近期，财政部会计司发布了标准仓单交易相关会计处理实施问答，明确规定将频繁买卖标准仓单获取价 差的行为视为金融工具核算，不再确认为销售收入，差额计入投资收益。去年，中期协发布的《期货风 险管理公司大宗商品风险管理业务管理规则》（下称《管理规则》），已于今年1月1日起实施。 从财政部会计司和中期协的相关规定来看，一个侧重会计准则的适用性，另一个侧重业务合规框架的构 建，但其监管逻辑高度一致，共同指向"穿透业务实质，杜绝监管套利"的核心监管目标。对此，笔者将 深入分析财政部新规和《管理规则》在仓单业务上的协同效应，探讨相关企业的应对策略。 财政部新规与《管理规则》的协同效应 监管逻辑同源——实质重于形式，两项规定均以"经济实质优先于法律形式"为底层逻辑，直击行业痛 点。 针对同一类套利行为，《管理规则》将以库存风险管理为目的的约定购回、解决资金需求的代理交割等 业务模式，进一步细化条款表述，明确归类为"资金类业务"，指出其本质是融资而非贸易，要求以净额 法确认收入，压实收入规模，且要求资金类业务也应伴随货物的真实流转，业务期间应当取得货物的所 有权。财政部新规将频繁买卖仓单不提取实物的行为定性为金融投机，直接剔除该 ...

Core Viewpoint - The Ministry of Finance's Accounting Department has provided clear accounting treatment guidelines for standard warehouse receipt transactions, which helps to standardize financial operations and information disclosure for enterprises engaged in financial activities [1][2][4]. Group 1: Accounting Treatment Guidelines - The new guidelines classify contracts for buying and selling standard warehouse receipts as financial instruments under the Accounting Standards for Enterprises No. 22, which applies to contracts that can be settled in cash or other financial instruments [2][3]. - Enterprises that frequently buy and sell standard warehouse receipts for short-term profit without physical delivery should recognize the difference between the received consideration and the book value of the sold receipts as investment income, rather than sales revenue [3][4]. - The distinction between hedging against price fluctuations and speculative trading is crucial for accurate accounting treatment and compliance, as it affects how transactions are reported in financial statements [3][4]. Group 2: Impact on Enterprises - The clarification of accounting treatment is expected to curb speculative trading and false trading behaviors, guiding enterprises to focus on activities related to the real economy [6][7]. - Companies are advised to clearly differentiate between speculative transactions and those involving physical delivery, ensuring that accounting practices reflect the true nature of their business activities [6][7]. - The new requirements are seen as a supportive measure for the stable development of the futures market, enhancing the management of enterprises' futures-related activities and improving the market's service to the real economy [7][8].