February15,2006,theMinistryofFinanceissuedincludingonebasicnorms,38normsandtherelevantapplicationspecificguidelinesconstituteanewenterprisesystemaccountingstandards,whichthenewaccountingstandardswillbeJanuary1,2007,listedcompaniesintheimplementationofotherenterprisestoencourageimplementation.Theguidelinesissuedbytheenterprise'saccountingsystemtoachieveconvergencewithinternationalpracticesandestablishedasetofelementsthataremorescientificallysoundaccountingandthemeasurementandreportingstandards.Overall,theincreaseinouraccountingtransparency,enhancetheinternationalcompetitivenessoftheChinesecapitalmarketisofgreatsignificance.Theguidelinesonfinancialinstitutionsisparticularlysignificantchanges,particularlytherecognitionandmeasurementoffinancialinstruments,financialassets,hedging,presentationanddisclosureoffinancialinstruments,suchasguidelines.FromhereonFebruary15,2006,theMinistryofFinanceissuedanewenterpriseaccountingprinciplessystem"enterpriseaccountingprinciplesNo.22------recognitionandmeasurementoffinancialinstruments,"astudycomparingthenewandoldbusinessaccountingstandardsforfinancialinstruments,recognitionandmeasurementprovisions.Newpaperspublished"enterpriseaccountingprinciples,"thepreliminaryinvestigation,detailedintherecognitionandmeasurementoffinancialinstrumentstostudythedifferencesbetweentheoldandnewaccountingstandardsandanalysis,andintegrationofIASonthefuturedevelopmentofChina'saccountingstandards.