Notice of the China Securities Regulatory Commission on Accounting Issues Related to Securities Company’s Implementation of the "Enterprise Accounting Standards"

中国证券监督管理委员会关于证券公司执行《企业会计准则》有关核算问题的通知

Promulgating Institution: China Securities Regulatory Commission

Document Number: Zheng Jian Kuai Ji Zi [2007] No. 34

Promulgating Date: 12/18/2007

Effective Date: 12/18/2007

颁布机关: 中国证券监督管理委员会

文   号: 证监会计字[2007]34号

颁布时间: 12/18/2007

实施时间: 12/18/2007

To all the securities companies and all the accounting firms concerned:

China Securities Regulatory Commission (hereinafter referred as "CSRC") issued the Notice on Securities Companies' Implementation of "Enterprise Accounting Standards" (Zheng Jian Kuai Ji Zi [2006] No. 22) on November 26, 2006, providing that securities companies should implement the Accounting Standards (hereinafter referred to as new Accounting Standards) in 2007. In order to standardize the accounting practice of securities companies, and to ensure the comparability and reliability of accounting information of securities companies as well as the quality of information disclosed by such securities companies, relevant accounting issues are hereby notified as follows:

  各证券公司、各有关会计师事务所:

  2006年11月26日,我会下发了《关于证券公司执行<企业会计准则>的通知》(证监会计字[2006]22号),规定证券公司自2007年起执行《企业会计准则》(以下简称新会计准则)。为规范证券公司的会计核算,保障证券公司会计信息的可比性、可靠性和信息披露质量,现就有关会计核算问题通知如下:

1. Securities companies shall, based upon the principle of prudence, strictly implement the new Accounting Standards to report their financial conditions and operating results in an authentic and fair manner. They shall carefully analyze the potential risks and depreciation signals to set aside adequate provisions for a variety of risks and depreciation.

Accounting firms shall carefully implement the Practicing Standards on Certified Public Accountants of China of 2006, and improve audit practice procedures based on the risk-oriented audit approach to urge securities companies to improve the quality of accounting information.

    一、证券公司应当严格执行新会计准则,在谨慎性原则的基础上,真实、公允地反映公司的财务状况和经营成果;应当认真分析可能发生的风险和减值迹象,足额计提各项风险准备和减值准备。

  会计师事务所应当认真执行《中国注册会计师执业准则2006》,按照风险导向审计理念,完善审计执业规程,督促证券公司提高会计信息质量。

2. Rrelevant assets of a securities company shall be recognized and measured according to the following provisions:

(1) Restricted equity held by a securities company that has significant influence on listed companies shall be deemed as long-term equity investment, and be subject to the cost or equity method in accounting depending on the degree of influence on listed companies. Restricted equity held by a securities company that has no control or joint control over or significant influence on listed companies shall be classified as available-for-sale financial assets.

A collective asset management product held by a securities company shall be classified as available-for-sale financial assets.

Investment formed from direct investment business shall be deemed as long-term equity investment before public listing of the stocks of the invested company, and shall be subject to the cost or equity method in accounting depending on the degree of influence on the invested company; after public listing of stocks of the invested company, the investment that has control or joint control over or significant influence on the invested company shall continue to be deemed as long-term equity investment, and shall be subject to the cost or equity method in accounting depending on the degree of influence on the invested company; the investment that does not have control or joint control over or significant influence on the invested company shall be converted into available-for-sale financial assets on the day of public listing of stocks of the invested company, and initial and subsequent measurement shall be made in accordance with the Enterprise Accounting Standards No. 22 – Recognition and Measurement of Financial Instruments.

The abovementioned investment classified as available-for-sale financial assets shall not be reclassified as another type of financial assets after the restricted period for sale ends.

(2) With respect to investment vehicles on the active market, if there is traded market price on the report date, the closing price thereof on the day shall be deemed as fair value. If there is neither any traded market price on the report date nor significant change in the economic environment on the most recent trading day, the closing price on the most recent trading day shall be deemed as fair value; If there is no closing price on the report date but major change in the economic environment occurs after the most recent trading day, the fair value of the investment vehicles shall, based on the principle of prudence, be prudently determined through appropriate valuation techniques.

The fair value of obviously inactive investment vehicles shall be prudently determined through appropriate valuation techniques based on the principle of prudence.

The fair value of investments such as restricted stocks shall be determined in accordance with the principles set forth in the Notice on Matters Regarding Implementation of Valuation Business and Pricing on Net Value of Shares as Specified in the "Enterprise Accounting Standards" by Securities Investment Funds (Zheng Jian Kuai Ji Zi [2007] No. 21).

    二、证券公司相关资产的确认和计量应当遵循如下规定:

  (一)证券公司持有的对上市公司具有重大影响以上的限售股权,应当作为长期股权投资,视对上市公司的影响程度分别采用成本法或权益法核算;证券公司持有的对上市公司不具有控制、共同控制或重大影响的限售股权,应当划分为可供出售金融资产。

  证券公司持有的集合理财产品,应当划分为可供出售金融资产。

  直接投资业务形成的投资,在被投资公司股票上市前,应当作为长期股权投资,视对被投资公司的影响程度分别采用成本法或权益法核算;在被投资公司股票上市后,如对被投资公司存在控制、共同控制或重大影响,应当继续作为长期股权投资,并视对被投资公司的影响程度分别采用成本法或权益法核算;如对被投资公司不具有控制、共同控制或重大影响,应当于被投资公司股票上市之日将该项投资转作可供出售金融资产,并按《企业会计准则第22号-金融工具确认和计量》进行初始及后续计量。

  上述划分为可供出售金融资产的投资,限售期结束后不得重新分类至其他类别金融资产。

  (二)对存在活跃市场的投资品种,如报表日有成交市价,应当以当日收盘价作为公允价值。如报表日无成交市价、且最近交易日后经济环境未发生重大变化的,应当以最近交易日收盘价作为公允价值;如报表日无成交市价、且最近交易日后经济环境发生了重大变化的,应当在谨慎性原则的基础上采用适当的估值技术,审慎确定公允价值。

  对交易明显不活跃的投资品种,应当采用适当的估值技术,审慎确定公允价值。

  附有限售条件的股票等投资的公允价值,应当按《关于证券投资基金执行<企业会计准则>估值业务及份额净值计价有关事项的通知》(证监会计字[2007]21号)中规定的原则确定。

3. Commission income of securities companies' income from commissions of securities brokerages and income from proprietary trading of securities shall be recognized on the securities trading day.

    三、证券公司证券经纪业务佣金收入和证券自营业务收入应当在证券买卖交易日予以确认。

4. With respect to the accounting of a collective assets management product managed by a securities company, the provisions regarding accounting of securities investment capital shall apply as the reference.

    四、证券公司管理的集合理财产品的会计核算应当参照证券投资基金会计核算的有关规定执行。

5. Securities investor protection fund paid by securities companies shall be recorded in the sublevel column of the Management Fee line item; fees paid to the bank as the Third Party Depository Funds shall be recorded in the sublevel column of the Fee and Commission Expense line item.

    五、证券公司缴纳的证券投资者保护基金,应当在“管理费”科目中设置二级科目核算;支付给银行的“资金三方存管”费用,应当在“手续费及佣金支出”科目中设置二级科目核算。

6. Blocked fund of the securities company as a result of purchasing new stock shares or funds shall be recorded in the Other Monetary Fund line item, and funds shall be transferred out of the item after the funds are unfrozen.

    六、证券公司因申购新股或基金被暂时冻结的资金，应当在“其他货币资金”科目核算，并待资金解冻后从该科目转出。

December 18, 2007

  二○○七年十二月十八日