THE Ministry of Finance (MOF) has issued another batch of consultation papers on introducing new accounting standards to China, according to a mainland accounting expert.
Speaking in Hong Kong yesterday, associate professor of Shanghai University of Finance and Economics, Shin Yuanchen, said seven consultation papers had been released to the consultants appointed by the MOF at the start of this month.
The papers include the introduction of new accounting standards for the banking industry, statements of cash flow, fixed assets, long-term contracts, research and development, intangible assets, and owners' equities.
The move was part of the accounting reform programme launched by the MOF at the end of 1993.
Sponsored by the World Bank, the MOF listed about 31 areas for the reform based on the research papers compiled by accounting firm Deloitte Touche Tohmatsu.
The first batch of the seven consultation papers covering areas such as balance sheets, income statements, capitalisation of borrowing costs, investment, receivables and payables were released last year.
These papers were distributed to domestic and overseas consultants including the Hong Kong Society of Accountants (HKSA), and the final version of the regulations would be issued by the MOF.
