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AccountingSystemforBusinessEnterprises(applicabletoJointStockLimitedEnterpriseseffective1January2001andapplicabletoForeignInvestmentEnterpriseseffective1January2002)PageChapter1:GeneralProvisions1Chapter2:AssetsSection1CurrentAssets4Section2Long-terminvestments11Section3FixedAssets16Section4IntangibleAssetsandOtherAssets24Section5ImpairmentofAssets28Chapter3:LiabilitiesSection1CurrentLiabilities34Section2Long-termLiabilities35Chapter4:Owners’Equity41Chapter5:RevenueSection1RevenuefromSalesofGoodsandRenderingofServices45Section2ConstructionContractsRevenue47Chapter6:CostsandExpenses51Chapter7:ProfitandProfitAppropriation53Chapter8:Non-MonetaryTransactions60Chapter9:ForeignCurrencyTransactions62Chapter10:AccountingAdjustmentsSection1ChangesinAccountingPolicies63Section2ChangesinAccountingEstimates65Section3CorrectionsofAccountingErrors66Section4EventsOccurringAftertheBalanceSheetDate67Chapter11:Contingencies70Chapter12:RelatedPartyRelationshipsandTransactions72Chapter13:FinancialandAccountingReports74Chapter14:SupplementaryProvision77Chapter1:GeneralProvisions1Article1Inaccordancewith“TheAccountingLawofthePeople’sRepublicofChina”andotherrelatedlawsandregulationspromulgatedbytheState,theAccountingSystemforBusinessEnterprises(the“AccountingSystem”)isformulatedtoprescribeaccountingtreatmentsbyenterprisesandtoensuretrueandcompleteaccountinginformationisprovidedbyenterprises.Article2ThisAccountingSystemisapplicabletoallenterprises(includingcompanies)establishedwithinthePeople’sRepublicofChina(the“PRC”),exceptforenterpriseswithasmallscaleofoperationandwhichdonotraisefundsexternally,andfinancialandinsuranceenterprises.Article3Anenterpriseshouldadoptasetofaccountingpoliciesandmethodssuitablefortheenterpriseinaccordancewiththerequirementsoftherelevantaccountinglaws,administrativeregulations,andinthelightofthespecificcircumstancesoftheenterprise,providedthatthisAccountingSystemisnotviolated.Article4Anenterpriseshouldprepareaccountingvouchersandaccountingledgers,andmanageaccountingfilesandrecordsinaccordancewiththerequirementsof“TheAccountingLawofthePeople’sRepublicofChina”,“BasicAccountingPracticeRegulations”and“RulesonAccountingFilesandRecordsManagement”.Article5Anenterpriseshouldaccountforallthetransactionsandeventsundertakenbytheenterprisesoastoproperlyrecordandreflectitsproductionandoperatingactivitiesforaccountingpurposes.Article6Itshouldbepresumedforaccountingpurposesthattheenterpriseisacontinuingentityandwillremaininnormalproductionandoperatingactivitiesintheforeseeablefuture.Article7Anenterpriseshouldclosetheaccountsandpreparefinancialandaccountingreportsforseparateaccountingperiods.Accountingperiodscompriseafullyear,ahalf-year,aquarteroramonth,eachofwhichmustbedeterminedbasedontheGregoriancalendar.Ahalf-year,aquarteroramonthisalsoreferredtoasaninterimperiod.Theterm“endofaperiod”(or“periodically”)usedinthisAccountingSystemmayrefertotheendofamonth,aquarter,ahalf-yearorafullyear.Article8AnenterpriseshoulduseRenminbi(RMB)astherecordingcurrencyforaccountingpurposes,exceptasfollows:Chapter1:GeneralProvisions2Aforeigncurrencycanbeusedastherecordingcurrencyiftheenterprise’stransactionsaremainlydominatedinforeigncurrencies.However,theforeigncurrencybooksofaccountsshouldbetranslatedtoRMBinpreparingfinancialandaccountingreports.AChineseenterpriseestablishedaboardshouldtranslatethefinancialandaccountingreportsintoRMBforPRCreportingpurposes.Article9Thedoubleentry(i.e.debitandcredit)bookkeepingsystemshouldbeadopted.Article10AccountingrecordsshouldbecompiledinChinese.Enterprisesinautonomousregionsmayadditionallyuseaminoritylanguagecommonlyadoptedintheregion.Foreigninvestmententerprises,foreignenterprisesandotherforeignorganizationswithinthePRCmayadditionallyuseaforeignlanguageforcompilationofaccountingrecords.Article11Anenterpriseshouldcomplywiththefollowingbasicprinciplesforaccountingpurposes:(1)Accountinginformationshouldbepreparedonthebasisofthetransactionsandeventsthathaveactuallyoccurredandshouldtrulyreflectthefinancialposition,operatingresultsandcashflowsoftheenterprise.(2)Anenterpriseshouldaccountfortransactionsandeventsaccordingtotheireconomicsubstanceandshouldnotmerelyrefertotheirlegalform.(3)Accountinginformationprovidedbyanenterpriseshouldbecapableofreflectingthefinancialposition,operatingresultsandcashflowsoftheenterpriseinordertomeettheneedsofaccountinginformationusers.(4)Anenterpriseshouldapplyaccountingtreatments[Translatornote:anaccountingtreatmentherereferstoanaccountingpolicychosenwhentwoormorepracticesareacceptable]consistentlythroughoutdifferentaccountingperiods.Accountingtreatmentsshouldnotbechangedarbitrarily.Wherechangesarenecessary,thedetailsandreasonsofthechange,theamountofthecumulativeeffectofthechange,orthereasonthatthecumulativeeffectofthechangecannotbereasonablydetermined,shouldbedisclosedinthenotestotheaccountingstatements.(5)Anenterprise’saccountingshouldcomplywithprescribedaccountingtreatments.Accountinginformation[includingkeyfiguresandratios]shouldbecomparable,andpreparedonconsistentbases.(6