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China Master GAAP Guide 2011/12 (8th edition)

China Master GAAP Guide 2011/12 (8th edition)

  • Author:
  • Publisher: CCH Hong Kong
  • ISBN: 9789881934888
  • Published In: July 2011
  • Format: Paperback , 976 pages
  • Jurisdiction: China ? Disclaimer:
    Countri(es) stated herein are used as reference only
New Edition is available now !
  • Description 
  • Contents 
  • Author 
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    In 2006, the Chinese Ministry of Finance (MOF) promulgated a revised set of Accounting Standards for Business Enterprises (ASBE). The MOF and the International Accounting Standards Board (IASB) regard the ASBE as substantially reflective of the International Financial Reporting Standards (IFRS).

    • As a major step towards economic globalisation and capital market development, the Ministry of Finance (MOF) of China promulgated a revised set of Accounting Standards for Business Enterprises and its Application Guidance (hereinafter referred to as ASBE (2006)) on 15 February 2006 and 30 October 2006 respectively.
    • The ASBE (2006) will firstly be applied to those listed enterprises in China from 1 January 2007. Other Chinese enterprises are encouraged to apply them.
    • This 8th Edition of the China Master GAAP Guide provides comprehensive, practical and up-to-date commentary on ASBE (2006). Each of the 39 accounting standards is explained in detail and illustrated extensively with examples. A chapter on the Application Guidance is also included.

    What’s new in this edition?

    More and more types of Chinese enterprises are encouraged to apply ASBE (2006):

    • From 2007: Listed enterprises, insurance enterprises, securities enterprises, fund management enterprises and investment funds
    • From 2008: Banks (other than rural banks), medium-sized or large-sized enterprises in Shenzhen
    • From 2009: Rural banks, medium-sized or large-sized enterprises in Shanxi and Yunnan Province
    • From 2010: medium-sized or large-sized enterprises in Guangzhou, Shaanxi Province and Xiamen
    • From 2011: medium-sized or large-sized enterprises in Fujian Province, Qingdao and Shanghai

    On 9 April 2010, the MOF released a “roadmap” for ongoing international convergence of accounting standards (Caikui [2010] No. 10). Under the roadmap, China will bring up the unique issues of the emerging market economy and will make a strong contribution to the achievement of a single set of high quality global accounting standards in response to the G20 recommendations.

    Since the implementation of ASBE (2006), the MOF has issued:-

    • Four Interpretations (ie Interpretation No. 1 (Caikuai (2007) No 14), Interpretation No. 2 (Caikuai (2008) No 11); Interpretation No. 3 (Caikuai [2009] No. 8) and Interpretation No. 4 (Caikuai [2010] No. 15)
    • one supplementary Explanatory Guidance of ASBE (2006) (first launched in April 2007, revised in September 2008) ; and
    • Provision of Accounting Treatments Relating to Insurance Contracts (Caikuai (2009) No 15)
    • to give authoritative guidance on newly identified accounting issues not specifically addressed in ASBE (2006) or issues where unsatisfactory or conflicting interpretations have developed or likely to develop in the absence of such guidance.

    This new edition has covered specific provisions as set out in the above Interpretations and guidance, where relevant, to help readers understand not only the accounting principles but also the practical accounting treatments.

    The Hong Kong Master GAAP Guide, in its 11th Edition, is a handy desktop reference book and provides comprehensive, user-friendly and up-to-date commentary on Hong Kong’s approved accounting standards.

    Features & Benefits

    • Handy bound book
    • English commentary illustrated with worked examples
    • Well-structured index
    • Annual editions to keep subscribers abreast of current and future developments in China accounting standards.
    • Detailed and systematic analysis provides reader-friendly and practical reference for practical use.
    • Written in a plain and straightforward manner for easy understanding.
    • Comparison with international accounting standards to illustrate similarity and differences between Chinese accounting standards and international accounting standards.
  • Contents:

     Introduction
     Basic Standard
     ASBE 1 Inventories
     ASBE 2 Long-term Equity Investments
     ASBE 3 Investment Property
     ASBE 4 Fixed Assets
     ASBE 5 Biological Assets
     ASBE 6 Intangible Assets
     ASBE 7 Exchange of Non-monetary Assets
     ASBE 8 Impairment of Assets
     ASBE 9 Employee Compensation
     ASBE 10 Enterprise Annuity Fund
     ASBE 11 Share-based Payment
     ASBE 12 Debt Restructuring
     ASBE 13 Contingencies
     ASBE 14 Revenue
     ASBE 15 Construction Contracts
     ASBE 16 Government Grants
     ASBE 17 Borrowing Costs
     ASBE 18 Income Taxes
     ASBE 19 Foreign Currency Translation
     ASBE 20 Business Combinations
     ASBE 21 Leases
     ASBE 22 Recognition and Measurement of  Financial Instruments
     ASBE 23 Transfer of Financial Assets
     ASBE 24 Hedging
     ASBE 25 Direct Insurance Contracts
     ASBE 26 Re-insurance Contracts
     ASBE 27 Extraction of Petroleum and Natural Gas
     ASBE 28 Changes in Accounting Policies and Estimates, and Corrections of Errors
     ASBE 29 Events after the Balance Sheet Date
     ASBE 30 Presentation of Financial Statements
     ASBE 31 Cash Flow Statements
     ASBE 32 Interim Financial Reporting
     ASBE 33 Consolidated Financial Statements
     ASBE 34 Earning Per Share
     ASBE 35 Segment Reporting
     ASBE 36 Related Party Disclosures
     ASBE 37 Presentation of Financial Instruments
     ASBE 38 First Time Adoption of Accounting Standards for Business Enterprises
     Accounting System for Small-sized Enterprises
     Application Guidance

  • Mr Patrick Ng, Lecturer of the Department of Business Administration, Hong Kong Institute of Vocational Education

    Ng Eng Juan, Associate Professor of Nanyang Business School of the Nanyang Technological University

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