Tianshan Textile Announcements On Changes In Accounting Policies

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The Xiaobian of the network introduces Tianshan Textile: a notice on the change of accounting policy.

Date: 2014-10-23 attachment Download

Securities code: 000813 securities abbreviation: Tianshan textile Bulletin No.: 2014-032

Xinjiang Tianshan wool textile Limited by Share Ltd

Notice on changes in accounting policies

All members of the company and its board of Directors ensure that the contents of the information disclosure are authentic, accurate and complete, without false records, misleading statements or major omissions.

1. Summary of accounting policy changes

1, accounting policy change date: July 1, 2014

2. Reasons for changes in accounting policies

In order to meet the needs of the development of the socialist market economy, we should further improve the accounting standards system of enterprises in China.

In January 26, 2014, the Ministry of Finance revised and formulated a series of guidelines, and revised and promulgated the enterprises in succession.

Accounting Standard No. second - long term equity investment "," accounting standards for Enterprises No. ninth - employee remuneration ",

Accounting standards for Enterprises No. thirtieth - presentation of financial statements, accounting standards for Enterprises No. thirty-third - Consolidated Assets

Business statements, "accounting standards for Enterprises No. thirty-ninth - fair value measurement", "accounting standards for Enterprises No. fortieth" -

"Joint venture arrangement" and "accounting standards for Enterprises No. forty-first - disclosure of interests in other subjects" and other seven items.

Specific accounting standards (hereinafter referred to as "new accounting standards").

According to the requirements of the Ministry of finance, the new accounting standards have been implemented in all enterprises since July 1, 2014.

The guidelines are implemented within the scope of the enterprise.

According to the regulations of the Ministry of finance, the company has been implementing since July 1, 2014.

The above seven new accounting standards.

The basic accounting standards adopted by the company are issued under the Ministry of finance of People's Republic of China [seventy-sixth].

The decision of the Ministry of Commerce on Amending the accounting standards for enterprises - the basic criteria has been changed.

3. The accounting policy adopted by the company before the change.

Prior to this change, the company reported on a continuous basis, based on actual pactions and events.

According to the basic accounting standards of enterprises issued by the Ministry of Finance in February 15, 2006 and 38 items of experience.

Accounting standards, the subsequent application guidelines for enterprise accounting standards, accounting standards for enterprises, and other relevant provisions.

(hereinafter referred to as the "accounting standards for enterprises") provisions for confirmation and measurement.

4. Accounting policies adopted after the change.

After the change, the accounting policy adopted by the company was issued by the Ministry of Finance in January 26, 2014.

Accounting standards for enterprises second, ninth, thirtieth, thirty-third, thirty-ninth, fortieth, and No.

Seven criteria such as number 41 and the basic accounting standards of enterprises revised in July 23, 2014.

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The remaining part of the remaining part still adopts the relevant guidelines promulgated by the Ministry of Finance in February 15, 2006 and the relevant provisions.

Two, the main content of this accounting policy change.

1, accounting standards for Enterprises No. second - long term equity investment (revised in 2014).

The scope of this guideline has been reduced compared with the original criteria, and is only standardized against subsidiaries, joint ventures and

The recognition and measurement of long-term equity investment of joint venture shall not be controlled or shared by the investor.

Long term equity investments with control and significant impact will be part of the accounting standards for Enterprises No. twenty-second - financial workers.

The normative scope of recognition and measurement.

Other important changes have also been introduced, including emphasis on

Under the same control, the book value of long term equity investment based on merger is based on "book value".

Refers to the share of the book value of the owner's equity in the consolidated financial statements of the controlling party.

The investor's rights and interests are not included in the net profit and loss of the invested entity, other comprehensive income and profit distribution.

In other changes, the book value of long-term equity investment should be adjusted and included in the owner's equity.

The provisions on the convergence of legal pformation; new handling of investments held by joint ventures and joint ventures held for sale.

The right to choose the fair value of joint venture and joint venture invested by subordinates.

2, accounting standards for Enterprises No. ninth - employees' remuneration (revised in 2014).

The guidelines added short-term profit sharing plans.

The profit sharing plan should also satisfy the enterprise's past events.

It causes the statutory obligation or presumptive obligation to pay the employees' remuneration and the profit sharing plan.

Where the amount of employees' remuneration payable can reliably estimate these two conditions, the enterprise shall confirm the relevant coping.

Staff remuneration.

This guideline enriches the accounting standards for short term staff and workers salaries, and raises the salaries of enterprises for employees.

Old and unemployment insurance is adjusted to post employment benefits.

The post retirement benefits plan is classified as set aside plan and set up.

Define benefit plan.

The establishment of the deposit plan is directed to the independent fund to pay a fixed fee, and the enterprise will no longer bear it.

A plan for further payment of obligations after retirement; setting up a benefit plan is defined as the addition of a deposit plan.

Post retirement benefits plan.

An enterprise shall set up a deposit plan during the accounting period provided by its employees.

The amount calculated shall be recognised as liabilities and included in the current profit or loss or related asset costs.

The profit plan should be estimated by the expected cumulative welfare unit method and the benefit plan will be generated.

The obligation is discounted.

The changes in net liabilities or net assets recorded in the re measured income plan are taken into account.

Comprehensive income.

In addition, the revised guidelines introduce other long-term employee benefits and fully regulate staff salaries.

Accounting treatment.

3, accounting standards for Enterprises No. thirtieth - presentation of financial statements (revised in 2014).

This guideline further standardizes the presentation of financial statements, in terms of continuous operation evaluation, normal business cycle, and

It has been revised and perfected in terms of enriching the contents of annotations and disclosing the "profit table", which is classified according to the nature.

"Full data" is mandatory disclosure.

The guidelines require the presentation of other comprehensive income sections of the profit statement.

Other comprehensive income items should be divided into two categories:

(1) follow up projects that will not be classified to profit and loss;

(2) follow up items that may be re classified to profit and loss under specific conditions.

4. Merge according to the accounting standards for Enterprises No. thirty-third - consolidated financial statements (2014 Revision).

The consolidated scope of financial statements should be determined on the basis of control.

Control means ownership of the invested party.

It has the ability to participate in the investing activities by participating in the related activities of the investor.

Power affects the amount of money it rewards.

5, accounting standards for Enterprises No. thirty-ninth - fair value measurement.

This guideline standardizes the definition of fair value, which refers to the occurrence of market participants on the date of measurement.

In a sequential paction, the price to be paid or pferred to a liability for the sale of an asset.

Clear the public.

The method of value measurement is divided into three according to the input value of fair value measurement.

At the same time, it makes specific requirements for the disclosure of relevant information in fair value measurement.

But the code has not changed.

Other accounting standards should apply the provisions of fair value measurement on which occasions.

6. "Enterprise Accounting Standards No. fortieth - joint venture arrangement"

With the continuous development of China's market economy, joint venture arrangements are increasing.

In the process of implementing the accounting standards for enterprises, it is necessary to set up an accounting independently according to the actual situation of our country.

The Guidelines shall regulate the accounting treatment of the participants in the joint venture arrangement.

The joint venture arrangement is defined and classified, and the common control is defined.

The accounting treatment methods of participants of joint ventures include individual financial statements and consolidated financial statements.

This guideline standardizes the determination of an arrangement jointly controlled by two or more than two participants.

Classification and accounting.

The joint venture arrangement is divided into common channels according to the rights and obligations of the joint venture party.

Battalion and joint venture.

Joint operation means that the joint venture party enjoys the relevant assets of the arrangement and bears the relevant burden of the arrangement.

Joint venture arrangement.

Joint venture refers to the joint venture arrangement that only the joint venture party has the right to enjoy the net assets of the arrangement.

The criteria require the joint venture to calculate the investment in the joint venture by the equity method and confirm the assets held separately.

And recognised the assets held jointly by their shares, recognised the liabilities separately, and recognized their shares according to their shares.

The same liabilities; recognised the revenue generated from the share of the common operating output enjoyed by them; according to their share.

Recognised the revenue generated from the sale of the joint venture, recognised the cost incurred separately and its share.

Recognize the costs incurred in co operation.

7, accounting standards for Enterprises No. forty-first - disclosure of rights and interests in other subjects.

This guideline applies to subsidiaries, joint venture arrangements, joint ventures and consolidated financial statements.

Disclosure of interests in structured subjects of scope.

The guidelines require disclosure to control and co control other subjects.

Major judgements and assumptions of system or major impact, as well as the changes of these judgements and assumptions, and for children in the process.

The rights and interests of the company, the rights and interests in the joint venture arrangement or the joint venture, and are not included in the consolidated financial statements.

The rights and interests of the structured subjects specify the detailed disclosure requirements.

Letter to be disclosed under the guidelines

It will help the users of financial statements to assess the nature and related risks of the rights and interests of the company in other subjects.

And its impact on the company's financial position, operating results and cash flows.

This criterion