Grant Thornton kicks-off 2016 Government Cost and Expenditure Accounting Research project commissioned by Ministry of Finance

Grant Thornton convened a meeting to kick off the 2016 Government Cost and Expenditure Accounting Research project at the national office on March 22. Zhang Juan, division chief of bureau of accounts of Ministry of Finance (MoF) and researcher Yang Haifeng attended the meeting. He Deming, Grant Thornton Beijing office managing partner, Tong Dengshu, national head of professional standards, Frank Qiu, professional standards partner and Shen Xiaoying, professional standards seniormanager with research group members , including representatives from professional standards of national office, Beijing, Wuhan and Shenzhen office experts were also present. The meeting aimed to agree on theframework,concepts and methodology for the project.

As part of the Accrual Government Comprehensive Financial Reporting Reform Plan, the MoF bureau of accounts introduced several initiativesin 2015 to lead the reform and in 2016 launched 8 projects to amend the government financial accounting standards by adopting accrual accounting, including contingency, land, depreciation on fixed assets, income, cost and expenditure, lease, transitional issues and etc. Universities, academies and accounting firms will participate in these projects. Grant Thornton is honored to undertake one of these projects and will be responsible for drafting the accounting standard for government cost and expenditures, and also the government cost management policies.