China Accounting Standards: Introduction and Effects of New by Lorenzo Riccardi

By Lorenzo Riccardi

This booklet presents an exhaustive review of China’s accounting criteria and makes a transparent comparability among chinese language and overseas accounting structures. It bargains a vital advisor to facing new accounting criteria for enterprise companies in China. The advisor presents worthy help to accountants and pros while evaluating the hot criteria followed in China with the corresponding ideas lower than IAS/IFRS and appraising capability results. The comparative technique including reviews and easy-to-use numerical examples let readers to fast seize those accounting systems.

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

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Article 6 The initial measurement shall be made to the biological asset at its cost. Article 7 The cost of a purchased biological asset consists of the purchase price, the relevant taxes, freight, insurance premium, and other expenses that may be directly attributable to the purchase of this asset. , prior to the sale or the storage. , before accomplishing the expected objective of production and operation (being grown up). The phrase “accomplishing the expected objective of production and operation” refers that the productive biological assets may produce agricultural products, render labor services, and be rented out stably for several consecutive years after they enter into the normal production period.

5— Biological Assets shall apply to the productive biological assets. 2 Chapter II: Recognition Article 3 The term “fixed assets” refers to the tangible assets that simultaneously possess the features as follows: (1) They are held for the sake of producing commodities, rendering labor service, renting, or business management; and (2) their useful life is in excess of one fiscal year. The term “useful life” refers to the period of time over which a fixed asset is expected to be used, the quantity of products expected to be produced, or services expected to be rendered through the fixed asset.

The depreciation methods available consist of the straight-line method, unit-of-production method, unit-of-output method, etc. Once an enterprise ascertains the useful life, expected net salvage value, or depreciation method of a productive biological asset, it shall not change it randomly, unless it meets the provisions prescribed as in Article 20 of these Standards. Article 19 When an enterprise ascertains the useful life of a productive biological asset, it shall take into consideration the factors as follows: (1) The expected output capacity or output of physical objects; (2) the expected tangible loss of the asset 40 9 Accounting Standards for Business Enterprises No.

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