Notice of the Ministry of Finance on Implementing the "Accounting Standards for Business Enterprises" on Securities Companies

财政部关于证券公司执行《企业会计准则》的通知

Promulgating Institution: Ministry of Finance

Document Number: Zheng Jian Kuai Ji Zi [2006] No.22

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]22号

颁布时间: 11/27/2006

实施时间: 11/27/2006

To all securities companies and relevant accounting firms:

In February 2006, the Ministry of Finance promulgated the new Accounting Standards for Business Enterprises (hereinafter referred to as the “New Accounting Standards"), requiring that all listed companies shall implement the standards with effect from January 1, 2007, and other enterprises are also encouraged to implement the same. For the purposes of improving the quality in accounting information of the securities industry, enhancing securities companies' awareness of risk management, and promoting better development of the securities industry, the Commission decides to implement the New Accounting Standards on securities companies (hereinafter referred to as the "Company/Companies") as of the year of 2007. Relevant matters are hereby notified as follows:

  各证券公司、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。为了提高证券行业的会计信息质量,强化证券公司风险管理意识,促进证券行业更好地发展,我会决定从2007年起在证券公司(以下简称公司)范围内执行新会计准则。现就有关事项通知如下:

1. Matters concerned the preparation of the 2006 annual report of the Companies

(1) The Companies shall prepare the 2006 annual report in accordance with the current Accounting Standards for Financial Enterprises and the relevant provisions and requirements for the preparation of annual reports. In addition to complying with the abovementioned requirements, listed companies shall also implement relevant provisions on listed companies.

(2) The Companies shall prepare a reconciliation statement of difference between new and old accounting standards in accordance with the Accounting Standards for Business Enterprises No 38 - Implementing the Accounting Standards for Business Enterprises for the First Time and relevant provisions to reflect the influence of the implementation of the New Accounting Standards on the finance status, operating results and cash flow of the Companies in 2006. Such reconciliation statement shall be reviewed by an accounting firm with relevant securities and futures qualifications and, after such accounting firm issues a review opinion thereon, shall be submitted to the Department of Accounting, the Department of Intermediary Supervision and the Risk Disposal Office of the China Securities Regulatory Commission (hereinafter referred to as “CSRC”) for record-filing. The reconciliation statement shall not be included in the scope of public disclosure for the time being.

(3) The Companies shall, in accordance with the provisions of the New Accounting Standards and their operation status, analyze and disclose the change of accounting policies and change of accounting estimates which possibly occurs after the implementation of the New Accounting Standards, as well as the influence thereof on their finance status and the operating outcome, in the “Management Report" section of the 2006 annual report.

    一、关于公司2006年年度报告的编制事宜

  (一)公司应按照现行《金融企业会计制度》和编制年度报告的相关规定要求编制2006年年度报告。已上市公司除遵循上述要求外,尚需执行上市公司相关规定。

  (二)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、机构部、风险办备案。该调节表暂不列入公开披露范围。

  (三)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变更、会计估计变更及其对公司财务状况和经营成果的影响。

2. Arrangement for the implementation of the New Accounting Standards on the Companies in 2007

(1) For the purpose of implementing the New Accounting Standards in an efficient and steady manner, the period prior to June 30, 2007, shall be a transition period, during which the Companies shall still submit relevant reports in accordance with the current Accounting Standards for Financial Enterprises and relevant provisions and report the items containing any material difference between new and old accounting standards and the influencing factors thereof. At the same time, the Companies shall adjust the accounting system and others in place, and properly handle the connection and coordination between new and old systems. After June 30, the relevant reports shall be prepared simultaneously in accordance with both new and old accounting standards.

(2) The Companies shall prepare the 2007 annual report in accordance with the New Accounting Standards and relevant provisions on the preparation an annual report.

    二、关于公司2007年执行新会计准则的安排

  (一)为了使新会计准则施行工作高效、稳妥地进行,2007年6月30日之前作为过渡期,其间公司仍按现行《金融企业会计制度》和相关规定报送有关报告,并报告新旧会计准则存在重大差异的事项及影响数。同时,公司应将会计核算系统等调整到位,做好新旧系统对接、协调工作。6月30日之后同时按照新旧会计准则编制有关报告。

  (二)公司应按照新会计准则和编制年报的相关规定要求编制2007年年报。

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

(1) The Companies shall, in strict accordance with the requirements of the New Accounting Standards, prudently select an appropriate mode of fair value measurement, and build and improve the internal control system for determining fair value. The Companies shall not take advantage of the mode of fair value measurement to reconcile profits, nor request relevant intermediaries to issue false assurance reports.

(2) The Companies shall implement all the provisions of the New Accounting Standards in an all-round way, and shall not make the implementation as necessary. The Companies shall, in accordance with relevant requirements of the New Accounting Standards and the actual situation of the Companies, formulate reasonable accounting policies, make appropriate accounting estimates, explicitly differentiate the influence resulting from change of accounting policies and change of accounting estimates, and the changes in the accounting standards. and shall neither create a confusion therein, nor take advantage of the change of accounting policies, change of accounting estimates, and correction of accounting errors to artificially reconcile profits.

(3) At the initial recognition of financial instruments, the Companies shall objectively analyze the intention of holding such instruments, and reasonably classify each financial instrument, and form an explicit written conclusion. In the course of subsequent measurements, if it involves adoption of a valuation model to determine the fair value, the Companies shall prudently select relevant calculation parameters. The Companies shall not take advantage of reclassification of financial instruments to artificially reconcile profits.

(4) Implementation of the New Accounting Standards is a major event in the securities industry. Hence, the person in charge of a Company shall pay sufficient attention to, and fully support, the said implementation, to ensure that the implementation of the New Accounting Standards is completed in accordance with the requirements. Centered on the objective of reflecting the operating and financial activities of the Company in an authentic, fair and complete manner, the relevant business departments of the Company shall provide more support, and cooperate in, the accounting, and the connection between new and old accounting standards, of the Company, to ensure that the transition is completed smoothly and on schedule.

(5) Each Company shall diligently organize the learning of the New Accounting Standards, and shall come to an in-depth understanding of the difference between new and old accounting standards and systems. During the implementation phase, each Company shall comprehensively implement the guiding principles of the New Accounting Standards to ensure a smooth connection between new and old accounting standards and systems, and also ensure the completion of routine work, satisfying all operational and regulatory requirements at a high standard.

(6) Each Company shall cooperate with the implementation of the New Accounting Standards, improve the management systems of the Company, and adjust relevant internal control systems to ensure efficient implementation of the New Accounting Standards over the long term.

(7) All Companies shall actively participate in the training of the implementation of the New Accounting Standards organized by the Commission at the next stage, and shall properly conduct internal study, discussion and absorption to improve the level of financial accounting and risk management.

    三、新会计准则施行工作中的几点注意事项

  (一)公司应严格按照新会计准则的要求,稳健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,明确区分会计政策变更、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变更、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)新会计准则的施行是证券行业的一件大事,各公司负责人应给予足够重视,全力支持,保证按照要求完成新会计准则施行工作,公司相关业务部门应围绕真实、公允、完整反映公司经营与财务活动的目标,对公司核算和新旧会计准则接轨工作给予大力支持和配合,确保转轨工作如期、顺利完成。

  (五)各公司应认真组织学习新会计准则,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,保证新旧会计准则、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。

  (六)各公司应配合新会计准则施行工作,完善公司管理制度,调整相关内控制度,保证新会计准则的长期有效执行。

  (七)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,做好内部学习、讨论、消化,提高会计核算和风险控制水平。

For the purpose of ensuring the smooth implementation of the New Accounting Standards, the Commission has set up a working leading group and a working group for the implementation of the New Accounting Standards. All Companies shall strengthen communication with the working group, and shall report relevant issues encountered in the course of implementing the New Accountings Standards to the working group in a timely manner. The working group 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 group all at the same time. The leading group comprises:

Group leader:

Vice Chairman of CSRC, Zhuang Xinyi

Deputy group leaders:

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

Director of the Department of Intermediary Supervision of CSRC, Huang Hongyuan

Members:

Department of Accounting of CSRC, Li Shuhua

Department of Intermediary Supervision of CSRC, Li Dongping

Department of Intermediary Supervision of CSRC, Li Yubai

Department of Intermediary Supervision of CSRC, Zhang Fengwen

Department of Intermediary Supervision of CSRC, Wu Nianwen

Department of Accounting of CSRC, Zhao Shanxue

Department of Intermediary Supervision of CSRC, Tong Weihua

Representatives from securities companies

Representatives from accounting firms

  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： 

  证监会副主席 庄心一 

  副组长： 

  证监会首席会计师、会计部主任 张为国 

  证监会机构部主任 黄红元 

  成员： 

  证监会会计部 李树华 

  证监会机构部 李东平 

  证监会机构部 李宇白 

  证监会机构部 张凤文 

  证监会机构部 吴年文 

  证监会会计部 赵善学 

  证监会机构部 童卫华 

  证券公司代表 

  会计师事务所代表

November 27, 2006

  二○○六年十一月二十七日