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ANNOUNCEMENT NO.9, 2006 OF THE GENERAL ADMINISTRATION OF CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA

General Administration of Customs

Announcement No.9, 2006 of the General Administration of Customs of the People’s Republic of China

[2006] No.9

In accordance with Tariff Committee of State Council’s decision on cease anti-dumping duties to the imported unbleached Kraft liner/linerboard
originated from the U.S, Thailand, the Republic of Korea and Taiwan region, Ministry of Commerce released Announcement No.8, 2006
(hereinafter referred to as Ministry of Commerce Announcement No.8, 2006, please refer to Appendix for details). Related matters
are now announced as follows:

In accordance with Ministry of Commerce Announcement No.8, 2006, Customs ceased General Administration of Customs Announcement No.50,
2005 and anti-dumping duties on unbleached Kraft liner/linerboard originated from the U.S, Thailand, the Republic of Korea and Taiwan
region. The imposed anti-dumping duties on unbleached Kraft liner/linerboard originated from the said counties and regions before
release of this announcement will be returned. Related units may apply for refund of the said anti-dumping duties to Customs within
6 months as from release of this announcement, and go through related formalities.

Appendix: Ministry of Commerce Announcement No.8, 2006 (please refer to China Foreign Trade and Economic Cooperation Gazette [Issue
No.14 2006]) (Omitted)

General Administration of Customs

Feb 16, 2006



 
General Administration of Customs
2006-02-16

 






LETTER OF CHINA BANKING REGULATORY COMMISSION ABOUT APPROVING COMERICA BANK TO ESTABLISH SHANGHAI REPRESENTATIVE OFFICE

Letter of China Banking Regulatory Commission about Approving Comerica Bank to Establish Shanghai Representative Office

Comerica Bank,

The letter to this Commission signed by chairman of the board of directors and chief executive officer of your bank Mr. RaJph W. Babb
Jr. on July 11, 2005 has been received.

Pursuant to the Measures on the Administration of Foreign-capital Financial Institutions’ Representative Offices in China (Order No.
8, 2002 of the People’s Bank of China, hereinafter referred to as these Measures), you are hereby approved to establish a representative
office in Shanghai, the name of whom in Chinese is “￿￿￿￿￿￿￿￿￿˾￿￿￿￿￿” and the name of whom in English is “Comerica
Bank Shanghai Representative Office”.

In accordance with the relevant provisions of these Measures, William Michael Scripture’ qualification for the chief representative
of this Representative Office is hereby approved.

China Banking Regulatory Commission

February 16, 2006



 
China Banking Regulatory Commission
2006-02-16

 






ACCOUNTING STANDARDS FOR ENTERPRISES NO. 38 – INITIAL IMPLEMENTATION OF ACCOUNTING STANDARDS FOR ENTERPRISES

Accounting Standards for Enterprises No. 38 – Initial Implementation of Accounting Standards for Enterprises

Cai Kuai [2006] No.3
February 15, 2006
Chapter I General Provisions

Article 1

According to the Accounting Standards for Enterprises – Basic Standards, this Standards is formulated in order to regulate the recognition
and measurement of accounting elements, as well as the presentation of financial statements governed by the Initial Implementation
of Accounting Standards for Enterprises, when the Accounting Standards for Enterprises is initially carried out.

Article 2

The phrase “initially implementing accounting standards for enterprises” means that the system of accounting standards for enterprises
is first carried out, consisting of the basic standards, specific standards and guidelines on the application of accounting standards.

Article 3

The Accounting Standards for Enterprises No. 28 – Changes in Accounting Policies and Estimates? and Corrections of Errors shall apply
to the alteration of accounting policies occurring after initially carrying out accounting standards for enterprises.

Chapter II Recognition and Measurement

Article 4

On the date of initial implementation, according to the Accounting Standards for Enterprises, an enterprise shall make classification,
recognition and measurement on all assets, liabilities and the owner’s equities again, as well as shall make a balance sheet for
the initial period.

As making a balance sheet for the initial period, the enterprise shall make no retroactive modulation to any item except for those
to which retroactive modulations shall be made according to Articles 5 through 19 of this Standards.

Article 5

A long-term equity investment on the date of initial implementation shall be respectively conducted according to the circumstances
as follows:

(1)

In accordance with the Accounting Standards for Enterprises No. 20 – Business Combination, if a long-term equity investment is generated
from a business combination under common control, the unamortized equity investment difference shall be entirely sterilized, the
retained earnings shall be modulated, and the book balance of the long-term equity investment after the sterilization of the equity
investment difference shall be considered as the cost recognition on the date of initial implementation.

(2)

For any other long-term equity investment calculated by equity method except that mentioned in Item (1), in case there is any equity
investment difference on the credit side, it shall sterilize the credit balance, the retained earnings shall be modulated, and the
book balance of the long-term equity investment after the sterilization on the credit side shall be considered as the cost recognition
on the date of initial implementation. in case there is any equity investment difference on the debit side, the book value of the
long-term equity investment shall be considered as the cost recognition on the date of initial implementation.

Article 6

In case any conclusive evidence indicates that an investment real estate may be measured at fair value, it may be measured at fair
value on the date of initial implementation and the retained earnings shall be modulated based on the difference between its book
value and its fair value.

Article 7

On the date of initial implementation, for the discard expenses which meet the conditions for the recognition of expected liabilities
but have not been charged to the asset costs prior to this date, the asset costs shall be increased and the related liabilities shall
be recognized. Simultaneously, the retained earnings shall be modulated based on the depreciation (depletion) drawn complementarily.

Article 8

As to a plan on terminating the labor relationship with an employee which is already existing on the date of initial implementation,
in case it meets the conditions described in the Accounting Standards for Enterprises No. 9 – Wages and Salaries of Employees for
the recognition of expected liabilities, the liability resulting from the compensation made for the cancellation of the labor relationship
with the employee shall be recognized as well as the retained earnings shall be modulated.

Article 9

As to an investment formed in the operation of the enterprise annuities fund, it shall be measured at a fair value on the date of
initial implementation and the retained earnings shall be modulated based on the difference between its book amount and the fair
value.

Article 10

As to a share-based payment of which the vesting date is on or after the date of initial implementation, upon the provisions of the
Accounting Standards for Enterprises No. 11 – Share-based Payment, the retained earnings shall, in accordance with the fair value
of the equity instrument, or service provided by any other party or liability assumed by any other party which is calculated and
determined based on the equity instrument, be modulated at the amount of cost incurred during the vesting period before the date
of initial implementation, and the owner’s equities or liabilities shall be increased accordingly.

Any retroactive modulation may be not made to any share-based payment made for any exercisable right before the date of initial implementation.

Article 11

On the date of initial implementation, according to the Accounting Standards for Enterprises No. 13 – Contingencies, an enterprise
shall recognize those restructuring obligations meeting the conditions for the recognition of expected liabilities as liabilities,
and shall modulate the retained earnings.

Article 12

On the date of initial implementation, in accordance with the provisions of the Accounting Standards for Enterprises No. 18 – Income
Tax, an enterprise shall make a retroactive modulation to the effect of the temporary difference between the carrying amount of an
asset or liability and its tax base on income tax, and shall modulate the retained earnings based on the affected amount.

Article 13

Other than the items as follows, any retroactive modulation may not be made to the business combinations occurring before the date
of initial implementation:

(1)

As to a business combination under common control as prescribed in the Accounting Standards for Enterprises No. 20 – Business Combination,
the amortized value of the originally recognized business reputation shall be entirely sterilized and the retained earnings shall
be modulated.

As to a business combination not under common control as described in this Standards, the amortized value of the business reputation
on the date of initial implementation shall be recognized as cost, and it shall not be amortized any more.

(2)

As to the business combination occurring before the date of initial implementation, in case it is stipulated in the combination contract
or agreement that the combination cost should be modulated in accordance with the occurrence of future events, and the future events
expected on the date of initial implementation are likely to occur and their effects on the combination cost can be measured reliably,
the carrying amount of the already recognized business reputation shall be modulated based on the affected amount.

(3)

According to the Accounting Standards for Enterprises No. 8 – Asset Impairment, an enterprise shall have an impairment test for the
business reputation on the date of initial implementation, if impaired, it shall be recognized with the amount after the impairment
provision is made as well as the retained earnings shall be modulated.

Article 14

On the date of initial implementation, an enterprise shall divide the financial assets (excluding the investments under the Accounting
Standards for Enterprises No. 2 – Long-term Equity Investments) into financial assets, held-to-maturity investments, loans, receivables
and financial assets available for sale measured at their fair value and of which the alterations charged to the profits and losses
in the current period.

(1)

As to those classified as financial assets measured at their fair value and of which the alterations charged to the profits and losses
in the current period or available for sale, they shall be measured at their fair value on the initial date of implementation, as
well as the retained earnings shall be modulated based on the difference between the carrying amount and the fair value.

(2)

As to those classified as held-to-maturity investments, loans and receivables, they shall, as of the date of initial implementation,
be measured at their amortized cost in the subsequent accounting periods employing the actual interest rate method.

Article 15

As to a financial liability which on the date of first implementation is designated to be measured at its fair value and of which
the alterations are charged to the profits and losses in the current period, it shall be measured at its fair value on the date of
initial implementation as well as the retained earnings shall be modulated based on its carrying amount and fair value.

Article 16

As to a derivative financial instrument (excluding hedging instruments) which has not been recognized in the balance sheet or which
has been measured at its cost, it shall be measured at its fair value on the date of initial implementation and the retained earnings
shall be modulated.

Article 17

As to an embedded financial instrument which shall be separated from the mixed instrument according to the Accounting Standards for
Enterprises No. 22 – Recognition and Measurement of Financial Instruments, on the date of initial implementation, it shall be separated
from the mixed instrument and shall be conducted respectively, however, unless it is difficult to make a reasonable determination
on the fair value of the embedded derivative financial instrument.

As to a non-derivative financial instrument with liability and equity components which is issued by an enterprise, on the date of
initial implementation, the liability component shall be separated from equity component according to the Accounting Standards for
Enterprises No. 37 – Presentation of Financial Instruments, unless it is difficult to make a reasonable determination on the fair
value of the liability component.

Article 18

On the date of initial implementation, as to the hedges which do not meet the conditions for employing the hedge accounting methods
described in the Accounting Standards for Enterprises No. 24 – Hedging, the implementation of the original hedge accounting methods
shall be brought to an end and shall be conducted according to the Accounting Standards for Enterprises No. 24 – Hedging.

Article 19

On the date of initial implementation, a cession enterprise of reinsurance businesses shall recognize the related provisions which
should be allocated back to the reinsurance acceptors as assets according to the Accounting Standards for Enterprises No. 26 – Reinsurance
Contracts as well as modulate the carrying amount of each provision.

Chapter III Presentation

Article 20

During the period of preparation of the first annual financial statements after the date of initial implementation (referred to as
the first annual financial statements hereinafter)according to the Accounting Standards for Enterprises, an enterprise shall make
a balance sheet, profit statement, cash flow statement, statement on alternations of the owner’s equities and the notes in the light
of the Accounting Standards for Enterprises No. 30 – Presentation of Financial Statements and the Accounting Standards for Enterprises
No. 31 – Cash Flow Statements.

As to the enterprise which provides consolidated financial statements to outsiders, it shall be governed by the provisions in the
Accounting Standards for Enterprises No. 33 – Consolidated Financial Statements.

As to the enterprise which provides interim financial reports during the period covered by the first annual financial statements,
it shall be governed by the provisions in the Accounting Standards for Enterprises No. 32 – Interim Financial Reports.

An enterprise shall throw daylight on the alternations in the amount of the items of the financial statements upon initial implementation
of the Accounting Standards for Enterprises in its notes.

Article 21

The first annual financial statements shall at least consist of comparative information of the previous year presented according
to the Accounting Standards for Enterprises. In case the presentation of the items of financial statements alters, the comparative
figures of the previous year shall be modulated as required by the Accounting Standards for Enterprises concerning the presentation,
unless it is impractical.

As to a subsidiary company which was not included into the scope of consolidation, but should have been included into therein according
to the Accounting Standards for Enterprises No. 33 – Consolidated Financial Statements, the enterprise shall list it under the scope
of consolidation for the comparative consolidated financial statements of the previous year. As to a subsidiary company which was
included into the scope of consolidation, but should have not been included into therein according to this Standards, the enterprise
shall not list the subsidiary company under the scope of consolidation for the comparative consolidated financial statements of the
previous year. The minority shareholders’ interests presented in the comparative financial statements of the previous year shall
be listed under the category of the owner’s equities according to these Standards.

As to an enterprise that shall list the earnings per share, it shall calculate and list the earnings per share of the previous year
in the comparative financial statements according to the Accounting Standards for Enterprises No. 34 – Earnings Per Share.

As to an enterprise that shall publish the segment information, it shall publish the segment information of the previous year in the
comparative financial statements according to the Accounting Standards for Enterprises No. 35 – Segment Reports.



 
The Ministry of Finance
2006-02-15

 






ACCOUNTING STANDARDS FOR ENTERPRISES NO. 4 – FIXED ASSETS

the Ministry of Finance

Accounting Standards for Enterprises No. 4 – Fixed Assets

Cai Kuai [2006] No.3

February 15, 2006

Chapter I General Provisions

Article 1

In order to regulate the recognition and measurement of the fixed assets, and disclosure of the relevant information, these Standards
are formulated in the light of the Accounting Standards for Enterprises – Basic Standards.

Article 2

Other relevant accounting standards shall apply to the items as follows:

(1)

The Accounting Standards No. 3 – Investment Real Estates, shall apply to the buildings as investment real estates; and

(2)

The Accounting Standards No. 5 – Biological Assets, shall apply to the productive biological assets.

Chapter II Recognition

Article 3

The term “fixed assets” refers to the tangible assets that simultaneously possess the features as follows:

(1)

They are held for the sake of producing commodities, rendering labor service, renting or business management; and

(2)

Their useful life is in excess of one fiscal year.

The term “useful life” refers to the period of time over which a fixed asset is expected to use, or the quantity of products expected
to produce or services expected to render through the fixed asset.

Article 4

No fixed asset may be recognized unless it simultaneously meets the conditions as follows:

(1)

The economic benefits pertinent to the fixed asset are likely to flow into the enterprise; and

(2)

The cost of the fixed asset can be measured reliably.

Article 5

The components of a fixed asset have different useful lives or cause economic benefits for the enterprise in different ways and to
which different depreciation rates or depreciation methods apply, and they shall be recognized as fixed assets on an individual component
basis.

Article 6

If the subsequent expenses related to a fixed asset meet the recognition conditions as described in Article 4 of these Standards,
they shall be included in the cost of fixed asset; otherwise, they shall be included in the current profits and losses.

Chapter III Initial Measurement

Article 7

The initial measurement of a fixed asset shall be made at its cost.

Article 8

The cost of a purchased fixed asset consists of the purchase price, the relevant taxes, freights, loading and unloading fees, professional
service fees and other expenses that bring the fixed asset to the expected conditions for use and that may be relegated to the fixed
asset.

If a certain payment is made for purchasing several fixed assets not priced separately, the cost of each fixed asset shall be ascertained
by allocating the payment according to the proportion of fair value of each fixed asset to the total cost of all assets acquired.

If the payment for a fixed asset is delayed beyond the normal credit conditions and it is of financing nature in effect, the cost
of the fixed asset shall be ascertained based on the current value of the purchase price. The difference between the actual payment
and the current value of the purchase price shall be included in the current profits and losses within the credit period, unless
it shall be capitalized in accordance with the Accounting Standards No. 17 – Borrowing Costs.

Article 9

The cost of a self-constructed fixed asset shall be formed by the necessary expenses incurred for bringing the asset to the expected
conditions for use.

Article 10

The borrowing costs, which shall be included in the cost of a fixed asset, shall be disposed in the light of the Accounting Standards
No. 17 – Borrowing Costs.

Article 11

The cost invested to a fixed asset by the investor shall be ascertained in accordance with the value as stipulated in the investment
contract or agreement, other than those of unfair value as stipulated in the contract or agreement.

Article 12

The costs of fixed assets acquired through the exchange of non-monetary assets, recombination of liabilities, merger of enterprises,
and financial leasing shall be respectively ascertained in accordance with the Accounting Standards No. 7 – Exchange of Non-monetary
Assets, Accounting Standards for Enterprises No. 12 – Debt Restructuring, Accounting Standards for Enterprises No. 20 – Merger of
Enterprises and Accounting Standards for Enterprises No. 21 – Leases.

Article 13

The expected discard expenses should be taken into consideration in the ascertainment of the cost of a fixed asset.

Chapter III Subsequent Measurement

Article 14

An enterprise shall make depreciation for all its fixed assets. However, the fixed assets that have been fully depreciated but are
still in use and the land that is separately measured and included shall be excluded.

The term “depreciation” refers to the systematic amortization of the depreciable amount through a definite method during the useful
life of the fixed asset.

The term “depreciable amount” refers to the amount of deducting its expected net salvage value from the original price of the fixed
asset to be depreciated. For a fixed asset , the provision for depreciation has been made, it shall deduct the accumulative amount
of the provision for impairment of the depreciated fixed asset that has been already made shall be deducted.

The “expected net salvage value” refers to the expected amount that an enterprise may obtain from the current disposal of a fixed
asset after deducting the expected disposal expenses at the expiration of its expected useful life.

Article 15

An enterprise shall, in accordance with the nature and use of a fixed asset, reasonably ascertain its useful life and expected net
salvage value.

Once an enterprise decides the useful life or expected net salvage value of the fixed asset, it shall not change it randomly except
that the provisions of Article 19 of these Standards are meet.

Article 16

When the useful life of a fixed asset is ascertained, the enterprise shall take into consideration the factors as follows:

(1)

The expected production capacity or output of physical objects;

(2)

The expected tangible and intangible loss of the asset; and

(3)

Limits of statutory or similar provisions on the use of asset.

Article 17

An enterprise shall reasonably select a depreciation method for a fixed asset in accordance with the expected form for the realization
of the economic benefits concerning the fixed asset.

The available depreciation methods consist of the straight-line method, unit of production method, double declining balance method,
sum of the years digits method, etc.

Once an enterprise ascertains the method of depreciation of the fixed asset, it shall not change it randomly, except that the provisions
of Article 19 of these Standards are meet.

Article 18

Depreciation shall be made for the fixed assets on a monthly basis and shall, in accordance with the purposes of the fixed assets,
be included in the cost of the relevant assets or in the current profits and losses.

Article 19

An enterprise shall, at least at the end of each year, have a check on the useful life, expected net salvage value, and the depreciation
method of the fixed assets.

If there is any difference between the expected useful life and the previously estimated useful life of a fixed asset, the expected
useful life of the fixed asset shall be adjusted.

If there is any difference between the amount of expected net salvage value and the previously estimated amount of the net salvage
value, the expected net salvage value shall be adjusted.

If any significant change is made on the form of the realization of the expected economic benefits concerning a fixed asset, the method
for the depreciation of the fixed asset shall be changed.

If any change is made to the useful life, expected net salvage value or the depreciation method of a fixed asset, it shall be regarded
as a change of the accounting estimates.

Article 20

The impairment of a fixed asset shall be disposed in the light of the Accounting Standards for Enterprises No. 8 – Asset Impairment.

Chapter V Disposal

Article 21

Where a fixed asset meets either of the conditions as follows, the recognition of it as a fixed asset shall be terminated:

(1)

The fixed asset is in a state of disposal; or

(2The fixed asset is unable to generate any economic benefits through use or disposal as expected.

Article 22

An enterprise shall adjust its expected net salvage value of the fixed assets it holds for sale.

Article 23

When an enterprise sells, transfers or discards any fixed asset, or when any fixed asset of an enterprise is damaged or destroyed,
the enterprise shall deduct the book value and relevant taxes from the disposal income, and include the amount in the current profits
and losses. The book value of the fixed assets is the amount after deducting the accumulative depreciation and accumulative impairment
provision from the cost of the fixed assets.

The losses of inventories of the fixed assets shall be included in the current profits and losses.

Article 24

Where an enterprise includes the subsequent disbursements for a fixed asset in the cost of the fixed asset in accordance with Article
6 of these Standards, the book value of the substituted part shall be terminated the recognition as the cost of the fixed asset.

Chapter VI Disclosure

Article 25

An enterprise shall, in the notes, disclose the information concerning fixed assets as follows:

(1)

The conditions of recognition, classifications, measurement basis and depreciation methods for the fixed assets;

(2)

The useful lives, expected net salvage values, and depreciation rates of the various fixed assets;

(3)

The original prices at the beginning and the end, the amount of accumulative depreciation, and accumulative amount of the impairment
provisions for fixed assets.

(4)

The current recognition of the depreciation disbursements;

(5)

The limits on the ownership of the fixed assets, the amount of the fixed assets, and the book value of fixed assets used for guaranties;
and

(6)

The name, book value, fair value, expected disposal expenses, and expected disposal costs and the expected time for disposal, etc..



 
the Ministry of Finance
2006-02-15

 






ACCOUNTING STANDARDS FOR ENTERPRISES NO. 5 – BIOLOGICAL ASSETS

the Ministry of Finance

Accounting Standards for Enterprises No. 5 – Biological Assets

Cai Kuai [2006] No.3

February 15, 2006

Chapter I General Provisions

Article 1

In order to regulate the recognition and measurement of biological assets related to the agricultural production, and the disclosure
of relevant information, these Standards are formulated in accordance with the Accounting Standards for Enterprises – Basic Standards.

Article 2

Biological assets refer to living animals and plants.

Article 3

Biological assets have a classification of consumptive biological assets, productive biological assets, and public welfare biological
assets.

The consumptive biological assets refer to the biological assets held for sale, or biological assets to be harvested as agricultural
products in the future, consisting of growing field crops, vegetables, commercial forests, livestock on hand, etc.

The productive biological assets refer to the biological assets held on the purpose of producing agricultural products, rendering
labor services, renting, and etc., consisting of the economic forests, fuel forests, productive livestock, draught animals, etc.

The public welfare biological assets refer to the biological assets for the main purpose of protection or environmental protection,
consisting of wind break and sand fixation forests, water and soil conservation forests, water conservation forests, etc.

Article 4

Other relevant accounting standards shall apply to the items as follows:

(1)

The Accounting Standards for Enterprises No. 1 – Inventories, shall apply to the agricultural production of the harvest; and

(2)

The Accounting Standards for Enterprises No. 16 – Governmental Subsidies, shall apply to the governmental subsidies concerning the
biological assets.

Chapter II Recognition and Initial Measurement

Article 5

No biological asset shall be recognized unless it meets the conditions as follows simultaneously:

(1)

An enterprise possesses or controls the biological asset as a result of past transaction or event;

(2)

The economic benefits or service potential concerning this biological asset are likely to flow into the enterprise; and

(3)

The cost of this biological asset can be measured reliably.

Article 6

The initial measurement shall be made to the biological asset at its cost.

Article 7

The cost of a purchased biological asset consists of the purchase price, the relevant taxes, freight, insurance premium and other
expenses that may be directly attributable to the purchase of this asset.

Article 8

The cost of any consumptive biological asset by way of self-planting, self-cultivating, self-breeding shall be ascertained in accordance
with the provisions as follows:

(1)

The cost of self-planting crops and vegetables consists of the necessary expenses for the materials such as the seeds, fertilizers,
and pesticides, labor, indirect apportionment, etc., prior to the harvest;

(2)

The cost of consumptive biological asset such as self-cultivating forest consists of the necessary expenses for forestation, forest
tending, forest operating facilities, testing of good species, investigation and design, indirect apportionment , etc.;

(3)

The cost of self-breeding livestock raised exclusively for meat production consists of the necessary expenses for feed , labor, indirect
apportionment, etc. prior to the sale; and

(4)

The cost of breeding aquatic animals and plants consists of the necessary expenses for materials such as seedlings, feedstuffs, and
fertilizers, labor, indirect apportionment, etc., prior to the sale or the storage.

Article 9

The cost of self-breeding productive biological asset shall be ascertained in accordance with the provisions as follows:

(1)

The cost of self-planting productive biological assets as forests consists of the necessary expenses for forestation, forest tending,
forest operating facilities, testing of good species, investigation and design, indirect apportionment, etc., before accomplishing
the expected objective of production and operation; and

(2)

The cost of self-breeding productive livestock and draught animals consists of the necessary expenses for feedstuffs and labor, indirect
apportionment, etc., before accomplishing the expected objective of production and operation (being grown up). The phrase “accomplishing
the expected objective of production and operation ” refers that, the productive biological assets may produce agricultural products,
render labor services, be rented out stably for several consecutive years after they enter into the normal production period.

Article 10

The cost of self-cultivating public welfare biological assets shall be ascertained in accordance with the necessary expenses for forestation,
forest tending, forest protection, forest operating facilities, testing of good species, investigation and design, indirect apportionment,
etc., prior to the close canopy.

Article 11

The borrowing costs, which shall be included in the cost of biological assets, shall be disposed in accordance with the Accounting
Standards for Enterprises No. 17 – Borrowing Costs. The borrowing costs of consumptive biological assets such as forests shall be
stopped from being capitalized at the close canopy.

Article 12

An investor shall ascertained the cost of a biological asset in accordance with the value as stipulated in the investment contract
or agreement, unless the unfair value is stipulated in the contract or agreement.

Article 13

The cost of a biological asset sourced from the nature shall be ascertained in accordance with its nominal amount.

Article 14

The cost of biological assets obtained from the exchange of non-monetary assets, recombination liabilities and merger of enterprises
shall be ascertained in accordance with the Accounting Standards for Enterprises No. 7 – Exchange of Non-monetary Assets, Accounting
Standards for Enterprises No. 12 – Debt Restructuring and Accounting Standards for Enterprises No. 20 – Merger of Enterprises, respectively.

Article 15

The subsequent expenses for the biological assets as additional forest planting as a result of selective felling, intermediate felling,
or tending and improvement felling shall be included in the cost of the biological asset as forests.

The subsequent expenses for the management and protection or for the breeding of a biological asset after canopy closure or after
the accomplishment of the expected objective of production and operation shall be included in the current profits and losses.

Chapter III Subsequent Measurement

Article 16

An enterprise shall make subsequent measurements for the biological assets in accordance with the provisions from Article17 to Article
21 of these Standards except for the items as prescribed in Article 22 of these Standards.

Article 17

An enterprise shall, in accordance with the schedule, make the depreciation charges of any productive biological asset whose expected
objective of production and purpose has been accomplished, and shall, based on the use of the biological asset, include it in the
cost or current profits and losses of the relevant asset.

Article 18

An enterprise shall, in accordance with the nature of a productive biological asset, the information about the utilization, and the
form of realization of the relevant expected economic benefits, reasonably ascertain the useful life, expected net salvage value,
and depreciation methods of this productive biological asset. The depreciation methods available consist of the straight-line method,
unit-of-production method, unit-of-output method, etc. Once an enterprise ascertain the useful life, expected net salvage value,
or depreciation method of a productive biological asset, it shall not change it randomly, unless it meets the provisions prescribed
as in Article 20 of these Standards.

Article 19

When an enterprise ascertain the useful life of a productive biological asset, it shall take into consideration the factors as follows:

(1)

The expected output capacity or output of physical objects;

(2)

The expected tangible loss of the asset such as decrepitude of productive livestock and draught animals and the aging of economic
forests; and

(3)

The expected intangible loss of the asset, such as the relative decrease or degrade in the production capacity of the productive biological
asset, or the quality of the agricultural products produced thereby as a result of appearance of new products, the relative outmode
of the agricultural products of the productive biological asset as a result of the change of market demands.

Article 20

An enterprise shall, at least at the end of each year, have a check on the useful life, expected net salvage value, and depreciation
method of the productive biological assets.

If there is any difference between the expected useful life or the amount of expected net salvage value and that of the previously
estimated in a fixed asset, or if any significant change is made on the form of realization of the relevant economic benefits, it
shall be regarded as a change of the accounting estimates, and thus the useful life or the expected net salvage value or depreciation
method of the productive biological asset shall be adjusted or changed in accordance with the Accounting Standards for Enterprises
No. 28 – Changes in Accounting Policies and Estimates? and Correction of Errors.

Article 21

An enterprise shall, at least at the end of each year, examine the consumptive biological assets and productive biological assets.
If any well-established evidence indicates that the realizable net value of any consumptive biological asset or the recoverable amount
of any productive biological asset is lower than its book value as a result of natural disaster, plant diseases and insect pests,
animal disease or change of market demand, the enterprise shall, based on the difference between the realizable net value or the
recoverable amount and the relevant book value, make provision for the loss on decline in value of or for the impairment of the biological
asset and shall include it in the current profits and losses. The aforesaid realizable net value and recoverable amount shall be
ascertained in accordance with the Accounting Standards for Enterprises No. 1 – Inventories and Accounting Standards for Enterprises
No. 8 – Asset Impairment, respectively.

If the factors causing any impairment of a consumptive biological asset have disappeared, the amount of write-down shall be resumed
and shall be reversed from the provision for the loss on decline in value of the consumptive biological asset that has been made.
The reversed amount shall be included in the current profits and losses.

Once the provision for impairment of a productive biological asset is made, it shall not be reversed. No provision shall be made for
public welfare biological assets.

Article 22

Where any well-established evidence indicates that the fair value of a biological asset can be obtained in a reliable and continuous
way, the biological asset shall be measured at the fair value. If a biological asset is made a measurement at the fair value, it
shall meet the conditions as follows simultaneously:

(1)

There is an active biological asset trading market; and

(2)

The identical or similar market prices of biological assets and other relevant information can be obtained from the trading market,
so as to make a reasonable estimate on the fair value of the biological asset.

Chapter IV Harvest and Disposal

Article 23

The cost of a consumptive biological asset shall, at the time of harvest or sale, be carried over in accordance with its book value.
The methods available for the carryover of cost consist of the weighted average method, specific cost identification method, stock
volume proportion method, fixed number of years within rotational felling period method, etc.

Article 24

The cost of agricultural products harvested by a productive biological asset shall be ascertained in accordance with the necessary
expenses for the materials , labor, and indirect apportionment, etc., during the course of output or gathering. The book value of
the productive biological asset shall be carried over as the cost of agricultural products by employing such methods as the weighted
average method, specific cost identification method, stock volume proportion method, fixed number of years within rotational felling
period method, etc.

The agricultural products harvested shall be disposed in the light of the Accounting Standards No. 1 – Inventories.

Article 25

The cost of the biological asset of which the purpose has been changed shall be ascertained at the previous book value when its
purpose has not been changed.

Article 26

For a biological asset, when such conditions as sale, inventory loss, death, damage or destroy appear, its balance after deducting
the book value and the relevant taxes from the disposal income shall be included in the current profits and incomes.

Chapter V Disclosure

Article 27

An enterprise shall, in the notes, disclose the information concerning the biological assets as follows:

(1)

The categories of biological assets, quantities of physical output and book value of various biological assets;

(2)

The accumulative amount of provision for loss on decline in value of various consumptive biological assets, and the useful life, expected
net salvage value, depreciation method, amount of accumulative depreciation and accumulative amount of provision for impairment;

(3)

The categories, obtainment methods and quantities of physical goods of the biological assets sourced from the nature;

(4)

The book value of the biological assets used as guaranties; and

(5)

The information about the risks related to the biological assets and the relevant management measures.

Article 28

An enterprise shall, in the notes, disclose the information concerning the increase and decrease of biological assets as follows:

(1)

The increase of the biological assets as a result of purchase;

(2)

The increase of the biological assets as a result of self-planting, self-cultivating or self-breeding;

(3)

The decrease of the biological assets as a result of sale;

(4)

The decrease of the biological assets as a result of inventory loss, death, damage or destroy;

(5)

The depreciation, or provision for loss on decline in value or impairment which has been made; and

(6)

Other alterations.



 
the Ministry of Finance
2006-02-15

 






GAQSIQ, GAC, MOFCOM AND MCA ANNOUNCEMENT NO.17, 2006, ANNOUNCEMENT ON STRENGTHENING SUPERVISION AND ADMINISTRATION ON IMPORT OF DONATED MEDICAL APPLIANCES

General Administration of Quality Supervision, Inspection and Quarantine, General Administration of Customs, Ministry of Commerce
and Ministry

GAQSIQ, GAC, MOFCOM and MCA Announcement No.17, 2006, Announcement on Strengthening Supervision and Administration on Import of Donated
Medical Appliances

[2006] No.17

Since 2004, some foreign charities have been transferring inferior medical appliances, or even medical junks to China in name of donations,
resulting in serious potential safety hazard. For purposes of ensuring security and effectiveness of imported medical appliances
and safeguarding health and life safety of Chinese citizens, related regulations on importing donated medical appliances are now
announced in accordance with related laws and regulations.

1.

Foreign donators are forbidden from secretly carrying commodities listed in List of Commodities Forbidden to Be Imported when donating
medical appliances to China.

The donated medical appliances must be new and registered in China. Prohibited articles that are harmful to environment, public sanitation
and social standards as well as contrabands of political pervasion are strictly forbidden.

2.

When importing donated medical appliances listed in List of Electromechanical Products with Automatic Import Permission, importers
should apply for Automatic Import License of the People’s Republic of China to administrative commercial departments before going
through formalities of declaration.

3.

General Administration of Quality Supervision, Inspection and Quarantine will record the import of donated medical appliances before
inspection. All foreign charities or their agencies in china shall apply for registration to General Administration of Quality Supervision,
Inspection and Quarantine in case of intending to donate medical appliances to China. Donated medical appliances should be registered
before inspection; General Administration of Quality Supervision, Inspection and Quarantine will carry out preliminary examination
on materials of registration in accordance with Article 1 of this Announcement. In case of necessity, General Administration of
Quality Supervision, Inspection and Quarantine will organize preliminary inspection before the shipment; in case of particularity,
Ministry of Civil Affairs will carry out special treatment after consultation with General Administration of Quality Supervision,
Inspection and Quarantine.

4.

Customs will examine and approve the import of donated medical appliances (no matter they are listed in the List of Entry-Exit Commodity
of Inspection and Quarantine or not) based on Declared From of Imported Commodity with words of “donated articles” issued by institutes
of inspection and quarantine; as regards those related to import license administration, Customs will check import licenses in addition.

5.

The receivers of donated medical appliances or their agencies must apply for import inspection to institutes of inspection and quarantine,
which will accept declaration of examination and carry out inspection on ports as well as sites where the medical appliances are
used based on effective materials of registration.

Receivers can only use eligible donated medical appliances with Certification of Inspection and Quarantine of Commodities of Entry
released by institutes of inspection and quarantine. The inferior medical appliances should either be treated in accordance with
related laws and regulations, or transferred to related Customs for disposal; the results of disposal should be reported to General
Administration of Quality Supervision, Inspection and Quarantine and General Administration of Customs as soon as possible.

6.

Administrative units of non-governmental organizations and administrative organs of registration shall enhance supervision and administration
on non-governmental organizations that receive the donations. Non-governmental organizations that receive illegal donations, especially
those spitefully transfer medical junks to China will be severely punished and even their registrations will be cancelled.

7.

This Announcement takes effect as from release.

General Administration of Quality Supervision, Inspection and Quarantine

General Administration of Customs

Ministry of Commerce

Ministry of Civil Affairs

Feb 15, 2006



 
General Administration of Quality Supervision, Inspection and Quarantine, General Administration of Customs, Ministry
of Commerce and Ministry
2006-02-15

 






CONSTITUTION ACT, 1982 – page 22

NOTES (1) The enacting clause was repealed by the Statute Law Revision Act, 1893, 56-57 Vict., c. 14 (U.K.). It read as...

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

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