Enterprise Accounting Standards 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: fundamental standards and specific standards. The "Enterprise Accounting Standards" implemented in 1993 serve as the fundamental 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 fundamental standards to address specific accounting practices. Each specific standard includes two parts: the main text and guidance. The guidance provides interpretations of the main text and, like the main text, carries legal effect.