China Accounting Standards Introduction and Effects of New Chinese A

This book provides an exhaustive overview of China’s accounting standards and makes a clear comparison between Chinese and international accounting systems. It offers an essential guide to dealing with new accounting standards for business enterprises in

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China Accounting Standards Introduction and Effects of New Chinese Accounting Standards for Business Enterprises

China Accounting Standards

Lorenzo Riccardi

China Accounting Standards Introduction and Effects of New Chinese Accounting Standards for Business Enterprises

123

Lorenzo Riccardi Shanghai China

ISBN 978-981-10-0004-1 DOI 10.1007/978-981-10-0006-5

ISBN 978-981-10-0006-5

(eBook)

Library of Congress Control Number: 2015952994 Springer Singapore Heidelberg New York Dordrecht London © Springer Science+Business Media Singapore 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer Science+Business Media Singapore Pte Ltd. is part of Springer Science+Business Media (www.springer.com)

Contents

1

Introduction to New Accounting Standards for Business Enterprises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

ASBE’s Main Features and General Differences of New China GAAP Versus US GAAP and IFRS. . . . . . . . . . . . . . . . . . . . . . . .

5

3

Impact and Results on Financial Statements . . . . . . . . . . . . . . . . .

9

4

Effects of the New PRC GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . .

11

5

Accounting Standards for Business No. 1—Inventories . . . . . . . . . . . . 5.1 Chapter I: General Provisions 5.2 Chapter II: Recognition . . . . 5.3 Chapter III: Measurement . . . 5.4 Chapter IV: Disclosure. . . . . 5.5 Comments . . . . . . . . . . . . . 5.6 Examples . . . . . . . . . . . . . .

2

6

7

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13 13 13 14 16 16 17

Accounting Standards for Business Enterprises No. 2—Long-Term Equity Investments . . . . . . 6.1 Chapter I: General Provisions . . . . . . . . . 6.2 Ch