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Related accounting processing regulations for enterprise bankruptcy liquidation
(draft for soliciting opinions)
Chapter 1 General Provisions
Article 1 In order to regulate the accounting processing of enterprise bankruptcy liquidation, it provides the people's courts and creditors' meetings with relevant financial information during the enterprise bankruptcy liquidation period. These regulations are formulated in accordance with the Accounting Law of the People's Republic of China, the Enterprise Bankruptcy Law of the People's Republic of China (hereinafter referred to as the Bankruptcy Law) and its related provisions.
Article 2 These provisions apply to corporate legal persons (hereinafter referred to as bankrupt enterprises) that have been declared bankrupt by the court in the period of bankruptcy liquidation.
Chapter 2 Preparation Basics and Measuring Attributes
Article 3 Accounting confirmation, measurement and reporting of bankrupt enterprises are based on non-continuing operations.
Article 4 Bankrupt enterprises divide their accounting periods according to the time required by the court or creditors' meeting, and prepare bankruptcy financial statements.
Article 5 The property of a bankrupt enterprise during the bankruptcy liquidation period shall be measured as the net value of the bankruptcy liquidation.
Bankruptcy liquidation net value refers to the net amount of the most likely realization value after deducting the relevant disposal taxes and fees under the specific environment of bankruptcy liquidation and within the statutory time limit.
Article 6 The debts of a bankrupt enterprise during the bankruptcy liquidation period shall be measured at the repayment value.
repayment value refers to the amount that the enterprise should repay in accordance with relevant laws and regulations or contractual agreements without considering the actual repayment ability and discount factors of the enterprise; the repayment value of the debt declared by the creditor and confirmed by the court shall be the amount recognized by the court.
Chapter 3 Confirmation and Measurement
Article 7After a bankrupt enterprise is declared bankrupt by the court, the property and debt will be initially recognized according to the bankruptcy liquidation net value and repayment value on the date of bankruptcy declaration, and the relevant difference is directly included in the cumulative liquidation net profit and loss.
Article 8 The property of a bankrupt enterprise during the bankruptcy liquidation period shall be measured subsequently according to the bankruptcy liquidation net value, and the debt shall be measured subsequently according to the repayment value. The bankrupt enterprise shall adjust the book value of the property and debt according to the bankruptcy liquidation net value or repayment value at the end of the reporting period of the bankruptcy financial statement (hereinafter referred to as the "bankruptcy statement date), and the difference shall be included in the current liquidation profit and loss.
Article 9 If property disposal occurs during the bankruptcy liquidation period, the bankrupt enterprise shall terminate the recognition of the relevant disposal property, and shall deduct the difference between the amount of the disposal and the book value of the disposal property, and the difference after deducting the directly related disposal expenses shall be included in the current liquidation profit and loss.
If debt repayment occurs during the bankruptcy liquidation period, the The book value of the debt item shall be derecognized according to the amount of repayment. When the remaining book value is completely lifted, it shall be derecognized and included in the current liquidation profit and loss.
Article 10 Various expenses incurred during the bankruptcy liquidation period and the income obtained shall be directly included in the current liquidation profit and loss.
Article 11 Income tax expenses included in the current liquidation profit and loss shall only include the income tax amount paid based on the taxable income of the current period at the applicable tax rate.
Article 12 Bankrupt enterprises shall make profits, recovery, purchase The property acquired during the bankruptcy liquidation process shall be initially measured according to the net value of the bankruptcy liquidation at the time of acquisition, and the difference between the book value initially recognized and the cost of obtaining the property (if any) shall be included in the current liquidation profit and loss.
Article 13 The newly borne by a bankrupt enterprise during the bankruptcy liquidation process shall be initially measured according to the value of the liquidation at the time of assumed, and shall be included in the current liquidation profit and loss.
Chapter 4 Presentation of bankruptcy financial statements
Article 14 The bankrupt enterprise shall prepare bankruptcy financial statements in accordance with these regulations, Report to the people's court, creditor meeting and other statement users of the financial status of the bankrupt enterprise during the bankruptcy liquidation process, cash flow changes, liquidation profit and loss, and the repayment status of the bankruptcy debt claims.
Article 15 Financial statements during the bankruptcy liquidation period include the financial position statement, , liquidation profit and loss statement, bankruptcy cash flow statement, debt repayment statement and related notes.
After the court declares the company bankruptcy, the bankrupt enterprise shall prepare the bankruptcy financial position statement and related notes on the bankruptcy statement date.
At the time required by the court or creditors' meeting, a bankrupt enterprise shall determine the bankruptcy statement based on the time point, prepare the bankruptcy financial position, liquidation income statement, bankruptcy cash flow statement, debt repayment statement and related notes.
Before applying to the court to rule that the bankruptcy ends, the bankrupt enterprise shall prepare a liquidation profit and loss statement, a bankruptcy cash flow statement, a debt repayment statement and related notes.
Article 16 The statement of bankruptcy financial position reflects the bankruptcy liquidation net value, debt repayment value and cumulative liquidation net profit and loss of the property of the bankrupt enterprise on the bankruptcy statement date.
The difference between property items and debt items is listed as cumulative liquidation net profit and loss in the statement of bankruptcy financial position.
Article 17 Liquidation and loss statement reflects the various income and expenses incurred by the bankrupt enterprise during the bankruptcy liquidation period. The items that reflect the following information should be listed separately in the liquidation income statement: disposal of property, repayment of debts, adjusting the book value of property debts, paying bankruptcy expenses, paying beneficial debts, paying income taxes, etc.
Article 18 Bankruptcy cash flow statement reflects the changes in the balance of monetary funds of the bankrupt enterprise during the bankruptcy liquidation period. The statement of bankruptcy cash flow is prepared by the direct method, and at least items that reflect the following information should be listed separately: disposal of property, repayment of debts, payment of bankruptcy expenses, payment of beneficial debts, payment of income tax, etc.
Article 19 The debt repayment statement reflects the debt repayment situation incurred by a bankrupt enterprise during the bankruptcy liquidation period. The debt repayment statement shall be listed separately in accordance with the debt repayment order stipulated in the Bankruptcy Law. The debts listed in the debt repayment statement should at least reflect their original book value, recognized amount, repayment ratio, actual repayment ratio, current period and cumulative repayment amount, and unpaid ratio.
Chapter 5 Disclosure
Article 20 Bankrupt enterprises shall disclose the following information in the notes to the bankruptcy financial statements:
(I) Detailed information of bankruptcy property, including the balance of at the beginning of the period , the increase in this period, the decrease in this period and the balance of at the end of the period .
(II) Details of unrecognized claims include the beginning balance, the increase in the current period, the decrease in the current period and the end balance.
(III) The amount of money that has been deposited in the balance of monetary funds at the end of the period used to allocate to specific creditors or pay taxes to the state.
(IV) Detailed information on property disposal profit and loss, including property nature, disposal income, disposal expenses and net disposal income.
(V) Detailed information on bankruptcy expenses, including the nature and amount of expenses.
(VI) Detailed information on common benefits expenses, including nature and amount of expenses,
Chapter 6 Appendix
Article 21 Enterprises that are declared bankrupt by the court after the date of implementation of these regulations shall conduct accounting treatment in accordance with these regulations.
Article 22 These provisions shall come into force on XX, 2016. The "Interim Provisions on Accounting Problems Related to the Trial of Bankruptcy of State-owned Enterprises" (Caishu No. 28 (1997)) is also abolished.
Attachment:
1. Instructions for use of accounting subjects and accounting processing
2. Financial statements of bankrupt enterprises in bankrupt enterprises and their notes
Attachment 1:
Instructions for use of accounting subjects and accounting processing
1. Account settings
0 After the bankruptcy administrator takes over the accounting files and other financial information of the bankrupt enterprise, the following accounting accounts shall be added after the enterprise is declared bankrupt by the court. Bankrupt enterprises can set up detailed accounts in first-level accounts according to actual needs. The additional accounting accounts are divided into debt, cumulative liquidation net profit and loss, and liquidation profit and loss.
(I) Debt account settings.
Bankruptcy Fees Payable: This account calculates all kinds of bankruptcy expenses stipulated in the Bankruptcy Law incurred by a bankruptcy enterprise during the bankruptcy liquidation period.
Common Benefit Debts Payable: This account calculates all kinds of common Benefit Debts stipulated in the Bankruptcy Law that a bankrupt enterprise occurs during the bankruptcy liquidation period.
(II) Settings of cumulative liquidation net profit and loss accounts.
cumulative liquidation net profit and loss: This account calculates the balance of the current liquidation net profit and loss account carried forward by the bankrupt enterprise on the date of preparation of the bankruptcy financial statements. The difference between the property and debt of a bankrupt enterprise is also calculated in this account.
(II) Settings of liquidation profit and loss accounts.
Net profit and loss of property disposal: This account calculates the net profit and loss of a bankrupt enterprise disposal of bankrupt property during the bankruptcy liquidation period and after deducting relevant disposal expenses.
Net profit and loss of debt repayment: This account calculates the net profit and loss of the bankrupt enterprise's debt repayment during the bankruptcy liquidation period.
Measurement basic adjustment of net profit and loss: This account calculates the book value of the bankrupt enterprise adjusted the property according to the net value of the bankruptcy liquidation during the bankruptcy liquidation period, and the net profit and loss generated by adjusting the book value of the debt according to the liquidation value.
Other income: This account accounts for other income incurred during the bankruptcy liquidation period, in addition to property disposal and debt repayment.
Bankruptcy Fees: This account calculates the various bankruptcy expenses stipulated in the Bankruptcy Law during the bankruptcy liquidation period of the bankruptcy enterprise, mainly including the litigation expenses of bankruptcy cases, the costs of managing, changing prices and distributing debtors' property, the costs of the administrator's performance of duties, remuneration and the costs of hiring staff. This account should be set up in detail according to the expense items incurred.
Common Benefit Debt Fees: This account calculates the various expenses related to common Benefit Debts stipulated in the Bankruptcy Law during the bankruptcy liquidation period of the bankruptcy liquidation of the bankruptcy enterprise. According to the Bankruptcy Law, common debt refers to debts that are subject to the management, sale and distribution of bankruptcy property for the common interests of all creditors after the people's court accepts the bankruptcy application. It mainly includes debts arising from the administrator or debtor's request to the other party to perform a contract that has not been completed by both parties, debts arising from the management of the debtor's property, debts arising from the unjust enrichment of the debtor, labor remuneration and social insurance expenses that should be paid for the debtor's continued business, and other debts arising from the damage caused by the administrator or relevant personnel in the performance of their duties, and debts arising from the damage caused by the debtor's property.
Other expenses: This account calculates other expenses incurred during the bankruptcy liquidation period of the bankruptcy and common debt expenses.
Income Tax Fees: This account calculates the corporate income tax fees incurred during the bankruptcy liquidation period of the bankruptcy liquidation of the bankruptcy enterprise.
Current liquidation net profit and loss: This account calculates the balance of the above-mentioned liquidation profit and loss accounts carried forward during the bankruptcy liquidation period of the bankruptcy liquidation of the bankruptcy enterprise.
The bankruptcy administrator may add, reduce or merge certain accounting accounts according to the specific circumstances of the bankrupt enterprise.
2. Accounting processing
(I) Balance carry-over on the day of bankruptcy declaration.
After the court declares the company bankruptcy, the bankruptcy administrator transfers the relevant balances of some accounting accounts to the following new accounts based on the account balance table transferred by the bankruptcy enterprise and prepares a new account balance table.
Bankruptcy Fees Payable: Transfer the balance of bankruptcy expenses in accounts such as "Accounts payable, other payables" to this account.
Benefit Debts Payable: Transfer the balance of common debts in accounts such as "Accounts payable, other payables" to this account.
cumulative liquidation net profit and loss: transfer the balance of accounts such as "goodwill", "long-term deferred expenses", "deferred income tax assets", "deferred income tax liabilities", "deferred income", "equity capital", "capital reserve", "surplus reserve", "other comprehensive income", and "undistributed profit" to this account.
(II) Balance adjustment on the day of bankruptcy declaration.
The bankruptcy administrator shall register and record all kinds of properties owned by the bankrupt enterprise (including fixed assets with an original book value of zero, amortized intangible assets, etc.), estimate their bankruptcy liquidation net value, adjust the balance of each property account according to its bankruptcy liquidation net value, and adjust the "cumulative liquidation net profit and loss" account accordingly.
The bankruptcy administrator shall verify the various debts of the bankrupt enterprise, estimate the repayment value, adjust the balance of each debt account according to its repayment value, and adjust the "Cumulative Liquidation Net Profit and Loss" account accordingly.
(III) Dispose of bankruptcy property.
Bankrupt enterprises recover notes receivable, receivable debt claims, and receivable investments. According to the recovered funds, they debit "cash", "bank deposits" and other accounts, and according to the book value of receivable debt claims or receivable investments, they will debit or credit the "Net Profit and Loss of Property Disposal" account.
Bankrupt enterprises sell various investments, debit the accounts such as "cash" and "bank deposits" according to the funds received, and credit the relevant property accounts according to the book value of the relevant investments, and credit the accounts of "Net Profit and Loss of Property Disposal" according to the difference.
Bankrupt enterprises sell inventory, investment real estate, fixed assets and physical assets under construction, etc., and debit the accounts such as "cash" and "bank deposits" according to the amount received, and credit the relevant property accounts according to the book value of the physical assets, and credit the "taxes payable" according to the value-added tax and other taxes and fees that should be paid, and debit or credit the "net profit and loss of property disposal" according to the difference in the amount of the above accounts .
Bankrupt enterprises sell intangible assets and debit accounts such as "cash" and "bank deposits" according to the amount received, and credit the "intangible assets" account according to the book value of the intangible assets, credit the "taxes payable" account according to the taxes and fees that should be paid, and debit or credit the "Net Profit and Loss of Property Disposal" account according to the difference in the amounts in the above accounts.
If the allocated land use rights of a bankrupt enterprise are taken back by the state and the state gives certain compensation, the "Cash", "Bank Deposit" and other accounts shall be debited according to the amount of compensation received, and the "Other Income" accounts shall be credited.
Various types of assessment, price change, auction and other expenses incurred by bankrupt enterprises in disposing of bankrupt properties shall be debited according to the amount incurred, and accounts such as "Cash", "Bank Deposit", "Bank Deposits", and "Bank Fees Payable" shall be credited according to the amount incurred.
(IV) Pay off debts.
Bankrupt enterprises pay off bankruptcy expenses and common debts, debit accounts such as "bank expenses payable" and "common debts payable" according to the book value of the relevant confirmed liabilities, and credit accounts such as "cash", "bank deposits" according to the actual amount paid, and debit or credit accounts such as "bank expenses" and "common debt expenses" according to the difference.
Bankrupt enterprises shall debit the wages and medical, disability allowances and pensions owed to employees in accordance with the approved employee resettlement plan, and shall be credited to basic pension insurance, basic medical insurance expenses and other social insurance expenses that shall be transferred to the employee’s personal account, as well as the compensation that should be paid to employees as stipulated by laws and administrative regulations, and debit or credit the “Network Profit and Loss of Debts” according to the book value of the relevant confirmed debts.
The bankrupt enterprise pays the taxes owed, debits "taxes payable" and other accounts according to the book value of the relevant confirmed debts, and credits "cash", "bank deposits" and other accounts according to the actual amount paid, and debits or credits the "Net Debt Payment and Loss Profit and Loss" account according to the difference.
Bankrupt enterprises repay bankruptcy claims, debit relevant debt accounts according to the actual amount paid, and credit accounts such as "cash", "bank deposits" and other accounts.
If a bankrupt enterprise repays its debts with non-monetary property, it shall debit the relevant debt accounts according to the confirmed repayment amount, and credit the relevant property accounts according to the book value of the non-monetary assets, and debit or credit the "Net Debt Repayment and Loss" account according to the difference.
If the creditor exercises the right of setback in accordance with the law, the relevant debt accounts shall be debited and the relevant property accounts shall be credited according to the confirmed amount of setback.
(V) Other accounting processing.
Unaccounted property obtained through inventory, inventory, etc. during the bankruptcy liquidation period shall debit the relevant property accounts and credit the "Other Income" accounts according to the bankruptcy liquidation net value on the date of acquisition.
Unrecorded debts found through creditor declarations during bankruptcy liquidation shall debit the "Other Fees" account and credit the relevant debt account according to the repayment value on the date of declaration confirmation.
When preparing financial statements for the bankruptcy liquidation period, all property items shall be remeasured at their bankruptcy liquidation net value on the bankruptcy statement date, debit or credit related property accounts, and credit or debit "measurement basic adjustment net profit and loss"; all debt items shall be remeasured at their liquidation value on the bankruptcy statement date, debit or credit related debt accounts, and credit or debit "measurement basic adjustment net profit and loss" account.
If a bankrupt enterprise continues to perform a contract that has not been fulfilled as the buyer during the bankruptcy liquidation period, it shall debit the relevant property accounts according to the net value of the received property bankruptcy liquidation, and debit the "Taxes and Fees Payable" account according to the corresponding value-added tax input tax amount, and credit the accounts such as "cash", "bank deposits", "benefit debts payable" or "advance payments" according to the amounts to be paid or paid, and debit the "cash", "bank deposits", "benefit debts payable" or "advance payments" according to the difference of the above accounts. Other expenses" or credit the "Other income" account; if an enterprise continues to perform a contract that has not been fulfilled as the seller, it shall debit the "Cash", "Bank Deposit", "Accounts Receivable" and other accounts according to the amount receivable or collected, and credit the relevant property accounts according to the book value of the transferred property, credit the "Taxes and Fees Payable" account according to the relevant taxes and fees to be paid, and debit the "Other expenses" account or credit the "Other income" account according to the difference of the above accounts.
Chapter 4 of the bankruptcy enterprise, if the bankruptcy administrator recovers the relevant bankrupt property in accordance with the law, the net value of the recovered property shall be liquidated according to the recovered property bankruptcy, and the relevant property accounts shall be debited and the "Other Income" accounts shall be credited.
Interest, dividends, rents and other income received by bankrupt enterprises shall be debited to accounts such as "cash", "bank deposits" and credited to accounts such as "other income".
When preparing financial statements for the bankruptcy liquidation period, if there is a realized taxable income, after considering the amount that can be deducted, the income tax should be deposited based on it, debit the "Income Tax Fees" account, and credit the "Tax Fees Payable" account.
When preparing financial statements for the bankruptcy liquidation period, bankrupt enterprises shall carry over the accounts of "net profit and loss of property disposal", "net profit and loss of debt repayment", "net profit and loss of measurement basis adjustment", "other income", "bankruptcy expenses", "common benefit expenses", "other expenses", and "income tax expenses" to the accounts of "Net liquidation of current period". At the same time, the balance of the "Current Liquidation Profit and Loss" account will be transferred to the "Cumulative Liquidation Profit and Loss" account.
If a bankrupt enterprise fails to repay the remaining bankruptcy claims on the end date of bankruptcy liquidation, the relevant debt accounts shall be debited and the "Other Income" accounts shall be credited according to their book value.
Attachment 2:
Bankruptcy Enterprise Bankruptcy Financial Statement and Notes
1. Bankruptcy Financial Statement and Notes
This table reflects the bankruptcy liquidation net value, debt repayment value and cumulative liquidation net profit and loss of the property of the bankruptcy enterprise on the date of bankruptcy statement.
The items listed in this table do not distinguish between current and non-current; among them, the balance of the "long-term receivable" account shall be incorporated into the "accounts receivable" or "other receivable" items according to its nature; the balance of the "short-term loan" and "long-term loan" accounts shall be incorporated into the "accounts payable" or "other payable" items according to its nature; the balance of the "financial assets measured at fair value and their changes are included in the profit and loss of the current period", "hold-to-maturity investment" and "available-for-sale financial assets" accounts shall be incorporated into the "financial asset investment" items according to its nature.
The debt items in this table should be reported separately from those that have been confirmed and those that have not yet been confirmed. Unconfirmed claims do not require a sub-item list.
The "Cumulative Net Liquidation Income" item in this table reflects the accumulated net liquidation income of the bankrupt enterprise on the bankruptcy statement date. If the accumulated net liquidation loss is expressed by the "-" sign. This item should be filled in based on the balance of the "Accumulated Liquidation Net Profit and Loss" account.
Bankrupt enterprises shall disclose detailed information on bankruptcy property in the notes to the bankruptcy statement of financial status, including the beginning balance, the increase in the current period, the decrease in the current period and the end balance.The increase in this period reflects the increase in the newly acquired property, bankruptcy liquidation net value remeasurement, etc. of the enterprise during the bankruptcy liquidation period; the decrease in this period reflects the decrease in the disposal of property, bankruptcy liquidation net value remeasurement, etc. of the bankruptcy enterprise during the bankruptcy liquidation period; bankruptcy enterprises should distinguish whether it is used as a guarantee and disclose the above information separately.
Bankrupt enterprises shall disclose detailed information of unrecognized claims in the notes to the bankruptcy financial position statement, including the beginning balance, the decrease in the current period and the end balance. The reduction in this period reflects the amount of bankruptcy claims confirmed by the court in this period.
2. Liquidation Profit and Loss Statement
This table reflects the various income and expenses incurred by bankrupt enterprises during the liquidation period.
"Net Property Disposal Income" item is filled in according to the current amount incurred in the "Net Property Disposal Property Disposal" account. If the net loss is expressed by the "-" sign.
"Net Debt Repayment Income" item is filled in according to the current amount of the "Net Debt Repayment and Loss" account. If it is a net loss, it is indicated by the "-" sign.
"Net Income Adjusted for Measuring Basic Adjustment" item, fill in the current amount of the "Net Profit and Loss Adjusted for Measuring Basic Adjustment" account, if the net loss is represented by the "-" sign.
"Net Liquidation Income" item is filled in according to the current amount of the "Net Liquidation Profit and Loss of Current Liquidation" account. If the net loss is liquidated, it is indicated by the "-" sign. The amount of the "Net Liquidation Income" item shall be the sum of the amounts of items 1 to 8.
Bankrupt enterprises shall disclose detailed information on property disposal profit and loss in the notes to the bankruptcy liquidation income statement, including the nature of the property, disposal income, disposal expenses and net disposal income.
Bankrupt enterprises shall disclose detailed information on bankruptcy expenses in the notes to the bankruptcy liquidation income statement, including the nature and amount of expenses.
Bankrupt enterprises shall disclose detailed information on beneficial debt expenses in the notes to the bankruptcy liquidation income statement, including the nature of the expenses, amounts, etc.
3. Bankruptcy Cash Flow Statement and its Notes
Bankruptcy Cash Flow Statement reflects the changes in the balance of monetary funds of the bankrupt enterprise during the bankruptcy liquidation period. This table shall be filled in based on the analysis of the change amount of the monetary funds account.
Bankrupt enterprises shall disclose in the notes to the bankruptcy cash flow statement that the amount that has been deposited in the balance of monetary funds at the end of the period used to allocate to specific creditors or pay taxes to the state.
4. Debt repayment table
This table reflects the debt repayment status of bankrupt enterprises.
This table should be classified according to guaranteed debt and ordinary debt.
