Accounting Standards for Business Enterprises 2003

Author: Ministry of Finance of the People's Republic of China
Publisher:
Publish Date: 2004-06-01
Features: Chinese Accounting Standards consist 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 address specific accounting transactions. Each specific standard includes two parts: the main text of the standard and the guide. The guide provides interpretations of the main text, and, like the main text, it carries legal force.