Circular on the Issuance of the Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness
Circular on the Issuance of the Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness
Circular on the Issuance of the Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness
Cai Kuai [2016] No. 17
September 22, 2016
The related ministries and commissions of the State Council, central enterprises, finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan, the Finance Bureau of the Xinjiang Production and Construction Corps, and the resident offices of fiscal supervision commissioners of the Ministry of Finance in all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan,
In order to implement the spirit of the Opinions of the State Council on Resolving the Overcapacity and Achieving Profitable Development in the Steel Industry (Guo Fa [2016] No.6), the Opinions of the State Council on Resolving the Overcapacity and Achieving Profitable Development in the Coal Industry (Guo Fa [2016] No.7) and other related documents, and promote the work of addressing overcapacity, reducing inventory, deleverage, reducing costs and bolstering areas of weakness, our ministry formulated the Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing Inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness in compliance with the Accounting Law of the People's Republic of China and the relevant provisions of the unified national accounting system. These Provisions are hereby promulgated for implementation.
Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing Inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness
I. Accounting treatment for the free transfer of the shares of subsidiaries within state solely-owned enterprises or state wholly-owned enterprises
In the work of addressing overcapacity, reducing inventory, deleverage, reducing costs and bolstering areas of weakness, for the reasons of deepening the state-owned enterprise reform, cutting overcapacity or adjusting structure, enterprise groups concerned shall effect a free intra-group transfer of the shares of their subsidiaries within groups in accordance with the relevant provisions of the state-owned assets regulation departments (the "Regulation Departments"). For the purpose of these Provisions, state solely-owned enterprises and state wholly-owned enterprises include state solely-owned companies, non-corporate state solely-owned enterprises, state wholly-owned enterprises, and one-member limited liability companies invested or reinvested by public institutions.
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Cai Kuai [2016] No. 17
September 22, 2016
The related ministries and commissions of the State Council, central enterprises, finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan, the Finance Bureau of the Xinjiang Production and Construction Corps, and the resident offices of fiscal supervision commissioners of the Ministry of Finance in all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan,
In order to implement the spirit of the Opinions of the State Council on Resolving the Overcapacity and Achieving Profitable Development in the Steel Industry (Guo Fa [2016] No.6), the Opinions of the State Council on Resolving the Overcapacity and Achieving Profitable Development in the Coal Industry (Guo Fa [2016] No.7) and other related documents, and promote the work of addressing overcapacity, reducing inventory, deleverage, reducing costs and bolstering areas of weakness, our ministry formulated the Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing Inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness in compliance with the Accounting Law of the People's Republic of China and the relevant provisions of the unified national accounting system. These Provisions are hereby promulgated for implementation.
Provisions on Regulating the Accounting Treatment for the Relevant Business of Addressing Overcapacity, Reducing Inventory, Deleverage, Reducing Costs and Bolstering Areas of Weakness
I. Accounting treatment for the free transfer of the shares of subsidiaries within state solely-owned enterprises or state wholly-owned enterprises
In the work of addressing overcapacity, reducing inventory, deleverage, reducing costs and bolstering areas of weakness, for the reasons of deepening the state-owned enterprise reform, cutting overcapacity or adjusting structure, enterprise groups concerned shall effect a free intra-group transfer of the shares of their subsidiaries within groups in accordance with the relevant provisions of the state-owned assets regulation departments (the "Regulation Departments"). For the purpose of these Provisions, state solely-owned enterprises and state wholly-owned enterprises include state solely-owned companies, non-corporate state solely-owned enterprises, state wholly-owned enterprises, and one-member limited liability companies invested or reinvested by public institutions.
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