The Study On The Accounting Information Disclosure Of The Productive Forest Assets

Forestry is the basic industry of the national economy,the forest resources are the main operating target for forestry enterprises,productive forest assets are one of the most characteristic and the most important part of the forest resources.But the productive forest assets are not reflected on the accounting book until 2006,the Ministry of Finance issued the"Enterprise Accounting Standards No.5-biological assets".Although the "Enterprise Accounting Standards No.5-biological assets" which is promulgated by the Ministry of Finance provides the fundamental basis for the specification of China’s biological assets accounting,because of the productive forest assets are a special class of assets,more complex than other assets on the specific accounting,what’ s more,due to the information disclosure can provide relevant information for information demanders’ decision-making,true and reliable information can enhance the investors.creditors and other information demanders’understanding of the productive forest assets field.So it requires that enterprises should disclose more relevant and reliable accounting information,so that stakeholders are able to understand the field fully.It is clear that exploring on the accounting information disclosure of productive forest assets is very meaningful.This paper uses the comparative analysis,questionnaire survey and descriptive analysis method to study the accounting information disclosure of China’s productive forest assets.This paper first describes the meanings and characteristics of the productive forest assets,and the basic theory of information disclosure,as well as the manner and content of information disclosure;then,basing on the analysis of the 2011 annual reports of 14 listed companies and expert questionnaire,pointing out the current situation and problems of information disclosure;then analyze reasons;Finally,put forward the corresponding countermeasures and suggestions.The specific contents include the following aspects:First of all,basing on reviewing the related bibliographies of home and abroad,this paper analyzes the theory of accounting information disclosure.It points out that the efficient market hypothesis theory,decision-useful theory,game theory,information asymmetry theory and full disclosure theory are the main theoretical basis of accounting information disclosure of productive forest assets and makes analysis of the theories which lays the theoretical foundation for this study.Secondly,pointing out information disclosure in the accounting statements and information disclosure out of the accounting statements are the main forms of accounting information disclosure of productive forest assets currently,and then analyzing the important disclosure information of two different disclosure forms.On this basis,making a selection of 2011 annual reports disclosed by listed companies basing on the listed companies’ industry classification guidelines announced by China Securities Regulatory Commission,selecting and analyzing the annual reports of 14 listed companies which possess or control productive forest assets,and finally finding that information disclosure of these listed companies are not timely,not comparable、insufficient and lack of the necessary tips of business risk.Once more,basing on the questionnaire survey to know experts and scholars on the view of accounting information disclosure of productive forest assets,then the paper analyzes the questionnaire survey,on the one hand,we can understand the current situations and problems of accounting information disclosure of productive forest assets from another point of view,on the other hand,it can make a preparation for the follow-up study according to information provided by the experts.At the same time,making cause analysis on the current problems of accounting information disclosure of productive forest assets from six views.And put forward the corresponding countermeasures and suggestions from the five aspects.Some conclusions have been made after careful study.First,the quality of information disclosure of listed companies remains to be further improved.Second,listed companies use historical cost measurement attribute for accounting of productive forest assets.Third,the combination of disclosure in the accounting statements and the disclosure of notes is the best way of accounting information disclosure for the forest resource management entities to disclose information.Fourth,the existing physical quantity and value quantity of forest assets,the category of forest assets and increased or decreased changes of physical quantity and value quantity are the most important contents of information disclosure.Fifth,the reasons why the quality of information disclosure of 14 listed companies which possess or control productive forest assets exists problems are that governance structure defects of listed companies,low quality and independence of the relevant financial staff,asymmetry of costs and benefits,imperfection of the accounting law and regulation systems,poor specification of accounting standards on disclosure requirements of the productive forest assets,as well as ineffective supervision of the CSRC and social audit institutions.Sixth,it can improve the quality of information disclosure of listed companies from five aspects,including perfecting the governance structure of listed companies,improving quality and dependence of the relevant financial staff,perfecting the accounting laws and regulations,and perfecting the relevant provisions of the "Enterprise Accounting Standards No.5-biological assets",as well as strengthening the regulatory functions of the CSRC and social audit institutions.