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DIFFICULTIES ANALYSIS AND EFFECTIVE APPLICATION OF CAS

On February 15, 2006, the PRC Ministry of Finance released the new edition of the Chinese Accounting Standards (New CASs),use of which was made mandatory for all local public enterprises from January 1, 2007 and encouraged for all other enterprises. This release is an evident symbol indicating that CASs converging with international accounting conventions has been established.

The New CASs is, in substance, close to the International Financial Reporting Standards (IFRS) in respect of application of fair value, income taxes and foreign exchange accounting, especially in areas where more and more accounting professional judgments are needed. However, it will be a great challenge for financial personnel to command, within a short period of time, the New CASs’ major content, features and differences with the current CASs and regulations. The New CASs’ application in practice will be elaborated in illustrative examples in combination with the latest updates of the New CASs.



Training Objectives

In this training course, you will enjoy an opportunity, through listening, case study, practice and discussion, to systematically study the framework of the New CASs and master the key points, differences with current CASs and effects on taxation. Thus you can assess in advance the effects of applying the New CASs in corporate financial policies and procedures, financial reporting, operating profit and other key accounting indices, so that you can apply these new standards in accounting, financial reporting and analysis in an accurate and reasonable manner. As a result, you can leverage this knowledge to build up a more solid and promising career in the finance sector.

 

Training Attendees

Accounting, financial, tax, internal control and auditing managers or supervisors, financial controllers, CFOs and other senior managers
 
 
       
Training Outline
 


New CASs briefing
 
  • PRC accounting statutory framework
  •  
  • New CASs content introduction
  •  
  • New CASs features


  • Comparative analyses of CASs
     
  • CAS No. 1 ──Inventories
  •   - Concept of Net Realizable Value (NRV)
      - Accounting treatment for measurement at the lower of inventory cost and NRV
      - CAS Comparative difference: permitted cost formulas
     
  • CAS No. 4 ──Fixed Assets (F/A)
  •   - CAS Comparative difference: Definition of F/A
      - Accounting treatment for financing expenses/borrowing costs in acquisition of F/A
      - Initial estimate of the costs of dismantling and removing the item
      - Recognition and measurement for F/A held for sale
     
  • CAS No. 8 ──Impairment of Assets
  •   - What is impairment of assets and its impact?
      - External and internal sources of information indicating assets impairment
      - What is recoverable amount, fair value less costs to sell, value in use (VIU)?
      - Adoption of discounting rate in calculating VIU
      - Accounting for impairment of assets and its impact on depreciation and amortization
      - CAS comparative difference: reversal of impairment loss
      - Concept of Cash Generating Unit and corporate assets as well as their application in impairment of assets
     
  • CAS No. 14──Revenue
  •   - Revenue recognition conditions - significant transfer of risks and rewards
      - Revenue measurement at fair value
      - Accounting for payments effectively constituting a financing transaction: discounting by using imputed rate of interest
      - Accounting for cash discount, trade discount, sales return and the impact on taxation
     
  • CAS No. 18──Income taxes
  •   - Concept and determination of the tax base of an asset or tax base of a liability
      - The significance of adopting the balance sheet liability method and its difference with the income statement liability/deferral method
      - Difference between temporary difference and time difference, concept of taxable temporary difference and deductible temporary difference
      - Calculation of deferred tax asset/liability, current and deferred tax expense/income
      - Presentation
     
  • CAS No. 19──Foreign Currency Translation
  •   - What is functional currency and how to determine functional currency
      - Initial and subsequent measurement of foreign currency transactions
      - Translation to a presentation currency
     
  • CAS No. 30 ──Presentation of Financial Statements
  •   - CAS Comparative difference: items on the face of the income statement
      - Introduction of the statement of change of owners’ equity
     
  • CAS No. 38 ──First Adoption of New CASs
  •   - Reporting scope in the first adoption of the new accounting standards
     
                         
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    Beijing
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    4900
    Shanghai
    2
    4900
     
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