Enterprise Accounting Standards. 2002 (2002)

Author: Ministry of Finance of the People's Republic of China
Publisher:
Publish Date: 2002-10-01
Features: The Chinese Accounting Standards System consists of two levels: basic standards and specific standards. The "Enterprise Accounting Standards" implemented in 1993 serve as the basic standards. They specify the basic assumptions, general principles, accounting elements, and general requirements for financial statement preparation. Specific standards are formulated based on the requirements of the basic standards to provide detailed regulations for accounting practices. Each specific standard includes two parts: the main text of the standard and the guide. The guide explains the main text of the standard and, like the main text, carries legal force. Since 1993, the Ministry of Finance has been dedicated to the research and formulation of specific standards. After years of hard work, this effort has achieved preliminary results. From May 1997 to the present, 16 specific standards, such as "Enterprise Accounting Standards—Disclosure of Relationships with Related Parties and Transactions," have been released, and five previously issued specific standards have been revised.