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Accounting Regulations of the People's Republic of
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CHAPTER VIII ACCOUNTING FOR FIXED ASSETS
 @@  Article  37.  A  joint venture shall prepare a fixed assets
catalogue as the  basis of accounting according to the criteria of
fixed assets laid down in  the  "Income  Tax Law of the People's
Republic of China Concerning Joint Ventures Using Chinese and Foreign
Investment" and in consideration of its specific circumstances.
 @@  Article  38.  The  fixed assets of a joint venture shall be
grouped  into five  broad  categories  as  follows: building and
structures; machinery and equipment; electronic equipment; transport
facilities (trains or ships, if any, shall be grouped separately);
and other equipment. The joint venture may further group them into
sub-categories according to the need of its management.
 @@  Article  39.  The  fixed  assets of a joint venture shall be
recorded at their original cost.
 For  fixed assets contributed as investment, the original cost shall
be the price of the assets agreed upon by all the participants
of the joint venture at the time of investment.
 For  fixed assets purchased, the original cost shall be the total
of  the purchase  price  plus  freight,  loading  and  unloading
charges, packaging expenses and insurance premium, etc. The original
cost of the fixed assets that  need  installation  work,  shall
include  installation  expenses. The original  cost  of  imported
equipment  shall  further  include the customs duties, consolidated
industrial and commercial tax, etc. paid as required.
 For  fixed  assets manufactured or constructed by the joint venture
itself, the  original cost shall be the actual expenditure incurred in
the course of manufacture or construction.
 Expenditures  of  a  joint  venture  on technical innovation and
reform that result  in  the  increase of the fixed assets value
shall be recorded as increments of the original cost of the fixed
assets.
 @@ Article 40. Depreciation on the fixed assets of a joint venture
shall generally  be  accounted  for on an average basis under the
straight line method.
 (1)  Depreciation on fixed assets shall be accounted for on the basis
of the original cost and the group depreciation rate of the fixed
assets.
 The  depreciation rate of fixed assets shall be calculated and
determined on the basis of the original cost, estimated residual value
and useful life of the fixed assets.
 A  joint  venture shall determine the specific useful lives and
depreciation  rates  for  different  groups  of  fixed  assets
according  to  the minimum depreciation  period and the estimated
residual value of the fixed assets as provided in the "Income Tax Law
Concerning Joint Ventures Using Chinese and Foreign Investment".
  (2)  In  a  case  where  a joint venture needs accelerated
depreciation or a change  of  depreciation  method  for  special
reasons, application shall be submitted by the joint venture to
the tax authority for examination and approval.
 (3)  Generally, depreciation of the fixed assets of a joint venture
shall be accounted for monthly according to the monthly depreciation
rates and the monthly  beginning  balances of the original cost
per book of the fixed assets in use. For fixed assets put in use
during a month, depreciation shall not be calculated for the month
but shall be started from the next month. For fixed assets to be
used during the month which are reduced or stopped depreciation shall
still be calculated for the month and be stopped from the next month.
 (4) For fixed assets fully depreciated but still useful, depreciation
shall no  longer  be calculated. For fixed assets discarded in
advance,no retroactive depreciation shall be made either.
For fixed assets declared scrap in advance or transferred out,
the  difference   between  the  net  proceeds  obtained  from
disposal  (less liquidation expenses) and the net value of the fixed
assets  (original  cost less  accumulated  depreciation) shall be
recognised as non-operating income or non-operating expenses of a joint
venture.
 @@  Article  41.  For the purchase, sales, disposal, discarding and
internal transfer,  etc. of the fixed assets, a joint venture must
execute accounting routines and set up a fixed assets subsidiary
ledger for the relevant accounting so as to strengthen the control of
fixed assets.
 @@  Article  42. A physical inventory must be taken on the fixed
assets of a joint  venture  at  least once a year. If any average,
shortage or damage of the fixed assets is found, the cause shall
be investigated and a report written out by the relevant department.
Accounting treatment shall be made as soon as the report is approved
through  strict  m

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