Author(s)

Yizhao Hong, Maiwen Hu

Corresponding Author

Yizhao Hong

ABSTRACT

With the acceleration of the process of global economic integration, it is objectively required that the accounting standards of various countries show the trend of internationalization convergence.In July 2017, the Ministry of Finance of China promulgated the revised Accounting Standards for Enterprises No. 14 - Income (hereinafter referred to as "New Income Standards").The new revenue standards mainly adopt the strategy of step-by-step implementation: for enterprises listed both at home and abroad and those listed abroad and adopting IFRS or Enterprise Accounting Standards, the new revenue standards will be implemented from January 1, 2018; for other enterprises, the new revenue standards will be implemented gradually.Based on the elaboration of the transformation of the new revenue criteria in 2017, this paper puts forward the impact of the new revenue criteria in 2017 on enterprises from information systems, financial indicators and taxation to respond to the implementation of the new revenue criteria.

KEYWORDS

New Revenue Criteria, Enterprise Impact, Five-step Income Recognition Model, Specific Measures