On the New Accounting Standards under the Financial Management

Abstract: Since the promulgation of China's Ministry of Finance implemented a new corporate accounting standards, the daily work of enterprises of all sizes had a huge impact to the corporate finance department of the work is a big change, contributed greatly to the cause of China's Accounting development of this paper as a background to explain the new accounting standards impact on financial management, and future work on how financial development.

Keywords: new business accounting standards affect the development of financial management

Since the implementation of China's reform and opening up competition in the market has advanced into the white-hot stage, the standard corporate financial management, to ensure reasonable and orderly conduct of market competition, it is particularly important, so the new corporate accounting standards promulgated and implemented to regulate the operation of the market, protect the interests of all parties, and the development of China's accounting Industry plays a vital role in so-called finance, is the economy that occurred around the property business in the market, the performance of the property is money funds. enterprises in the operation of the process, inevitably funds has occurred, distribution, consumption and recovery, therefore, the economic enterprises of the property business, in fact, is the capital of the process and results of operations, financial management is the management of the funds to run the process.

February 15, 2006, the State Ministry of Finance promulgated a new corporate accounting standards to regulate competition in the financial markets work, compared with the old standards, new guidelines from the provisions of the basic principles to specific implementation details have to do a more major changes, making the financial work more detailed, more reliable, give full play to the functions of financial management and management role to guide and enhance the financial management of the enterprise level specific areas: the new guidelines remove the old criteria of the general requirement , clearly put forward the accounting information quality requirements; the introduction of fair value measurement attribute, and comprehensive in all aspects of the specific criteria used; using a variety of techniques, appropriate to enhance the stability and reliability of accounting information; expanded the principle of substance over form the scope of application; expand the accounting professional judgments, to work throughout the whole process of accounting and so on.


First, the new corporate accounting standards for financial management of

(A) the impact of the concept of financial management (1) time values ​​of money. Time value of money is a certain amount of capital used in the turnover process, with the time difference between the value of the formation, the general performance is poor, that is value increases. money time values ​​have been in the financial management theory in a very important position, but the old accounting system is rarely involved in the new accounting standards on the role of time value of money given enough attention, this will be the accounting combination with the financial management of the new point (2) The concept of assets and liabilities. concept of assets and liabilities and income concept is a measure of the cost benefits of two different theories, the former based on assets and liabilities to measure income, without considering how the class problems; which has been achieved according to the income and expenses as well as the matching principle to determine the benefits, and then share the corresponding assets and liabilities included in the new guidelines on the structure of the financial statements to determine the balance sheet of the core, more long-term development on a prominent position.

(B) New accounting standards for financial management of the environment
The new guidelines emphasize the objectives of financial reporting decisions of practicality, the main stakeholders to reduce the time spent in the collection of information costs, optimize the allocation of resources. The introduction of fair value and reasonable use of the balance sheet to establish the status and the majority of the core assets impairment can not be reversed and other means of implementation makes it more real financial accounting adequately reflects the value of the business. In addition, the new corporate accounting standards, in essence, more towards International Financial Reporting Standards, the accounting information to improve China's international level, professionals and professional organizations to facilitate the valuation compared to operating funds to expand the scope of Chinese companies and channels.

(C) the new accounting standards on the impact of corporate financial risk management
New guidelines on the provision for impairment of assets and reversal of the same under the control of mergers, convertible bonds, share price rise in case of loss is recognized in areas such as strict rules to ensure financial stability and risk prevention. Financial Instruments Recognition and Measurement, financial assets and hedging criteria such as the transfer, so that enterprises in the operation of financial business risk aversion has provided effective protection.

(D) New accounting standards impact on the enterprise budget management
The new guidelines establish a balance sheet reporting system in the central position of the enterprise budget management has had a major influence to the enterprise from the income statement as the core budget management control system, into more attention to the balance sheet and cash flow statement , attention to cash flow, asset quality, operational risk management to corporate wealth creation and sustainable development standpoint, focus on building a good corporate asset quality and cash flow.

(E) New accounting standards impact on corporate financial decisions
The new guidelines require companies to produce a full range of forms, and provide adequate, detailed notes, and when additional information, these forms include the corporate income statement, cash flow statement, balance sheet and changes in equity, etc. The reason why the new guidelines This strengthening of information disclosure requirements, changing the traditional concept of the original, in order to increase the realism of corporate performance, to facilitate investors to make the right decisions. Links to free download http://www.hi138.com two development of financial management system should be perfect for what

(A) changes in corporate financial management concepts
Separation of management and ownership, shareholder, operator of contemporary business management model is the most significant features for this feature, the new decision-making by providing useful guidelines and fiduciary responsibility to fulfill the evaluation system to coordinate all aspects related to the interests of This concept of financial management had a direct impact.

(B) the establishment of sound financial information system
The new guidelines require companies to provide a more comprehensive system of accounting information, asking them to have the value of sustainable development, the company's future development of forward-looking guidance. This adjustment led to a series of measures of corporate financial information systems and related functions adjustment, in addition, fair value, impairment of the extraction of basic data requires a lot of support, which gave the degree of financial information on the work carried out is greatly enhanced, with the help of some financial software must function in order to be complete.

(C) improve the quality of corporate financial management
High-quality managers, team strength and business strength is the fundamental guarantee of the new guidelines bring a lot of self-discretionary work, to finance a larger staff room for discretion, the financial manager is a new challenge, therefore, enterprises should adopt various methods to improve the quality of financial management, financial staff appointments will be incorporated into the company's strategic human resource management strategy to in the focus on hiring highly qualified financial management staff with the same time, in-service training of finance staff to enhance their understanding of the new guidelines, improve their professional accomplishments, encourage self-finance staff, with attention to learning ability, thinking and flexible financial staff to focus on training to ensure that enterprises in the operating process fully in accordance with the provisions of the new accounting standards for financial work.


References:
[1] Dai Deming, New Accounting Standards: interpretation, application and difficult dialysis. Renmin University of China Press, .2007.3.

[2] He Zhidong, the latest classic case of corporate accounting standards, assessment masters Electronic Industry Press .2009.5.

[3] in the Shiba, Zhu Qingxia. The plight of the modern enterprise financial management and countermeasures in China of new technologies and new products .2009.9. Links to free download http://www.hi138.com