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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 MOF and the International Accounting Standards Board (IASB) regard the ASBE (2006) as substantially reflective of the International Financial Reporting Standards (IFRS).
The ASBE (2006) will firstly be applied to those listed Chinese enterprises from 1 January 2007. Other Chinese enterprises are encouraged to apply them.
This 5th 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.
Key Benefits
· 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 Includes:
1. Topics Covered*
· 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
