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China Master GAAP Guide 2012/2013 (9th Edition)

China Master GAAP Guide 2012/2013 (9th Edition)

Author: Patrick P H Ng; Ng Eng Juan; Chris Lau
Publisher: CCH Hong Kong
ISBN: 9789881552426
Published In: August 2012
Format: Paperback
Jurisdiction: China ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

Description
Contents
Author

Details

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 MOF 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 9th 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?

Since the MOF promulgated ASBE (2006), more types of Chinese enterprises are encouraged to apply the standards:

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

In December 2010, the MOF further revised the supplementary Explanatory Guidance of ASBE. The Explanatory Guidance provides detailed explanations and examples for the requirements in the ASBE. It also covers certain significant improvements and amendments so as to facilitate ongoing convergence with IFRS.

In October 2011, the Accounting Standards for Small-sized Enterprises (ASSE) was issued by the MOF to replace Accounting System for Small-sized Enterprises, effective from 1 January 2013. The ASSE is applicable to qualified small and micro-sized enterprises in China that do not issue securities to the general public.

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);
A “roadmap” for ongoing international convergence of accounting standards (Caikuai [2010] No. 10);
one supplementary Explanatory Guidance of ASBE (2006) (first launched in April 2007, revised in September 2008 and December 2010) ;
Three Opinions of the Specialists Working Group on the Implementation of ASBE (2006); and
Notice on Preparing Annual Reports for Enterprises for Listed and Non-listed Enterprises adopting New Chinese Accounting Standards

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.

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.

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 P H Ng

FCPA, FCCA, FHKRFP, Hon.HKAT

Lecturer，the Department of Business Administration,

Hong Kong Institute of Vocational Education

Previously, he was a Lecturer with

the Department of Accountancy, City University of Hong Kong.

Mr Ng is an accomplished and well-respected writer in the field of accounting and financial reporting. He has authored/co-authored eight accounting books, currently being used for HKICPA, ACCA, HKICS, ICSA, HKIAAT, HKAL examinations and as textbooks for university, post-secondary, and vocational education students.

Mr Ng Eng Juan

Associate Professor，Nanyang Business School of the

Nanyang Technological University

Prof Ng is actively involved in the accounting profession. He has been a member of the Accounting Standards Committee and China Committee of the Institute of Certified Public Accountants and the Technical Panel of MIA for many years. He currently serves as an external examiner for a UK professional examination board and is an advisor for the accounting programme of a university in China. He also conducts regular continuing professional education programmes for accountants and auditors, and provides consultancy services to public accounting firms.

Mr Chris Lau (Contributor)

MPACC, CPA, ACA, FCCA, ACS, ACIS, MHKSI

Mr Lau possesses a rich industrial experience in auditing, IFRS financial reporting, PRC GAAP financial reporting and professional training. He is now working in one of the Big Four accounting firms. Mr Lau is also a professional writer in the field of accounting. He has co-authored ‘‘Advanced Accounting’’ and has published many technical articles on financial reporting in professional journals.