德勤做的中国的会计问题论述（英文）

©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu1©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu2TopicsWeWillCoverThisMorningTopicsWeWillCoverThisMorningƒƒPRCEconomyandCapitalMarketsPRCEconomyandCapitalMarketsƒƒSourcesofPRCGAAPSourcesofPRCGAAPƒƒPRCGAAP:ProgresstoDatePRCGAAP:ProgresstoDateƒƒPRCGAAP:Prospects2003PRCGAAP:Prospects2003--20042004ƒƒDifferencesBetweenIFRSandPRCDifferencesBetweenIFRSandPRCGAAPGAAPƒƒStudyofProFormaPRCGAAPStudyofProFormaPRCGAAPFinancialStatementsFinancialStatements©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu3PRCEconomyPRCEconomyƒƒChinaChina’’sGDPisUS$1,000,000,000,000sGDPisUS$1,000,000,000,000(onetrillionUSdollars).(onetrillionUSdollars).ƒƒGrown4timessince1979.Grown4timessince1979.ƒƒUSAGDPisaboutUS$10trillion.USAGDPisaboutUS$10trillion.ƒƒ2003:Growthof8.5%isexpected.2003:Growthof8.5%isexpected.ƒƒChinaranks4Chinaranks4ththbehindEU(US$7.8trillion)behindEU(US$7.8trillion)andJapan(US$4.7trillion).andJapan(US$4.7trillion).ƒƒHKandTaiwaneachareanother$200HKandTaiwaneachareanother$200billion(ChinawouldtotalUS$1.4trillion).billion(ChinawouldtotalUS$1.4trillion).©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu4ƒƒInflationislow:under1%in2002.Inflationislow:under1%in2002.ƒƒReservesofforeigncurrenciesareReservesofforeigncurrenciesarenowUS$400billionnowUS$400billion––40%more40%morethanoneyearago,whichitselfwasthanoneyearago,whichitselfwasarecord.arecord.ƒƒForeigntrade(imports+exports)Foreigntrade(imports+exports)US$800billionin2003.US$800billionin2003.PRCEconomyPRCEconomy©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu5ƒƒAround450,000foreignAround450,000foreign--ownedownedcompanies.companies.ƒƒHHighestighestforeigndirectinvestmentinforeigndirectinvestmentintheWorldin2002:theWorldin2002:ƒƒEvenmorethaninvestmentinEvenmorethaninvestmentinUS.US.ƒƒUS$50billionexpectedin2003.US$50billionexpectedin2003.PRCEconomyPRCEconomy©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu6PRCCapitalMarketsPRCCapitalMarketsƒƒShenzhenandShanghaiStockShenzhenandShanghaiStockExchanges:Exchanges:ƒƒ1992:50listedcompanies.1992:50listedcompanies.ƒƒSept.2003:1,273listedcompanies.Sept.2003:1,273listedcompanies.ƒƒ2/3oflistedsharesheldbytheState,1/3by2/3oflistedsharesheldbytheState,1/3byindividuals,littlebyinstitutions.(InUS,75%individuals,littlebyinstitutions.(InUS,75%ismanagedbyinstitutionalinvestorsismanagedbyinstitutionalinvestorsƒƒTwoclassesofsharestrade:Twoclassesofsharestrade:ƒƒ““AA””––soldtoChineseinvestorsinRMB.soldtoChineseinvestorsinRMB.ƒƒ““BB””––soldtoforeigninvestorsin$.soldtoforeigninvestorsin$.©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu7PRCCapitalMarketsPRCCapitalMarketsƒƒMarketcap2PRCexchangesOct.2003:Marketcap2PRCexchangesOct.2003:ƒƒ““AA””++““BB””:US$490billion.:US$490billion.ƒƒIncomparison:Incomparison:ƒƒHongKongSEHongKongSEUS$657billionUS$657billionƒƒAustralianSEAustralianSEUS$501billionUS$501billionƒƒSingaporeSESingaporeSEUS$140billionUS$140billionƒƒNASDAQNASDAQUS$2,644billionUS$2,644billionƒƒNYSENYSEUS$10,114billionUS$10,114billionƒƒRecentGoldmanSachspubliccomment:RecentGoldmanSachspubliccomment:““AA””andand““BB””sharemarketsarelikelytobesharemarketsarelikelytobemergedwithinthenexttwoyears.mergedwithinthenexttwoyears.©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu8PRCCapitalMarketsPRCCapitalMarketsƒƒStatutoryreporting:Statutoryreporting:ƒƒAllcompaniesmustusePRCGAAPAllcompaniesmustusePRCGAAP(principallydevelopedbyMOF).(principallydevelopedbyMOF).ƒƒAdditionalreportingtoforeignAdditionalreportingtoforeigninvestors:investors:ƒƒ““BB””Shares:Shares:ƒƒ111companies:MustuseIAS.111companies:MustuseIAS.ƒƒAregulationadoptedDec.2001wouldAregulationadoptedDec.2001wouldhaverequiredIASforhaverequiredIASfor““AA””shareIPOsandshareIPOsandsecondaryofferings(+Bigsecondaryofferings(+Big--4audits).4audits).WithdrawnMarch2002(politicalpressure).WithdrawnMarch2002(politicalpressure).©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu9PRCCapitalMarketsPRCCapitalMarketsƒƒForeigninvestorscanbuyForeigninvestorscanbuy““AA””shares:shares:ƒƒStartedDecember2002.StartedDecember2002.ƒƒOnlythelargestglobalbanks,investmentOnlythelargestglobalbanks,investmentbankers,insurancecompanies,mutualbankers,insurancecompanies,mutualfunds(knownasQualifiedForeignfunds(knownasQualifiedForeignInstitutionalInvestors,orQFII).InstitutionalInvestors,orQFII).ƒƒAndonlyifapprovedbyCSRCandSAFE.AndonlyifapprovedbyCSRCandSAFE.ƒƒIfthisprogramworks,itislikelytobeIfthisprogramworks,itislikelytobeexpandedtomoreinvestorgroups.expandedtomoreinvestorgroups.ƒƒPressureforIASfinancialstatements.PressureforIASfinancialstatements.©©2004DeloitteToucheTohmatsu2004DeloitteToucheTohmatsu10PRCCapitalMarketsPRCCapitalMarketsƒƒAlso,foreigninvestorscanbuyAlso,foreigninvestorscanbuy““StateState--OwnedOwned””andand““CorporateCorporate””shares:shares:ƒƒLimitedcircumstances.Limitedcircumstances.ƒƒJointannouncementofMOF,CSRC,JointannouncementofMOF,CSRC,andStateEconomicandTradeandStateEconomicandTradeCommission.Commission.ƒƒAmountstoAmou