① The net realizable value of a merchandise inventories for direct sale such as a finished goods, a commodity and a material for sale is its estimated selling price minus estimated selling expenses and taxes under normal production and management.② The net realizable value of a material inventory to be processed is the estimated selling price of the finished goods made of the material minus the prospective costs, selling expenses and taxes upon completion under normal production and management.③ In case the price of part of an inventory’s is agreed in the contract but the other parts under the same item is not agreed in the contract by the date of balance sheet, the net realizable value shall be confirmed separately and compared with the corresponding costs to confirm the amount of inventory revaluation reserve.
In recent years, the state has promulgated a new "Enterprise Accounting Standards", the administrative departments and institutions focused on the implementation of the national treasury to pay the Government revenue and expenditure classification reform, this series of initiatives on the financial system of colleges and universities have had a profound impact. At the same time, major colleges and universities sponsoring the idea of changing the mode of operation led to a dramatic change in the accounting environment, the existing accounting system can no longer meet the financial management needs of colleges and universities. How the new situation in the development of new financial accounting system to guide the University of accounting work, worthy of our consideration. First, financial accounting colleges and universities show the new changes in the environment (A) Expansion of University, government departments of the university and direct intervention into fewer and fewer colleges and universities as an independent legal entity growing autonomy of schools, the quality corresponding to the increasing demands for In order to meet the market economy and the development of law and natural law of survival of the fittest, in achieving social benefits at the same time, how to enhance economic efficiency, expand their own power and economic strength of teachers to ensure that higher education in the fierce competition in an invincible position, is the majority of colleges and universities The primary issues have to face. However, in order to achieve cost-effective, must be "cost - benefit" perspective, institutions of higher learning institutions need to improve the current accounting system of accounting methods, the implementation of cost accounting school. (B) sources of university funding is no longer totally dependent on finance, a variety of fund-raising channels, the relationship between the economic interests of the parties to the increasing complexity and diversity China's "financial system of higher education" in Article IV stipulates that "institutions of higher learning the main task of financial management is: according to the cause of multi-channel fund-raising ... ...." The cause of the traditional sources of funding channels for colleges and universities are: State funding of higher education tuition fees, research into a special fund, the profits turned over to a school-run industries, as well as students and other community donors. Now, with the national policy of opening up the use of bank credit funds, and enterprises to develop a joint school, receive the investment funds investment financing and other modern means of financing school funding at institutions of higher learning have been widely used process, institutions of higher learning not only for the interests of the main the Government and the donor community, banks, enterprises, institutions and other professional investment into a new interest groups, which involve long-short-term borrowing, external investment, profit distribution and other non-accounting business units. (C) continuously enhance the awareness of college investment, diversification of investment activity With the community college logistic and intellectual property rights of patents, and college funding for the creation of entities, companies, the experimental base, as well as providing research, development services, such as very active economic activities, which colleges and universities to financial management and accounting has brought new test: how to invest in these colleges and universities to carry out day-to-day accounting activities? Associated with the investment, the allocation of investment income, such as consolidated accounting statements of how to deal with specific business? Practical work, college financial officers according to their own understanding of the financial system to operate, the accounting treatment not uniform, and form the content of accounting information is also inconsistent, prone to misleading investment. Second, the existing system of college financial problems (A) did not conduct cost accounting, input and output can not match Currently, colleges and universities still accounts set up in accordance with the classification of government revenue and expenditure, expenditure is divided into expenditure on wages and benefits, goods and services expenditures, on individuals and families, transfers, capital expenditures, such as 12 categories, there is no cost category of subjects. In the old economic system, funding for all colleges and universities rely on state financial allocations, cost accounting does not exist. Today's colleges and universities are faced with unprecedented competition and a huge financial pressure, and businesses have a growing number of similarities, the same need to increase income and reduce expenditure, the same need to focus on management. The difference between the two institutions of higher learning is the end product is a human resources rather than material resources. Colleges and universities in order to win in the competition, it is necessary to attach importance to economic efficiency with the same enterprise, it is necessary to take both economic and effective way to train a high quality and meet the social needs of the "talent", the realization of "talent" of economic utility maximization. Into the area of finance, is a "talent" of the issue of cost accounting. Therefore, the current financial system does not require colleges and universities to carry out its cost accounting, economic resources will not be able to input and output related to match the less scientific, is not conducive to long-term development of institutions of higher learning. (B) cause all payments using cash basis, and the existence of teaching colleges and universities in fiscal year divided inconsistent with the actual situation, resulting in distortion of accounting information For example: September is the annual tuition fees of the most concentrated phase, for various reasons, some students of tuition fees in arrears to the second year, this part of the tuition fees for non-payment was not recognized as a receivable in the claims by the virtual assets. And accounts receivable or other impairment of receivables is not ready, but also led to inflated assets. Another example, some infrastructure projects have been completed and put into use a number of years, in the absence of procedures for the completion of the accounts could not be converted to fixed assets, long-term in the current account linked to the book value of fixed assets in colleges and universities clearly not true. (C) The value of fixed assets and intangible assets inaccurate and unfair Provisions of the existing financial system colleges and universities, depreciation of fixed assets does not, but according to the cause of revenue and operating income extract a certain percentage of funds to purchase repair. Fixed assets from the date that is recorded at cost reflected in the statements can not reflect the net and the old and the new situation, resulting in inflated assets. Once the need to be updated or scrapped, due to the lack of reliable data, often based on subjective judgments of an asset or a waste of early retirement, or delayed because of the cost of tension reset larger randomness. Intangible assets is to provide users with the assets of certain rights, as a result of non-physical form, the value of confirmation more difficult to grasp the scale, combined with no amortization or revaluation, with the social changes and technological innovation, to maintain the book value of its fixed obviously unfair.
Materials Price Variances 原料价格差异Materials Quantity Variances 原料数量差异Wages Rate Variances 工资率差异Wages Efficiency Variances 工资效率差异Budget Output 预算支出
Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand ,deposits with banks and other financial institutions ,and short-term ,highly liquid investments that are readily convertible into known amounts of cash and which are subiect to an insignificant risk of changes in value, having been within there months of maturity at acquisition. 现金和现金等价物现金及现金等值物包括银行现金,在一方面,存款的银行和其他金融机构,短期、高流动性投资容易可转换为已知的大量的现金,这是一个微不足道的subiect风险变化的价值,已经在成熟的几个月在收购。 1 Significant accounting policies (continued)(1) Impairment losses (i) Impairment of investments in equity securities ,trade and other receivableInvestments in equity securities and trade and other receivable that are stated at cost or amortised cost are reviewed at each balance sheet date to determine whether there is objective evidence of impairment . 1重要会计政策(继续)(1)减值损失(我)损害的投资在股票、贸易和其他receivableInvestments在股票和贸易和其他应收款,乃按成本或摊余成本是回顾每个资产负债表日期,以确定是否有损伤的客观证据。 If any such evidence exists ,any impairment loss is determined and recognised as follow :For unquoted equity securities carried at cost ,the impairment loss is measured as the difference between the carrying amount of the financial asset and the estimated future cash flows ,discounted at the current market rate of return for a similar financial asset where the effect of discounting is material ,Impairment losses for equity securities are not reversed . 如果任何此类证据存在,任何减值亏损,确定并确认为遵循:对于非上市股票证券是以成本,减值亏损的差来衡量金融资产账面价值和估计未来现金流,以当前的市场回报率为类似的金融资产由于效果的打折是材料,减值损失的股票是没有逆转。 For trade and other receivables and other financial assets carried at amortised cost ,the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows ,discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets),where the effect of discounting is material. 对贸易和其他应收款和其他金融资产按摊余成本进行,测量减值亏损的差的资产的账面价值和现值的估计未来现金流,以金融资产最初的实际利率(即实际利率计息首次认识这些资产),由于效果打折是物质的。 If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised ,the impairment loss is reversed through the consolidated statement of income . 如果在随后的时期的数量减少了,而减值亏损减少可以连接到事件发生后客观减值亏损被认可,减值亏损是颠倒的收入通过综合声明。 A reversal of an impairment loss shall not result in the asset’s carrying amount ex 逆转减值亏损不会导致资产的账面价值前 现金和现金等价物现金及现金等值物包括银行现金,在一方面,存款的银行和其他金融机构,短期、高流动性投资容易可转换为已知的大量的现金,这是一个微不足道的subiect风险变化的价值,已经在成熟的几个月在收购。1重要会计政策(继续)(1)减值损失(我)损害的投资在股票、贸易和其他receivableInvestments在股票和贸易和其他应收款,乃按成本或摊余成本是回顾每个资产负债表日期,以确定是否有损伤的客观证据。如果任何此类证据存在,任何减值亏损,确定并确认为遵循:对于非上市股票证券是以成本,减值亏损的差来衡量金融资产账面价值和估计未来现金流,以当前的市场回报率为类似的金融资产由于效果的打折是材料,减值损失的股票是没有逆转。对贸易和其他应收款和其他金融资产按摊余成本进行,测量减值亏损的差的资产的账面价值和现值的估计未来现金流,以金融资产最初的实际利率(即实际利率计息首次认识这些资产),由于效果打折是物质的。如果在随后的时期的数量减少了,而减值亏损减少可以连接到事件发生后客观减值亏损被认可,减值亏损是颠倒的收入通过综合声明。逆转减值亏损不会导致资产的账面价值前
