Recently, the Ministry of Finance ("MOF") and the General Administration of Customs ("GAC") have jointly issued the General Classification Standard for the Accounting Standards for Business Enterprises - Extended Classification Standard for Special Customs Payment Certificates (the "Extended Standard"), with immediate effect from the date of issuance.
On the basis of the existing Special Customs Payment Certificates in paper form and taking into account the general classification standard for the accounting standards for business enterprises (the "General Standard"), the direction for future development of the General Standard system and the actual situations of other relevant classification standards extended for regulatory purposes, the Extended Standard covers all the accounting information included in the Special Customs Payment Certificates to facilitate enterprises to use information technologies to process the accounting treatment of relevant business and file relevant documents. The structure of the Extended Standard is designed at both a logical design level and a physical structure level. Logical design refers to the use of extensible business reporting language (XBRL) to reflect the disclosure requirements on the Special Customs Payment Certificates; and physical structure refers to the way to design and organize the hierarchies of all documents and files of the classification standard.