Notice of the China Securities Regulatory Commission on Transitional Issues concerning the Application of the “Accounting Standards for Business Enterprises” to Securities Investment Funds

中国证券监督管理委员会关于证券投资基金执行《企业会计准则》有关衔接事宜的通知

Promulgating Institution: China Securities Regulatory Commission

Promulgating Date: 05/17/2007

Effective Date: 07/01/2007

颁布机关: 中国证券监督管理委员会

颁布时间: 05/17/2007

实施时间: 07/01/2007

On November 26, 2006, the China Securities Regulatory Commission ("CSRC") issued the Notice on the Application of the "Accounting Standards for Business Enterprise" to Fund Management Companies and Securities Investment Funds (Zheng Jian Kuai Ji Zi [2006] No. 23), requiring that securities investment funds (hereinafter referred to as the "Fund") shall be governed by the Accounting Standards for Business Enterprises (hereinafter referred to as the "New Accounting Standards") with effect from July 1, 2007. With a view to ensuring the smooth implementation of the New Accounting Standards and effectively protecting the legitimate rights and interests of Fund unit holders, relevant issues are hereby notified as follows:

  2006年11月26日,我会下发了《关于基金管理公司及证券投资基金执行<企业会计准则>的通知》(证监会计字[2006]23号),规定证券投资基金(以下简称基金)自2007年7月1日起执行《企业会计准则》(以下简称新会计准则)。为保障新会计准则的顺利实施,切实保护基金份额持有人的合法权益,现就有关事宜通知如下:

1. Fund management companies and custodian banks shall attach great importance to the application of the New Accounting Standards, develop and test accounting and valuation systems in a timely manner, continuously improve relevant business processes and internal control systems, enhance employee professional training, and actively guard against business risks, so as to ensure the timely and smooth application of the New Accounting Standards.

    一、基金管理公司和托管银行应高度重视新会计准则的施行工作,及时做好核算和估值业务系统的开发和测试工作,不断完善相关业务流程和内部控制制度,加强员工业务培训,积极防范业务风险,确保新会计准则及时、顺利施行。

2. Fund management companies and custodian banks shall complete the adjustments to their respective Fund accounting and valuation systems by June 30, 2007. During the period from May 28, 2007 to June 15, 2007, fund management companies and custodian banks shall test certain Funds (see Appendix 1) based on actual transaction data for verification purposes, and promptly adjust the business systems according to the test results. Relevant custodian banks shall report the information of the tests to the Department of Investment Fund Supervision and the Department of Accounting of the CSRC by June 19. Fund management companies not included in the list shall also formulate and implement the plans for testing their business systems, and promptly report the major problems, if any, to the CSRC.

    二、基金管理公司和托管银行务必于2007年6月30日前将基金的会计核算和估值业务系统调整到位。2007年5月28日至6月15日,基金管理公司和托管银行应使用实际交易数据对部分基金(见附件1)进行核对测试,根据测试结果及时调整业务系统。相关托管银行应于6月19日前将测试情况报告我会基金监管部和会计部。未列入名单的基金管理公司也应制定并实施业务系统的测试计划,发现重大问题应及时报告我会。

3. To avoid any large fluctuation in the net asset value ("NAV") of the Funds due to the first-time application of the New Accounting Standards, a fund management company shall calculate the possible changes in the NAV of the Funds as a result of the initial comprehensive adoption of fair value measurement. If the calculation results show a major impact on NAV, the fund management company shall take all reasonable measures in advance in terms of investment operations, Fund unit subscription arrangements, etc., to ensure that the interests of investors will not be prejudiced. On July 1, 2007, the absolute value of the difference between the fair value of a Fund investment portfolio and the original book value thereof shall be no more than 0.5% of the NAV of the Fund.

    三、为避免首次执行新会计准则造成基金资产净值大幅波动,基金管理公司应测算首次全面使用公允价值计量可能导致的基金资产净值的增减变化。测算结果表明对净值影响较大的,基金管理公司应事先在投资运作、基金份额申购安排等方面采取各种合理措施,确保投资者利益不受损害。2007年7月1日,基金投资组合的公允价值与原账面价值的差额绝对值占基金资产净值的比例不得超过0.5%。

4. Prior to June 30, 2007, a fund management company shall sort out all contracts in relation to the inter-bank market transactions involved in by the Funds under its management that are still valid on July 1, 2007, and submit such contracts to the audit and accounting departments of the CSRC for relevant accounting treatment. Transactions previously not treated as repo transactions according to their economic essence shall be adjusted pursuant to the New Accounting Standards by June 30, 2007. The accounting treatment of new repo transactions occurring after July 1, 2007 shall all be handled according to their economic essence under the New Accounting Standards.

    四、在2007年6月30日之前,基金管理公司应全面梳理所管理的基金参与银行间市场交易至2007年7月1日尚未到期的合同,并将该类交易合同交由会计核算部门,核实相关账务处理。对此前未按经济实质计为回购业务的交易,应在2007年6月30日前按新会计准则进行调整。2007年7月1日后新发生的回购交易,均应按新会计准则的要求根据经济实质进行账务处理。

5. On June 30, 2007, after a fund management company and its custodian bank have carried over the profits and losses of the Funds and closed the accounts, the original accounting titles shall be adjusted to the title framework under the New Accounting Standards (see Appendix 2), and the title balance after the adjustment shall be the opening balance on July 1, 2007. Considering that July 1 is a non-trading day, the fund management company and its custodian bank are only required to carry out such accounting treatment as recognition of the interest on fixed-income investment products, and are not required to re-value securities investments.

    五、2007年6月30日,基金管理公司和托管银行结转基金损益并封账后,应将原有科目调整至新会计准则科目框架下(见附件2),调整后的科目余额作为2007年7月1日的期初余额。鉴于7月1日为非交易日,只须对固定收益投资品种进行利息确认等账务处理,无须对证券投资进行重新估值。

6. With effect from July 1, 2007, fund management companies and custodian banks shall, in accordance with the New Accounting Standards, their supporting documents and relevant provisions of the CSRC, set up account titles, carry out financial accounting, make valuation of the Funds, prepare accounting statements, and disclose related information. In addition, fund management companies and custodian banks shall comply with the provisions formulated and promulgated by the Securities Association of China with a view to guiding and regulating the accounting of the Funds.

    六、2007年7月1日起,基金管理公司和托管银行应按新会计准则及其配套文件和我会的相关规定,设置会计科目,进行会计核算,开展基金估值,编制会计报表,披露相关信息。中国证券业协会为指导、规范基金核算业务而牵头制定并发布的相关规定,基金管理公司和托管银行应遵照执行。

7. Unless otherwise specified by the CSRC, the unrealized part of the undistributed profits, including the unrealized gains generated from the operating activities of a Fund and the unrealized stabilization fund from Fund unit transactions may not be distributed after the Fund is governed by the New Accounting Standards.

    七、除我会特别规定外,基金在执行新会计准则后,未分配利润中的未实现部分,包括基金经营活动产生的未实现收益和基金份额交易产生的未实现平准金,不得用于分配。

8. Pursuant to the Notice on Issues concerning the Preparation and Audit of Annual Reports of Securities Investment Funds and Fund Management Companies in the Year 2006 (Zheng Jian Kuai Ji Zi [2007] No. 11), the interest accrued, during the period from January 1, 2006 to June 30, 2007 (hereinafter referred to as the "Interest-bearing Period") on the Fund subscription and purchase money and other fund money temporarily deposited in the related accounts opened in the names of fund management companies shall be apportioned among all Funds involved according to the following formula, and shall be included as the assets of the Funds by June 30, 2007 (the interest accrued during the period from the last interest payment date to June 30 shall be credited as receivables):

    八、根据《关于2006年度证券投资基金和基金管理公司年度报告编制及审计工作有关事项的通知》(证监会计字[2007]11号)要求,暂存于以基金管理公司名义开立的相关账户中的基金认购、申购款等资金在2006年1月1日至2007年6月30日期间(简称利息期间)生成的利息,应按以下公式在各基金之间分摊,并于2007年6月30日前划入基金资产(对最后一次结息日至6月30日期间的利息,记应收):

Interest to be allocated to a Fund = percentage of the subscription and purchase money of the Fund during the Interest-bearing Period to the total subscription and purchase money of all Funds during the same period × (the total interest generated from related accounts during the Interest-bearing Period – relevant handling fees, account maintenance fees and other expenses that have been paid)

  某只基金应摊得的利息=该基金在利息期间认申购金额占全部基金在利息期间认申购总金额的百分比×(利息期间相关账户生成的利息总额-已支付的相关手续费和账户维护费等费用)

With effect from July 1, 2007, the interest accrued, during the period from the unit confirmation date (inclusive) as set forth in the depository business rules to the date on which such units are transferred to the custody accounts (exclusive), on the purchase money deposited in the accounts opened in the names of fund management companies shall set aside by the Funds concerned as scheduled.

  自2007年7月1日起,对存于以基金管理公司名义开立的账户的申购款,在登记注册业务规则规定的份额确认日(含)至划入托管账户日(不含)期间孳生的利息,基金应按期计提。

9. After Funds are governed by the New Accounting Standards, where an institution fails to handle accounting treatment of the Funds as required, thus resulting in errors in the calculation of the NAV of the Funds, false information disclosure of the Funds, or major risks in the operation of the Funds, the CSRC shall order the institution to make rectification, suspend relevant business thereof, and take appropriate punishment measures against relevant persons in charge and persons subject to direct liabilities.

    九、基金执行新会计准则后,对未按相关规定进行基金会计处理,出现基金净值计算错误、基金披露信息不实或基金运作存在较大风险的,我会将依法责令相关机构进行整改,暂停办理相关业务,对相关主管人员和直接责任人员采取相应的处罚措施。

This Notice is hereby given.

  特此通知。

Appendices:

1. List of Funds for System Test (omitted)

  附件

  1.系统测试基金名单（略）

2. Reconciliation Statement on Old and New Account Titles (omitted)

  2.新旧科目对照表（略）

May 17, 2007

  二○○七年五月十七日