Mainland Update. HKSA Ad. Mainland Affairs

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1 Mainland Update Accounting treatment of factoring of account receivables The PRC s Ministry of Finance ( MOF ) has recently issued a new rule on the accounting treatment of an enterprise s factoring of account receivables to financial institutions and the related financing transactions (!"#$!"#$%&'()* +,-!"#$%&'(). The rule stipulates that an enterprise should record the transaction on the basis of the principle of substance over form when the enterprise factors its accounts receivables to financial institutions as security for loans. For more information, please visit!" at a website authorised by the MOF to promulgate news of accounting standards, rules and pronouncements. The Accounting System for Financial Institutions to apply to all Mainland financial institutions The MOF has recently announced that all Mainland financial institutions, including unlisted enterprises, are required to adopt the Accounting System for Financial Institutions ( the System ) (!"#$%) with effect from 1 January All financial institutions are also encouraged to follow the System in preparing the financial statements for the year ending 31 December According to the relevant notice!"#$%&'()*+,-./!", any change in accounting policy as a result of the use of the System should be applied retrospectively unless the amount of any resulting adjustment that relates to prior periods is not reasonably determinable. Any resulting adjustment should be reported as an adjustment to the opening balance of retained earnings. The System has already applied to all listed and foreign investment banks, insurance companies, brokerages, leasing companies and finance companies since 1 January USB and Nomura-first QFIIs The China Securities Regulatory Commission ( CSRC ) approved the applications of UBS and Nomura Holdings for Qualified Foreign Institutional Investor ( QFII ) status in May Morgan Stanley and Citigroup Globol Markets were granted the same status in June. According to the China Securities Journal (!"), about 10 other foreign investors are awaiting similar approval from CSRC. It was also reported that UBS would invest US$ billion in China s capital market and has chosen! as its joint-broker to trade A shares. HKSA Ad 56

2 Temporary performance of audit services in a single province in China by foreign accounting firms Since November 2002, the MOF has taken up the processing of applications for provisional licences for performing audit-related services in the Mainland by non-prc CPA practices (other than those who have set up a joint venture practice in the Mainland). The Society has recently received a full list of the finance bureaus of individual provinces/ autonomous regions/municipalities responsible for vetting the provisional licence applications for performing auditrelated services in the respective province only (provisional cross-province licence applications are handled by the MOF). The contact details of these departments can be found on page 61. Code of Ethics for Professional Accountants The Code of Ethics for Professional Accountants (!"#$%&), published by the International Federation of Accountants (!" ) ( IFAC ), has recently been translated into Chinese by the Chinese Institute of Certified Public Accountants with the permission of IFAC. The Society s library keeps copies of this publication for members reference. Resource Centre of the GDETO The Hong Kong Economic and Trade Office in Guangdong, the Government of the Hong Kong Special Administrative Region ( GDETO ) has set up a Resource Centre which provides a variety of information related to doing business in Hong Kong and Guangdong Province and the latest economic situation in the two places. GDETO welcomes members to visit the Resource Centre located at the office of GDETO during office hours. No prior appointment is required for the use of the Resource Centre. The contact details are as follows: Flat 7101, Citic Plaza, 233 Tian He North Road, Guangzhou, China Postal code: (!"#$OPP!"TN TNMN RNMSNP) Tel: (8620) Fax: (8620) Office hours: 8:30 am 12:30 pm and 1:30 pm 5:30 pm, Monday to Friday! OMMP!"#$%&'()*!"#$%&'(!"#$%&'()*+,-!"#$%&'()*+,!"#$%&'()*+,-.!"#$%&'()*+,-#!"#$%&OMMP!"#$%!"#$%&'()*+,-"./0!"#$!%&'()*+,#-.!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()$*+,!"#OMMONN!"#!"#$%&'()*+,-!./!"#$%&'()*"+,-.!"#$%&'()*+,-.!"#$%&'($%)*+,-!"#$!"#$%&'($%)*+,!"#$%&'()&*+,-!"#$%&'()*+,-./0!"#$%&'()*+,-./!"#$%&'!"()*+,!"#$%&!"#$%&'()*+,-!"#$%&'()*+,-./!"#$%&'()&*+,-.!"#$%&'()*+,-./0!"#$%&'() *+,-.!"#$%&'()*+,-.!"#$%&'()*+,-.$%!"OMMO!"#$%&'()!"#$%&'()*+,-./!"#$%&'("#)$*+,!"#$%&'()*+,-!"#$%&''()OMMO!"#$%&'()*+,-.!"#$%&'()*+,-./!"#$%&'(")*+,-.!"#$%&'()*OMMO!"#$%&'()*+,-!"#$%&'()*+'(,-.!"#$%&'()*!"#$%&'()!"#$%&'()*+,-./!"#$%&'()*+, -.!"#$%&'()*+,-./!"#$%&'()*+,-.!"#$%&'(!"#$%&'()*!+,-!"#$%&'()*+,-./!"#$%&'()*+,-'!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,-./0!"#$%&'()!*+,-!!"#$%&'()*+,-.!"#$%&'()*+,-.!"#$%&'($%&)*+,!"#$%&'()*+,-!"#$%&'()*+,-.)!"#$%&'()*+,-./!"#$%&'()*!"#$%&'()*+,-.!"#$%&'()*+,-./!"#$%&#'()*+,-./!"#$%&'()*+,-./0!"#$%&'()*+,-.!!"#$%&'!()*+,-.!"#$%&'()*+,-./01!"#$%&'()*+,-.#!"#$%&'()*+,-.!"#$%&'()*+!"#$%&'!"#$%&'()*+,-.!"#$%&'()*+,#-.!"#$%&' ()*+,-!"#$%&'()*+,-./ AUGUST 2003 THE HONG KONG ACCOUNTANT 57

3 OM!"OMMN NV!"#$%&'()*+OM!"#$%&'()*+,-./!"#$%&'()*+,-./!"#$%&'()*+,!"#$%&'()*+,-.!"#$%&'()*+,-./0!"#$%&'()*+,-./!"#$%&'()*+,-!"#$%&'()*+,-.(!"#$%&'()*$+, -!"#$%&#'()*+,-.!"#$%&'()*+,-./!"#$%&'()*+,-.!"#$%&'()*+,-./!"#$%&'()*$+,-.!"#$%&'!" #$%&'()*+,!"#$%&'()*+,-./!"#$%&'()*+,-.!"#$%&'()*+,#!"#$%&'()*!"#$%&'()*+,-./!"#$%&'()*TM!"#$%&'()*+,-.!"#$%&'()*+,-.!"#NVUR!"#$%&'(!"#$%&'()*+,-!"#$%&'()*+,-!.!"#$%&'()*+, -!"#$%&'()*+, NVVO!"#$%&'()*+,!"#$%&'()*+,-./!"#$%$&'!"#$%$!"#$%&'()*TN!"NNR!"#$%&'(!"#$%&'()*+,-.!"#$%&'(!"#$%&'()*+,-!"#$%&'()*+,-%!"#$%&'()*+,-./!"#!$%&'()*+,-.!"#$%&'()*!+,-. NVVP!"#$%&'()*+,!"#$%&'()!*+,!"#$%&'NVVQTOM!"#$%&$'()*+,-./!"#$%&'()*+,-./0!" OMMNNNOV!"#$%&'(!"# $%&'()*+,-.!"#$%&'()*+,-.OMMO NN!"#$%&'()*"+,-!"#$%&'()!"*+,!"!"#$%&!!"#$%&!"#$%&'()*+, tql!"#$%&'()!"#$%&'()*+,-.!"#$%&'()*+,-./!" #$%&$'(&$)!"#$%&'()(*+,-!"!"#$%&'()*+,-!"#$%&'!()*!+,!"#$% N OMMPTN!"#$%&#'!"#$%&'()*+,-.!"#$%&'(#)*(+,!"#$%& O OMMPNMN!"#$%&#!"#$% &'()*+,-!" #$% P!"#$%&'()*+,-!"#$%&'()"* Q!"#$%&'()*+,-!"#$%&'()*+!"NVVQNN!"#$!"#$%&'()*%+,NM!"#$%&'()*+,-.!"#$%&'()*+,-%&!"#$%&'()*+,-./!"#$%&'(()&*+,!"#$%&&'()*+,-.!"#$%"&'!"#$%&'(")*+,-. OMMPPN!""#$%&'(!"# $%&' ()*+!"#$%&'()* N!"# $%&'()*+,!"#$%&'()*+,-.!"#$%&VM!"#$!"#$%&'()*+ O!"# $%&'()*+,!"#$%&'()*+,-.!"#$%&'()*+,-!!"#$%&'()*+,&'!" P!"# $%&'(OMMPPN!"#$%&'()*"+,-!OMMPVN!"#$%!"#$%&'()*+,-.!"#!"#$%&'()*+,-.!"#$%&'()*+,-./0!"#$%&'()*+,-.NVVR!"#$%&'#()*+,-./!"NVVR!"#$%&'(!!"#$%&'()*+,- N!"#$%&'()*#%&!"#$%&'()*+,!-!"#$%&'()*+,-.!"#$%&'()*$%+,!"#$%&'()*+%,-!"#$%&' O!"#$%&'(!#$)*!"#$%&'()*+,!"#$%&'()*+,-!"#$%&'()*+,-.!"#$%&'()*+ P!"#$%!&'()*+&'!"#$%&'()*+,-#!"#$%&'()*+,-%!"#$%&'!()*!!"# OMMPRPM!"#$%!"!"#$%&'()*+,-./01!"#$%&'(!!)*+,!"#$!"#$%&'(!)*+,-.!""#$%&'()*+,-!"#$%&'()*+,-./!" N!"#$%&' '()*+!"#$%&'()*+,- 58

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