Revision release of Accounting Standards for Business Enterprises No. 37- Presentation of Financial Instruments

　　The new rule is changed significantly from the former one. The Article 82, Chapter 10 of the new rule is originally the Article 45, Chapter 3 of the former one. The new rule supplements financial debts, equity instruments and differentiation of special financial instruments, with categories of financial instruments added.

　　State Administration of Taxation: New version of VAT invoice will be used from 1st August

　　Asset evaluation agencies will establish a system of chief appraisers

　　At the end of 2012, China Appraisal Society organized and drafted the Management Method of Chief Appraisers, and publicly seek comments from local societies and securities, qualification and assets evaluation agencies. Chief appraisers are responsible for the business quality control system, who are nominated and designated by the top management of the asset evaluation agencies and directly report to the top management. The Method will be implemented from August 1, 2014.

　　Ten critical problems of centrally-administered SOE: loss of RMB 13.4 billion due to non-compliance of decision making

　　Among 791 major decision making issues of 11 enterprises selected by the Audit Office, 230 (29%) issues violate the decision making procedures (including decision making about major issues, appointment & removal of key cadres, decision making about major project investments and usage of large fund) or lack the demonstration of feasibility studies, or the decision content doesn’t meet the provisions, leading to a loss or potential loss of RMB 13.468 billion.