China Accounting News Weekly[No.268]
        Ministry of Finance issued No.7 Explanations on Corporate Accounting Standards

        No.7 Explanations on Corporate Accounting Standards promulgated explanations on five major accounting issues, including accounting treatment of investing party that loses control, accounting treatment of re-measuring net debts or net assets of defined benefit plans, accounting treatment of how parent company consolidates subsidiaries that have issued equity instruments into balance sheet, parent company’s accounting treatment when subsidiaries transform into branches and accounting treatment of stock incentive plans of restricted stocks.

        Analysis on Listed Companies’ 2014 Corporate Internal Control Standards System

        In 2014, 2571 listed companies disclosed internal control evaluation reports, accounting for 98.39% of the total. Compared with the year 2013, the number increased by 259, or 5.5%.

        Violations soared in China’s listed companies in 2014

        The year 2014 witnessed 376 violations, with 323 top executives being held accountable and 15876 litigations, increasing sharply from a year ago. The year 2013 saw 184 violations, with 207 top executives being held accountable and 7860 litigations.

        First engineering consulting stock debuted on New Third Board

        Beijing Yongtuo Construction Consulting Co., Ltd. rang the bell and debuted on the National Equities Exchange and Quotations (New Third Board) on Nov. 25, which also marked the first inroad of China’s CPA industry into the capital market.

        Ministry of Finance issued steel enterprises’ product cost accounting system

        Starting from Jan. 1, 2016, the system will be implemented across large- and medium-sized steel enterprises, with other steel enterprises following suit.