Accounting guidelines jointly issued by the Ministry of finance, CSRC and other regulatory departments
On December 29, 2021, the Ministry of finance, the state owned assets supervision and Administration Commission of the State Council (“SASAC”), the Bank Of China Limited(601988) insurance supervision and Administration Commission (“CBRC”) and the CSRC jointly issued the notice on strictly implementing the accounting standards for business enterprises and effectively doing a good job in the annual report of enterprises in 2021, which mainly covers the following aspects:
Key technical issues in the implementation of accounting standards, including new income standards, new financial instrument standards and asset impairment; as well as
The importance of strengthening the organization, implementation, supervision and inspection and doing a good job in the annual report of enterprises in 2021.
The Ministry of Finance issued the application case of centralized fund management accounting treatment and the interpretation of accounting standards for Business Enterprises No. 15
Ministry of finance of the people’s Republic of China
On December 30, 2021, the Ministry of Finance issued the interpretation of accounting standards for Business Enterprises No. 15 (“Interpretation No. 15”), which mainly includes the following contents:
Accounting treatment of external sales of products before the fixed assets reach the expected usable state or in the process of R & D;
Presentation of centralized fund management; and
Judgment of loss contract.
The Interpretation No. 15 guidelines on “centralized management of funds” shall come into force from the date of promulgation, and the other two guidelines shall come into force from January 1, 2022.
On January 24, 2022, the Ministry of Finance issued an application case on the accounting treatment of centralized fund management.
