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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II RECOGNITION AND MEASUREMENT CHAPTER III PRESENTATION CHAPTER I GENERAL PROVISIONS Article 1. For the purpose of regulating the recognition and measurement of enterprise annuity funds and the presentation of financial statements, these Standards are formulated in accordance with the Accounting Standards for Enterprises-Basic Standards. Article 2. The "annuity fund of an enterprise" refers to the supplementary old-age insurance fund raised by an enterprise according to the enterprise annuity plan and the investment gains of the enterprise. Article 3. The annuity fund of an enterprise shall be recognized, measured and presented as independent accounting subjects. The entrusting party, entrusted party, custodian, account manager, investment manager and other subjects rendering services for the management of annuity fund of an enterprise shall strictly distinguish the enterprise's annuity fund and its fixed assets from other assets so as to ensure the safety of the annuity fund of the enterprise. CHAPTER II RECOGNITION AND MEASUREMENT Article 4. The annuity fund of an enterprise shall be recognized and measured on the basis of assets, liabilities, gains, expenses and net assets, respectively. Article 5. The assets formed by payments for the annuity fund of an enterprise and the operations of the annuity fund include the monetary funds, securities settlement payments receivable, interests receivable, purchases of resale securities, other receivables, bond investments, fund investments, stock investments and other investments. Article 6. With regard to the government debts, the financial debts and enterprise debts with the credit rating of investment grade or above, and other financial products with good liquidity such as convertible debts, investment insurance products, securities investment funds, stocks etc., which are obtained during the operations of the annuity fund of an enterprise, their initial acquisition values and subsequent values shall be measured through the fair value method: (1) The transaction price paid on the transaction date shall be the fair value of an initially obtained investment. The transaction fee shall be directly recorded in the profits and losses of the current period; and (2) When estimating the value of an investment on the estimate day, the investment's original carrying value shall be adjusted according to its fair value, and the difference between its fair value and its original carrying value shall be recorded in the profits and losses of the current period. The determination of the fair value of an investment shall be governed by the Accounting Standards for Enterprises No. 22-Recognition and Measurement of Financial Instruments. Article 7. The liabilities formed in the operations of the annuity fund of an enterprise include the securities settlement payments payable, beneficiaries' treatments payable, the management fees payable to the trustee, the management fees payable to the custodian, the management fees payable to the investment manager, the taxes payable, the price of repo, the interests payable, the commissions payable, and other payables. Article 8. The incomes formed by the operations of the annuity fund of an enterprise include the incomes from deposit interests, incomes from the reverse repo, the proceeds from the changes to the fair value, the investment disposal proceeds, and other incomes. Article 9. The incomes shall be recognized and measured according to the following provisions: (1) The income from deposit interests shall be determined on the basis of the principal and applicable interest rate; (2) The income from the reverse repo shall, within the time limit, be determined according to the purchase price of the reverse repo, and the interest rate as stipulated in the agreement; (3) The income from the changes to the fair value shall, on the estimate date, be determined according to the difference between the fair value of the investment on the current date and the original carrying amount (namely the fair value of the investment on the previous estimate date); (4) The income from the disposal of investment shall be determined according to the difference between the money obtained from the sale of the investment, and the carrying amount of the investment; and (5) Other incomes such as reserves for risk provision shall be determined according to the amount actually incurred. Article 10. The expenses incurred in the operation of the annuity funds of an enterprise include the transaction expenses, the trustee management fees, the custodian management fees, the investment manager management fees, the disbursements for the repo, and other expenses. Article 11. The expenses shall be confirmed and measured according to the following provisions: (1) The transaction expenses, including the handling fees, commissions and other necessary disbursements paid to the commissioned agency, consultation agency and broker, the amount of which shall be determined according to the actually incurred amount; (2) The trustee management fees; custodian management fees, and investment manager management fees shall be determined according to the actual amount of provisions; (3) The disbursements for the repo shall, within the time limit for financing, be determined according to the sales price of the repo as well as the interest rate as stipulated in the agreement; and (4) Other expenses shall be determined according to the actually incurred amount. Article 12. The net assets of the annuity funds of an enterprise refers to the balance of the assets of the annuity funds of the enterprise minus liabilities. The date of balance sheet shall carry forward the incomes and expenses of the current period into the net assets. Different accounts shall be created for the net assets of an enterprise in view of the enterprise itself and the individual employees, and the distributed operating proceeds shall timely be recorded in each of the aforesaid accounts according to the plan of the enterprise on annuity fund. Article 13. The net assets shall be recognized and measured according to the following provisions: (1) For the payments made by the enterprise and individual employees, the net assets shall be increased according to the received amount; (2) For the treatments paid to the beneficiaries, the net assets shall be reduced according to the amount payable; (3) For the transfer-in amount of an individual account incurred due to an employee's transfer into the enterprise, the net assets shall be increased; and (4) For the transfer-out amount of an individual account incurred due to an employee's transfer out of the enterprise, the net assets shall be reduced. CHAPTER III PRESENTATION Article 14. The financial statements for the annuity funds of an enterprise include the balance sheets, statements for the net assets and notes. Article 15. A balance sheet shall reflect the financial status of the annuity funds of an enterprise on a specific date. It shall present the assets, liabilities and net assets on a per-category basis. Article 16. The items of the asset category shall at least present the following information: (1) The monetary fund; (2) The securities settlement payment receivable; (3) The purchased reverse repo; (4) The interests receivable; (5) Other receivables; (6) The bond investments; (7) The fund investments; (8) The stock investments; (9) Other investments; and (10) Other assets. Article 17. The items of the liability category shall at least present the following information: (1) The securities settlement payments payable; (2) The beneficiaries' treatments payable; (3) The management fees payable to the trustee; (4) The management fees payable to the custodian; (5) The management fees payable to the investment manager; (6) The taxes payable; (7) The price of repo; (8) The interests payable; (9) The commissions payable; and (10) Other payables. Article 18. The items of the net asset categories shall present the net value of the annuity funds of an enterprise. Article 19. The net assets change statements shall reflect the increases and reductions of the net assets of the annuity funds of an enterprise, showing the following information: (1) The period beginning the net assets; (2) The current amount of increase of the net assets, including the current incomes, collection of payments made by the enterprise, collection of payments made by the employees, transfer-in of individual account; (3) The current amount of reduction of net assets, including the current expenses, treatments paid to the beneficiaries, transfer-out of individual account; and (4) The term-end net assets. Article 20. The notes shall disclose the following information: (1) The main contents of and important changes to the annuity fund plan of an enterprise; (2) The investment categories, amounts, and methods for the recognition of the fair value; (3) The proportion of each category of investment in the total amount of investments; and (4) Other events that are likely to produce important effects on the investment value. Attached Annex: BALANCE SHEET No. 01 Annual Annuity Fund Entity: Year Month Date Unit: Yuan ASSETS LINE NO YEAR BEGINNING AMOUNT END AMOUNT Assets: Monetary funds Receivable securities settlement payments Interest receivable Purchase of reverse repo Other receivables Bond investments Fund investments Stock investments Other investments Other assets TOTAL AMOUNT OF ASSETS LIABILITIES LINE NO YEAR BEGINNING AMOUNT END AMOUNT Liabilities: Payable securities settlement payments Payable treatments to beneficiaries Management fees payable to the trustee Management fees payable to the custodian Management fees payable to the investment manager Taxes payable Price of repo Interests payable Commission payable Other payables TOTAL AMOUNT OF LIABILITIES Net assets: Net value of annuity funds of the enterprise TOTAL AMOUNT OF LIABILITES AND NET ASSETS |
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