Small Business Accounting System

Author: China Financial and Audit Regulations
Publisher:
Publish Date: 2004-10-01
Features: The "Accounting System for Small Enterprises" is formulated under the premise of adhering to general accounting principles, drawing on international practices, and combining the actual conditions of small enterprises in China, based on the "Enterprise Accounting System." It fully reflects the characteristics of small enterprises and the needs of users of accounting information. For example: Considering that it is relatively difficult to determine the recoverable amount of long-term assets and that the process of providing for long-term asset impairment requires a significant amount of professional judgment, the accounting system for small enterprises only requires the provision for impairment of short-term investments, inventories, and accounts receivable, without requiring the provision for impairment of long-term assets such as fixed assets and intangible assets.