Accounting Standards for Business Enterprises (ASBEs)
The Accounting Standards for Business Enterprises (ASBEs) constitute the official accounting standards system applicable to business enterprises in the People’s Republic of China.
The ASBEs are formulated and issued by the Ministry of Finance of the People’s Republic of China and operate under the legal framework established by the Accounting Law of the People’s Republic of China .
Unlike statutory laws, the ASBEs are not published as a single consolidated legal text. Instead, they are issued as a series of individual accounting standards, each focusing on a specific accounting subject and applied independently.
Structure of the ASBEs
The ASBEs framework consists of the following components:
- Basic Standard for Business Enterprises
- Specific Accounting Standards for Business Enterprises
- Application Guidance and Official Interpretations
Basic Standard
- Accounting Standards for Business Enterprises – Basic Standard
Specific Accounting Standards for Business Enterprises
Assets
- ASBE No. 1 – Inventories
- ASBE No. 3 – Investment Properties
- ASBE No. 4 – Fixed Assets
- ASBE No. 5 – Construction in Progress
- ASBE No. 6 – Intangible Assets
- ASBE No. 8 – Asset Impairment
Investments and Financial Instruments
- ASBE No. 2 – Long-term Equity Investments
- ASBE No. 22 – Recognition and Measurement of Financial Instruments
- ASBE No. 23 – Transfer of Financial Assets
- ASBE No. 24 – Hedge Accounting
- ASBE No. 37 – Presentation of Financial Instruments
Liabilities and Equity
- ASBE No. 9 – Employee Benefits
- ASBE No. 11 – Share-based Payment
- ASBE No. 13 – Contingencies
Revenue, Expenses and Results
- ASBE No. 14 – Revenue
- ASBE No. 21 – Leases
- ASBE No. 18 – Income Taxes
- ASBE No. 27 – Oil and Gas Exploration
Business Combinations and Group Reporting
- ASBE No. 20 – Business Combinations
- ASBE No. 33 – Consolidated Financial Statements
Presentation and Disclosure
- ASBE No. 30 – Financial Statements Presentation
- ASBE No. 31 – Cash Flow Statements
- ASBE No. 32 – Interim Financial Reporting
- ASBE No. 35 – Segment Reporting
Special Topics
- ASBE No. 25 – Insurance Contracts
- ASBE No. 28 – Changes in Accounting Policies and Estimates and Correction of Errors
- ASBE No. 29 – Events After the Reporting Period
- ASBE No. 36 – Related Party Disclosures
Application Guidance and Interpretations
In addition to the Basic Standard and Specific Standards, the Ministry of Finance issues official Application Guidance, Interpretations, and Explanations to clarify implementation issues and ensure consistent application of the ASBEs in practice.
Relationship with Tax and Financial Compliance
Financial statements prepared in accordance with the ASBEs form the primary accounting basis for audit, financial supervision, and regulatory reporting.
For tax purposes, accounting results under the ASBEs are generally used as the starting point for tax calculations, subject to adjustments required by tax laws and regulations, including the Corporate Income Tax Law of the People’s Republic of China .
Official Sources
- Ministry of Finance of the PRC – Department of Accounting
- Official Ministry of Finance announcements and circulars
Disclaimer: Accounting Standards for Business Enterprises are issued by the Ministry of Finance of the People’s Republic of China. This page provides a consolidated overview of the ASBEs framework for reference only. In case of any discrepancy, the original Chinese texts published by the Ministry of Finance shall prevail.