Reply of the Department of Accounting of the Ministry of Finance Concerning Accounting Process of Purchase of Listed Companies’ Equity by Non-listed Companies for Indirect Listing

财政部会计司关于非上市公司购买上市公司股权实现间接上市会计处理的复函

Promulgating Institution: Department of Accounting of the Ministry of Finance

Document Number: Cai Kuai Bian [2009] No. 17

Promulgating Date: 03/13/2009

Effective Date: 03/13/2009

颁布机关: 财政部会计司

文   号: 财会便[2009]17号

颁布时间: 03/13/2009

实施时间: 03/13/2009

To all the relevant accounting firms: 

Recently, we have received submissions from some accounting firms which have qualified for engaging in the securities industries, and have stated that they have each understood differently the accounting process of the purchase of listed companies' stocks by non-listed companies for indirect listing and have requested clarifications thereof. In connection with the accounting process of non-listed companies' purchase of listed companies' stocks for indirect listing, we hereby reply as follows:

  有关会计师事务所:

  近期，据部分有证券资格的会计师事务所反映，对于非上市公司通过购买上市公司的股权、实现间接上市交易应当如何进行会计处理存在一些理解差别，希望能够予以明确。现就非上市公司购买上市公司股权实现间接上市交易的会计处理答复如下:

1. Where a non-listed company has obtained control over the listed company without constituting counter purchase, the accounting process shall be conducted in accordance with the Accounting Standards for Enterprises No. 20 – Enterprise Combination.

    一、非上市公司取得上市公司的控制权,未形成反向购买的,应当按照《企业会计准则第20号——企业合并》的规定执行。

2. If a non-listed company attains the control over the listed company with consideration being its assets or otherwise invested in the subsidiary company thereby constituting a counter purchase, the listed company shall distinguish the following circumstances when preparing consolidated financial statements:

(1) Where the listed company does not hold any assets or liabilities or merely holds cashes, tradable financial assets or other assets or liabilities which do not constitute business at the time of the transaction, financial statements shall be consolidated in accordance with the Notice of the Ministry of Finance Concerning Proper Work regarding Annual Reports for 2008 of Enterprises Subject to Accounting Standard (Cai Kuai Han No.60 [2008]).

(2) Where the reserved assets or liabilities of a listed company constitute business at the time of the transaction, the accounting process shall be conducted in accordance with the Accounting Standards for Enterprises No. 20 – Enterprise Combination and its relevant explanations, that is, if the combination of the enterprises is under a common control, then balance between the combination costs and the fair value of the identifiable net assets obtained from the listed company shall be deemed as business goodwill or shall be calculated in the current profits and losses;

Business refers to the combination of some production and operation activities or assets-liabilities which has the input, processing and output capacities with its costs or generated income capable of independent calculation. It can provide investors with profits in the form of dividends, lower costs or other economic interest. The combination of relevant assets or of assets and liabilities that have factors such as input and processing , may be deemed as business. Whether the combination between assets and debts can be deemed as business shall be determined by enterprises according to the actual conditions.

    二、非上市公司以所持有的对子公司投资等资产为对价取得上市公司的控制权,构成反向购买的,上市公司编制合并财务报表时应当区别以下情况处理:

  (一)交易发生时,上市公司未持有任何资产负债或仅持有现金、交易性金融资产等不构成业务的资产或负债的,上市公司在编制合并财务报表时,应当按照《财政部关于做好执行会计准则企业2008年年报工作的通知》(财会函[2008]60号)的规定执行。

  (二)交易发生时,上市公司保留的资产、负债构成业务的,应当按照《企业会计准则第20号——企业合并》及相关讲解的规定执行,即对于形成非同一控制下企业合并的,企业合并成本与取得的上市公司可辨认净资产公允价值份额的差额应当确认为商誉或是计入当期损益。

  业务是指企业内部某些生产经营活动或资产负债的组合,该组合具有投入、加工处理过程和产出能力,能够独立计算其成本费用或所产生的收入等,可以为投资者等提供股利、更低的成本或其他经济利益等形式的回报。有关资产或资产、负债的组合具备了投入和加工处理过程两个要素即可认为构成一项业务。对于取得的资产、负债组合是否构成业务,应当由企业结合实际情况进行判断。

3. Where the non-listed companies attain control over the listed company through counter purchases, listed companies shall determine the entry value of attained assets in accordance with Accounting Standards for Enterprises No. 2 – Long-term Equity Investments in their individual financial statements.

Previous comparative financial statements of listed companies shall be their own individual financial statements.

    三、非上市公司取得上市公司的控制权,构成反向购买的,上市公司在其个别财务报表中应当按照《企业会计准则第2号——长期股权投资》等的规定确定取得资产的入账价值。上市公司的前期比较个别财务报表应为其自身个别财务报表。

Accounting Department of the Ministry of Finance        

March 13, 2009

 财政部会计司

2009年3月13日