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In order to adapt to the needs of the reform of state-owned economy administration system and the supervision and administration of state-owned assets of China, to earnestly carry out the Interim Regulation on the Supervision and Administration of State-owned Assets of Enterprises, to find out the asset status of the central enterprises, to verify the asset quality of the central enterprises, and to create conditions for the central enterprises for their execution of the Enterprise Accounting System, and for the successful performance assessment, efficacy evaluation and maintenance and increment of state-owned capital of the enterprises, the State-owned Assets Supervision and Administration Commission (hereinafter referred to SASAC) has decided to organize the central enterprises to carry out asset verification on a phased basis from September of 2003. I. OBJECTIVES OF THE ASSET VERIFICATION (1) To fully find out the asset status of the central enterprises, to expose the conflicts and problems existing in the enterprises according to the facts, to truthfully and completely reflect the asset status, financial status and business achievements of the enterprises, and to enhance the quality of the accounting information of the enterprises. (2) To fully check and verify the asset losses of the central enterprises and deal with the losses pursuant to the policies of the state on asset verification, to promote the enterprises to solve the problems that remain unsettled due to historical reasons, and to create conditions for the execution of the Enterprise Accounting System. (3) Through asset verification of the public institutions affiliated to the central enterprises, to verify the asset and equity status of the public institutions, to regulate the accounting and financial reporting system of the enterprises, and to promote the true reflection of the business strength of the enterprises. (4) To fully check and verify the various kinds of assets, debts and ownership rights of the overseas subsidiaries affiliated to the central enterprises, to regulate the financial supervision and administration and the financial reporting system of overseas enterprises, and to promote and strengthen the supervision and administration of overseas state-owned assets. II. ARRANGEMENTS OF THE ASSETS VERIFICATION In order to facilitate the central enterprises to execute the Enterprise Accounting System, the asset verification of central enterprises shall start from September of 2003 under the control of the SASAC, the major tasks of asset verification shall be finished within 5 months respectively and the whole work shall be finished in October 10, 2004. The work shall be carried out through the following phases: (1) Prophase preparation (June ¨C August, 2003). On the basis of investigation and sequencing of the central enterprises, the phased work plan of assets verification of central enterprises shall be proposed, the Work Scheme for the Asset Verification of Central Enterprises, the Measures for the Asset Verification of State-owned Enterprises and the relevant supporting systems shall be formulated, and the work documents, statements and software shall be handed down. (2) Work arrangements (beginning in September, 2003). Arrangements of the assets verification of central enterprises shall be made, leader organizations and work agencies shall be determined, and tasks of assets verification shall be set forth. The central enterprises shall determine or set up the corresponding organizations or work agencies, formulate feasible work schemes and organize and carry out mobilization. (3) Training (September 2003). It has been planned to arrange for 2 trainings on assets verification of central enterprises to train the verification work staffs and to explain in detail the policies, systems and measures of assets verification and the statements and software of assets verification. (4) Implementation. The central enterprises shall be organized to carry out the assets verification in groups, to fully complete the major tasks, such as financial check, assets check and data assembling and reporting, etc., and the whole work shall be finished in October of 2004. III. STARTING POINT FOR THE ASSET VERIFICATION In order to guarantee the smooth progress of the various work of asset verification of central enterprises and in accordance with the actualities of the enterprises and the master arrangements of the state on the execution of the Enterprise Accounting System, the asset verification of central enterprises shall be organized and carried out on a phased basis and in groups. The specific arrangements are as follows: (1) The relevant central enterprises that have applied for or started the execution of the Enterprise Accounting System prior to 2002 shall, pursuant to the relevant requirements of the Ministry of Finance, carry out the relevant capital verification and directly report to the SASAC the handling of the assets losses, and may be exempted from further asset verification. (2) With respect to the central enterprises that apply for executing the Enterprise Accounting System in 2003, the time of the major work of asset verification is from September to December of 2003, the starting point for asset verification is December 31, 2002, and the whole work shall be finished prior to the end of March of 2004. (3) With respect to the central enterprises that apply for executing the Enterprise Accounting System in 2004 or 2005, the time of the major work of asset verification is from January to June of 2004, the starting point for asset verification is December 31, 2003, and the whole work shall be finished prior to the end of October of 2004. (4) Separate arrangements of asset verification shall be made for the Chinese-funded enterprises of which the head offices are in Hong Kong and Macao and other enterprises with special circumstances. IV. CONTENTS OF THE ASSET VERIFICATION (1) Financial checkup, which refers to, from the base of start point for assets verification, making full checkup and consolidation of the various kinds of accounts, accounting vouchers, and accounting books of the parent companies and the enterprise and public institutions affiliated thereto, as well as the information about the internal capital transactions and borrowings within the enterprises, and thus to make the accounts consistent with each other, make the accounts consistent with the vouchers, and make the accounts consistent with the statements. (2) Assets check, which refers to making full consolidation, check and verification of the various assets of the enterprises. The emphasis shall be put on the checkup of the various kinds of receivables and prepaid accounts, external investments and off-book assets, and the check of the relevant mortgages and guarantees of the enterprises. (3) Re-evaluation, which refers to re-evaluating, pursuant to the methods and standards of the state, the major fixed assets and current assets of the enterprise that deviate from the book value and actual value to a relatively large extent. (4) Determination of gains and losses, which refers to determining the various kinds of assets gains and losses and the on account funds reported by the enterprises pursuant to the policies on assets verification and the relevant financial accounting systems of the state, and confirming the estimated losses for execution of the Enterprise Accounting System. (5) Capital verification, which refers to on the basis of the results of asset verification, such as assets surplus and losses and on account funds, etc., reported by the enterprises, organizing the examination and granting approval to the financial treatment pursuant to the policies on assets verification and the relevant financial accounting systems of the state, and re-determining the amount of state-owned capital that the enterprises actually occupy. (6) Improving the system, which refers to that an enterprise shall, after finishes the asset verification, carefully analyze the problems existing in the daily management of assets and finance, propose the corresponding rectifying measures and the implementation plans for the Enterprise Accounting System, gradually improve and perfect the rules and systems, solidify the achievements of the assets verification and prevent future disorder after the verification work. V. ORGANIZATION AND LEADERSHIP OF THE ASSETS VERIFICATION The asset verification of central enterprises shall be subject to the unified leadership and organization of SASAC and be carried out on a phased basis, the major problems concerning asset verification shall be decided by the SASAC through consultation. The central enterprises shall organize the enterprises and entities respectively affiliated to them to carry out the asset verification. (1) The SASAC shall be in charge of the work arrangements of the asset verification of central enterprises, formulation of the rules and systems and work schemes of asset verification, and supervision, direction and inspection of the asset verification of the enterprises and the auditing work of the intermediary agencies. (2) The central enterprises shall, in light of their respective actualities, form the leader groups of assets verification and designate relevant internal bodies or set up interim agencies to assume the organization and implementation work. (3) The asset verification of the public institutions and overseas enterprises affiliated to the central enterprises shall be carried out pursuant to the unified arrangements and requirements of asset verification of central enterprises, and the specific implementation shall be organized and carried out in light of their financial subordination relationships. VI. REQUIREMENTS FOR THE ASSET VERIFICATION In order to ensure the quality of assets verification work and to improve the work efficiency, the central enterprises carrying out assets verification shall abide by the following work requirements: (1) Central enterprises shall earnestly carry out the Measures for the Asset Verification of State-owned Enterprises and other systems in their asset verification work, make sure the verification is all-around and thorough, avoid repetitions and omissions, and ensure consistence between the accounts and facts, earnestly find out the asset status of the enterprises, and guarantee the truthfulness and reliability of the results of the asset verification work. (2) Central enterprises shall stick to the principle of seeking truth from facts in the asset verification work and expose the existing problems according to the facts. For any assets loss that has been sorted out, the enterprises shall obtain the valid evidence or economic appraisal materials with legal effects pursuant to the relevant requirements, and may not make falsified report or hide the facts in the report. (3) With respect to the asset losses and on account funds sorted out, the central enterprises shall make careful checkup, classification and sequencing, find out the reasons, and shall propose handling opinions through deliberation in light of the actualities of the enterprises and pursuant to the policies on assets verification and the relevant financial accounting systems of the state. (4) With respect to the non-performing creditor's rights, non-performing investments and the loss of assets in kind that have been written off upon approval, the central enterprises shall establish the management system of "records of written-off accounts", earnestly strengthen the relevant management work, organize personnel or set up special bodies to continue the checkup and recourse and thus to prevent the loss of state-owned assets. (5) Central enterprises shall, through the asset verification, faithfully pass on the conflicts and problems existing in management of the entities affiliated to them, classify and sequence, on the basis of careful investigation and study, the entities that have become insolvent and can not continue the business, and shall merge, suspend the business of, cancel, sell and declare bankruptcy such entities according to law, and thus to speed up the adjustment of the organizational structure of the enterprises and promote the increase of the overall efficiency and benefits of the operation of state-owned capital. (6) Except the special enterprises involving state security, the central enterprises shall entrust the qualified private intermediary agencies to audit the results of the asset verification, and submit the auditing reports of enterprise asset verification. (7) In the asset verification, the central enterprises shall designate special bodies and personnel to be in charge of the work, which shall promptly report to the SASAC (the Bureau of Statistics and Evaluation) about work progress, existing problems, work structure, and opinions and suggestions through the forms of briefs, reflections, topic reports or phase summaries, etc. |
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