Accounting Standards for Business Enterprises 2002

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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 standard text and the guidance. The guidance explains the standard text and, like the text itself, carries legal authority. Since 1993, the Ministry of Finance has been dedicated to the research and development of specific standards. After years of arduous efforts, this work 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 5 already-published specific standards have been revised.