Notice on Further Improving the Disclosure Quality of the Financial Information of Listed Companies

关于进一步提高上市公司财务信息披露质量的通知

Promulgating Institution: China Securities Regulatory Commission

Document Number: Zheng Jian Kuai Ji Zi [2004] No. 1

Promulgating Date: 01/06/2004

Effective Date: 01/06/2004

Revision History: This document has been repealed pursuant to the Notice of the China Securities Regulatory Commission on Repealing Certain Securities or Futures Related Regulations (Batch Ⅴ) promulgated on April 4,2005 and taken effect from April 4,2005.

颁布机关: 中国证券监督管理委员会

文   号: 证监会计字[2004]1号

颁布时间: 01/06/2004

实施时间: 01/06/2004

修订记录: 根据2005年4月4日发布的《中国证券监督管理委员会关于废止部分证券期货规章的通知（第五批）》（实施时间：2005年4月4日），此文件被宣布废止。

Some severe problems recently were revealed in the disclosure of the financial information of listed companies. With a view to truthfully and fairly reflecting the financial position and operating performance of listed companies and promoting the healthy development of the securities market, the following requirements are hereby put forward with regard to the disclosure of the financial information of listed companies:

  最近，上市公司财务信息披露暴露出一些较为严重的问题，为真实、公允地反映上市公司的财务状况和经营成果，促进证券市场健康发展，现就上市公司财务信息披露提出以下几点要求：

1. On the Provision of Various Loss Reserves

Listed companies shall establish and improve their respective internal control systems in relation to the provision for bad debts of accounts receivable, short-term investment depreciation, inventory depreciation, long-term investment depreciation, depreciation of entrusted loans, depreciation of fixed assets, depreciation of intangible assets, impairment of projects under construction and other asset depreciation and the treatment against the losses thereof, appropriately estimate the potential losses of various corporate assets and, in accordance with relevant accounting principles and systems, accrue the relevant provisions and make corresponding accounting treatment. The management of a listed company shall provide written materials as required by the board of directors, and give detailed explanation of the loss estimates and the specific measures, basis and amount for accounting treatment. In the case of items that need to be written off after verification, the management shall provide the board of directors with the financial position of the party to be written-off upon verification, or the judgment/ruling of the court, and other specific bases for writing-off upon verification, and the board of directors shall adopt a special resolution on the aforesaid matters and announce in its periodic report the dunning of the items written-off upon verification. The board of supervisors shall earnestly fulfill its supervisory functions and give special suggestions on the resolution adopted by the board of directors. Such special suggestions shall form a resolution of the board of supervisors. If the loss reserve or the amount to be written-off upon verification is huge, the approval of the general meeting is required in accordance with the provisions governing the investment authority set forth in the stock listing rules of the securities exchange concerned and the company's articles of association. Where affiliated-party transactions are involved in the accrual of loss reserve or the written-off upon verification, the board of directors or the general meeting shall undergo the decision-making procedures in accordance with relevant provisions on affiliated-party transactions as set forth in the stock listing rules of the securities exchange concerned and the company's articles of association.

A listed company may not palliate its financial position or operating performance or adjust the profits of each reporting period by using asset depreciation or changes in accounting estimates. It is not allowed to take the opportunity of provisions for asset depreciation reserves to "draw all future losses in a lump sum", or reverse back a large sum upon huge previous provisions or adjust profits randomly. Nor is it allowed to refuse to accrue or accrue in full the provision for possible bad debt losses for arrears of its affiliated parties or to change the accrual methods and percentage at will. If the company abuses the provision of various loss reserves or reserves to adjust profits, the responsible persons concerned shall be held liable. Certified public accountants ("CPA") shall conduct audit with a professionally cautious attitude in accordance with the independent audit principles, and obtain adequate and proper audit evidence, so as to make substantive judgment on the appropriateness of the accounting estimates and treatment made by the listed company, and felicitously issue their audit opinions. They shall not replace the opinions with explanatory paragraphs or mistake the misstatement of accounting reports for restriction on audit scope. Where the method or proportion adopted by the company for the provision of loss reserves changes, the CPAs shall pay close attention to the reasons for such changes and their impact on the financial position and operating performance of the listed company, and appropriately issue their audit opinions. If the reasons for such changes are not well-grounded or sufficient and the board of directors refuses to accept the correction suggestions, the CPAs shall consider the impact thereof on their audit opinions.

    一、关于各项损失准备的计提

  上市公司应建立、健全有关应收款项坏账准备、短期投资跌价准备、存货跌价准备、长期投资减值准备、委托贷款减值准备、固定资产减值准备、无形资产减值准备、在建工程减值准备等各项资产减值准备计提和损失处理的内部控制制度，对公司各项资产的潜在损失作出适当估计，并根据有关会计准则和制度的规定，计提必要的准备并作相应会计处理。公司经理层应按董事会的要求提供书面材料，详细说明损失估计及会计处理的具体方法、依据、数额;需要核销相关项目的，公司经理层还应向董事会提供被核销方的财务状况或法院裁决结果等具体核销依据，董事会应对上述事项做出专门决议，并在定期报告中公布所核销项目的催讨情况等。公司监事会应切实履行监督职能，对董事会的决议提出专门意见，并形成决议。损失准备和核销金额巨大的，还应按照证券交易所股票上市规则和公司章程对投资权限的有关规定提交股东大会批准。损失准备和核销涉及关联交易的，董事会或股东大会应按照证券交易所股票上市规则和公司章程对关联交易的有关规定履行决策程序。

  上市公司不得为粉饰财务状况和经营成果，利用资产减值及会计估计变更调节各期利润。不得利用资产减值准备的机会“一次亏足”，在前期巨额计提后大额转回，随意调节利润;也不得不计提或少计提关联方欠款可能发生的坏账损失;不得随意变更计提方法和计提比例。如果公司滥用各项损失准备的计提、转回调节利润，有关责任人应承担相应的责任。注册会计师在审计中应根据独立审计准则的要求，以应有的职业谨慎态度实施审计，获取充分、适当的审计证据，对上市公司所作的会计估计和处理是否适当作出实质性的判断，并恰当地表示审计意见。不能以强调事项代替发表意见，混淆会计报表错报与审计范围受到限制的概念。当公司计提减值准备的方法、比例发生变更时，应充分关注变更的理由及其对公司财务状况和经营成果的影响，并恰当地表示审计意见。当变更理由不合理或不充分，公司董事会又不接受纠正建议的，注册会计师应当考虑对审计意见的影响。

2. On the Relationship with Affiliated Parties and the Fairness of the Prices of Affiliated-party Transactions

Where the price of an affiliated-party transaction of a listed company differs greatly from the book value recorded by its transaction counterparty or the prevailing market price, and such difference has a material impact on the financial position and operating performance of the company, the board of directors shall fully disclose the pricing basis and undergo necessary procedures pursuant to relevant provisions set forth in the stock listing rules of the relevant securities exchange.

A listed company may not take advantage of an obviously unfair transaction with its affiliated party to adjust its profits, or contravene relevant accounting principles or systems in the accounting process. It is not allowed to disguise affiliated-party transactions as non-affiliated to conceal the substantive affiliated-party relationship and transactions so as to circumvent the disclosure thereof, or adjust profits. If it is found that the company adjusts its profits by taking advantage of affiliated-party transactions, the responsible persons concerned shall be held liable.

CPAs shall pay proper attention to the authenticity, legitimacy and validity of affiliated-party transactions, the fairness of transaction prices and the adequateness and accuracy of information disclosure, and felicitously state their audit opinions. They shall pay appropriate attention to the non-affiliated appearance of the affiliated-party relationship. In the case of sporadic or substantial transactions with any entity or individual having no regular business relationship with the company, or transactions lacking in obvious commercial reasons, or transactions whose nature obviously conflicts with their forms, or transactions whose prices, conditions or forms show obvious abnormality or apparent unfairness, the CPAs shall consider whether they are fictitious transactions or affiliated-party transactions in nature or whether there are other arrangements behind such transactions, and shall consider the impact of such transactions on their audit opinions depending on the materiality of the transactions.

    二、关于关联方关系及关联交易价格的公允性

  上市公司关联交易的价格与交易对象的账面价值或其市场通行价格存在较大差异,且对公司财务状况和经营成果产生重大影响的,董事会应对定价依据等作出充分披露,并按照证券交易所股票上市规则的有关规定履行必要的程序。

  上市公司不得利用与关联方之间显失公允的交易调节利润,在核算时违背有关会计准则和制度的规定;不得将关联方交易非关联化,掩盖实质上的关联方关系及交易,逃避关联方关系及交易的披露,调节利润。如果公司存在利用关联方交易调节利润的情形,有关责任人应承担相应的责任。

  注册会计师在审计中应对关联交易的真实性、合法性、有效性,交易价格的公允性,信息披露的充分性与准确性予以适当的关注,并恰当地表示审计意见。尤其要关注关联方关系非关联化问题,对于与非正常业务关系单位或个人发生的偶发性或重大交易,缺乏明显商业理由的交易,实质与形式明显不符的交易,交易价格、条件、形式等明显异常或显失公允的交易,应当考虑是否为虚构的交易、是否实质上是关联方交易、或该交易背后还有其他安排,并视其重要性程度考虑对审计意见的影响。

3. On the Correction of Accounting Errors 

In order to guarantee the normal operation of its business activities, a listed company shall establish and improve its internal audit system to ensure the truthfulness and completeness of the accounting materials. All accounting errors caused by transcribing errors in routine accounting, errors in applying accounting policies, and errors in accounting estimates shall be treated in accordance with the Accounting Standards for Enterprises– Changes in Accounting Policies and Accounting Estimates and Corrections of Accounting Errors. The management of the company shall submit relevant written materials to the board of directors, giving detailed explanation on the causes and contents of the errors, and their impact on the financial position and operating performance of the company, and the board of directors shall adopt a special resolution on the aforesaid matters and conduct proper accounting treatment pursuant to relevant accounting principles and systems. The board of supervisors shall earnestly fulfill its supervisory functions and state special opinions on the resolution adopted by the board of directors. Such special opinions shall form a resolution of the board of supervisors. The company that produces accounting errors shall promptly disclose its amended financial information in the form of an interim report on major events pursuant to relevant provisions of the China Securities Regulatory Commission ("CSRC").

The listed company may not adjust profits by taking advantage of the correction of accounting errors, otherwise, the responsible persons concerned shall be held liable.

CPAs shall, in the audit process, pay proper attention to the corrections of the accounting errors and the disclosure thereof by the company, in particular, the reasons for such correction, and appropriately state their audit opinions. They shall require the company to make correction once it is found to have abused the correction of accounting errors. If the board of directors refuses to accept the correction suggestions, the CPAs shall consider the impact thereof on their audit opinions.

    三、关于会计差错更正

  为了保证经营活动的正常进行,上市公司应建立健全内部稽核制度,保证会计资料的真实、完整。对于日常会计核算中由于抄写错误、会计政策使用上的差错以及会计估计错误等原因造成会计差错,应当根据《企业会计准则—会计政策、会计估计变更和会计差错更正》的规定处理。公司经理层应向董事会提交有关书面材料,详细说明差错的原因、内容和对公司财务状况和经营成果的影响,董事会应对上述事项做出专门决议,并根据有关会计准则和制度的规定,恰当地进行会计处理。公司监事会应切实履行监督职能,对董事会的决议提出专门意见,并形成决议。公司存在会计差错情形的应当按中国证监会的有关规定,以重大事项临时报告的方式及时披露更正后的财务信息。

  上市公司不得利用会计差错更正调节利润,如果公司滥用会计差错更正调节利润,有关责任人应承担相应的责任。

  注册会计师在审计时应对公司作出的会计差错更正处理与披露,尤其是对会计差错更正的原因予以适当关注,并恰当地表示审计意见。如果发现公司存在滥用会计差错更正的情况,应当要求纠正,公司董事会不接受纠正建议的,注册会计师应当考虑其对审计意见的影响。

4. On the Restriction of the Audit Scope

Listed companies may not restrict CPAs from lawfully performing any audit procedures required for ensuring the quality of the financial reports audited. Nor may they restrict the audit scope of CPAs for the sake of saving audit fees.

CPAs shall fully consider whether their audit scope will be restricted when accepting the audit assignment by a listed company. Upon acceptance, if their audit scope is restricted and such restriction materially affects the financial position and operating performance of the company, the CPAs shall, in accordance with audit principles and professional ethics, properly express their audit opinions or consider taking other measures, including withdrawing from the audit.

The CPAs are not allowed to issue improper audit opinions on the ground that their audit scope is restricted when they know clearly that the financial reports of the company are unfair or in grave violation of the law, or before they have performed the required audit procedures and obtained the necessary audit evidence.

    四、关于审计范围受到限制

  上市公司不得限制注册会计师为确保经审计财务报告质量而依法实施必要的审计程序，不得以节省审计费用等理由限制注册会计师的审计范围。

  注册会计师在接受上市公司审计委托时应充分考虑审计范围是否会受到限制。接受委托后，审计范围受到限制而且这种限制会对公司财务状况和经营成果造成较大影响时，注册会计师应根据审计准则和职业道德规范的要求，恰当地表示审计意见，或考虑采取撤出审计等措施。

  注册会计师不得在明知公司财务报告严重不合法、不公允，或在未实施必要的审计程序，未取得必要的审计证据情况下，以审计范围受到限制为由，发表不恰当的审计意见。

5. On Material Uncertainties

Where a listed company has any material uncertain matters such as pending litigation or arbitration, provision of debt guarantee for other entities, or questionable capability in continuous operation, its management and board of directors shall make discreet judgment in consideration of the company's actual circumstances and, in accordance with relevant accounting principles, systems and other regulations, carry out corresponding accounting treatment and make full disclosure thereof. The board of supervisors shall earnestly fulfill its supervisory functions and give special opinions on the resolution adopted by the board of directors. Such opinions shall form a resolution of the board of supervisors. 

The listed company may not refuse to recognize and calculate the losses that it may have to incur on the ground of material uncertainty or restrict the CPAs from performing the required audit procedures. If any of the aforesaid acts of the company results in the failure of the disclosed financial report to truthfully reflect its financial position or operating performance, the responsible person concerned shall be held liable.

The CPAs shall, in accordance with audit principles and other standards, pay proper attention to the accounting treatment and the disclosure thereof by the company and felicitously express their audit opinions. The existence of uncertainties does not necessarily mean the restriction of the audit scope, and therefore the CPAs shall not, for the sake of evading personal risks, issue improper audit opinions on the ground of material uncertainty before they have performed the required audit procedures and obtained the necessary audit evidence.

    五、关于重大不确定性

  上市公司存在未决诉讼、仲裁、为其他单位提供债务担保、持续经营能力可能存在问题等重大不确定事项时，公司经理层及董事会应根据公司实际情况作出谨慎的判断，并根据有关会计准则和制度及其他法规的规定，进行相应会计处理并作充分披露。公司监事会应切实履行监督职能，对董事会的决议提出专门意见，并形成决议。

  上市公司不得以存在重大不确定性为由，对可能承担的损失不予确认和计量，或限制注册会计师实施必要的审计程序。如果公司存在以上行为，导致所披露的财务报告不能如实反映公司的财务状况和经营成果，有关责任人应承担相应的责任。

  注册会计师应根据审计准则和其他规范的要求，对公司会计处理和披露情况给予适当关注，并恰当地表示审计意见。不确定事项不等于审计范围受到限制，注册会计师不得为规避自身的风险，而在未实施必要的审计程序，未取得必要的审计证据情况下，以存在重大不确定性为由，发表不恰当的审计意见。

6. On Asset Appraisal 

Where such matters as the establishment, change, restructuring or asset reorganization of a listed company or a company to be listed involves asset appraisal, the board of directors shall state explicit opinions on the engagement of the appraisal institution, the independence thereof and the reasonableness of the appraisal conclusions, and shall disclose the asset appraisal matters as required by the CSRC. The appraisal report shall be used according to its specific purposes. The asset appraisal institution and the certified appraisers shall clarify the appraisal purpose of the net present value method and prudently use this method in strict compliance with the Opinions on the Operational Standards of Asset Appraisal (for Trial Implementation). Where the net present value method is adopted, the board of directors shall state its opinions on the discount rate adopted and other important appraisal parameters, the estimated annual yields and other important appraisal bases, as well as the reasonableness of the appraisal conclusions, and disclose the same. The independent directors shall also state their independent and unambiguous opinions on the procedures to engage the appraisal institution, the capabilities and independence of the institution, and the reasonableness of the appraisal conclusions, and disclose the same. If any data in the appraisal report is used in the initial and subsequent recognition and calculation of various accounting elements by the listed company, it is required to take into full consideration the impact of the factors such as the authenticity and legitimacy of the transactions covered in the appraisal report, the reasonableness of assumptions, the stability and reliability of various data and scientific selection of the appraisal methods on the recognition and calculation results of the accounting elements, so as to make sure its financial reports truthfully reflect its financial position and operating performance.

A listed company may not require its asset appraisal institution to issue mendacious appraisal reports due to ulterior motive. If so, the responsible person concerned shall be held liable.

An asset appraisal institution shall strictly abide by its professional ethics, issue appraisal reports according to the facts and by strictly following the appraisal rules and procedures, and refrain from issuing mendacious reports for the one-sided pursuit of revenue. The asset appraisal institution shall obtain sufficient evidence in relation to the legitimacy of the transactions, incomes, expenditures and investments in which the party under appraisal is involved as well as the reliability of their future projection, and fully consider the probability of various possibilities in the future and the impact thereof. It is prohibited to make arbitrary appraisal based on various impractical and simple assumptions.

To prevent a company and its appraisers from over-estimating its future profitability and then overrating its assets, where the profits realized by a company that employs the net present value method to appraise its assets are 10% to 20% lower than the estimated figure in a subsequent annual report, the company and the appraisers engaged thereby shall explain the reasons at the general meeting and on designated newspapers/periodicals and publicly apologize to the investors. If such profits realized are more than 20% lower than the estimated figure in a subsequent annual report, the company shall make public explanation and apology, and moreover the CSRC shall carry out ex-post examination depending on the actual circumstances. Once the company or the appraisal institution is confirmed to have deliberately provided false materials or issued false asset appraisal report to mislead the investors, the CSRC shall mete out punishments against the company, the appraisal institution and the persons subject to liabilities pursuant to pertinent regulations

The CPAs shall, when auditing the initial and subsequent recognition and calculation done by a listed company of its various accounting elements, pay proper attention to the authenticity and legitimacy of the transactions covered in the appraisal report, the reasonableness of the assumptions, the stability and reliability of various data, the scientific selection of the appraisal methods, and the compliance of accounting and disclosure so as to felicitously issue their audit opinions. 

This Notice shall come into effect on the date of promulgation, and the Notice on Improving the Disclosure Quality of the Financial Information of Listed Companies (Zheng Jian Kuai Ji Zi [1999] No. 17) promulgated by the CSRC on October 10, 1999 shall be simultaneously repealed.

    六、关于资产评估事项

  拟上市公司和已上市公司对于因设立、变更、改制、资产重组等涉及资产评估事项时,董事会应对评估机构的选聘、评估机构的独立性、评估结论的合理性发表明确意见,并按照中国证监会有关规定披露资产评估事项。评估报告的用途应与其目的一致。资产评估机构和注册评估师应严格按照《资产评估操作规范意见(试行)》的有关规定,明确收益现值法的评估目的,慎重使用收益现值法。使用收益现值法评估的,董事会应对采用的折现率等重要评估参数、预期各年度收益等重要评估依据以及评估结论合理性发表意见,并予披露。独立董事也应对选聘评估机构的程序、评估机构的胜任能力、评估机构的独立性、评估结论的合理性单独发表明确意见,并予披露。上市公司在对各种会计要素进行初次和后续确认计量时,如涉及评估报告数据,应充分考虑评估报告所涉及交易的真实性和合法性、假设的合理性、各种数据的稳定性和可靠性、评估方法的科学性等因素对会计要素确认计量结果的影响,确保公司财务报告能真实反映其财务状况和经营成果。

  上市公司不得出于不当动机,要求资产评估机构出具不实的资产评估报告。如果公司要求资产评估机构出具不实的资产评估报告,有关责任人应承担相应的责任。

  资产评估机构应恪守职业道德,严格按照评估准则和程序,实事求是地出具评估报告,不得片面追求收入而出具与事实不符的评估报告。资产评估机构应对评估对象所涉及交易、收入、支出、投资等业务的合法性、未来预测的可靠性取得充分证据,充分考虑未来各种可能性发生的概率及其影响,禁止根据不切实际的各种简单假设进行随意的评估。

  为防止公司和评估师高估未来盈利能力,并进而高估资产,对使用收益现值法评估资产的,凡未来年度报告的利润实现数低于预测数10%—20%的,公司及其聘请的评估师应在股东大会及指定报刊上作出解释,并向投资者公开道歉;凡未来年度报告的利润实现数低于预测数20%以上的,除要作出公开解释并道歉外,中国证监会将视情况实行事后审查,对有意提供虚假资料,出具虚假资产评估报告,误导投资者的,一经查实,将依据有关法规对公司和评估机构及其相关责任进行处罚。

  注册会计师在审核上市公司各种会计要素进行初次和后续确认计量时,应对评估报告所涉及交易的真实性和合法性、假设的合理性,各项数据的稳定性和可靠性、评估方法的科学性,以及会计和披露的合规性等方面给予适当关注,并恰当地表示审计意见。

  自本文发布之日起,中国证监会1999年10月10日发布的《关于提高上市公司财务信息披露质量的通知》(证监会计字〔1999〕17号)同时废止。