Explanation of the New Enterprise Accounting Standards

Author: Chen Changlong
Publisher:
Publish Date: 2006-08-01
Features: The book is divided into 4 chapters. Chapter 1 explains the impact of the new standards on Chinese enterprises and the current accounting regulations system in China. Chapter 2 covers corporate accounting—the basic principles. Chapter 3 explains the revised 16 specific standards, including inventory, long-term equity investments, fixed assets, intangible assets, etc. Chapter 4 covers the newly added 22 specific standards, including investment property, biological assets, asset impairment, etc. The book analyzes the historical evolution of corporate accounting standards, the main content of the new standards, the differences between the old and new standards, and the impact of implementing the new standards on corporate financial statements. It also includes corresponding examples and charts, making the content rich, clear, and easy to understand. This book is one of the training materials for continuing education of accountants and can also be used as a general textbook for students majoring in finance and economics in higher education institutions...
On February 15, 2006, the Ministry of Finance released a new corporate accounting standards system and an audit standards system. The new corporate accounting standards will first be implemented in listed companies starting from January 1, 2007, while other enterprises are encouraged to adopt them. Among the 38 specific standards, in addition to revising the original 16 standards, the remaining 22 standards are newly added, covering many details such as inventory, debt restructuring, investment property, fixed assets, and corporate annuities. The previous 16 specific standards focused on industrial and commercial enterprises, while the new standards have been expanded to cover a wide range of new fields, including finance, insurance, agriculture, and more, catering to the economic activities of various types of enterprises and filling many gaps in the accounting treatment of new economic activities under China's market economy conditions.