Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant updates in accounting regulations and standards in China for the year 2024, emphasizing the importance of compliance for companies in preparing their financial reports [1][2][3] Summary by Sections Section 1: Amendments to the Accounting Law - The Accounting Law of the People's Republic of China was amended, effective from July 1, 2024, focusing on enhancing financial supervision and increasing penalties for accounting violations to improve the quality of accounting information [2] Section 2: 2024 Annual Report Work Notification - A joint notification from the Ministry of Finance, State-owned Assets Supervision and Administration Commission, Financial Regulatory Bureau, and China Securities Regulatory Commission emphasizes the importance of adhering to accounting standards in the preparation of 2024 annual reports [3][4] Section 3: Accounting Standards and Sustainability Disclosure Guidelines - New accounting standards and guidelines for sustainability disclosures were introduced, including the implementation of the 17th and 18th interpretations of accounting standards, effective from January 1, 2024, and December 31, 2024, respectively [5][8] - The Ministry of Finance issued guidelines for the accounting treatment of enterprise data resources, effective January 1, 2024, which includes conditions for capitalizing development expenditures [5] Section 4: International Financial Reporting Standards Updates - The report outlines updates from the International Accounting Standards Board (IASB) regarding financial reporting standards, including proposed updates on financial instruments and disclosures [12][13] Section 5: Other Important Regulations - The report mentions the passing of the Value-Added Tax Law, effective January 1, 2026, which will replace the interim regulations currently in place [9] Section 6: Sustainable Development Reporting Guidelines - New guidelines for sustainable development reporting were released by various exchanges, effective May 1, 2024, aimed at enhancing transparency and accountability in sustainability practices [10] Section 7: Publications by Ernst & Young - The report includes references to Ernst & Young publications that provide guidance on the application of international financial reporting standards, particularly concerning financial instruments [18][19]
中国会计通讯 - 新春特刊
EY·2025-01-26 04:03