Notice of the China Securities Regulatory Commission on the Application of the “Accounting Standards for Business Enterprise” to Fund Management Companies and Securities Investment Funds

中国证券监督管理委员会关于基金管理公司及证券投资基金实施《企业会计准则》的通知

Promulgating Institution: China Securities Regulatory Commission

Document Number: Zheng Jia Hui Kuai Zi [2006] No.23

Promulgating Date: 11/27/2006

Effective Date: 01/01/2007

颁布机关: 中国证券监督管理委员会

文   号: 证监会计字[2006]23号

颁布时间: 11/27/2006

实施时间: 01/01/2007

In February 2006, the Ministry of Finance promulgated the new Accounting Standards for Business Enterprises (hereinafter referred to as the "New Accounting Standards"), which shall apply to all listed companies with effect from January 1, 2007. All other companies are also encouraged to be subject to the New Accounting Standards. With a view to improving the quality of the accounting information of the fund industry, reinforcing the risk management awareness of fund management companies (hereinafter referred to as the "Company"), and promoting the healthier development of the fund industry, the China Securities Regulatory Commission ("CSRC") has decided that all Companies shall be governed by the New Accounting Standards as of January 1, 2007. The Companies may continue to generate financial and accounting statements according to the existing accounting system until June 30, 2007, provided that they shall adjust such statements pursuant to the New Accounting Standards to make them meet the requirements thereof. The Companies shall make all accounting treatment pursuant to the New Accounting Standards with effect from July 1, 2007. Securities investment funds (hereinafter referred to as the "Fund") shall also be governed by the New Accounting Standards as of July 1, 2007. Relevant issues are hereby notified as follows:

  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。为了提高基金行业的会计信息质量,强化基金管理公司风险管理意识,促进基金行业更好地发展,我会决定基金管理公司(以下简称公司)自2007年1月1日起执行新会计准则。2007年6月30日之前,公司可以沿用现有会计核算系统生成财务会计报表,但须按照新会计准则对财务会计报表进行调整,使之符合新会计准则的要求;自2007年7月1日起全面按新会计准则进行账务处理。证券投资基金(以下简称基金)自2007年7月1日起执行新会计准则。现就有关事项通知如下:

1. Implementation Plan

    一、施行计划

(1) Preparation of 2006 Annual Reports

  (一)2006年年度报告的编制。

(a). A Company shall prepare its 2006 annual report in compliance with the prevailing Accounting Rules for Financial Enterprises and relevant provisions on the preparation of annual reports.

  1.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。

(b). A Company shall prepare the reconciliation statement on the differences of the old and the New Accounting Standards pursuant to the Accounting Standards for Business Enterprises No. 38: First-time Application of the Accounting Standards for Business Enterprises and relevant provisions to reflect the impact of the application of the New Accounting Standards on its financial position, operating results and cash flow in 2006. The reconciliation statement shall be reviewed by an accounting firm qualified to practice securities/futures-related business and shall be reported to the Department of Accounting and the Department of Investment Fund Supervision of the CSRC for record-filing.

  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报证监会会计部、基金部备案。

(c). The 2006 annual report of a Fund shall be prepared in compliance with the Accounting Rules for Financial Enterprises and relevant provisions on the preparation of annual reports.

  3.基金应按照现行《金融企业会计制度》和编制年度报告的相关规定编制2006年年度报告。

(2) Preparation of 2007 Semi-annual Reports and 2007 Annual Reports

  (二)2007年半年报、年报的编制。

(a). A Company shall prepare its financial and accounting statements of 2007 in accordance with the New Accounting Standards and relevant provisions on the preparation of annual reports.

  1.公司应按照新会计准则和编制年度报告的相关规定要求编制当年财务会计报表。

(b) The 2007 semi-annual report of a Fund shall be prepared in accordance with the current systems and relevant provisions while its 2007 annual report shall be prepared in accordance with the New Accounting Standards and relevant provisions on the preparation of annual reports.

  2.基金2007年半年报应按照现行制度和相关规定要求编制,2007年年报的编制应按照新会计准则和编制年报的相关规定要求编制。

2. Several Issues on the Application of the New Accounting Standards

    二、新会计准则施行工作的几点注意事项

(1) A Company shall choose appropriate fair value measurement models in strict accordance with the New Accounting Standards, and establish sound internal control systems for determining fair value,, and may not use fair value measurement models to adjust its net profits or the net asset value ("NAV") of its Funds or require relevant intermediaries to issue any false certification report.

  (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,不得利用公允价值计量模式调节公司利润或基金资产净值,也不得要求相关中介机构出具虚假鉴证报告。

(2) A Company and its Fund custodian bank (hereinafter referred to as the "Custodian Bank") shall fully enforce the New Accounting Standards and may not selectively apply the requirements thereof as needed. The Company and the Custodian Bank shall, according to the requirements of the New Accounting Standards and the Company's actual situations, formulate reasonable accounting policies, make appropriate accounting estimates, and clearly distinguish the impact as a result of changes in accounting policies, accounting estimates and accounting standards respectively. They may not confuse one impact with another, or make use of the changes in accounting policies and estimates and the correction of accounting errors to artificially adjust the Company's profits or the NAV of the Funds.

  (二)公司及基金托管银行(以下简称托管行)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。公司及托管行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公司利润或基金资产净值。

(3) A Company and its Custodian Bank shall objectively analyze the purpose of holding at the initial recognition of a financial instrument, make a reasonable classification of various financial instruments, and form clear written conclusions. If valuation models are used to determine the fair value of financial instruments during subsequent measurement process, the Company and its Custodian Bank shall prudently select relevant calculation parameters, and shall not artificially adjust the Company's profits and the NAV of the Funds by taking advantage of the re-classification of financial instruments.

  (三)公司及托管行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,公司及托管行应谨慎选用相关计算参数,不得利用金融工具的重新分类人为调节公司利润或基金资产净值。

(4) A Company shall not embezzle its assets or manipulate its profits through affiliated-party transactions or by other means. The Company and its Custodian Bank shall not carry out affiliated-party transactions as non-affiliated ones to cover up effective affiliated-party relationships and transactions, thus damaging the interests of the Company's shareholders or the Fund unit holders.

  (四)公司不得利用关联方交易等手段侵吞公司资产或操纵公司利润。公司及托管行也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,损害公司股东或基金份额持有人的利益。

3. Several Requirements for the Application of the New Accounting Standards

    三、新会计准则施行工作的几点要求

(1) The application of the New Accounting Standards is a major event of the fund industry. Therefore, persons in charge of all Companies and Custodian Banks shall attach great importance thereto and give full support to ensure that the application proceeds as required.

  (一)新会计准则的施行是基金行业的一件大事,各公司及托管行负责人应给予足够重视,全力支持,保证按照要求完成施行工作。

(2) All Companies and Custodian Banks shall organize careful study of the New Accounting Standards, get an in-depth understanding of the differences between the old and the New Accounting Standards and systems, fully put into effect the spirits of the New Accounting Standards in the stage of implementation, and ensure the smooth transition between the old and the New Accounting Standards and systems. At the same time, they shall ensure the completion of daily tasks, and meet various business and regulatory requirements with high standards.

  (二)各公司及托管行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。

(3) All Companies shall provide coordination in the application of the New Accounting Standards to improve their respective management systems and adjust related internal control systems, so as to ensure the long-term and effective application of the New Accounting Standards.

  (三)各公司应配合新会计准则施行,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。

(4) All Companies and Custodian Banks shall actively participate in the training on the application of the New Accounting Standards organized by the CSRC in the near future to improve their accounting capacity.

  (四)各公司及托管行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。

(5) To ensure the smooth application of the New Accounting Standards, the CSRC has set up a directing group and a task group for the application of the New Accounting Standards. All Companies and Custodian Banks shall enhance communication with the task group and promptly report issues encountered in the application of the New Accounting Standards to the task group, which shall study the same and give solutions. The Companies and Custodian Banks shall feed back any suggestions on the application of the New Accounting Standards to the task group as well. The members of the directing group are:

Leader:

Gui Minjie, Vice Chairman of the CSRC

Deputy leaders:

Zhang Weiguo, chief accountant, director of the Department of Accounting of the CSRC;

Li Zhengqiang, deputy director of the Department of Investment Fund Supervision of the CSRC; and

Hong Lei, deputy director of the Department of Investment Fund Supervision of the CSRC

Members:

Li Shuhua, Department of Accounting of the CSRC;

Han Yong, Department of Investment Fund Supervision of the CSRC;

Tang Jinxi, Department of Investment Fund Supervision of the CSRC;

Lu Ziyao, Department of Accounting of the CSRC;

Lin Xiaozheng, Department of Investment Fund Supervision of the CSRC;

Representatives from fund management companies;

Representatives from fund custodian banks; and

Representatives from accounting firms

  (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。各公司及托管行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。公司及托管行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:

  证监会副主席桂敏杰

  副组长:

  证监会首席会计师、会计部主任张为国

  证监会基金部副主任李正强

  证监会基金部副主任洪磊

  成员:

  证监会会计部李树华

  证监会基金部韩勇

  证监会基金部汤进喜

  证监会会计部路子尧

  证监会基金部林晓征

  基金管理公司代表

  基金托管银行代表

  会计师事务所代表

November 27, 2006

  二○○六年十一月二十七日