On February 5, 2006, China's Ministry of Finance issued a new accounting standard system for business enterprises, which was first implemented in domestic listed companies on February 5, 2007.

The establishment of the new accounting standards system meets the needs of the rapid marketization and internationalization of China's economy.

For the first time, a system of enterprise accounting standards has been formed, which adapts to China's socialist market economy, is in line with international standards, covers all economic businesses of enterprises and can be implemented independently, and has achieved a new leap and historic breakthrough in the construction of enterprise accounting standards in China.

One of the highlights of the new standard system is the prudent use of fair value in investment real estate, financial instruments, exchange of non-monetary assets, debt restructuring, merger of enterprises not under the same control and other transactions or events.