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New rules allow digital firms to treat data as intangible assets
来源：shippingazette 编辑：编辑部 发布：2023/09/04 16:45:47
BEIJING's policy to promote the digital economy are to be furthered with updated accounting rules to allow firms to include data resources as either "intangible assets" or "inventories" in their financial statements, reports Hong Kong's South China Morning Post.
Under the Interim Provisions on Accounting Treatment of Enterprise Data Resources released by the Ministry of Finance, corporate data could be classified as intangible assets when these meet relevant requirements, while data held for sale in daily business activities could be recognised as inventory.
The new rules, which will take effect on January 1, are expected to have "a greater impact" on companies that produce and purchase data, such as those in the computing and telecommunications industries, according to a research note published by Beijing-based investment bank Citic Securities. That would include the country's largest internet companies and telecoms network operators.
The interim provisions are expected to help companies sort out which data resources can be recognised as accounting assets and ascertain in which category those belong, according to a Finance Ministry statement.
Under the Interim Provisions on Accounting Treatment of Enterprise Data Resources released by the Ministry of Finance, corporate data could be classified as intangible assets when these meet relevant requirements, while data held for sale in daily business activities could be recognised as inventory.
The new rules, which will take effect on January 1, are expected to have "a greater impact" on companies that produce and purchase data, such as those in the computing and telecommunications industries, according to a research note published by Beijing-based investment bank Citic Securities. That would include the country's largest internet companies and telecoms network operators.
The interim provisions are expected to help companies sort out which data resources can be recognised as accounting assets and ascertain in which category those belong, according to a Finance Ministry statement.