Corporate Information Publicity: What Should Financial Staff Pay Attention To?

Recently, the Provisional Regulations on information disclosure of enterprises (No. 654th of the State Council) was issued and implemented since October 1, 2014.

The establishment of information publicity system is conducive to the application of information publicity system.

Social supervision and other means ensure fair competition, strengthen credit restrictions on enterprises, protect the interests of trading partners and creditors, ensure paction safety and maintain market order.

The two requirement must arouse the concern of financial personnel.

The Provisional Regulations on the publicity of enterprise information stipulates two systems of annual report publicity and immediate publicity.

The contents of these two kinds of information publicity are closely related to the work of financial personnel.

Among them, Ninth are the provisions on the publicity of enterprise annual reports, which specify the reporting period, publicity procedures and publicity carriers of annual reports of enterprises, and limit the contents of annual reports to basic information that can directly reflect the operating conditions of enterprises.

The information on the publicity of annual reports of enterprises shall be submitted to the industry and commerce administration department through the enterprise credit information publicity system from January 1st to June 30th each year, and the annual report should be submitted to the public.

The enterprises that set up registration in the year shall submit and publicize annual reports from the next year.

The tenth requirement is immediate publicity.

For example, the shareholders of a limited liability company or Limited by Share Ltd sponsors, such as information on the amount of capital contribution, time and mode of contribution paid by the shareholders of the limited liability company, the information on equity changes such as the pfer of shares of the limited liability company, the information on obtaining, changing and continuing the administrative license, the information on the registration of intellectual property registration, the information being punished by the administrative penalty, and other information that should be publicized according to law, etc., shall be publicized to the public through the enterprise credit information publicity system within 20 working days starting from the date of the formation of these information.

It is necessary to remind enterprises that in practice, many limited liability companies have pfer of shares and paid in capital, but have not changed their formalities in the 20 working days to the industry and Commerce Department.

Because the personnel who undertake the information change work of enterprises are generally the office staff of the enterprise accounting personnel.

In many cases, accounting personnel and office staff do not know whether the company's share rights are pferred or not, and do not participate in the shareholders' meeting, which results in asymmetric information between the financial personnel and the actual situation of the enterprise. This will result in the pfer of shares between the shareholders of the enterprise, while the financial personnel of the enterprise can not get the information and delay the information disclosure of the enterprise.

After October 1, 2014, if this happens again, enterprises may be

It is included in the list of abnormal operations, which will affect government procurement, project bidding, state-owned land leasing and granting honorary titles.

Publicity of enterprise financial information is conducive to strengthening the construction of social credit system.

Industry experts said that the regulations promulgated made clear that the enterprises were responsible for the authenticity and timeliness of their publicity information, and the government departments only assumed the publicity and regulatory responsibilities within their responsibilities. At the same time, it was explicitly stipulated that citizens, legal persons or other organizations found that the information disclosed by the enterprises was false. They could be reported to the administrative department for Industry and commerce, and the industrial and commercial departments should carry out verification and deal with them.

Zhao Xudong, vice president of the civil and Commercial Law School of China University of Political Science and Law, holds that the establishment of the enterprise information publicity system is a milestone in the construction of China's social credit system.

Prior to the operation of the enterprise information, especially the government administrative departments of the enterprise's administrative licensing, administrative punishment and other information, only in enterprises and related departments, "you know I know", or spread in a smaller range.

Now these have become information that requires disclosure.

These information is placed under the supervision of the public and is conducive to strengthening the integrity building of enterprises.

Ye Lin, a professor at the Law School of Renmin University of China, said that with the establishment of the enterprise information publicity system, if the enterprise did not publicize information or falsify the information according to the regulations, the management department would be included in the list of abnormal operation. If the obligation of public notification has not yet been fulfilled for 3 years, the state or provincial commerce and Industry Department will be listed in the list of serious illegal enterprises and be publicized to the society.

All citizens, legal persons or other organizations can obtain such information.

This will make the business conduct of enterprises under the supervision of sunlight, forcing enterprises to be responsible for their dishonest behaviors, and conducive to the construction of social credit system.

Accounting offices, tax offices or new opportunities for development

The fourteenth section of the Provisional Regulations on the publicity of enterprise information also stipulates that the industry and commerce administration departments can spot check the information of enterprises' publicity, and may adopt written inspection, on-site verification and network monitoring.

The industrial and commercial administrative departments can spot the information about the publicity of enterprises, and may entrust professional institutions such as accounting firms, tax agents, law firms, etc. to carry out relevant work, and make use of the results of inspection and verification made by other government departments or professional conclusions made by professional bodies.

The reform plan of registered capital registration system approved by the State Council in February 7, 2014 has changed the registered capital registration system to the subscription registration system. At the same time, the enterprise annual inspection system has been abolished, and the annual examination business of accounting firms and tax agents firms has been reduced.

In the Interim Regulations on enterprise information publicity, it is clear that the industry and commerce departments should check the information of the enterprises through the spot checks, and they may entrust the specialized agencies such as accounting offices, tax authorities and law firms to carry out their work.

The tax office brings new opportunities for business development.