Abstract
In order to promote the fiduciary responsibility of the public sector and strengthen the effective management of government assets, the Chinese governments at all levels should not only prepare reports on state-owned assets, but also prepare comprehensive financial reports based on accrual basis after 2020. The authenticity and reliability of government assets information directly affect the effective implementation of these two reforms, and the quality of assets information is highly dependent on the accrual basis of accounting measurement and reporting. Accrual basis accounting and reporting are relatively mature and scientific technology in business. China attempts to apply this business approach directly to public sector measurement and reporting of government assets. However, there is a natural difference between government assets and commercial assets. Asset measurement and reporting techniques are more complex in the practice of public sector asset management. From four dimensions of concept, scope, method selection and implementation effect, this article analysis asset identification, asset value, assets cost allocation and asset report path, and draw lessons from international experience, combined with China's actual situation, analysis the problems existing in the government assets measurement and reporting. In order to provide effective asset management reform must practice guidance, the article put forward the corresponding solution path.
Highlights
According to the opinions of the‘CPC Central Committee on the establishment of a system for The State Council to report on the management of state-owned assets to the standing committee of the National People's Congress’ of the five-year plan (2018-2022), a statement on state-owned assets of administrative undertakings shall be submitted in 2019
According to the request of government accounting reform, since January 1, 2019 full implementation of the administrative institution accounting system, the government subject table [2017] no. 25, means that the Chinese government fully implementing the accrual basis of accounting, and will prepare the accrual basis in 2020 comprehensive financial reports and government financial report (2019) - China's first comprehensive government financial report
1 These two reports have laid a solid foundation for comprehensively understanding the assets of government departments, enhancing asset management and promoting fiduciary responsibility
Summary
According to the opinions of the‘CPC Central Committee on the establishment of a system for The State Council to report on the management of state-owned assets to the standing committee of the National People's Congress’ (no.33 [2017]) of the five-year plan (2018-2022), a statement on state-owned assets of administrative undertakings shall be submitted in 2019. The relevant domestic research mainly concentrated in the meaning of reporting system of state-owned assets, the construction of system and the system implementation, natural resources accounting and balance sheet and administrative institution fixed, intangible assets, and public infrastructure, cultural relics, cultural assets such as the measurement and accounting of assets from several aspects [3,4,5,6,7,8,9,10,11,12] These studies have laid a good foundation for the research of this paper. The research of this paper is divided into six parts: the first part, the question raised, the second part, the definition and identification of government assets, the third part, the accurate measurement and valuation of asset costs;The fourth part, reasonable allocation of asset cost; The fifth part timely reports and discloses the financial information of asset management; The sixth part is the conclusion part
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