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PREPAID EXPENSE AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2016

PREPAID EXPENSE AND OTHER ASSETS

Schedule of prepaid expenses and other assets

		December 31, 2015		December 31, 2016
		RMB		RMB
Funds receivable from external payment network providers (i)		197,904		306,758
Prepaid VAT and surcharge tax		27,536		86,767
Tax refund receivable (ii)		—		47,338
Prepaid expense		14,354		10,540
Others		6,929		15,360
Total		246,723		466,763

(i) The Company opened accounts with external online payment service providers to collect and transfer loan funds and interest to investors or borrowers, repay and collect the default loan principal and interest, then transfer to the bank accounts of China Guangfa Bank. The Company also uses such accounts to collect the transaction fee and service fee. The balance of funds receivable from external payment network providers mainly includes accumulated amounts of transaction fee, service fee received at the balance sheet date.

(ii) Yi Ren Heng Ye was recognized as a Software Enterprise and thereby entitled to enjoy full exemption from EIT for two years since the first year of profit, i.e., 2015 and 2016. The income tax of RMB47 millions already paid for 2016 was recognized as tax refund receivable upon the confirmation of the tax exemption status in 2016.

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- References

No definition available.

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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