Who has U.S. GAAP and listing rules?

<> the current Chinese accounting standards and the International Financial Reporting Standards have achieved convergence from form to substance, when comparing Chinese accounting standards (CAS), International Financial Reporting Standards (IFRS) and US accounting standards (USGAAP), the IFRS can be directly compared with the US accounting standards, and the differences between the two are as follows:

2. The purpose of formulation is different. IFRS needs to be used in different countries, thus providing more choice; U.S. companies are vulnerable to being sued by disgruntled investors, so they pay more attention to the clarity of the rules.

3. The specific content is different. For example, the U.S. accounting standards allow the use of the last-in, first-out method, and the International Financial Reporting Standards do not, etc.

1. Substantive differences between Chinese and American accounting standards.

The U.S. GAAP model is rule-oriented, which is more likely to lead to opportunism and earnings management. The Chinese Accounting Standards (CAAP) model is principle-oriented, emphasizing substance over form, the principle of prudent procurement, reducing the choice of methods, and full disclosure, so as to overcome opportunistic earnings management.

2. Comparison of Chinese and American accounting standards.

1.Accounting elements.

As can be seen from this, the US is more focused on providing a comparison of "owner's income" and "income". In addition, compared with China, there are three concepts: comprehensive income, gain, and loss.

In fact, there were two main criteria in China's past norms: non-operating income and investment income.

2.Metering attributes.

PRCGAAP: Historical Cost, Replacement Cost, Net Realizable Value, Present Value, Fair Value.

USGAAP: A clear but specific fair value criterion in a conceptual framework.

3.Financial reporting system.

PRC: Form 01, Form 02, Form 03, Statement of Changes in Owners' Equity, Notes to Statements;

US: Balance Sheet, Statement of Changes in Shareholders' Equity, Statement of Comprehensive Income, Statement of Profit Flow, Notes.

4.Timing of Information Disclosure.

PRC: The annual report shall be within 4 months from the date of the end of each fiscal year; The semi-annual report shall be within 2 months from the date of the end of the first half of each fiscal year; The quarterly report shall be completed within one month after the end of the third and ninth months of each fiscal year. The disclosure event in the quarterly report of the first quarter shall not be earlier than the disclosure of the annual report of the previous year.

US: within 10-K90 days (shorter than China time);

Hello, in terms of the calculation method of inventory cost, IFRS regulations prohibit the use of last-in-first-out method. The US GAAP rule allows for a last-in, first-out method.

In terms of the reversal of inventory impairment, the IFRS stipulates that it needs to be reversed when certain conditions are met. US GAAP regulations do not allow reversal.

IFRS provisions may be included in the classification of interest received and paid in the statement of cash flows, including cash flows from operating activities, investment activities or financing activities. US GAAP regulations must be classified as business activities.

1. In terms of the measurement of inventory procurement costs, the international standard adopts the net price method, and the Chinese standard adopts the total price method.

2. In the construction contract, the international standards allow the relevant expenses of the procurement contract to be taken as a component of the cost, and the Chinese standards recognize them as the current expenses.

3. In the fixed assets standard, the international standard allows the exchange of non-similar fixed assets to be measured at fair value to recognize gains or losses. China's standards require that the measurement be measured by the book value of the swapped assets, and no profit or loss is recognized. For the profit and loss on the disposal of fixed assets, the international standard allows it to be included in the profit or loss of current business activities, and the Chinese standard requires that it be listed as non-operating income and expenditure.

The same is true for intangible assets.

4. In the income standard, the international standard only stipulates the general principle of income measurement, and the Chinese standard establishes separate measurement principles for the income from commodity sales, income from the provision of labor services, interest income, etc.

5. In the borrowing cost standard, the international standard allows the capitalization of fixed assets and inventories, while the Chinese standard only includes fixed assets.

6. In terms of disclosure of related parties, international standards do not involve joint ventures, and Chinese standards regard joint ventures as related parties.

7. In the investment standards, the international standards require that the difference between the investment cost and the investor's share in the fair value of the net assets of the invested enterprise be recognized as goodwill, and the relevant treatment shall be carried out.

8. In the contingency standard, the international standard requires that the amount of a provision be recognized according to the discounted amount of the best estimate of the expenditure required to perform the current obligation at the balance sheet date, and the Chinese standard stipulates that the amount of the liability recognized due to contingencies should be the best estimate of the liabilities to be settled, and the estimated liability account is adopted.

9. In the leasing standards, in the judgment of the distinction between operating leases and financial leases, the international standards emphasize fair value, and the Chinese standards emphasize book value.