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China Master GAAP Guide 2013/2014 (10th Edition)

China Master GAAP Guide 2013/2014 (10th Edition)

  • Author:
  • Publisher: CCH Hong Kong
  • ISBN: 9789881221506
  • Published In: August 2013
  • Format: Paperback , 976 pages
  • Jurisdiction: China ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 980.00

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  • Description 
  • Contents 
  • Author 
  • Details

    CCH’s annual 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 edition of the Guide 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 39 standards. With a newly added chapter on the application guidance’s requirements, the book’s usefulness to readers is doubly enhanced.

     

    Recent developments in the field are also adequately addressed, covering such areas as the International Financial Reporting Standards (IFRS) on joint arrangements, the accounting treatment of donations, the definition of equity interest and the Accounting Standards for Small-sized Enterprises.

     

    The authors provide guidance not only on the accounting principles but also the practical accounting treatments. As in previous editions, the Guide gives a comparative analysis of each Chinese accounting standard with its analogous counterpart in the International Accounting Standards (IAS) and IFRS.

     

    Equipped with worked examples, systematic analyses, as well as a reader-friendly index, the 10th edition of the China Master GAAP Guide is the essential tool for all accountants and other professionals who perform accounting or auditing work for business enterprises in China.

     

    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:-

    • Five Interpretations (ie Interpretation No. 1 (Caikuai (2007) No 14), Interpretation No. 2 (Caikuai (2008) No 11); Interpretation No. 3 (Caikuai [2009] No. 8) Interpretation No. 4 (Caikuai [2010] No. 15) and Interpretation No. 15 (Caikuai [2012] No. 19;
    • 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.

     

      

    Key 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.
    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 Compensation
    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 Hedging
    27. ASBE 25 Direct Insurance Contracts
    28. ASBE 26 Re-insurance Contracts
    29. ASBE 27 Extraction of Petroleum and Natural Gas
    30. ASBE 28 Changes in Accounting Policies and Estimates, and Corrections 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 Earning 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. Accounting System for Small-sized Enterprises
    42. 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.

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