IFRS will be Adopted fully 6 Years later in Taiwan
On October 28th, the Financial Supervisory Commission of Taiwan decided to adopt the IFRS directly, rather than make the accounting standards converge to the IFRS. They??ll adopt the IFRS fully in 2014.

CICPA Issued Rules on the Annual Report Auditing of 2008
On November 3rd, the CICPA emphasized on the carrying out of risk-based auditing, the implementation of new accounting standards and the financial reports auditing of listed companies in 2008. It also put forward 6 requirements and 10 attentions.

118 A-range Land Evaluation Institutes Showed up
Recently, the China Real Estate Valuers Association elected the 118 firms. Most of them has carried out practical business more than 10 years and evaluated the land of large-scale state-owned enterprises and listed companies.

Proofreader : Meyoung

Note:

??China Accounting News Weekly?? is established on August 5, 2005. It selects important accounting news weekly to convenient the  people can acknowledge the developments quickly. From its launching, thousands of people read it every week.

In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu

New Rules on Mining Right Evaluation Issued
Recently, the Ministry of Land and Resources issued ??Administrative Rules on Mining Right Evaluation (for trial implementation)??, ??Circulars on Report-keeping of Mining Right Evaluation?? and ??Circulars on Evaluation Entrusting in the Remising of Mining Right?? in order to definite the rights and obligations of manager and who were managed. It also emphasizes the transparence of evaluation management and regulars the management power.

The CPA Examination Reform, Bad or Good?
On August 26th, the CICPA soliciting opinions on the CPA examination reform. According to the survey, initiated by the China Accounting View and the China Accounting Daily, 40% people support or against the reform and 20% people were neutral.

Regular the Service and Charge of Association and Market Agency
The National Development and Reform Commission will regulate for kinds of problems in 3 steps  as follows: Firstly, units are forced to be member of industry associations, pay fees and supply service. Secondly, industry associations, by right of administrative power and monopoly status, set up items for charge. Thirdly, Attestation agency prepare reports illegally or fraudulent reports. Fourthly, Agency charge for certification, inspection, appraisal, holding qualification examinations illegally.

Interest Taxation Canceled
The State Council decided to cancel the bank saving interest taxation from October 9th.

Proofreader : Meyoung

Note:

??China Accounting News Weekly?? is established on August 5, 2005. It selects important accounting news weekly to convenient the  people can acknowledge the developments quickly. From its launching, thousands of people read it every week.

In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu

Strengthen the Internal Auditing Management of Insurance Companies
On September 9th, the China Insurance Regulatory Commission (CIRC) required insurance companies to audit branches and send the audit report to local offices of the CIRC. The local bureaus should analyze those internal auditing reports in order to realize the insurance market and internal control of insurance companies.

New Business on Fund Valuation
On September 19th, the China Securities Regulatory Commission (CSRC) issued new rules on investment funds valuation, especially the valuation on investment without market price such as long time suspended stocks. Under some situations, accountants?? audit are prerequisite.

No.2 Explanation on the Enterprise Accounting Standards issued
The Explanation, issued by the Ministry of Finance, explained and regulated six problems in practical implementation and it??ll go into effect on August 7th 2008.

Regulation on CPA Honesty Oath issued
On August 16th, the CICPA required all registered CPA take part in oath at least once and regulated the oath in detail. It also definitude the procedure and new affidavit.

The Authorities will Choose Accounting Firms to Audit Central Companies
The State-owned Assets Supervision and Administration Commission of the State Council will audit the restaurants and hotels of some central companies in electrical and telecom industry. On September 17th, the Commission began to choose outstanding accounting firms for the auditing.

Proofreader : Meyoung

Note:

??China Accounting News Weekly?? is established on August 5, 2005. It selects important accounting news weekly to convenient the  people can acknowledge the developments quickly. From its launching, thousands of people read it every week.

In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu

Profession Construction
Notice of Ministry of Finance on Doing the Relevant Work Well at the End of Transitional Period of Appraisal Firms

Notice of Ministry of Finance on the Relevant Issues Concerning Strengthening the Continuing Management on Appraisal Firms

Financial Assets Valuation
Research on Mortgage Value Type Based on Management in Commercial Bank
Mortgage as a main credit risk mitigation tool for commercial bank, its valuing is important to the bank??s risk control. While type of value is the basis of mortgage valuation, it draws a lot of concern on it. Nowadays, there are three different types of value used in mortgage valuation, i.e. market value, mortgage lending value and liquidation value. In this article, the author analyzed the three value types and suggested that it??s the market value that meets the commercial banks?? risk management requirement before and in the middle of the lending. Also, the author made some suggestions on commercial banks?? risk management.

Work Research
Economic Analysis of Valuation and the Emergence and Development of Valuation Profession
In this article, the author made an economic analysis on the valuation and the emergence and development of valuation profession based on Transaction Cost Theory, and pointed that the emergence of valuation is the necessary demand of the market. Also, this article analyzed under which conditions, valuation should be made by external valuers or by internal experts. At last, the author suggested that the profession should prove the transaction cost of value realization by valuation is lower than other systems?? arrangements to keep a continuous development of valuation profession.

Research on the Difference between the Exchange Price and Appraisal Value of Chinese Listed Companies

Some Thoughts on the Regularly Violating Activities in Appraisal Practice

Analysis of Marshall??s Thoughts of Income Approach to Valuing
Alfred Marshall, as a neo classic economist of UK, perfected the utility theory of value. He put forward the income value theory, which contributed to the foundation of the valuation theory. This article made a analysis to the income value theory and its economic basis and to some extent would help us to understand the modern valuation theories.

Special Report

Interview with Vice President and Secretary-General of China Appraisal Society (CAS), Ms. LiuPing

China appraisal standard system was launched on 28^th November, 2007. At the same time, Ministry of Finance and CAS co-published fifteen appraisal standards including eight new standards. This set of appraisal standards covers all the appraisal practice process and the main areas of appraisal engagements. The publication of the set of standards indicated China has nearly set a full appraisal standard system and this would obviously play an important role in improving the appraisal profession??s influence and promoting the standardized development of appraisal profession and its high-quality service to market economy.

For more people to understand the set of standards as soon as possible and learn the background and process of standards setting, the innovation of the standards and some ideas of CAS and its requirements to appraisers during the implementation of the standards, the correspondents of the journal interviewed vice president and secretary-general of CAS, Ms. LiuPing

CAS and Beijing Appraisal Society co-held a Party to Celebrate the International Women??s Day

Sector Overview

Developing Appraisal Standards Training Fully, Ensuing Carrying out the Standards Effectively

Information about Appraisal Standards Studying & Local News

Sino-Australian Appraisal International Forum was Held in Beijing

Free Discussion

Two Important Principles in Appraisal Practice

Realizing and Preventing Appraisal Practice Risks

Case Analysis

Work Study
Characteristic Analysis of Investment Project Valuation
Investment project valuation in the new demand of market, and the new type of appraisal engagements. It differs from single-asset valuation and business valuation and has specialties in the type of value, income period and capital structure. In this article, the author analyzed tech characteristics and analysis idea of investment project valuation and expected to draw the professionals?? attention and discussion on it.
Describing Valuation Results through Probability Curve

Valuation for Financial Reporting
Effects Analysis of the Application of New Accounting Standards on Valuation
Valuation for Financial Reporting and the Stabilization of Securities Market
In this Article, after analyzing the securities market stabilization, the significance of fair value??s application and its influence on listed company??s profit, the author suggested that it should be the professional valuers to decide the fair value of sensitive assets and complex assets, and valuers should play their role in stabilizing securities market.

Business Valuation
Restudy of the Non-tradable Shares Valuation
In this article, the author conducted open data of 152 listed companies performing share reform by statistic software Excel 2000 and SPSS 12.0, and reached a conclusion that there is a distinguished correlation between share price and price/book value ratio. Then the author got the regression model for valuing non-tradable shares?? market price through price/book value ratio, and tested the rationality of the model.
Probability Analysis in Business Valuation
Development of Business Valuation in America
Discussion on Digital Television Internet Business Valuation
Discussion of the Methods Deciding Parameters in Business Valuation

Intangible Assets Valuation
Legal Factors Affecting the Value of Intellectual Property Rights

Informational Communication
Comparison and Analysis of Brand Rating and Brand Valuation Methods in Home and Abroad

Practice Topics
Review of Appraisal Profession Development History

Personal Property Valuation
Application of Income Approach in Fruit Tree Valuation

Premier Wen Jiabao Gave Important Directions to Valuation Profession

Special Report
Intellectual Property Strategy and Valuation Forum was Held in Beijing

Sector1: Enterprises?? Innovation and Valuation
Trend of Policy Promoting Enterprises?? Innovation
Speeding Independent Innovation, Strengthening the Protection of Intellectual Property and Enhancing the Enterprises?? Core Competences

Sector2: Intellectual Property Business and Valuation
Problems Related to Valuation in the Development of Service Trade
Legal Questions in Intellectual Property Business
The Research of Intangible Assets Valuation Based on Intellectual Property

Sector3: Financial Innovation of Intellectual Property and Valuation
Implementing Patent Mortgage Lending, Promoting Financial Innovation of Intellectual Property
Introduction of Intellectual Property Mortgage Lending of Small and Medium Enterprises
Financial Innovation of Intellectual Property and Risk Prevention
The Legal Risk and Its Prevention of Intellectual Property Mortgage Lending
Financial Innovation of Intellectual Property and Enterprises?? Independent Innovation

Sector4: Intellectual Property Rights Protection and Valuation
Intellectual Property Rights Infringement and Compensation for the Damages
Overseas Intellectual Property Rights Protection
Research for Valuation of the Damages Compensation for Intellectual Property Rights Infringement

Standardizing Valuation for Financial Reporting to Adapt to the Market Demands
Learning and Implementing the Guidance Notes for Valuation for Financial Reporting (Pilot) Better to Face the New Chance and Challenges
The Development of Valuation for Financial Reporting in US, UK and Canada????Speeches by Foreign Experts of PWC
Review of the Setting Process of Guidance Notes for Valuation for Financial Reporting??Pilot??

Sector Overview
Summit Seminar of the First China Jewelry Business Capital Operating was Held in Beijing
Price Inquiry System for Machine & Equipment Started to Work

Free Discussion
The Responsibilities of China Appraisal Society(CAS) Senior Members in Appraisal Profession Development

News Eye
Report of 2007 Autumn Meetings of International Valuation Standards Committee
Research Report of Intellectual Property Valuation in US and Canada
CAS successfully Held an International Seminar of Business Valuation
CAS Held 2007 Appraisal Profession Financial Work Conference
Forest Environment Valuation Practice Enters a New Stage in China
The Appraisal Foundation Published the 2008-2009 Edition of USPAP

Real Estate Valuation
The Problems and Suggestions on Mining Property Rights?? Transferring Valuation
The Characteristic of House Dismantling and Moving and the Selection of the Valuation Method
Questions should be noticed in Mortgage Lending
Valuation of Lending with the Real Property as the Mortgage
Some Thinking about the Type of Value of Mortgage Lending
Which Type of Value Should be adopted in Mortgage Lending

Valuation in Airplane Lending

Regulations & Laws
The International Comparison of the Juristic Factors on Patent Valuation

Profession Building-up
Analysis of the Talent Loss of Small and Medium Appraisal Firms

Intangible Assets Valuation
The Specially of Intellectual Property of National Defense
Some Thinking on Valuing Non-patent Technique of Hospital

Business Valuation
Discussion on the Equity Valuation of Road Business of Sino-Foreign Cooperative Joint Ventures

The Proposed CPA Examination Reform
On August 26th, the CICPA solicited opinions on the Reform Plan of CPA Examination. The present examine system will be terminated in 2010. According to the draft proposal, the first step will be the professional level, which including 6 subjects as: Accounting, Auditing, Financial and Cost Management, Economic Laws, Taxation Laws and the new added one, Corporation Strategy and Risk Management.  The Second step will be the senior level.  The two level examinations will be held one time once a year.

Land Reserve Capital should be Accounted independently
On August 28th, the Ministry of Finance issued ??the Accounting Method of Land Reserve Capital (for Trial Implementation)??.  It??ll go into effect on January 1st, 2009.

Strengthen the Management on Accounting Institutes
On September 4th, the CICPA solicited opinions on the regulations concerning improve and strengthen management and service of institutes. Accounting institutes are required to improve the working method and the management, strengthen the service on members and create new working field, strict the management and enhance the operation ability.

Regulate and Develop the Middle and Small Size Accounting Firms
The CICPA is soliciting opinions on this topic. It has proposed the target of regulation and development of middle and small size accounting firms and the related measurements in detail.

Proofreader : Meyoung

Note:

??China Accounting News Weekly?? is established on August 5, 2005. It selects important accounting news weekly to convenient the  people can acknowledge the developments quickly. From its launching, thousands of people read it every week.

In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu

Audit System for Balance

XIE Zhi-hua

(Beijing University of Industry and Commerce, Beijing 100037, China)

Abstract: This paper points out that measures for balance should be taken to prevent the fake behavior of audit organizations, that is, to substitute the original re-supervision over the audit organizations for balance, private audit for market balance, government audit for administrative balance, internal audit for self-balance.

Key Words: internal control; elements of internal audit; environment of internal audit; activity of internal audit

Development Trend of State Auditing

ZHU Yao-ping

(Audit Office of Jiangsu Province, Nanjing 210009, China)

Abstract: The development of state auditing includes six trends?? the gradual advancement of the level of audit supervision, expansion of the performance audit, reform of audit management approach, progress of overall audit technology, perfection of audit supervision system and more attention to audit cultural construction.

Key Words: state audit; development; six trends

Computer Audit Mode under the Information Environment

LIU Ru-zhuo

(Tianjin Branch of the National Audit Office, Tianjin 300010, China)

Abstract: With the development of computer audit, we are facing many new issues in the field of computer audit. This paper first deals with the basic work of computer audit on the basis of its characteristics and concepts, and then explores its application with some cases in point and finally points out the trend of its popularization and development in the field.

Key Words: computer audit; system theory; data audit; audit mode

Occurrence of Government Audit Risks and its Regulation

Subject Panel

??Audit Bureau of Nanjing Municipality, Nanjing 21008, China??

Abstract: Government Audit System with high-specialty and high-risk is one of the tools to government supervision. The audit risks accompany with the whole process of government auditing. The audit risks come from the inherent reasons, the subjective reasons restricted by the current audit environment and the objective reasons of auditors. The government audit organs should find the fight remedy and improve the audit environment, enhance the auditors?? level, strengthen the risk management and accept the external supervision to dilute the audit risks from the legal system. In this way we can avoid the audit risks.

Key Words: government audit; audit risks ; working regulations

Deficiency and Path Establishment of Performance Management in China??s Audit Institutions

ZHANG Wen-jing

(School of International Audit, Nanjing Audit University, Nanjing 210029, China)

Abstract: Nowadays performance management deficiency in China??s audit institutions is worth serious attention. Many audit institutions are not aware of the performance management, let alone of performance management practices. By learning from the advanced foreign experience and integrating with China??s actual situation, this paper urges the department concerned to establish performance management in audit institutions, at the same time, we should expand the audit , strengthen the audit operational management, and build up the performance-based human resources management mechanism.

Key Words: audit institutions ; performance ; performance management ; path establishment

The Expansion of Finance Audit?? To Strengthen Social Supervision and Control Finance Risk

PAN Zheng-yan

(Academy of Shanghai Social Sciences, Shanghai 200020, China)

Abstract: This paper focus on the special of finance audit in the financial supervision system. The first part analyses special features of the finance corporation and the importance of the social supervision. The second part deals with the risks of the local government that excessively raises loans in the current public financial system and special banking system. Finally, the author maintains that finance audit should and could play a positive role in the financial management and the control of financial risks.

Key Words: financial audit; expansion; social supervision; financial risks control

Efficiency of Auditing Committee?? Literature Review

WEI Wen-jun, XIA Wen-xian

(1. School of Management, Yangtze University, Jingzhou 434023, China; 2. School of Management, Xiamen University, Xiamen 361005, China)

Abstract: This paper systematically reviews domestic and overseas literature on efficiency of auditing committee with respects to member structure, authority, resources and hard-working of auditing committee, and finally makes a general summary of related domestic literature.

Key Words: auditing committee; efficiency study; literature review

Factors and Paths Influencing Government Audit Quality????Perspective Based on China??s Financial Audit

DONG Yan-an

(School of Accounting, Guizhou College of Finance and Economics, Guizhou 550004, China)

Abstract: This paper explores the main factors and paths influencing government audit quality with the weighing indexes as the analytical basis. The author maintains the main factors influencing auditing quality should include audit independence, audit power, auditor and economic development level.

Key Words: government audit quality; factors; path

Liability of Audit in Audit Reporting??Evolution and Introspection

YANG Shu-huai

(Department of Accounting, Tong ling College, Tongling 244000, China)

Abstract: Liability of audit in audit reporting has developed from scratch and from concrete to normative, then from normative to intensification. Appropriate definitions of liability of audit in audit reporting is result of hard choice of CPA between exploit audit certification s sufficiently and elude liability of audit and risk of audit reasonably. A definition of liability of audit in modem audit reporting is a direct communication way between CPA and audit reporting user. It is one of the most effective communication ways, but not the only one.

Key Words: audit reporting; audit liability; evolution; improvement

Construction and Definition of Customer Equity Based on the Accounting Equation

XU Huan-zhang, TAN Wen-wei

(School of Management, Xi??an Polytechnic University, Xi??an 710048, China)

Abstract: Based on the accounting equation ??asset = liability ?? the proprietor??s rights and interests??, the paper explores the accounting construction of customer equity, then gives the accounting definition of the customer equity by analyzing its form, essence, trait, accounting objects and accounting attributes.

Key Words: customer equity; customer relationship; contract-trading relationship

Consideration and Countermeasures for Fulfilling Property Right of the Legal Person of Non-governmental Colleges in Jiangsu Province

QIAO Chun-hua

(Nanjing Audit University, Nanjing 210029, China)

Abstract: An unclear property right of non-governmental college is a common issue in educational economic circle. It greatly affects the development of non-governmental colleges. There are thorny issues when non-governmental colleges are required to fulfill property right of the legal person by government in 2007. Based on the analysis on the problems existing in property right of non-governmental colleges in Jiangsu province, theoretical thinking and policy recommendations have been proposed.

Key Words: non-governmental colleges in Jiangsu province; implementation of property right of the legal person; theoretical thinking; policy recommendations

The Importance of Internal Control and Its Evolution????Based on a questionnaire

ZHENG Shi-qiao , WANG Jian-jun, ZHAO Ling

(1. School of Accounting, Xinjiang University of Finance and Economics, Urumqi 830012, China; 2. School of Statistics and Information, Xinjiang University of Finance and Economics, Urumqi 830012, China)

Abstract: This paper first makes a survey into the internal control of enterprises on the basis of Norms of Enterprise Internal Control???? Basic Norms, and then makes a statistical analysis on the valid questionnaire papers from 115 enterprises. Form the above survey, the conclusion is of great significance to the optimization of enterprise internal control and the making of internal control norms.

Key Words: internal control; elements of internal control; environment of internal control ; activity of internal control

The Financial Manifestation and Countermeasures of Renminbi Appreciation on Business

CHANG Hua-bing

(School of Accounting, Nanjing University of Finance and Economies, Nanjing 210003, China)

Abstract: The renminbi appreciation is the steady anticipation at home and abroad presently. This paper analyses firstly the financial manifestation of renminbi appreciation on business from assets and debts work, cash flows, cost and profits, capital items and financing channels. Then some countermeasures that will solve the influences of the renminbi appreciation on business from business operations, financial management, accounting activities, financial instruments and giving the rein to trade superiority.

Key words: renminbi appreciation; financial manifestation; influence; countermeasures

Factors Analysis of P/E Ratio