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Accounting Regulations of the People's Republic of
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CHAPTER V ACCOUNTING CASH AND CURRENT ACCOUNTS
 @@  Article  22. A joint venture shall open its deposit accounts in
the Bank of  China  or  the other banks within the territory of the
People's  Republic  of  China  and  approved  by  the  State
Administration of Foreign Exchange Control  or  by  one  of its
branches. All foreign exchange receipts must be deposited with the
bank  in the foreign currency deposit account and all foreign exchange
disbursements must be made from the accounts.
 @@  Article  23.  A joint venture shall set up journals to itemise
cash and bank  transactions  in  chronological order. A separate
journal shall be set up for each currency if there are several
currencies.
 @@  Article  24. The accounts receivable, accounts payable and
other receivables  and payables of a joint venture shall be recorded
in separate accounts  set up for different currencies. Receivables
shall be collected and  payables  shall be paid in due time and
shall be confirmed with the relevant  parties  periodically. The
causes  of  uncollectible  items  shall be investigated  and the
responsibilities thereof shall be determined. Any item proved to be
definitely  uncollectible  through strict management review shall be
written  off  as  a  bad  debt after approval is obtained through
reporting  procedures  specified  by the board of directors. No
"reserve for bad debts" shall be accrued.
  @@  Article  25.  For a joint venture using Renminbi as the
bookkeeping base currency,  its  foreign currency deposits, foreign
currency loans and other accounts  denominated in foreign currency
shall be recorded not only in the original foreign currency of the
actual receipts and payments, but also in Renminbi converted from
the  foreign  currency at an ascertained exchange rate (using the
exchange rate quoted by the State Administration of Foreign Exchange
Control).
 All  additions  of  foreign  currency deposits, foreign currency
loans and other accounts denominated in foreign currencies shall
be recorded in Renminbi  converted  at  their recording exchange
rates, while deductions recorded in Renminbi and converted at their
book exchange rates shall be recognised as "foreign exchange gains
or losses" (hereinafter referred to as "exchange gains or losses").
 The  recording  exchange  rates  for  the  conversion of foreign
currency to Renminbi  may be the rate prevailing on the day of
recording the transaction or  on  the  first day of the month,
etc.  The  book  exchange  rate  may  be  calculated  by  the
first-in-first-out  method,  or by the weighted average methods, etc.
However,  for  the  decrease  of accounts denominated in a foreign
currency, the original recording rate may be used as the book rate.
Whichever  rate  is adopted, there shall be no arbitrary change once
it is decided.  If any change is necessary, it must be approved by
the board of directors and disclosed in the accounting report.
 The  difference  in  Renminbi  resulting  from the exchange of
different currencies shall also be recognised as exchange gains or
losses.
 The  exchange gains or losses recognised in the account shall
be the realised  amount.  In case of exchange rate fluctuation,
the  Renminbi balances of the foreign currency accounts shall not be
adjusted.
 @@  Article  26. In a joint venture using a foreign currency
as its bookkeeping  base  currency, its Renminbi deposits, Renminbi
loans and other accounts denominated in Renminbi shall be recorded not
only in Renminbi but also  in the foreign currency converted from
Renminbi  at  the  exchange  rate  adopted  by  the  enterprise.
Differences  in  the  foreign currency amount resulting from the
conversion  at  different Exchange rates shall also be recognised as
exchange gains or losses as stipulated in Article 25.
 A  joint  venture  using a foreign currency as its bookkeeping base
currency shall  compile not only annual accounting statements in the
foreign  currency but  also  separate  accounting  statements  in
Renminbi translated from the foreign  currency at the end of a
year.  However,  the joint venture's Renminbi  bank  deposits,
Renminbi  bank  loans  and  the  other  accounts denominated  in
Renminbi  shall  still  be  accounted for in their original Renminbi
amounts, and shall be combined with the other items converted into
Renminbi  from  foreign  currency.  The  differences  between the
original  Renminbi  amount  of  the  Renminbi  items  and  their
Renminbi amount from currency translation shall not be recognised as
foreign exchange gains or losses, but shal

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