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Several important changes in the new accounting standards

A few days ago, the new accounting standards were finally introduced after three years. This new regulation of 39 accounting standards for business enterprises and 48 auditing standards for certified public accountants will be implemented in listed companies on June 5438+1 October1,2007, and will be gradually extended to all companies.

At present, China's accounting standards consist of 1 basic standards and 16 specific standards, most of which are published in 1996 to 200 1. The goal of convergence of international standards requires the incorporation of international financial reporting standards into domestic standards, so 22 new specific standards have been issued while revising all existing standards. Although the new standard system is expressed in Chinese, it is based on the spirit of international accounting standards, and the framework structure is the same. Our government's attitude towards international convergence of accounting is both positive and realistic. Considering the characteristics of China's current economy, the new standard has made specific provisions on the accounting of special types of transactions (such as business combination under the same control) and specific types of industries (such as oil and gas exploration), and has retained some provisions different from those of international accounting standards, including not allowing the reversal of accrued asset impairment reserves, giving special accounting treatment to some government subsidies, and not disclosing transactions between state-owned enterprises with no investment relationship as related transactions.

The insiders believe that the changes of important clauses in the new accounting standards will not only have a greater impact on the performance of listed companies' annual reports in 2007, but some even affect the annual reports of listed companies in 2005 in advance, which deserves investors' close attention.

Important change clause 1: measurement of accounting elements. According to the current international practice, the new accounting system will introduce the concept of "fair value" into China's accounting system, and the application of fair value and measurement will become a highlight in the revision of this standard. The fair value measurement model refers to the accounting model that takes the market value or the present value of future cash flows as the main measurement attributes of assets and liabilities. The new accounting standards have greatly adjusted the measurement attributes, no longer emphasizing the measurement attributes based on historical cost, but introducing the measurement attributes such as fair value and present value in an all-round way, among which fair value is mainly used in financial instruments, investment real estate, business combination under different control, debt restructuring and non-monetary transactions. Compared with international accounting standards, the main difference lies in the use of fair value. Compared with international standards, the new standards still have reservations about using fair value as the benchmark measurement basis.

Impact: "fair value" is likely to become a tool to adjust profits. Take non-monetary (that is, physical) transactions as an example. In the past, the income generated by non-monetary transactions could only be included in the capital reserve fund. After the implementation of the new accounting standards, it can be directly included in the current income and entered the enterprise income statement. High-priced sellers are the most common way for listed companies to package profits. For example, the book value of a listed company's assets (or equity) is100000 yuan, but it is sold at a price of more than 20 million yuan. In the past, when cash transactions were needed, the CSRC also stipulated that at least 50% of the transfer amount should be received to calculate the income. Now, non-monetary transactions can easily "profit". Both sides overestimated their non-monetary assets and then traded with each other. Both sides have profits on their books, but everyone knows that they are all false.

Important change clause 2: inventory. Under the new inventory standard, the "last in first out" method in the original inventory standard was cancelled, and the "first in first out" method was adopted for accounting.

Impact: The so-called "LIFO" method, that is, when calculating the cost, the enterprise refers to the recently purchased raw material inventory price, while the "LIFO" method refers to the earliest purchased raw material inventory price. When the price of raw materials falls all the way, the LIFO method obviously expands the company's profit rate, and the LIFO method reduces the company's profit rate, but the opposite is true when the price of raw materials rises. It can be said that the "first-in, first-out" method focuses more on reflecting the long-term operation of the company. For example, if home appliance listed companies adopt the LIFO method, the cost will rise sharply and the current profit will drop. For another example, in the process of increasing the price of non-ferrous metals, some companies using non-ferrous metals as raw materials will increase their profits by changing the "LIFO" method to the "FIFO" method. In addition, the new inventory accounting method allows industries with long production cycle, such as shipbuilding and some machinery manufacturing industries, to capitalize the borrowing costs of inventory production. This will reduce their costs, increase gross profit margin and increase accounting profits.

Important change clause 3: provision for asset impairment. The preparation for asset impairment is the focus of this revision. Asset impairment means that the recoverable amount of an asset is lower than its book value. The recoverable amount is determined according to the higher of the net amount of the fair value of the asset after deducting the disposal expenses and the present value of the expected future cash flow of the asset. The part whose book value is greater than the recoverable amount of assets is recognized as asset impairment loss. In international accounting standards, asset impairment is allowed to be reversed, but the new accounting standards in China stipulate that asset impairment cannot be reversed.

Impact: This new regulation cuts off a major way for listed companies to increase profits. At present, many listed companies are using impairment reserves to adjust their profits, especially some st companies, which often make substantial provision for impairment in the last year and turn back in the second year for various reasons, resulting in the illusion of profit, but in fact, the company's main business is still not improving. As soon as the new standard is implemented, the preparation for turning back will not be reflected in the profit, and this means will undoubtedly fail. Since 2006 is the last chance to flush the impairment reserve back into profits, Meng Dong's notes of Ernst & Young Dahua Certified Public Accountants speculate that there will be a large number of behaviors of returning impairment reserve to listed companies this year, which will obviously improve the company's profits, and investors should pay attention to it.

Important change clause 4: debt restructuring. The new debt restructuring standard has changed the "one size fits all" rule, from the original practice of recording debts exempted or underpaid by creditors into capital reserve to recording debt restructuring income into non-operating income, and introducing fair value as the measurement attribute of debt repayment in kind. For example, in the exchange of non-monetary assets, listed companies are required to consider the fair value of the assets exchanged and exchanged, and whether the transaction has commercial substance. Listed companies are required to consider the fair value of restructured debts in debt restructuring transactions, and to confirm relevant gains and losses in the income statement. These regulations will make the assets and transactions of listed companies more fairly reflected, and it will no longer be feasible for some listed companies to reduce costs by exchanging low-priced assets for high-priced assets.

Impact: According to the new regulations, once some insolvent companies are exempted in whole or in part, their earnings will be directly reflected in the current income statement, which may greatly increase earnings per share. The income from debt restructuring can not be regarded as profits, but can only be included in capital reserve, which was formulated by the Ministry of Finance several years ago according to Zheng's case. Before Zheng Triple's reorganization, the latter only owed China Construction Bank 2.2 billion yuan. To ensure the success of the reorganization, China Construction Bank exempted1400 million yuan. If all this/kloc-0.4 billion yuan is regarded as profit, wouldn't Xiao Zheng suddenly lose two or three yuan per share and make a profit of five or six yuan per share, and his share price wouldn't be fired? The Ministry of Finance has just formulated the accounting standards for debt restructuring. Facts have proved that this accounting standard has played a very good role in some highly indebted companies deliberately packaging profits by debt restructuring. But now, black becomes white, and white becomes black again. It should be noted that most banks in China are state-owned (holding) banks, and whether debt can be exempted often depends on a word from the local government. Moreover, some related parties can manipulate stock prices and engage in insider trading through debt relief and high performance at the same time, which will hurt minority shareholders. Debt restructuring income can enter the new profit rules, and it is not too easy to package profits! Isn't it more profitable to have more debts?

However, in order to prevent related parties from transferring profits through debt exemption, the management is likely to introduce regulations that debts exempted by related parties will still be included in the provident fund, while debt exemptions such as banks will be included in profits and losses.

Important change clause 5: consolidated statements. Compared with the Interim Provisions on Consolidated Accounting Statements, the basic consolidation theory on which the new consolidated financial statement standards are based has changed, from parent company theory to entity theory. The determination of the scope of consolidated statements pays more attention to substantive control, and all subsidiaries that the parent company can control must be included in the scope of consolidation, regardless of the shareholding ratio. Subsidiaries with negative owner's equity should also be included in the scope of merger as long as they are going concern.

Impact: This change will have a great impact on the profits of consolidated statements of listed companies. The new standard makes the parent company have to bear the debts of companies with negative owner's equity, and will make some hidden contingent debts appear. At the same time, the new standards can also prevent some means of adjusting profits through related party transactions.

Important change clause 6: investment real estate. "Investment real estate" projects must be listed separately in the accounting statements, and can be handled by cost model or fair value model, but the cost model is the main one. If there is an active market, the fair value can be determined and measured reliably, and the fair value measurement model can also be adopted. In this mode, depreciation or impairment provision is not included, and the difference between fair value and original book value is included in the current profit and loss.

Impact: The real estate originally owned by listed companies is included in fixed assets, so the appreciation of real estate is not reflected in the statements. In recent years, real estate has appreciated rapidly. Therefore, if the listed company adopts the fair value method to measure the investment real estate it bought in earlier years, its net assets and current net profit will be greatly improved. But what is the fair value here, and how to prevent listed companies from playing tricks is a difficult problem for supervision. The introduction of fair value measurement model has formally established NAV (revaluation of net assets) as the core position of real estate listed companies' valuation. This will definitely make the market further recognize this method. Moreover, with the increase of investment real estate attributes, especially the appreciation of RMB and the sustained development of China's economy, the adoption of new accounting standards will surely guide the market to pay more attention to the true value of various investment real estate attributes, and make NAV valuation method one of the main criteria for evaluating investment real estate enterprises. Even for real estate enterprises focusing on development business, the implementation of the new accounting standards will lead investors to measure the value of a company with more stable and objective valuation standards, which undoubtedly constitutes a long-term institutional benefit.

Important change clause 7: securities investment. The new standard requires that trading securities investment should be priced at the market price of the exchange at the end of the period (regarded as fair value), and changes in fair value should be included in the current profit and loss.

Impact: If the market price of securities investment of listed companies is lower than the cost, it is necessary to make provision for impairment. However, if the market price is higher than the cost price, and the company does not throw out the realized income, the book profit cannot be included in the current profit and loss, but the new standard turns the book profit of securities investment into net profit.