Public Notice of 2013 Top 100 Appraisal Agencies by Comprehensive Evaluation
China United Assets Appraisal Group Ltd., China Enterprise Appraisals Co., Ltd. won the first and second positions in the integrated rankings again, with respective annual revenues of 410 million yuan and 310 million yuan.
CSRC (China Securities Regulatory Commission): Four aspects of problems exist in the annual reports of listed companies
The problems include: frequent simple errors affecting the continuity of annual reports; improper classification of the financial statements; improper accounting judgments and doubtful accounting approaches; failures in strictly following the rules of financial disclosure.
SAT (State Administration of Taxation): The half-decreased income taxation of small and micro enterprises is changed to filing system
The lately released "Announcement" clarified that small and micro enterprises enjoy preferential income tax policy, no longer running enterprise applications, management methods approved by the tax authorities, which are changed to a unified recording mode.
Analysis on Audit Market of 2013 Listed Companies
2,519 domestic listed companies hold a 3.322 billion yuan audit market scale of 2013 annual reports (excluding 12 undisclosed), with a slight increase of 0.59 million yuan against 2012. The auditing market amount of the Big Four and local Big Eight reached 80%.
VAT Replacing Business Tax Implemented in Telecommunications Industry Since June1, 2014
Basic telecommunications services and value-added telecommunications services are respectively applicable for tax rate of 11% and 6%, and telecommunications services provided for foreign units are exempt from VAT.
The Chinese Version of Perpetual Bonds of Housing Enterprises, Mysteries Hidden in Accounting Approach
"Name of bonds, reality of interest" is the soul of sustainable bond products. In accordance with the accounting standards in Hong Kong, sustainable bonds are shown as “permanent capital instrument” in the annual report of Hong Kong stocks, and added into the “interest” item. While according to the mainland accounting standards and the latest regulations of the Ministry of Finance, perpetual bonds can only be added into “interest” when satisfying the requirement of interest instrument nature, otherwise, they will be added into liabilities. Mainland enterprises are very enthusiastic in issuing perpetual bonds in Hong Kong.
Asset Valuation Method Alleged to Create "Universal Appraisers"
The fact that some departments trying to maximize their interest through legislation has received a lot of criticizing voices. Asset valuation method has passed eight years since its beginning to join the legislative process. From September to October 2013, the second review of the law began to take public comments. Two times of comment takings received feedbacks of nearly 200,000 pieces, actually exceeding the draft amendment to the Consumer Protection Act and other legislations. Experts believed that one of the reasons that this law received such important attention was that there were no precedent cases of asset valuation legislation in countries and regions with advanced market-oriented economy.