Enterprise Accounting Standards (2002)

Author: None
Publisher:
Publish Date: 2002-10-01
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 main text and guidelines. The guidelines provide interpretations of the main text and, like the main text, carry legal force. Since 1993, the Ministry of Finance has been dedicated to the research and development of specific standards. After years of hard work, this effort has yielded preliminary results. From May 1997 to the present, 16 specific standards, such as "Enterprise Accounting Standards—Disclosure of Relationships and Transactions with Related Parties," have been issued successively, and five previously issued specific standards have been revised.