Notice of the Ministry of Finance on the Implementation of the "Accounting Standards for Enterprises" on Futures Brokerage Companies

财政部关于期货经纪公司执行《企业会计准则》的通知

Promulgating Institution: Ministry of Finance

Document Number: Zheng Jian Kuai Ji Zi [2006] No.24

Promulgating Date: 11/27/2006

Effective Date: 11/27/2006

颁布机关: 财政部

文   号: 证监会计字[2006]24号

颁布时间: 11/27/2006

实施时间: 11/27/2006

To all futures brokerage companies and relevant accounting firms:

In February 2006, the Ministry of Finance promulgated the new Accounting Standards for Enterprises (hereinafter referred to as the “New Accounting Standards") and required implementation thereof among listed companies with effect from January 1, 2007, while encouraging other enterprises to implement the same. For the purposes of standardizing the financing accounting of futures brokerage companies (hereinafter referred to as the "Company/Companies"), raising accounting information quality of the Companies, enhancing risk management awareness among the Companies, and driving faster and better the development of the futures industry, the China Securities Regulatory Commission (CSRC) has decided to implement the New Accounting Standards among futures brokerage companies on January 1, 2007. Relevant issues are hereby notified as follows:

  各期货经纪公司、相关会计师事务所:

  2006年2月,财政部颁布了新的《企业会计准则》(以下简称新会计准则),要求自2007年1月1日起在上市公司范围内施行,同时鼓励其他企业执行。为了规范期货经纪公司(以下简称公司)的会计核算,提高公司会计信息质量,强化公司风险管理意识,促进期货行业更快更好地发展,我会决定从2007年1月1日起在期货经纪公司范围内施行新会计准则。现就有关事项通知如下:

1. Plan for the implementation of the New Accounting Standards

(1) Preparing the financial year 2006 annual report

1. The Companies shall strictly adhere to the facts in the verification and accounting of finances in accordance with the existing Financial Enterprises Accounting Standards and the Interim Provisions for Accounting Treatment of Commodity Futures Operations of Futures Brokerage Companies (Cai Hui [2000] No. 19), and prepare the financial year 2006 annual report as required in the Reference Content and Format of Annual Reports of Futures Brokerage Companies (Zheng Jian Kuai Ji Zi [2003] No. 3), and the Notice on Making Partial Adjustments to the "Reference Content and Format of Annual Reports of Futures Brokerage Companies" (Zheng Jian Qi Huo Zi [2002] No. 9).

2. The Companies shall prepare a statement of reconciliation for discrepancies between the old and new accounting standards in accordance with the Accounting Standards for Enterprises No 38 - Implementing the Accounting Standards for Enterprises for the First Time and relevant provisions, so as to reflect the impact of the implementation of the New Accounting Standards on the financial year 2006 financial conditions, operating results and cash flow of the Companies. The said reconciliation statement shall be reviewed by an accounting firm with relevant securities and futures qualifications and a review opinion issued, and shall thereafter be submitted to the Department of Accounting, and the Department of Futures Supervision of the CSRC for record-filing.

3. The Companies shall, in accordance with the provisions of the New Accounting Standards and together with the operating conditions thereof, analyze and disclose the impact of the implementation of the New Accounting Standards on the possible accounting policy and accounting estimate changes, as well as the financial conditions and the operating outcome of the Companies in the “Management Report" section of the financial year 2006 annual report.

(2) Arranging for the implementation of the New Accounting Standards in 2007

1. For the purposes of ensuring that the implementation of the New Accounting Standards would be highly efficient and proceed steadily, the Companies shall be granted a period of half a year to make proper relevant preparation work. All Companies may defer putting in place such adjustments as that of the accounting system by June 30, 2007. Prior to the accounting system adjustment being put in place, all companies may continue to generate financial accounting statements with the existing accounting system, but shall adjust the financial accounting statements, specifically as regards the discrepancies between the new and old accounting standards, such that the said statements would comply with the requirements of the New Accounting Standards.

2. The Companies shall verify and make an accounting of finances in accordance with the New Accounting Standards and the requirements of preparing annual reports for futures brokerage companies, and prepare the 2007 annual report.

    一、新会计准则施行计划

  (一)2006年年度报告的编制

  1.公司应按照现行《金融企业会计制度》、《期货经纪公司商品期货业务会计处理暂行规定》(财会[2000]19号)的要求如实核算账务,按照《期货经纪公司年度报告参考内容与格式》(证监会计字[2000]3号)、《关于对<期货经纪公司年度报告参考内容与格式>做出部分调整的通知》(证监期货字[2002]9号)的要求编制2006年年度报告。

  2.公司应按照《企业会计准则第38号-首次执行企业会计准则》及相关规定,编制新旧会计准则的差异调节表,以反映执行新会计准则对公司2006年度财务状况、经营成果及现金流量的影响。该调节表须由具有证券期货相关业务资格的会计师事务所审阅并发表审阅意见后,报证监会会计部、期货部备案。

  3.公司应根据新会计准则的规定并结合自身业务情况,在2006年年度报告的“管理层报告”部分,分析和披露执行新会计准则后可能发生的会计政策、会计估计变更及其对公司财务状况和经营成果的影响。

  (二)2007年施行新会计准则的安排

  1.为了使新会计准则施行工作高效、稳妥的进行,给予公司半年时间做好相关准备工作,各公司可以推迟到2007年6月30日前将会计核算系统等调整到位。在会计核算系统调整到位之前,各公司可以沿用现行的会计核算系统生成财务会计报表,但须针对新旧会计准则的差异点,调整财务会计报表使之符合新会计准则的要求。

  2.公司应按照新会计准则以及期货经纪公司年度报告编制的要求核算账务,编制2007年年度报告。

2. Various items to note when implementing the New Accounting Standards

(1) The Companies shall stringently comply with the requirements of the New Accounting Standards, and select an appropriate model for calculating fair market value, as well as build and improve internal control systems that determine fair market value. The Companies shall not take advantage of the model for calculating fair market value to influence profits, nor request relevant intermediaries to issue false assurance reports.

(2) The Companies shall comprehensively implement all the provisions of the New Accounting Standards, and shall not selectively implement in accordance with requirements thereof. The Companies shall, in accordance with relevant requirements of the New Accounting Standards and the actual conditions of the Companies, formulate reasonable accounting policies, explicitly differentiating accounting policy changes, accounting estimate changes, and the impact resulting from changes in the accounting standards; the aforesaid shall not be confused with one another, nor shall the accounting policy changes, accounting estimate changes, and accounting discrepancies be taken advantage of in artificially influencing profits.

(3) At the initial stages of recognizing financial instruments, the Companies shall objectively analyze the intention of such holdings, and reasonably classify each financial instrument, forming an explicit written conclusion. In the course of subsequent calculations, if a valuation model is adopted to determine the fair market value, the Companies shall prudently select relevant calculation coefficients. The Companies shall not take advantage of the reclassification of financial instruments to artificially influence profits.

(4) The Companies shall set up and enhance asset impairment reserve provisions and all loss write-off internal control systems, make appropriate estimates for all potential asset losses thereof, reasonably provide for the asset impairment provision, and appropriately carry out accounting treatment. The Companies shall not take advantage of the provision for asset impairment reserves to artificially influence the profits of each period, and shall not change the provisioning method and provision ratios at will.

    二、新会计准则施行工作的几点注意事项

  (一)公司应严格按照新会计准则的要求,选用适当的公允价值计量模式,并建立、健全确定公允价值的内部控制制度。公司不得利用公允价值计量模式调节利润,也不得要求相关中介机构出具虚假鉴证报告。

  (二)公司应全面执行新会计准则的各项规定,不得根据需要选择执行。公司应根据新会计准则的有关要求和公司实际情况,制定合理的会计政策,做出恰当的会计估计,明确区分会计政策、会计估计变更和会计准则变化造成的影响,不得相互混淆,也不得利用会计政策、会计估计变更和会计差错更正人为调节利润。

  (三)公司应在金融工具初始确认时客观分析持有意图,合理划分各项金融工具,并形成明确的书面结论;在后续计量过程中如涉及采用估值模型确定公允价值,公司应谨慎选用相关计算参数。公司不得利用金融工具的重新分类人为调节利润。

  (四)公司应建立、健全资产减值准备计提和各项损失核销的内部控制制度,对公司各项资产的潜在损失做出适当估计,合理计提减值准备,恰当进行会计处理。公司不得利用计提资产减值准备人为调节各期利润,不得随意变更计提方法和计提比例。

3. Several requirements for the implementation of the New Accounting Standards

(1) Implementation of the New Accounting Standards is a major event in the futures industry. Hence, the person in charge at each Company shall pay sufficient attention to, and fully support, the said implementation, and shall ensure the completion of the task in accordance with the requirements.

(2) Each Company shall conscientiously organize the learning of the New Accounting Standards, and shall come to an in-depth understanding of the new and old accounting standards, and the discrepancies between the systems. During the implementation phase, each Company shall comprehensively carry out and implement the spirit of the New Accounting Standards, ensuring a smooth connection between the new and old accounting standards and systems, while simultaneously ensuring the completion of daily tasks, satisfying all operational and regulatory requirements at a high standard.

(3) Each Company shall cooperate with the implementation of the New Accounting Standards, and improve the management systems of the Company, set up sound relevant internal control systems, ensuring efficient implementation of the New Accounting Standards over the long term.

(4) All Companies shall actively participate in the next stage of the training on the implementation of the New Accounting Standards that the Commission shall organize, raising the level of accounting operations.

(5) For the purposes of ensuring the smooth implementation of the New Accounting Standards, the Commission has set up a steering group and a working party for the implementation of the New Accounting Standards. All companies shall strengthen communication with the working party, and shall promptly reflect relevant issues encountered in the course of implementing the New Accountings Standards to the working party. The working party shall offer research, and provide solutions. Should a Company have suggestions as regards the implementation of the New Accounting Standards, please put them forward to the working party all at the same time. The steering group comprises:

Group leader:

Assistant Chairman of CSRC, Jiang Yang

Deputy group leaders:

Chief Accountant and Director of the Department of Accounting of CSRC, Zhang Weiguo

Deputy Director of the Department of Futures Supervision of CSRC, Huang Yuncheng

Members:

Department of Accounting of CSRC, Li Shuhua

Department of Futures Supervision of CSRC, Lu Dongsheng

Department of Futures Supervision of CSRC, Cheng Shen

Department of Accounting of CSRC, Wang Meiling

Representatives from the futures exchanges

Representatives from futures brokerage companies

Representatives from accounting firms

    三、新会计准则施行工作的几点要求

  (一)新会计准则的施行是期货行业的一件大事,各公司负责人应给予足够重视,全力支持,保证按照要求完成工作。

  (二)各公司应组织认真学习新会计准则,深入理解新旧会计准则、制度之间的差异,在施行阶段全面贯彻落实新会计准则精神,保证新旧准则、制度体系之间的顺利衔接,同时还要保证日常工作的完成,高标准满足各项业务及监管要求。

  (三)各公司应配合新会计准则施行,完善公司管理制度,建立健全相关内控制度,保证新会计准则的长期有效执行。

  (四)各公司应积极参加我会在下一阶段组织的新会计准则施行培训工作,提高会计业务水平。

  (五)为保证新会计准则的顺利施行,我会成立了新会计准则施行工作领导小组和工作小组。各公司应加强与施行工作小组的沟通,新会计准则施行过程中的有关问题应及时向工作小组反映,工作小组将给予研究,提出解决方案。公司如有对新会计准则施行工作的建议,请一并向工作小组提出。领导小组成员包括:

  组长： 

  证监会主席助理  姜 洋 

  副组长： 

  证监会首席会计师、会计部主任  张为国 

  证监会期货部副主任  黄运成 

  成员： 

  证监会会计部  李树华 

  证监会期货部  鲁东升 

  证监会期货部  程 莘 

  证监会会计部  王美玲 

  期货交易所代表 

  期货经纪有限公司代表 

  会计师事务所代表 

November 27, 2006

  二○○六年十一月二十七日