Latest Explanation and Application of Enterprise Accounting Standards -(Volume 1 and 2)

Author: Written by the Writing Group of "Explanation and Application of the Latest Enterprise Accounting Standards"
Publisher:
Publishing Date: March 1, 2006
Features: On February 15, 2006, the Ministry of Finance of China officially released the newly revised "Enterprise Accounting Standards." This was issued to meet the diverse needs for accounting information under market economy conditions, align with the global trend of international convergence of accounting standards, implement the Scientific Outlook on Development, and promote harmonious social development. The new accounting standards system was revised based on the original one, which consisted of one basic standard and 16 specific standards. The new system comprises over 20 standards, including one basic accounting standard and 38 specific accounting standards. The basic framework of the new accounting standards system is as follows: It includes specific standards for special industries such as basic production, and is presented according to reporting standards like the Cash Flow Statement and Consolidated Financial Statements. It covers the accounting treatment and relevant disclosures of most of a company's economic activities, forming a system adapted to the development process of China's socialist market economy. The new accounting standards system was implemented starting from January 1, 2007, initially for listed companies, and encouraged other enterprises to adopt it ahead of schedule, aiming to cover large and medium-sized enterprises in China in the near future. This book is based on the officially promulgated "Enterprise Accounting System" by the Ministry of Finance, focusing on practicality, operation, and clarity, making it highly applicable and operational. It highlights the following features:
- Show the Development Context: For each standard, it presents the background of its creation, development, and revision, and compares it item by item with the current international standards, striving to help readers not only "know what" but also "understand why," grasping the essence and spirit of the standards' formation and development.
- Comprehensively Reflect Changes: For standards revised from the original ones, it provides a detailed item-by-item comparison to fully and accurately reflect the changes in the standards system. For recently issued standards, it also incorporates minor revisions made from the original release date to February 15, 2006, aiming to comprehensively reflect all changes and provide clear guidance to financial accounting professionals.
- Objective, Accurate, and Realistic: Strictly adhering to the Ministry of Finance's leadership requirement of "not causing chaos," it accurately and objectively reflects the purpose, principles, and specific requirements of the standards system. For clear and non-controversial provisions, it offers precise and practical explanations; for controversial issues or ambiguous areas, it avoids arbitrary opinions or assumptions, maintaining a scientific and pragmatic approach to contribute to the implementation of the new accounting standards system.
- Concise but Appropriate Length: The goal of this book is to serve as a desk reference and tool for financial professionals, with a tightly controlled length. For well-established or traditional content, it briefly covers or provides an index; for recently revised or uncertain areas, it elaborates in detail, explaining terms, scope of application, and methods of use. Thus, although the book is compact, it remains highly operational and practical.
The revision and improvement of the accounting standards system is a dynamic process, and the implementation of the system will also involve an exploration phase. As subsequent work related to the implementation of the system unfolds, readers will find that this book provides significant reference value in helping them understand the reform background, grasp changes between the old and new systems, broaden their international perspective, and quickly master the new accounting standards system.