Wolters Kluwer’s China Master GAAP Guide has long enjoyed a reputation for being the indispensable handbook on accounting and auditing practices in China. In keeping with tradition, this latest China Master GAAP Guide 12th Edition provides comprehensive and up-to-date commentary on China’s Accounting Standards for Business Enterprises (ASBE) along with detailed explanations, applications, and worked examples for each of the 42 Specific Standards issued by the Ministry of Finance.

 Recent developments in the field are also adequately addressed, covering such areas as the International Financial Reporting Standards (IFRS) on joint arrangements, business combinations, financial instruments, revenue from contracts with customers, and the requirements on the Application Guidance and interpretations.

 Coherent with the development of the IFRS (IFRS 16 Leases), the amended ASBE 21 Leases introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

The China Master GAAP Guide 12th Edition includes a brand-new chapter to fully explain the new requirements of the amended ASBE 21. Besides, it also covers the requirements of the amended ASBE 7 Exchange of Non-monetary Assets and ASBE 12 Debt Restructuring in detail.

 Equipped with worked examples, systematic analyses, as well as a reader-friendly index, the China Master GAAP Guide 12th Edition is the essential tool for all accountants and other professionals who perform accounting or auditing work for business enterprises in China.

This China Master GAAP Guide 12th Edition provides:

a separate chapter for each ASBE;

various worked and applied examples to enhance understanding on ASBE; and

comprehensive, practical and up-to-date commentary on ASBE.

Each of the 42 Specific Standards is explained in detail. Chapters on the Basic Standard and Accounting Standards for Small-sized Enterprises are also included.