By Lorenzo Riccardi
This e-book presents an exhaustive evaluation of China’s accounting criteria and makes a transparent comparability among chinese language and foreign accounting structures. It deals an important consultant to facing new accounting criteria for company firms in China. The consultant offers helpful aid to accountants and execs while evaluating the recent criteria followed in China with the corresponding ideas lower than IAS/IFRS and appraising capability results. The comparative strategy including reviews and easy-to-use numerical examples enable readers to fast clutch those accounting systems.
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Extra resources for China Accounting Standards: Introduction and Effects of New Chinese Accounting Standards for Business Enterprises
The depreciation should reflect the pattern according to which the asset’s useful life is forecasted. As already seen for inventories, items of property, plant, and equipment, they shall be derecognized on disposal or when no future economic beneﬁt is expected from its use. Any difference between proceeds from disposal and carrying amount of asset should be recognized as an item on the income statement for the period. Under the new regulatory statement of ASBE No. 4, two separate recognition principles for initial costs and subsequent expenditure are provisioned.
22—Recognition and Measurement of Financial Instruments. The impairment of any other long-term equity investment measured in accordance with these Standards shall be disposed in accordance with the Accounting Standards for Enterprises No. 8—Asset Impairment. Article 16 When disposing of a long-term equity investment, the difference between its book value and the actual purchase price shall be included in the current proﬁts and losses. 3 Chapter III: Subsequent Measurement 23 included in the owner’s equity shall, when disposing of a long-term equity investment measured by employing the equity method, be transferred to the current proﬁts and losses according to a certain proportion.
Article 6 When ascertaining whether or not it is able to control or have significant influences on an invested entity, an enterprise shall take into consideration the invested enterprises’ current convertible corporate bonds and current executable warrants held by the investing enterprise and other parties, as well as other potential factors concerning the voting rights. Article 7 The price of a long-term equity investment measured by employing the cost method shall be included at its initial investment cost.