Central Telecom Enterprises Will Implement New Accounting Principles In 2008

By TechSecurityChina.com Editor
November 21, 2006

The Statistics and Evaluation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council says that 161 state-owned enterprises, including the six major telecom operators, will start implementing a new enterprise accounting principle by the end of 2008.

Those whose listed assets or income accounts for a large proportion of the company’s total assets or income will take the lead in doing so in 2007.

SASAC disclosed the information in a memo sent to the companies called “Notice on Working Well on State-owned Enterprises’ Final Accounts in 2006 and Financial Supervision in 2007”.

According to the notice, SASAC will further enlarge the review on state-owned enterprises’ financial budgets and strengthen the management of enterprise accounting and budgeting.

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