As a major step towards economic globalization and capital market, the Ministry of Finance of China promulgated a revised set of Accounting Standards for Business Enterprises – referred to as ASBE 2006, which comprises one Basic Standard and 38 Specific Standards and Implementation Guidelines, which were promulgated on 30 October 2006.
Listed enterprises in China are required to implement ASBE (2006) from 1 January 2007 onwards, and other enterprises are encouraged to adopt them. ASBE requires enterprises to provide users of financial statements with more relevant, reliable and transparent information, and will have a significant impact on the financial position, operating results, cash flows, and accounting system of enterprises that implement it. ASBE will be broadly adopted by enterprises across China that expect to enhance the quality of financial reports and decision-making, even currently they are not obliged to do so.
The sequence of the China Accounting Preparation Series: Financial Reporting (CAPSFR) is exactly based on ASBE (2006) and relevant laws and regulations, and thoroughly explains general topics relevant to financial reporting, i.e. presentation of financial statements, notes to financial statement, segment reporting, and interim financial reporting. It covers extensive explanations of all financial reporting issues current enterprises in China should have active knowledge of.
The sequences of the China Accounting Preparation Series: Recognition and Accounting Treatment for Accounting Elements – China Accounting Preparation Series II (CAPSRAT) explains the daily accounting treatment in detail for accounting elements such as assets, liabilities, owners’ equity, revenue, expenses, profit and income tax based on accounting workflow. The book also provides guideline for the enterprise to evaluate its own operation and internal control. It is a systematic, comprehensive, practical and reliable guide for professionals in the area of accounting, finance, internal control and auditing to analyze the China GAAP and an essential tool to prepare the accounts of a business enterprises.
This sequence of the China Accounting Preparation Series: Accounting for Particular Events and Special Transaction (CAPSST) explains the special accounting treatment in detail for particular events and special transaction such as First-time Adoption of ASBE, Leases, Share-based payment, Accounting for Financial instruments, Business Combinations based on accounting workflow. The book also provides guideline for the enterprise to evaluate its own operation and internal control proposed from the business units.
This book is expected to help professionals to solve problems originated from advanced accounting practice and can be used as an essential tool for advanced accountants and professionals who are required to handle such business units of enterprises. It also serves as useful information and reference for auditors and consultants who work with the Chinese Accounting Standards (“CAS”).
The series were written by experienced and top professionals, including partner from associates and famous professors from university, for example Ms. Tang Ning, Mr. Li Xiankai (Ken Lee), Ms. Wu Yurong, etc. Detailed and systematic analysis on China GAAP in a plain and straightforward manner, comprehensive commentary with practical worked examples, for easy understanding, friendly use and practical reference.
Introduction to the Chief Editor
Mr. Ken Lee, Partner with Lee & Lee Associates, is a Chinese Certified Public Accountant (“CCPA”), Chinese Certified Tax Agent (“CCTA”), member of the Association of Chartered Certified Accountants, UK (“ACCA”) and a Certified Internal Auditor (“CIA”). Mr. Lee once worked with Deloitte as an auditor, a multinational company as the Senior Finance Manager and a consulting firm as the Senior Manager.
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