英语学习厅

US GAAP vs. PRC GAAP

gaxsy — Sat, 08 Mar 2008 11:29:00 GMT

1. Overview of US GAAP

Components of US GAAP

- Financial Accounting Standards Board / Financial Accounting Standards

- Accounting Research Bulletin

- Accounting Principles Board

- Emerging Issues Task Force

- Statements of Position from AICPA (American Institute of Certified Public Accountants)

- SEC (Securities and Exchange Commission) rules

Hierarchy of pronouncements under US GAAP

- FASB, APB & ARB

- FASB Technical Bulletin, AICPA Statements of Position, Audit and Accounting Guides, Practice Bulletins

- SEC Practice and Emerging Issues Task Force

- Others

Likely future developments

2. PRC Accounting Rules and Systems

PRC accounting regulatory system

- Accounting Law

- Regulations on Financial Reporting of Enterprises

- Accounting Standards for Business Enterprise

- Accounting system for Business Enterprise

Specific Accounting Standards

- Brief introduction on specific accounting standards

- Application scope and adoption date

- Latest supplementary regulations and Q&A enacted by the Ministry of Finance

3. PRC GAAP Vs. US GAAP

General Comparison

- Accounting period

- Accounting books and records

- Bad debt provision

- Inventory

- ……

Deferred Tax

- China:
choose between Tax Payable Method and Tax Impact Accounting Method (including deferred method and liability method)

- US:
Determine the temporary difference, recognise the deferred tax assets and liabilities …..US: Determine the temporary difference, recognise the deferred tax assets and liabilities …..

Employee Benefit

- Defined contribution plan

- Defined benefit plan

Stock Option

- Intrinsic value

- Fair Value

- Compromise

- Latest development

Impairment

- China:
Triggers of impairment test and accounting treatment Reversal of impairment provision

- US GAAP:
Triggering event
Determine the minimal cash generating units (CGU)
Steps to determine impairment provision
Impairment losses can not be reversed
Impairment of intangible assets and goodwill

Revenue recognition

- Criteria of revenue recognition:
Persuasive Evidence, delivery of goods and service, fixed or determined price and reasonable assurance on collection

International Accounting Standards

gaxsy — Thu, 25 Oct 2007 08:28:00 GMT

About Us

In March 2001, the International Accounting Standards Committee (IASC) Foundation was formed as a not-for-profit corporation incorporated in the State of Delaware, US. The IASC Foundation is the parent entity of the International Accounting Standards Board, an independent accounting standard-setter based in London, UK.

On 1 April 2001, the International Accounting Standards Board (IASB) assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee. This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future.

The IASB structure has the following main features: the IASC Foundation is an independent organisation having two main bodies, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has sole responsibility for setting accounting standards.

New CPC top leadership line-up unveiled

gaxsy — Tue, 23 Oct 2007 04:41:00 GMT

New CPC top leadership line-up unveiled
By Sun Shangwu (China Daily)
2007-10-23 07:28

New CPC top leaders meet the press at the Great Hall of the People in Beijing on October 22, 2007. [Xinhua]

The newly-elected top leadership of the Communist Party of China (CPC), with four new faces added to the all-powerful Standing Committee of the Political Bureau of the CPC Central Committee, Monday promised to "serve the people wholeheartedly" and "promote social equity and justice".
Hu Jintao, 64, was reelected Party chief for a second five-year term at the first plenum of the 17th CPC Central Committee, which was attended by the 204 members and 166 alternate members.

The central committee was elected at the end of the seven-day 17th National Congress of the CPC on Sunday.

Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang joined the nine-member Standing Committee. The others are Hu, Wu Bangguo, Wen Jiabao, Jia Qinglin and Li Changchun.

Before taking over as Party chief of Shanghai earlier this year, Xi, 54, was the top Party official in Zhejiang Province and the governor of Fujian.

Li Keqiang, 52, is the youngest among the newly-elected. He was the governor of Henan before becoming Party chief of Liaoning.

Hu led the new leadership line-up in the Great Hall of the People and introduced the new members to the media Monday.

"Both Xi and Li are relatively younger comrades," Hu said.

He Guoqiang, 63, has established a reputation for his tough stance against corruption since taking over the Organization Department of the CPC Central Committee in 2002. He becomes head of the Party's Central Commission for Discipline Inspection.

Zhou serves as the minister of public security and the first commissar of the Armed Police Force.

In his speech, which was televised live nationwide, Hu vowed to do the best "to be worthy of the great trust" of all Party members and live up to the expectations of people.

"We will be firmly committed to development, which is the Party's top priority in governing and rejuvenating the country, concentrate on construction and development, make all-round progress in developing the socialist market economy, socialist democracy, an advanced socialist culture and a harmonious socialist society, and strive for scientific development by putting people first and making it comprehensive, balanced and sustainable," Hu said.

He also promised to press ahead with the reform and opening-up, serve the people wholeheartedly and adhere to scientific, democratic and law-based governance.

"We will pursue an independent foreign policy of peace and unswervingly follow the path of peaceful development and a win-win strategy of opening-up.

"We will develop friendship and cooperation with all other countries on the basis of the Five Principles of Peaceful Coexistence and push for the building of a harmonious world of lasting peace and common prosperity," he added.

Apart from the nine-member Standing Committee, 16 others were named to the Political Bureau of the CPC Central Committee. Among those newly elevated are Beijing Mayor Wang Qishan, Commerce Minister Bo Xilai, Jiangsu Party Secretary Li Yuanchao, Tianjin Party Secretary Zhang Gaoli, Chongqing Party Secretary Wang Yang and Vice-Chairman of the Central Military Commission Xu Caihou.

Liu Yandong, 61, is the only woman in the Political Bureau. She is the vice-chairwoman of the National Committee of the Chinese People's Political Consultative Conference, the top advisory body.

Hu was also named chairman of the Central Military Commission of the CPC at the first plenary session Monday. Guo Boxiong and Xu Caihou were named vice-chairmen.

Hu met military delegates to the Party Congress last night.

All that is beautiful poems and passages of life

things do not change;we change.sell your clothes and keep your thoughts.
万物不变，是我们在变。你的衣服可以卖掉，但要保留你的思想
think it over……好好想想……
today we have higher buildings and wider highways,but shorter temperaments and narrower points of view;
今天我们拥有了更高层的楼宇以及更宽阔的公路，但是我们的性情却更为急躁，眼光也更加狭隘；
we spend more,but enjoy less;
我们消耗的更多，享受到的却更少；
we have bigger houses,but smaller famillies;
我们的住房更大了，但我们的家庭却更小了；
we have more compromises,but less time;
我们妥协更多，时间更少；
we have more knowledge,but less judgment;
我们拥有了更多的知识，可判断力却更差了；
we have more medicines,but less health;
我们有了更多的药品，但健康状况却更不如意；
we have multiplied out possessions,but reduced out values;
我们拥有的财富倍增，但其价值却减少了；
we talk much,we love only a little,and we hate too much;
我们说的多了，爱的却少了，我们的仇恨也更多了；
we reached the moon and came back,but we find it troublesome to cross our own street and meet our neighbors;
我们可以往返月球，但却难以迈出一步去亲近我们的左邻右舍；
we have conquered the outer space,but not our inner space;
我们可以征服外太空，却征服不了我们的内心；
we have highter income,but less morals;
我们的收入增加了，但我们的道德却少了；
these are times with more liberty,but less joy;
我们的时代更加自由了，但我们拥有的快乐时光却越来越少；
we have much more food,but less nutrition;
我们有了更多的食物，但所能得到的营养却越来越少了；
these are the days in which it takes two salaries for each home,but divorces increase;
现在每个家庭都可以有双份收入，但离婚的现象越来越多了；
these are times of finer houses,but more broken homes;
现在的住房越来越精致，但我们也有了更多破碎的家庭；
that"s why I propose,that as of today;
这就是我为什么要说，让我们从今天开始；
you do not keep anything for a special occasion.because every day that you live is a special occasion.
不要将你的东西为了某一个特别的时刻而预留着，因为你生活的每一天都是那么特别；
search for knowledge,read more ,sit on your porch and admire the view without paying attention to your needs;
寻找更我的知识，多读一些书，坐在你家的前廊里，以赞美的眼光去享受眼前的风景，不要带上任何功利的想法；
spend more time with your family and friends,eat your favorite foods,visit the places you love;
花多点时间和朋友与家人在一起，吃你爱吃的食物，去你想去的地方；
life is a chain of moments of enjoyment;not only about survival;
生活是一串串的快乐时光；我们不仅仅是为了生存而生存；
use your crystal goblets.do not save your best perfume,and use it every time you feel you want it.
举起你的水晶酒杯吧。不要吝啬洒上你最好的香水，你想用的时候就享用吧！
remove from your vocabulary phrases like\"one of these days\"or \"someday\";
从你的词汇库中移去所谓的“有那么一天”或者“某一天”；
let\‘s write that letter we thought of writing \"one of these days\"!
曾打算“有那么一天”去写的信，就在今天吧！
let\‘s tell our families and friends how much we love them;
告诉家人和朋友，我们是多么地爱他们；
do not delay anything that adds laughter and joy to your life;
不要延迟任何可以给你的生活带来欢笑与快乐的事情；
every day,every hour,and every minute is special; and you don"t know if it will be your last.
每一天、每一小时、每一分钟都是那么特别;你无从知道这是否最后刻。

感激伤害你的人，因为他磨练了你的心志。

感激欺骗你的人，因为他增进了你的见识。

感激鞭打你的人，因为他催生了你的进步。

感激遗弃你的人，因为他教导了你应自立。

感激绊倒你的人，因为他强化了你的能力。

感激斥责你的人，因为他助长了你的定慧。

Be grateful for the ones who hurt you, since he/she steels yourself.

Be grateful for the ones who cheat you, since he/she improves your knowledge.

Be grateful for the ones who slashes you, since he/she hastens your improvement.

Be grateful for the ones who drop you off, since he/she teaches you how to stand on your own legs.

Be grateful for the ones who make you down, since he/she strenthen your abilities.

Be grateful for the ones who denounced you, since he/she furthers your wisdom.

人生的大石头(Big Rocks)

gaxsy — Sun, 02 Sep 2007 09:09:00 GMT

One day, an expert in time management was speaking to a group of students and, to drive home a point, used an illustration those students will never forget.
视频: The Giving Tree

一天，时间管理专家为一群学生讲课。他现场做了演示，给学生们留下了一生都难以磨灭的印象。

As he stood in front of the group of overachievers he said, "OK, time for a quiz." He pulled out a one-gallon, wide-mouth jar and set it on the table in front of him. He also produced about a dozen fist-sized rocks and carefully placed them, one at a time, into the jar. When the jar was filled to the top and no more rocks would fit inside, he asked, "Is this jar full?"

站在那些高智商高学历的学生前面，他说：“我们来做个小测验”，拿出一个一加仑的广口瓶放在他面前的桌上。随后，他取出一堆拳头大小的石块，仔细地一块放进玻璃瓶。直到石块高出瓶口，再也放不下了，他问道：“瓶子满了？”

Everyone in the class yelled, "Yes." The time management expert replied, "Really?" He reached under the table and pulled out a bucket of gravel. He dumped some gravel in and shook the jar, causing pieces of gravel to work themselves down into the spaces between the big rocks. He then asked the group once more, "Is this jar full?"

所有学生应道：“满了！”。时间管理专家反问：“真的？”他伸手从桌下拿出一桶砾石，倒了一些进去，并敲击玻璃瓶壁使砾石填满下面石块的间隙。“现在瓶子满了吗？”他第二次问道。

By this time the class was on to him. "Probably not," one of them answered. "Good!" he replied. He reached under the table and brought out a bucket of sand. He started dumping the sand in the jar and it went into all of the spaces left between the rocks and the gravel. Once more he asked the question, "Is this jar full?"

但这一次学生有些明白了，“可能还没有”，一位学生应道。“很好！”专家说。他伸手从桌下拿出一桶沙子，开始慢慢倒进玻璃瓶。沙子填满了石块和砾石的所有间隙。他又一次问学生：“瓶子满了吗？”

"No!" the class shouted. Once again he said, "Good." Then he grabbed a pitcher of water and began to pour it in until the jar was filled to the brim. Then he looked at the class and asked, "What is the point of this illustration?" One eager student raised his hand and said, "The point is, no matter how full your schedule is, if you try really hard you can always fit some more things in it!"

“没满！”学生们大声说。他再一次说：“很好！”然后他拿过一壶水倒进玻璃瓶直到水面与瓶口平。抬头看着学生，问道：“这个例子说明什么？”一个心急的学生举手发言：“无论你的时间多少，如果你确实努力，你可以做更多的事情！”

"No," the speaker replied, "that's not the point. The truth this illustration teaches us is if you don't put the big rocks in first, you'll never get them in at all. What are the 'big rocks' in your life? Time with your loved ones, your education, your dreams, a worthy cause, teaching or mentoring others? Remember to put these big rocks in first or you'll never get them in at all."

“不！”时间管理专家说，“那不是它真正的意思，这个例子告诉我们：如果你不是先放大石块，那你就再也不能把它放进瓶子了。那么，什么是你生命中的大石头呢？也许是你的道德感、你的梦想？还有你的---切切记得先去处理这些大石块，否则，一辈子你都不能做！”

我们可曾问过自己这个问题：人一生的“大石头”是什么？找出自己人生的“大石头”，然后把它们先放进我们人生的瓶子中！

10件最重要的事 New Roman"> 10 most important things

爱 love:

让你备觉温暖愉快的感觉 the special feeling that makes you feel

All warm and wonderful

尊重 respect:

己所不欲，勿施与人 treating others as well as you would like to be

Treated.

感恩 appreciation :

对生命中一切美好事物心怀感激to be grateful for all the good things life has to offer

快乐 happiness:

充分享受每一刻。满脸笑容the full enjoyment of each moment . a smiling face.

宽容 forgiveness:

平心静气，看云卷云舒。The ability to let things be without anger.

分享 sharing:

给予而不图回报的乐趣。The joy of giving without thought of receiving

诚实 honesty:

永远讲真话的品质。The quality of always telling the truth.

正直 integrity:

无论如何，知恶行善。The purity of doing what’s right, no matter what.

怜悯 compassion:

安抚他人伤痛时心怀悲悯，感同身受。The essence of feeling another’s pain, while easing their hurt.

平和 peace:

遵循本文所述10件最重要的事生活所获得的回报。The reward for living the 10 most important things.

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Life's Balance

gaxsy — Sun, 26 Aug 2007 04:39:00 GMT

幸福人生

Life's Balance

Imagine life as a game in which you are juggling five balls in the air. You name them: work, family, health, friends, and spirit, and you're keeping all of them in the air. You will soon understand that work is a rubber ball. If you drop it, it will bounce back. But the other four balls--family, health, friends, and spirit are made of glass. If you drop one of these, they will be irrevocably scuffed, marked, nicked, damaged, or even shattered. They will never be the same. You must understand that and strive for balance in your life.

How? Don't undermine your worth by comparing yourself with others. It is because we are different that each of us is special. Don't set your goals by what other people deem important. Only you know what is best for you. Don't take for granted the things closest to your heart. Cling to them as you would your life, for without them, life is meaningless. Don't le t life slip through your fingers by living in the past or for the future. By living your life one day at a time you live ALL the days of your life. Don't give up when you still have something to give. Nothing is really over until the moment you stop trying. Don't be afraid to admit that you are less than perfect. It is this fragile thread that binds us together. Don't be afraid to encounter risks. It is by taking chances that we learn to be brave. Don't shut love out of your life by saying it's impossible to find. The quickest way to receive love is to give; the fastest way to lose love is to hold it too tightly; and the best way to keep love is to give it wings. Don't run thruogh life so fast that you forget not only where you've been, but also where you are going. Don't forget that a person's greatest emotional need is to feel appreciated. Don't use time or words carelessly. Neither can be retrieved. Life is not a race, but a journey to be savored each step of the way.

自由飞翔！

Flying High

One windy spring day, I observed young people having fun using the wind to fly their kites. Multicolored creations of varying shapes and sizes filled the skies like beautiful birds darting and dancing. As the strong winds gusted against the kites, a string kept them in check.

Instead of blowing away with the wind, they arose against it to achieve great heights. They shook and pulled, but the restraining string and the cumbersome tail kept them in tow, facing upward and against the wind. As the kites struggled and trembled against the string, they seemed to say, "Let me go! Let me go! I want to be free!" They soared beautifully even as they fought the restriction of the string. Finally, one of the kites succeeded in breaking loose. "Free at last," it seemed to say. "Free to fly with the wind."

Yet freedom from restraint simply put it at the mercy of an unsympathetic breeze. It fluttered ungracefully to the ground and landed in a tangled mass of weeds and string against a dead bush. "Free at last" free to lie powerless in the dirt, to be blown helplessly along the ground, and to lodge lifeless against the first obstruction.

How much like kites we sometimes are. The Heaven gives us adversity and restrictions, rules to follow from which we can grow and gain strength. Restraint is a necessary counterpart to the winds of opposition. Some of us tug at the rules so hard that we never soar to reach the heights we might have obtained. We keep part of the commandment and never rise high enough to get our tails off the ground.

Let us each rise to the great heights, recognizing that some of the restraints that we may chafe under are actually the steadying force that helps us ascend and achieve.

市场交易员担心美元继续走低

gaxsy — Sat, 28 Jul 2007 04:59:00 GMT

美元兑欧元汇率何时能触及1.40美元？这是许多分析师正在提出的问题。一周前，美元兑欧元汇率曾触及1.3843美元的新低，美元兑一系列货币（包括英镑）也触及了多年来的新低。		How long before the dollar hits $1.40 to the euro? That is the question many analysts are asking after a week when the US currency struck a new low of $1.3843 to the euro and fresh multiyear lows against a range of currencies, including sterling.

今年迄今，美元兑欧元和英镑汇率已分别下跌4.5%和4%，美元兑英镑汇率甚至在上周触及了26年来最低水平。美元贸易加权指数已跌至1992年来的最低水平。		The US currency has fallen 4.5 per cent against the euro this year and 4 per cent against sterling, hitting a new 26-year nadir against the pound last week. The trade-weighted dollar index dropped to its lowest since 1992.

美元汇率相当重要，因为美国依赖于外国大量购买美国证券和其它资产，为美国经常账户赤字提供融资。		The dollar exchange rate is important because the US relies on hefty foreign purchases of securities and other assets to fund its current account deficit.

BellCurve Trading首席市场策略师威廉•斯特拉祖鲁(William Strazzullo)表示：“在未来某个时刻，美元下跌将导致外国投资者不再购买美国资产，并出售手中持有的现有资产。”		“At some point, the fall in the dollar will translate into foreign investors no longer buying US assets and selling their existing holdings,” said William Strazzullo, chief market strategist at BellCurve Trading.

法国巴黎银行(BNP Paribas)的汉斯•雷蒂克(Hans Redeker)表示：“我们预计，随着投资者减持美元计价资产，到本季度末，欧元兑美元汇率将升至1.42美元，英镑兑美元也将达到2.10美元。”		“We expect euro/dollar to appreciate to $1.42 by the end of the quarter and sterling/dollar to move to $2.10 as investors reduce their dollar-denominated exposure,” said Hans Redeker at BNP Paribas.

上周，美联储(Fed)主席本•伯南克(Ben Bernanke)几乎未对陷入困境的美元汇率施以援手。他在接受国会质询时，只字未提美元被低估。		The beleaguered US currency was hardly helped by Ben Bernanke, Federal Reserve chairman, last week. Questioned by Congress, he declined any chance to say the dollar was undervalued.

Miller Tabak & Co策略师托尼•克里森兹(Tony Crescenzi)表示：“（伯南克的前任）格林斯潘至少会说点什么，以表示他对美元汇率的关心，许多人认为，伯南克对美元的空洞回应中连这一点也没有。”		“[Predecessor Alan] Greenspan would at least say something about the dollar, showing he cared, which is something that many thought was absent in Bernanke’s empty response on the dollar,” said Tony Crescenzi, strategist at Miller Tabak & Co.

RBS Greenwich Capital首席国际策略师艾伦•拉斯金(Alan Ruskin)表示，伯南克可能受到这个看法的引导，即“讨论美元是最好不要触及的话题之一。”		Mr Bernanke may have been guided by the idea “talking about the dollar is one of those things best left untouched”, said Alan Ruskin, chief international strategist at RBS Greenwich Capital.

美国财长汉克•保尔森(Hank Paulson)同样也对美元的疲软保持沉默。斯特拉祖鲁表示：“你会有这样的感觉，即美国政府希望美元下跌。”		Official silence on the dollar’s woes extends to Hank Paulson, US Treasury secretary. “You get the sense the administration wants a weaker dollar,” said Mr Strazzullo.

美国经济增长速度低于全球竞争对手，同时美国以外国家的利率不断上升，而美国国内利率保持不变，这些因素在很大程度上解释了美元的疲软。此外，外界对于美国信贷和按揭市场的担忧也对美元产生了影响。		A US economy growing more slowly than global rivals and interest rates rising outside the US while domestic rates remain on hold explain much of the dollar’s weakness. The greenback is also suffering anxiety over US credit and mortgage markets.