Ministry of Finance, Financial Enterprise Accounting System

Issued: November 27 2001
Effective: January 1 2002
Applicability: The Financial Enterprise Accounting System is initially applicable to listed financial enterprises. Other share system financial enterprises are encouraged to implement it.

Main contents: The Financial Enterprise Accounting System contains 164 articles in 15 parts. Besides the usual parts for general provisions and supplementary provisions, they cover the following subjects: assets; liabilities; owner's equity; revenue; costs and expenses; profit and profit distribution; foreign currency businesses; accounting adjustments; contingent items; relationships and transactions between affiliated parties; financial and accounting reports; securities investment funds; and trust businesses. Certain parts are further divided into sections. Under assets, for example, a separate section is provided to deal with loans, and under liabilities, a separate section is provided to deal with bonds payable. Under accounting adjustments, separate sections are provided to deal with accounting policy changes, accounting estimate changes, rectification of accounting errors and post balance sheet events.
Related legislation: PRC, Accounting Law (Revised), 31 Oct 1999, CLP 2000 No.1 p4 and Enterprise Financial and Accounting Reports Regulations, Jun 21 2000, CLP 2000 No.7 p5