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Understanding China's New Accounting System

Multimedia

Presenter(s):

  • Title: Understanding China's New Accounting System
  • Date: July 12th, 2021

Dezan Shira is proud to announce the release of our second video series, where our experts answer the most frequently asked questions on various areas of the Asian business environment.

The second series, "Understanding China’s New Accounting System", in collaboration with Daxue Consulting, is presented by Manager and audit expert at Dezan Shira, Jess Feng.

The new series will include eight in-depth episodes assisting foreign investors to better understand China's new accounting system.
We would love to hear your ideas and thoughts. What questions are you struggling with while working with Asian markets? What topics, markets would you like our experts to explain in an easy-to-understand way?

Please feel free to contact us at UK.Ireland@dezshira.com.

CONTACT US

 

 Watch Episode:

  1. Understanding China’s New Accounting System: Introduction
  2. China’s Major Changes in Accounting Standards for Revenue Recognition (CAS14)
  3. China’s Five-Step Model Framework for Revenue Recognition
  4. How the Revenue Standards Affect Enterprises in China
  5. The Changes in Financial Statements and Challenges facing Enterprises in China

 

Episode 1: Understanding China's New Accounting System: Introduction

  • What is new in the new accounting standards?
  • Are the new standards closer to IFRS or GAAP?
  • Timeline of Chinese Accounting standards' 

 

Episode 2: China's Major Changes in Accounting Standards for Revenue Recognition (CAS14)

 

Jess Feng covers the major changes in the accounting standards for revenue recognition

  • Unified model - Five-step model framework
  • Underlying principle about revenue recognition
  • Determining the transaction price
  • Contract costs 

 

Episode 3: China’s Five-Step Model Framework for Revenue Recognition

Jess Feng covers the five stages of the Five-Step Model Framework for revenue recognition

  • Identifying the contracts
  • Identifying the performance obligations in the contract
  • Determining the transaction price
  • Allocating the transaction price to the performance obligations
  • Recognizing revenue when the entity satisfies a performance obligation 

 

Episode 4: How the Revenue Standards Affect Enterprises in China

Jess Feng covers the new revenue standard and how it affects enterprises in China 

  • What types of businesses are most affected by the new revenue standard
  • Capitalization of incremental contract costs
  • Bill-and-hold arrangement 

 

Episode 5: The Changes in Financial Statements and Challenges facing Enterprises in China.

Jess Feng covers the new information which investors could expect in financial statements. 

  • Disclosure notes on accounting policies, significant estimates, and key judgments
  • Disaggregation of revenue
  • Contract liability and contract asset
  • Challenges and improvements for companies trying to comply with both China GAAP standards and China's VAT system. 



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