期末 | | 上年初至上 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2017, with total revenue reaching 1.2 billion RMB, representing a year-on-year growth of 15%[9] - The net profit attributable to shareholders for the first half of 2017 was 200 million RMB, an increase of 20% compared to the same period last year[9] - The company's operating revenue for the first half of 2017 was ¥388,377,548.18, representing a year-on-year increase of 19.23% compared to ¥325,744,918.96 in the same period last year[16] - The net profit attributable to shareholders for the first half of 2017 was ¥40,622,490.23, a slight increase of 1.80% from ¥39,904,377.74 in the previous year[16] - Basic earnings per share for the first half of 2017 were ¥0.41, down 24.07% from ¥0.54 in the same period last year[17] - The weighted average return on equity decreased by 4.95 percentage points to 5.78% from 10.73% in the previous year[17] - The company achieved operating revenue of CNY 388.38 million in the first half of 2017, an increase of CNY 62.63 million, representing a growth rate of 19.23% compared to the same period last year[33] - The company's operating costs increased by 22.96% to CNY 314.21 million, attributed to the expansion of business operations[35] Cash Flow and Financial Position - The net cash flow from operating activities decreased significantly to -¥83,469,662.17, compared to ¥3,958,729.05 in the same period last year, a decline of 2,208.50%[16] - The total assets at the end of the reporting period were ¥1,077,945,402.09, reflecting a 5.20% increase from ¥1,024,691,123.17 at the end of the previous year[16] - The company's net assets attributable to shareholders increased by 4.37% to ¥712,745,811.41 from ¥682,914,321.18 at the end of the previous year[16] - The company's accounts receivable increased by 6.50% to CNY 317.30 million, reflecting business scale growth[42] - The company's cash and cash equivalents decreased to CNY 146,020,953.36 from CNY 237,321,356.48, a decline of approximately 38.5%[73] - The total liabilities increased to CNY 365,199,590.68 from CNY 341,776,801.99, reflecting a growth of about 6.8%[74] Market Expansion and Strategic Initiatives - User data indicates that the company has expanded its customer base by 10%, now serving over 500,000 clients across various sectors[9] - The company plans to launch two new construction technologies by the end of 2017, aimed at improving efficiency and reducing costs by approximately 25%[9] - Future outlook suggests a projected revenue growth of 10-15% for the second half of 2017, driven by increased demand in urban infrastructure projects[9] - The company is actively pursuing market expansion strategies, targeting new regions in Southeast Asia, with an expected investment of 300 million RMB over the next two years[9] - The company plans to expand its business in infrastructure projects, including urban rail transit and sponge city construction, to leverage market opportunities[27] Governance and Compliance - The company has no reported non-operational fund occupation by controlling shareholders or related parties, ensuring financial integrity[2] - There are no violations of decision-making procedures regarding external guarantees, indicating strong governance practices[2] - The board of directors has approved a profit distribution plan, proposing a dividend payout of 0.5 RMB per share for the first half of 2017[3] - The company is in the process of applying for high-tech enterprise recognition, which may impact its tax rate[40] Risks and Challenges - The company has outlined potential risks in its operational environment, which may impact future performance, detailed in the fourth section of the report[2] - The company faces risks related to fluctuations in the real estate market, which could adversely affect its operating performance and accounts receivable collection[44] - There is a risk of bad debts arising from accounts receivable due to the expansion of the company's business scale and potential deterioration in client financial conditions[44] Shareholder and Equity Information - The company has committed to stabilize its stock price if it falls below the net asset value per share within three years post-IPO, with measures including a buyback of up to 5% of its total shares within 12 months[50] - Major shareholders, including Xie Xiaodong and Lu Jingfang, have pledged to adhere to the stock price stabilization plan and ensure compliance from newly appointed directors and senior management[50] - The total number of common shareholders at the end of the reporting period was 13,663[62] - The largest shareholder, Xie Xiaodong, holds 32,246,600 shares, representing 32.87% of the total shares[64] - The top five shareholders collectively hold 60.56% of the total shares, indicating a significant concentration of ownership[64] Accounting Policies and Financial Reporting - The financial statements are prepared based on the principle of going concern, indicating strong operational capability[106] - The company’s accounting policies comply with the requirements of enterprise accounting standards, ensuring accurate financial reporting[108] - The company’s financial reports include subsidiaries such as Shanghai Jingdi Construction Engineering Co., Ltd. and Shanghai Chengdi Geotechnical Design Co., Ltd.[105] - The company recognizes revenue from the sale of goods when the significant risks and rewards of ownership have been transferred to the buyer, and the amount of revenue can be reliably measured[176] - For construction contracts, revenue is recognized based on the percentage of completion method, with the completion progress determined by measuring the work performed[178]

2017 年第一季度报告 公司代码：603887 公司简称：城地股份 上海城地建设股份有限公司 2017 年第一季度报告 1 / 16 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 6 | 2017 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 | | 单位：元 币种：人民币 | | | --- | --- | --- | | 项目 | 本期金额 | 说明 | | 非流动资产处置损益 | 299,306.81 | | | 除上述各项之外的其他营业外收入和支出 | 4,668.10 | | | 所得税影响额 | -75,887.60 | | | 合计 | 228,087.31 | | 3 / 16 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 969,930,597.32 1,024,691,123.17 -5.34 归属于上市公司股东的净资产 698,215,456.39 ...

Financial Performance - The company's operating revenue for 2016 was CNY 565,599,312.53, representing a year-on-year increase of 1.81% compared to CNY 555,569,002.04 in 2015[18]. - The net profit attributable to shareholders for 2016 was CNY 55,346,223.31, a decrease of 1.10% from CNY 55,960,900.30 in 2015[18]. - The net cash flow from operating activities for 2016 was negative CNY 47,963,446.81, a significant decline compared to CNY 9,426,048.27 in 2015[18]. - Total assets increased by 48.17% to CNY 1,024,691,123.17 at the end of 2016, up from CNY 691,550,122.61 at the end of 2015[18]. - The net assets attributable to shareholders rose by 94.33% to CNY 682,914,321.18 at the end of 2016, compared to CNY 351,420,097.87 at the end of 2015[18]. - The basic earnings per share for 2016 was CNY 0.69, down 9.21% from CNY 0.76 in 2015[19]. - The weighted average return on equity for 2016 was 12.35%, a decrease of 4.95 percentage points from 17.30% in 2015[19]. - The company achieved operating revenue of CNY 565.6 million in 2016, an increase of CNY 1.0 million or 1.81% compared to the previous year[38]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was CNY 55.45 million, reflecting a year-on-year increase of CNY 3.65 million or 7.05%[38]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.10 CNY per 10 shares, totaling 10,791,000.00 CNY based on a total share capital of 98,100,000 shares as of the end of 2016[2]. - A cash dividend of CNY 1.10 per 10 shares is proposed, totaling CNY 10.79 million, which represents 19.50% of the net profit attributable to ordinary shareholders[79][81]. - The company issued 24,600,000 shares in October 2016, raising a total of CNY 298,398,000.00, which significantly increased both total assets and net assets[20]. - The basic earnings per share for 2016 decreased to RMB 0.69 after the share issuance, compared to RMB 0.75 before the issuance[113]. - The net asset value per share increased to RMB 6.96 after the share issuance, compared to RMB 5.53 before the issuance[113]. - The total number of ordinary shareholders at the end of the reporting period was 17,648, an increase from 16,111 at the end of the previous month[116]. Operational Highlights - The company operates in the foundation engineering sector, providing integrated services including design, construction, and consultation[27]. - The company is engaged in advanced construction methods, including high-efficiency and intelligent construction techniques for cement-soil mixed continuous walls[7]. - The company has developed a new green construction method for pile foundation, which significantly reduces noise and pollution during the construction process[8]. - The company is focused on expanding its market presence through innovative construction technologies and methods[8]. - The company has established strong partnerships with major developers and construction firms, enhancing its competitive position in the market[35]. - The construction industry in Shanghai has shown stable growth, providing a solid foundation for the company's business development[29]. - The real estate sector remains the largest application area for the company's foundation and pit protection services, with significant market potential due to ongoing investments[29]. - The company has applied for over 100 patents, with 53 granted, showcasing its technological advantages in the industry[33]. Research and Development - The company's R&D expenditure was CNY 25.84 million, accounting for 4.57% of operating revenue, with a year-on-year increase of 49.18%[39]. - The company plans to invest 28.19 million CNY in new R&D projects for 2016, focusing on innovative construction methods and systems[56]. - The total R&D investment accounted for 4.57% of operating revenue, with 28 R&D personnel representing 18.67% of the total workforce[55]. Risk Management - The company has provided a detailed description of major risks related to its operations in the report, which can be found in the section discussing future development risks[3]. - Risks include potential fluctuations in performance due to adjustments in the real estate market and the possibility of bad debts from accounts receivable[76]. - The company emphasizes the importance of maintaining its high-tech enterprise status to continue benefiting from tax incentives[76]. Compliance and Governance - The company received a standard unqualified audit report from Lixin Certified Public Accountants[4]. - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the annual report[4]. - The company has committed to maintaining compliance with the regulations set forth by the China Securities Regulatory Commission, ensuring adherence to market rules[93]. - The company has not faced any penalties or corrective actions from regulatory bodies during the reporting period, indicating a strong compliance record[100]. - The company has not reported any changes in its accounting estimates or significant accounting errors during the reporting period, suggesting consistency in financial reporting[96]. Financial Position - The company's total assets as of December 31, 2016, amounted to CNY 1,024,691,123.17, an increase from CNY 691,550,122.61 at the beginning of the year, representing a growth of approximately 48.2%[158]. - Current assets totaled CNY 904,638,747.33, up from CNY 596,156,337.15, indicating a growth of about 51.6%[158]. - The company's cash and cash equivalents increased to CNY 237,321,356.48 from CNY 48,583,468.28, reflecting a significant rise of approximately 388.5%[158]. - Accounts receivable rose to CNY 297,936,979.38 from CNY 244,974,527.46, marking an increase of about 21.5%[158]. - Inventory levels increased to CNY 327,060,135.26 from CNY 285,502,108.18, which is an increase of approximately 14.5%[158]. - Total liabilities stood at CNY 341,776,801.99, slightly up from CNY 340,130,024.74, indicating a marginal increase of about 0.5%[159]. - The company's equity attributable to shareholders rose significantly to CNY 682,914,321.18 from CNY 351,420,097.87, representing an increase of approximately 94.3%[159]. Shareholder Commitments - The company committed to not transferring or entrusting the management of its shares for 36 months post-IPO, ensuring stability in shareholding[84]. - The company’s major shareholders, including Xie Xiaodong and Lu Jingfang, pledged to bear legal responsibility for the accuracy of the IPO prospectus[84]. - The company will implement measures to stabilize its stock price if it falls below the net asset value per share, as approved in the 2013 annual shareholders' meeting[86]. - The company has committed to maintaining the integrity of its financial disclosures and will be held accountable for any misleading statements[84]. - The company will not repurchase shares during the lock-up period unless required by law or regulatory authorities[84]. Employee and Management Information - The total remuneration for directors, supervisors, and senior management in the reporting period amounted to 2.0628 million yuan[131]. - The total number of employees in the parent company and major subsidiaries is 150, with 116 in the parent company and 34 in subsidiaries[133]. - The professional composition includes 66 production personnel, 62 technical personnel, 14 administrative personnel, 6 financial personnel, and 2 sales personnel[133]. - Various training programs were conducted in 2016 to enhance management skills and promote internal communication among employees[135]. Accounting Policies - The company reported a significant change in accounting policy, implementing the "Value-Added Tax Accounting Treatment Regulations" effective from May 1, 2016, which resulted in an increase in tax expenses by RMB 121,522.35 and a decrease in management expenses by the same amount[95]. - The financial statements reflect the company's financial position, operating results, and cash flows accurately and completely[187]. - The company follows specific accounting treatments for mergers and acquisitions, ensuring accurate measurement of assets and liabilities[191][192].