9781840140484

This book provides an updated introduction to accounting and auditing in China, incorporating the most recent developments up to June 1997. It covers all major aspects of Chinese accounting and auditing, including accounting administrative systems, qualifications and responsibility of Chinese accountants, accounting regulations or standards setting, cost and managerial accounting, financial reporting, statutory audit and public accounting, accounting for governments and non-profit organizations, business financing and taxation systems, EDP application in accounting, accounting education and research etc. Some of the main accounting and auditing legislation and standards are complied in the Appendix. The book will be an informative reference to readers, both business executives and professionals, outside of China. It can also be used as a textbook or teaching supplement for Universities and Colleges.

List of Figures and Tables

ix

(2)

The Authors

xi

(2)

Preface

xiii

1 Overview of Chinese Accounting and Auditing Developments

1

(22)

Historical review

3

(4)

Economic transition and accounting reforms

7

(7)

The perspective of further development

14

(4)

Organizational structure of the book

18

(5)

2 Regulation of Accounting Affairs

23

(28)

The system of accounting administration

23

(7)

The framework of accounting regulations

30

(6)

Qualifications and obligations of accounting personnel

36

(6)

Reform of setting accounting regulations

42

(9)

3 Accounting Standards

51

(22)

Accounting standards and the accounting regulation system

51

(3)

Development of accounting standards in China

54

(4)

Analysis of Chinese Accounting Standards for Business Enterprises (ASBE)

58

(11)

Implications of Accounting Standards for Business Enterprises (ASBE)

69

(4)

4 Securities Markets and Information Disclosure

73

(16)

Resurgence and expansion of securities markets in China

73

(4)

Regulation of securities markets

77

(5)

Requirements on prospectuses and regular reports

82

(4)

Comments on disclosure to securities markets in China

86

(3)

5 Cost Accounting and Managerial Accounting

89

(22)

Principles of Chinese cost accounting

89

(8)

Practices of cost management

97

(5)

The rise of managerial accounting in China

102

(3)

The practices of Chinese managerial accounting

105

(4)

Prospects of managerial accounting in China

109

(2)

6 Auditing

111

(26)

Overview of the Chinese auditing system

111

(3)

The regulatory environment of state audit supervision

114

(4)

Governmental auditing

118

(9)

Institutional internal auditing

127

(4)

Non-governmental (social) auditing

131

(6)

7 Public Accounting and the Profession

137

(24)

Historical evolution of public accounting in China

137

(2)

Qualification of certified public accountants

139

(5)

Formation and administration of CPA firms

144

(4)

CPAs' legal obligations

148

(3)

Professional ethics and auditing standards

151

(5)

Professional bodies of CPAs

156

(5)

8 Taxation and Tax Returns

161

(32)

Overview of the Chinese taxation system

161

(5)

Types of taxes

166

(17)

The tax system for business entities with foreign investments

183

(2)

Tax registration and tax returns

185

(3)

Preferential tax policies for regional development

188

(5)

9 Accounting for Governments and Non-profit Organizations

193

(22)

The administrative structure of budgetary accounting

193

(6)

Regulations for budgetary accounting

199

(3)

Basic characteristics of budgetary accounting

202

(5)

Financial reporting for governments and non-profit organizations

207

(3)

Prospects of budgetary accounting reform

210

(5)

10 Computerization of Accounting

215

(20)

Evolution of computerization of accounting

215

(3)

Characteristics of computerized accounting

218

(4)

Regulation of accounting software

222

(5)

Commercialized Chinese accounting software

227

(3)

Education and training in accounting computerization

230

(2)

Prospects for computerization of accounting in China

232

(3)

11 Accounting Education

235

(26)

The accounting education system

235

(8)

The curriculum of formal accounting education

243

(9)

Professional qualification examinations and continuing education

252

(9)

12 Accounting Associations

261

(16)

The nature of accounting associations

261

(1)

The Accounting Society of China

262

(4)

The Chinese Institute of Certified Public Accountants

266

(6)

The China Society of Auditing

272

(1)

The Chinese Accounting Professors' Association

273

(1)

Accounting research and publications

273

(4)

13 The Environment of Business Regulation

277

(18)

Overview of the business environment

277

(3)

Summary of business regulations in China

280

(11)

Business laws for enterprises with foreign investment

291

(4)

Appendix A: The Accounting Law of the People's Republic of China

295

(8)

Appendix B: The Audit Law of the People's Republic of China

303

(12)

Appendix C: The Certified Public Accountant Law of the People's Republic of China

315

(12)

Appendix D: Accounting Standards for Business Enterprises

327

(16)

Appendix E: General Rules on Financial Affairs for Business Enterprises

343

(14)

Index

357

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Accounting and Auditing in China

1840140488

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