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China Master GAAP Guide (12th Edition)

China Master GAAP Guide (12th Edition) (includes FREE one year access of ONLINE version)

  • Author:
  • Publisher: Wolters Kluwer (HK) (formerly CCH)
  • ISBN: 9789887617112
  • Published In: March 2023
  • Format: Paperback , 1092 pages
  • Jurisdiction: Hong Kong ? Disclaimer:
    Countri(es) stated herein are used as reference only

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    Remarks: e-Book version is also available. Please click here to purchase the e-Book version.

     

    *** Special Promotion: Buy PRINT version (i.e. hard copy) will get FREE one year access to e-Book version ***

     

    Wolters Kluwer’s China Master GAAP Guide has long enjoyed a reputation for being the indispensable handbook on accounting and auditing practices in China. In keeping with tradition, this latest China Master GAAP Guide 12th Edition provides comprehensive and up-to-date commentary on China’s Accounting Standards for Business Enterprises (ASBE) along with detailed explanations, applications, and worked examples for each of the 42 Specific Standards issued by the Ministry of Finance.

     

    Recent developments in the field are also adequately addressed, covering such areas as the International Financial Reporting Standards (IFRS) on joint arrangements, business combinations, financial instruments, revenue from contracts with customers, and the requirements on the Application Guidance and interpretations.

     

    Coherent with the development of the IFRS (IFRS 16 Leases), the amended ASBE 21 Leases introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

     

    The China Master GAAP Guide 12th Edition includes a brand-new chapter to fully explain the new requirements of the amended ASBE 21.  Besides, it also covers the requirements of the amended ASBE 7 Exchange of Non-monetary Assets and ASBE 12 Debt Restructuring in detail.

     

    Equipped with worked examples, systematic analyses, as well as a reader-friendly index, the China Master GAAP Guide 12th Edition is the essential tool for all accountants and other professionals who perform accounting or auditing work for business enterprises in China.

     

    This China Master GAAP Guide 12th Edition provides:

    • a separate chapter for each ASBE;
    • various worked and applied examples to enhance understanding on ASBE; and
    • comprehensive, practical and up-to-date commentary on ASBE.

     

    Each of the 42 Specific Standards is explained in detail. Chapters on the Basic Standard and Accounting Standards for Small-sized Enterprises are also included.

  • 1        Introduction

    2        Basic Standard

    3        ASBE 1 Inventories

    4        ASBE 2 Long-Term Equity Investments

    5        ASBE 3 Investment Property

    6        ASBE 4 Fixed Assets

    7        ASBE 5 Biological Assets

    8        ASBE 6 Intangible Assets

    9        ASBE 7 Exchange of Non-Monetary Assets

    10     ASBE 8 Impairment of Assets

    11     ASBE 9 Employee Benefits

    12     ASBE 10 Enterprise Annuity Fund

    13     ASBE 11 Share-based Payment

    14     ASBE 12 Debt Restructuring

    15     ASBE 13 Contingencies

    16     ASBE 14 Revenue

    17     ASBE 15 Construction Contracts

    18     ASBE 16 Government Grants

    19     ASBE 17 Borrowing Costs

    20     ASBE 18 Income Taxes

    21     ASBE 19 Foreign Currency Translation

    22     ASBE 20 Business Combinations

    23     ASBE 21 Leases

    24     ASBE 22 Recognition and Measurement of Financial Instruments

    25     ASBE 23 Transfer of Financial Assets

    26     ASBE 24 Hedge Accounting

    27     ASBE 25 Direct Insurance Contracts

    28     ASBE 26 Reinsurance Contracts

    29     ASBE 27 Extraction of Petroleum and Natural Gas

    30     ASBE 28 Changes in Accounting Policies and Estimates, and Correction of Errors

    31     ASBE 29 Events after the Balance Sheet Date

    32     ASBE 30 Presentation of Financial Statements

    33     ASBE 31 Cash Flow Statements

    34     ASBE 32 Interim Financial Reporting

    35     ASBE 33 Consolidated Financial Statements

    36     ASBE 34 Earnings per Share

    37     ASBE 35 Segment Reporting

    38     ASBE 36 Related Party Disclosures

    39     ASBE 37 Presentation of Financial Instruments

    40     ASBE 38 First-Time Adoption of Accounting Standards for Business Enterprises

    41     ASBE 39 Fair Value Measurement

    42     ASBE 40 Joint Arrangements

    43     ASBE 41 Disclosure of Interests in other Entities

    44     ASBE 42 Non-current Assets and Disposal Groups Held for Sale and Discontinued Operations

    45     Accounting Standards for Small-Sized Enterprises

  • Patrick P. H. Ng (M. Phil., BA (Hons), FCPA, FCCA, HON. H.K.A.T.) is a Lecturer of the Department of Business at the Hong Kong Institute of Vocational Education (Chai Wan). Previously, he was a Lecturer of the Department of Accountancy, City University of Hong Kong.

     

    Mr Ng received a Bachelor of Arts Degree with First Class Honours (in Accounting, Finance & Economics) from the University of Essex and a Master of Philosophy (n Finance) from King’s College of the University of Cambridge. He is a Fellow of the Hong Kong Institute of Certified Public Accountants (HKICPA), a Fellow of the Association of Chartered Certified Accountants (ACCA), and an Honorary Hong Kong Accounting Technician. Mr Ng served as a board member of the Hong Kong Institute of Accredited Accounting Technicians (HKIAAT) from 1999 to 2003, editor of the Members’ Journal of ACCA (Hong Kong) from 1997 to 2005, 2007 to 2009, and chief editor of Accounting Personnel, the Journal of HKIAAT, from 1996 to 2006.

     

    Mr Ng is an accomplished and well-respected writer in the field of accounting and financial reporting. He is the author/co-author of thirteenth accounting textbooks entitled, HKIAAT’s PBE Paper 1 Financial Accounting, Advanced Accounting, Financial Accounting for Hong Kong, New Senior Secondary BAFS Frank Woods’ Accounting Module Exam Practice 1, Introduction to Financial Accounting in Hong Kong, Basic Cost Accounting in Hong Kong, Financial Accounting, HKAL Principles of Accounts (Volumes 1 and 2), HKIAAT’s ATE Paper 1 Financial Accounting, HKIAAT’s ATE Paper 7 Financial Accounting, Examination Guide to ACCA Paper 13 (H) Financial Reporting Environment (Hong Kong), Corporate Accounting – Business Combinations in Hong Kong and Accounting in Hong Kong Regulatory Framework and Advanced Accounting Practice.

    Mr Ng has published in total more than 65 articles on financial reporting and audit assurance disciplines, in international refereed journals, professional journals and refereed conference proceedings. He taught the Professional Stage of ACCA Examination Courses on Financial Reporting and Advanced Corporate Reporting Papers with the City University of Hong Kong for more than 11 years.

     

    Mr Ng lent his many years of practical experience in accounting and auditing disciplines and substantial teaching and research experience to Wolters Kluwer’s loose-leaf publication ‘‘Hong Kong Master GAAP — A Practical Guide to Accounting Standards’’ in 1999. It was then published as a bound book and re-titled ‘‘Hong Kong Master GAAP Guide — A Master Guide to Financial Reporting Standards’’ which goes into the 16th Edition in 2021.

     

    With Chinese Accounting Standards converging towards International Financial Reporting Standards (IFRS), Mr Ng has extended his international knowledge of Financial Reporting Standards to ‘‘China Master GAAP Guide” which was launched in 2004 and goes into the 12th Edition in 2023.

    Mr Ng is also the Editor for “Hong Kong Financial Reporting Standards for SMEs (2022) Edition” which provides guidance on the application of financial reporting requirements applicable to non-listed companies and small and medium-sized entities.

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