Mainland Affairs

THE HONG KONG ACCOUNTANT NOVEMBER 200238

Visit to the MainlandThe Society’s Council, joined by the

Mainland Affairs Committee and ledby the president and the two vice-presidents, completed a three-day visitto the Mainland from 1 to 3 September2002. Table 1 lists the delegates.

Thanks to the Liaison Office of theCentral People’s Government in theHKSAR and the PRC’s United FrontWork Department of the CPC CentralCommittee, who arranged all thevisits to the following organisations inBeijing:• Ministry of Finance/Chinese

Institute of Certified PublicAccountants

• China Securities RegulatoryCommission, and

• State Administration of Taxation.The Council also took the opportunity togo to Guangzhou where they called onorganisations whose work the Societymight be interested in.

Table 2 lists the officials whoreceived the delegation in Beijingand Guangzhou.

A summary of the meetings betweenthe delegation and the Mainlandorganisations in Beijing is as follows:

The Ministry of Finance (MOF)and the Chinese Institute ofCertified Public Accountants(CICPA)The following issues were discussed at ameeting held with representatives of theMOF and CICPA:

Development of accountingstandards for business enterprises(ASBEs) in the MainlandThe Society was informed that further tothe 16 ASBEs issued over the years, theMOF would soon promulgate six morestandards, namely Segment Reporting (��� F, Foreign Currency Translation (��� F, Earnings Per Share (�� !F,Presentation of Financial Reporting (��

�� �F, Accounting for GovernmentGrants and Disclosure of GovernmentAssistance (�� !"#$F andDiscontinuing Operations (�� !F. Thegoal is to issue a total of about 30standards.

The MOF officials were briefed onthe Society’s progress in publishing amonograph on ‘Comparison of PRCGAAP against IAS and HKGAAP’. It wasnoted that Madam Feng Shu Ping,

Assistant Minister, had in the previousyear, expressed an interest in the projectand there was some discussion on thedifferent options available. The MOFreiterated its interest in the publication,but suggested that it should preferablyinclude the yet to be issued statements toenhance its timeliness. The Society wasasked to liaise with Mr Liu Yu Ting,director-general, AccountingDepartment, on the project.

The Society’s discussion paperThe CICPA representatives commentedon the following issues raised in theSociety’s discussion paper on ‘TheAnticipated Increase in theOpportunities of Cooperation betweenthe Accountancy Profession in HongKong and the Mainland Emerging fromChina’s Impending Entry into the WTO’.(a) Provisional licence to perform audit-

related services in the Mainland (the‘Licence’)

(The Licence is at present valid forsix months. To simplify the renewalprocedures, the Society hassuggested, in the Paper, extendingthe validity of the Licence to oneyear or, if possible, to cause acancellation to this measure.)— the CICPA noted that the

matter had been discussed onseveral occasions between thetwo bodies prior to the meetingand that the Society hadexpressed continuing concernsover the slow progress made.The CICPA representativesadvised that pursuant to theiragreement in principle to havethe Licence renewed at a 12-month interval, they hadinitiated a study on theproposal. The CICPA took noteof the Society’s concerns andagreed to expedite their study.

(b) Relaxing the requirements of setting upwholly foreign owned consultancycompanies in the Mainland(The existing applicationprocedures, policies, and approvalcriteria for setting up wholly foreign-owned consultancy companies varyacross the Mainland. This can causeconfusion to those accountants whoare keen to start up consultancybusinesses in the Mainland. Also, theminimum capital requirement

List of participating delegates^

Mr Wong Tak Wai, Alvin PresidentMr Edward KF Chow Vice-PresidentMr David Tak-kei Sun Vice-PresidentMr Roger Best Council MemberMr Michael KH Chan Council MemberDr Cho Lung Pui Lan, Stella Council MemberMr Mark C Fong Council MemberMr Wilson Fung Council MemberMr Doug Oxley Council MemberMr Patrick Cheng Chairman, Mainland Affairs CommitteeMr Johnson Kong Convenor, Mainland Business Interest GroupMr Peter Wan Chairman, PRC Accounting & Auditing Sub-CommitteeMr Lee Kai-fat Registrar and Secretary-GeneralMr Patrick Tam Director of Corporate AffairsMs Cammy Ho Assistant Director (Corporate Affairs – Mainland &

International Affairs)Ms Karen Leung Administration Officer (Corporate Affairs – Mainland &

International Affairs)

^ The delegation was accompanied by a representative from the Liaison Office of the Central People’sgovernment in Hong Kong SAR.

Table 1

Mainland Affairs

THE HONG KONG ACCOUNTANT NOVEMBER 200240

(US$200,000) for these companiesis on the high side.)— The CICPA representatives

advised that according to theirunderstanding of informationobtained from the Ministry ofForeign Trade and EconomicCooperation (MOFTEC), therewas no such minimum capitalrequirement. The Society wasasked to direct any complaintsreceived from its members toMOFTEC.

Review of the PRC CPA Law (the ‘Law’)The Society was updated on the progressof the MOF’s review of the Law, whichcommenced in 1998. It was noted thatthe project had slowed down recently.The MOF attributed this to thedevelopments that had come to lightafter China’s accession to WTO such asthe need for Mainland accounting firmsto converge with international practice.

Translation of the fifth batch ofChina’s Independent AuditingStandards (CIASs)(MOF has earlier promulgated the fifthbatch of CIASs. As with the first fourbatches, the CICPA has invited theSociety to produce an English version ofthe statements. PricewaterhouseCoopershas taken on this assignment and theSociety’s PRC Accounting and AuditingSub-Committee will conduct a review ofthe draft.)

The Society reported that thetranslation project had progressedaccording to schedule. It was expectedthat the final draft would be ready in mid-January 2003.

China Securities RegulatoryCommission (CSRC)It was explained to the CSRC that theCouncil had earlier decided to establish aTask Force on PRC CorporateGovernance and Listing Rules under theMainland Affairs Committee to addressPRC corporate governance and listing-related issues and, where appropriate, toformulate a working relationship with theCSRC. The decision to establish the TaskForce is a response to the expandingcapital market in the Mainland and theincreasing involvement by HKSAmembers, in practice or in thecommercial/financial services sector, on

Organisations and officials receiving the delegation

PRC ministry/organisation Name and title

Organisations in Beijing

Ministry of Finance • Ms Feng Shu Ping (Assistant Minister)�� �� !"#$%&'(

• Mr Liu Yu Ting (Director-General)�� !"#$%&&'(

• Ms Xu Da Hua (Deputy Director-General)�� !"#$%&'&()

China Securities Regulatory Commission • Mr Gao Xi Qing (Vice Chairman)�� !"#$%&'( �� !"#$%&'

• Mr Jesse Wang (Assistant Chairman)�� !"#$%&'(

• Mr Zhang Wei Guo (Chief Accountant)�� !"#$%&'()

State Administration of Taxation • Mr Wang Wei Yan (Director-General)�� !"# �� !"#$%&'(()*

• Mr Lu Yun (Deputy Director–General)�� !"#$%&'(')*

Chinese Institute of Certified Public • Mr Chen Yu Gui (Secretary-General)Accountants �� !"#$%&'

�� !"#$%" • Mr Yang Zhi Guo (Director)�� !"#$%&'()

• Mr Zheng Jia Zhong (Deputy Director)�� !"#$%&'()*

Organisations in Guangzhou

Hong Kong Economic and Trade Office in • Mr MC Tsui (Deputy Director)Guangdong, Government of the HKSAR �� !"#$%&'

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Guangdong Federation of Industry and • Mr Chen Hai Yan (Vice Chairman)Commerce �� !"#$%&'

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Guangdong Provincial Institute of • Mr Xiong Zhan Yu (President)Certified Public Accountants �� !"#$%&

�� !"#$%&# • Mr Huang Bing Jun (Secretary General)�� !"#$%&'

Guangzhou Institute of Certified • Mr Wen Jian Hui (Vice President)Accountants �� !"#$%&'

�� !"#$%" • Mr Jiang Jian Ping (Secretary General)�� !"#$%&'

Table 2

Mainland Affairs

THE HONG KONG ACCOUNTANT NOVEMBER 200242

State Administration of Taxation(SAT)The delegation was briefed on thedirections and focus of the Mainland’stax reforms. It was noted that followingChina’s accession to the World TradeOrganisation (WTO), the central taxauthorities are focusing work in thefollowing areas:(a) To enhance the Mainland tax regime

by converging with internationalbest practice and institutionalisingthe necessary changes.

(b) To review and identify issues in theexisting tax policies that may beinconsistent with the WTO principles.

While making various changes to theexisting laws and regulations, it wasquoted that the Chinese governmentwould embark on research regardingVAT reform. Steps would also be takento align the income tax for domestic andforeign enterprises and to widen the taxbase by making adjustment to theMainland’s consumption tax. However,a timetable is yet to be fixed.

Regarding enquiries about theunification of foreign and domesticcorporate income tax, the SAT officialssaid that they are still considering anumber of proposals. Regardless of whichproposal would be adopted, the standardcorporate income tax was expected to bein the region of 24–27 per cent.

The SAT officials acknowledgedthe existence of different tax incentivepackages offered to FIEs in differentregions. In this regard, the central taxauthorities would like to minimise theregional variation to 10–13 zones for thecoming years. It was also pointed outthat the adjustment to regional incentivepolicy would be shifted to production-focused activities (�� !"#$%&��).

Mr Danny Tsui, deputy director of Hong Kong Economic and Trade Officein Guangdong, Government of the HKSAR (thirdfrom left), with the delegates.

The HKSA delegation with representatives from Guangdong ProvincialInstitute of Certified Public Accountants and Guangzhou Institute ofCertified Accountants.

The delegates with representatives of the State Administration of Taxation.

matters relating to PRC listed companies.As such, the opportunity was taken by thedelegation to discuss with the CSRC howthe two parties could cooperate anddevelop a work programme of mutualinterest and benefit.

The CSRC officials welcomed theformation of the above-mentioned TaskForce and expressed interest informulating such a programme. It wassuggested that both bodies might wish tojointly organise a seminar on AuditCommittees. It would be ideal if theseminar was held at year end or the firsthalf of 2003.

The CSRC also thanked Mr EdwardChow and Professor Judy Tsui for theirparticipation in the independentdirectors training course, organised bythe CSRC and the two nationalaccounting institutes. Since the five-dayindependent directors course waslaunched, between September 2001 andJune 2002, the CSRC has trained 5,000independent directors.

The Society briefed the CSRC officialson the work of its Corporate GovernanceCommittee and drew their attention, in

particular, to the recently published ‘AGuide For Effective Audit Committees’.Both sides also exchanged views on thefollowing:• The Sarbanes-Oxley Act 2002, a law

passed by the Bush Administration toenhance corporate governancepractices in public companies,particularly their audit committees.

• The repercussions of the Act outsidethe US. (Under the Act, the newPublic Company AccountingOversight Board that regulatesauditors of public companies in theUS has extra-territorial power suchthat any foreign accounting firmthat prepares or furnishes an auditreport with respect to a companylisted in the US must register with theBoard. This would include foreignfirms that perform audit work or aforeign subsidiary of a US companythat the primary US auditor wouldrequire information from.)

• The different financial year-end datesadopted by Hong Kong companies.

• Lawsuits in relation to companiesdisclosing fraudulent statements.

Mainland Affairs

THE HONG KONG ACCOUNTANT NOVEMBER 200244

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Mainland Affairs

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