(VII) Revenue recognition under the new business model

Innovative enterprises involve the innovation of goods or services they provide, as well as the innovation of operating modes, that is, adopting some non-traditional operating modes. Many characteristics of innovative enterprises lead to the fact that the method and timing of revenue recognition may be different from traditional industries, which requires flexible professional judgment of enterprises and certified public accountants. However, in any case, certified public accountants should judge the recognition of income according to the five principles stipulated in the Accounting Standards for Business Enterprises.

1. Sell by buying one and getting one free. Gifted goods or services are not regarded as donations, but as sales at reduced prices. For example, goods or services with a cash consumption price list of 1000 yuan, with a prepayment of 2,000 yuan, shall be regarded as sales with a price reduction of 50%. If the price list of one-time consumption is 1 0,000 yuan, the sales revenue to be confirmed is 1 0,000 * (10,000/2000) = 500 yuan.

2. barter. For this kind of business, revenue can only be recognized if the exchanged services are different or similar and meet the conditions for revenue recognition. Generally speaking, this income should be measured by the fair value of the products provided.

3. Reward points. The payment for goods sold or accounts receivable shall be distributed between the income generated from the sale of goods or services and the fair value of points. The payment for goods or accounts receivable deducted from the fair value of points shall be recognized as income, and the fair value of points shall be recognized as deferred income, which shall be converted into income when points are exchanged. Reward points may be cashed in the form of prizes, so deferred income should be recognized at the same time as income and prize cost.

4. Revenue recognition of system integration is generally confirmed with reference to the Accounting Standards for Business Enterprises-Construction Contract. Some companies do not recognize revenue until the project is completed and the receiving party issues an acceptance certificate, such as the new century.

5. Forward sales contracts should not be based on the date of contract signing, but should judge the time of risk reward transfer according to the five conditions and contract terms of the Guidelines.

6. Selling goods and providing services at the same time.

If it can be distinguished and measured separately, the income and cost of selling goods and providing services shall be accounted for separately; Those that cannot be distinguished separately or can be distinguished but cannot be measured separately are all treated as sales commodities. When distinguishing between selling goods and providing services, it is also necessary to consider whether the services provided are one-off or continuous. If they are continuous, it is necessary to consider sharing them in relevant benefit intervals.

7. Pre-sale prepaid cards.

For example, mobile operators sell prepaid cards, beauty salons promote prepaid consumer cards, and fitness centers pre-sell consumer cards. When the pre-sale card is issued, the seller has neither completed the service nor incurred the cost of providing the service. The buyer has the creditor's right to the seller before spending all of it, and has the right to request a refund during the limitation of action. Therefore, according to the income-expense ratio and the principle of income recognition, income cannot be recognized. Even if the seller stipulates that the card cannot be returned and is valid for one year, it still has no exemption right because of the conflict with relevant laws. The seller shall establish a perfect internal control system and information data system, effectively control and record the sales and consumption of pre-sale cards, and confirm the sales income according to the actual consumption of customers. If the pre-sale card is not consumed within the validity period, the sales income can be confirmed at the end of the validity period (or litigation period) according to reasonable accounting estimates.

If the income from pre-selling prepaid cards is relatively small, the income can also be recognized at the time of pre-selling according to the principle that substance is more important than form. However, the income recognized at the time of pre-sale must be strictly limited. If the pre-sale income fluctuates greatly due to large-scale promotion activities, it should not be recognized from the principle of prudence.

8. Confirmation of revenue of e-commerce service providers. Take Taobao as an example. The company is mainly engaged in C2C business (person-to-person sales) and B2C business (company-to-person sales). There are two sources of income. One is search bidding ranking, including C2C business, B2C business and P4P business (pay by effect), and the other is brand mall, mainly B2C mode, which collects commission. Taobao mainly charges sellers in real time through Alipay according to the bid of keyword search bidding ranking, the number of times keywords are clicked, the transaction amount and the specified rate.

This profit model is embodied in the virtual world of the Internet. The number of customers faced is huge, the number of services is huge, the amount of a single transaction is relatively small, and the total transaction amount is huge. The revenue confirmation of this business model depends entirely on the huge computer database system, which can only be confirmed after the database system has been tested by computer professional auditors.

9. Confirmation of online game revenue. The income of online game companies mainly comes from online games themselves and related fees. Online games include paid games and free games. For paid games, online game companies mainly charge card fees according to the game time of gamers. Income is directly proportional to the number of players and game time, and props fee is another source of income. Free games developed in recent years are becoming the mainstream of online games. Players can play games for free without buying a card, and their income sources include: virtual props charges and value-added services charges, such as service SMS charges and other value-added SMS services charges. Many merchants favor its huge number of players and put advertisements on it. In principle, the advertising revenue of online game enterprises can only be confirmed when relevant advertisements begin to appear in front of the public.

10, revenue recognition and cost ratio of animation enterprises. From the business model of animation enterprises, it can be divided into two categories: self-creation form and cooperation form. Self-created form (also called originality), self-creation, self-processing, and exclusive benefit. It is characterized by long production cycle and large initial investment. After obtaining the license, it will take a long time to obtain income through sale (issuance) or other means (such as cooperation, gift, transfer, etc.). ). The income from the distribution of animation, film and television works, mainly the income from the distribution of animation, film and television works, can be confirmed by stages within the distribution period agreed in the contract after the CD is delivered to the customer for acceptance and confirmation evidence is obtained.

1 1. Confirmation of the income of public welfare cultural enterprises. Taking cinema enterprises as an example, according to the relevant provisions of the Accounting Standards for Business Enterprises-Government Subsidies, the subsidy income should be included in the non-operating income for accounting, but this leads to a small increase in the main business of the enterprise, and the profit contributed is far less than the subsidy income provided by the government. Therefore, it has also been suggested that cultural enterprises with social welfare, such as theatres, can require that government subsidies be recognized as their main business under the premise of implementing the accounting standards for business enterprises, but at present they should be included in non-operating income according to the requirements of the standards.

(8) Tax issues

1. Whether the income tax has been paid during the company's business and restructuring; (Individual income tax is paid by natural person shareholders. For enterprises, please refer to Caishui [2009] No.59 document)

2. Whether the value-added tax and deed tax involved in the restructuring and reorganization of the company have been paid in full;

3. Whether the company transfers profits to related parties for tax avoidance purposes;

4. Does the company have a small vault formed by off-balance sheet accounts and transfer profits?

5. Whether the ratio of cost to income is carried forward;

6. Whether all transactions are true, and whether there is any false shopping by obtaining VAT invoices;

7. Whether the expenses of the controlling shareholder or actual controller are included in the company's expenses;

8. Whether the expenditures that should be capitalized are expensed;

9. Whether the income tax deduction meets the requirements of the new tax law and is approved by the tax bureau;

10. Is there any personal income tax that has not been withheld?

1 1. Whether the tax preference is legal, whether there are approval documents, and whether the approval level meets the requirements of the tax law.

12. When a limited liability company is changed into a joint stock limited company as a whole, the surplus reserve and undistributed profit are transferred to share capital and capital reserve. How do individual shareholders pay individual income tax?

At present, the Notice of State Taxation Administration of The People's Republic of China City, People's Republic of China (PRC) on Exempting Individual Income Tax from Shareholding Enterprises' Transfer of Share Capital and Distribution of Bonus Shares (Guo Shui Fa [1997] 198) stipulates whether individual income tax should be levied on capital reserve and surplus reserve. Article 1 stipulates that the capitalization of capital reserve fund of joint-stock enterprises does not belong to dividends and dividend distribution, and the amount of capitalization obtained by individuals is not regarded as personal income and personal income tax is not levied. Article 2 stipulates that bonus shares distributed by joint-stock enterprises with surplus reserve fund belong to dividends and dividend distribution, and the amount of bonus shares obtained by individuals should be taxed as personal income tax. Remarks: The latest policies and regulations have not been inquired!

At present, there is no clear document for a limited liability company to convert its net assets into personal income tax for individual shareholders of a joint stock limited company.

In fact, looking at all the laws and regulations, there is no clear policy on whether to pay personal income tax on the part of retained earnings transferred to capital reserve during the share reform. In fact, the implementation of individual income tax policies involved in the joint-stock reform of enterprises by local governments is not completely consistent. In order to encourage local enterprises to go public and become bigger and stronger, some local governments allow enterprises to postpone or not pay the above taxes, while others impose strict taxes. There are still great differences in grasping the scale of policies in this respect.

For the illegal enjoyment of local tax incentives, it is suggested that:

1. The competent tax authorities will issue a document to confirm that the New Third Board enterprise has no tax violations, and will not levy underpaid taxes for the time being.

2. Fully reveal risks.

3. The original shareholders promise to bear the taxes that may be recovered.

Second, the problems that should be paid attention to in the review of the "New Third Board" refer to the unlisted joint-stock companies in the National High-tech Zone entering the share transfer system of securities companies for share quotation transfer, which mainly solves the share transfer and financing problems of high-tech enterprises in the initial stage. The New Third Board Market and Shenzhen-Shanghai Stock Exchange are both important parts of China's multi-level capital market. With the introduction of the market maker system and the revision of the suitability standard for individual investors, the third board market will gradually become active. It can be predicted that the new third board market will be the most growing and innovative market in China in the future. The author once participated in the listing audit of a new three-board enterprise. Based on the experience in the audit process, this paper discusses the problems that should be paid attention to in the audit.

(A) New Third Board audit should pay attention to peripheral procedures

1 industrial and commercial inquiry program. When you enter a new company, you should fully understand the historical evolution of the company. If you only listen to the company's introduction, it is not comprehensive enough to obtain information from the company, but if you go to the industrial and commercial bureau for enquiry, you can obtain all the information since the establishment of the company from a third party, including all the change information, which is more convincing.

2. Loan card inquiry procedure. This procedure is usually completed at the time of bank inquiry. Some companies did not apply for loans from banks and financial institutions, so they did not apply for loan cards. Usually, in the general audit process, after the enterprise provides the explanation of not handling the credit card, the CPA no longer requires to obtain the enterprise credit report through the credit card. However, in the New Third Board business, information verification is very strict. Even if the enterprise does not apply for a loan card, it will require the enterprise to apply for a loan card first, and then go to the People's Bank of China to obtain the enterprise credit report.

3. Inquiry procedures of the Real Estate Administration and the Bureau of Land and Resources. In the case that the enterprise has the original real estate license and land certificate, the chief auditor does not need to go to the real estate management bureau and the land and resources bureau to inquire, but the lawyer will definitely go to this verification procedure. Whether the auditor needs to go with the lawyer can be judged according to the specific situation of the project. However, the on-site inspection of housing land, that is, the inventory procedure, cannot be omitted.

(B) Two major issues that need to be focused on in the audit of the New Third Board

Regarding the audit of the New Third Board, we need to focus on two aspects: one is the disclosure of related parties, and the other is the income tax rate of high-tech enterprises. Slightly different from the requirements of the general audit report, in the audit report of the New Third Board, these two issues need to be discussed repeatedly with relevant brokers before they can be finalized.

First of all, the applicable laws and regulations of the New Third Board are the Measures for the Supervision and Administration of Unlisted Public Companies, but the requirements for related party disclosure are higher, so we should refer to the Measures for the Administration of Information Disclosure of Listed Companies.

In the notes to financial statements, the disclosure of related parties is generally carried out in accordance with the standards of enterprise standards, and other related parties that have not had related transactions during the audit period will not be disclosed.

In the audit report of the New Third Board, the disclosure of related parties is relatively strict, and all related parties should disclose it, regardless of whether there are transactions during the audit period. For example, Company A has no wholly-owned subsidiary, but only 65,438+0 shares of Company B, accounting for 7.08% of Company B's shares ... Shareholders of Company A: A accounts for 40%, B accounts for 32%, C accounts for 65,438+05%, D accounts for 5%, E accounts for 5%, F accounts for 3%, and O A B and C act in concert. During the audit period, only B had transactions with the company. What should be disclosed in the "related parties and their transactions" in the notes? The author believes that all related parties that have not traded should be disclosed: controlled related parties A.B., C.B., C; Other related parties D, E, F E, F, as well as company supervisors, chairman of the board of supervisors, directors of the company, joint-stock company B, and all companies where the company controller served as a director or chairman (including companies where the company controller once served as a director or chairman but has now cancelled).

In the new third board business, we should avoid omitting related parties and related party transactions, and adopt the principle of comprehensive and meticulous definition of related parties, that is, convergence with the principle of main board.

Secondly, the determination of income transfer tax rate of high-tech enterprises. State Taxation Administration of The People's Republic of China's Thoughts on Issues Related to New Income Tax Preferences for High-tech Enterprises (Guo Shui Han [2009] No.203) stipulates that enterprises can apply to the competent tax authorities for tax reduction or exemption with the High-tech Enterprise Certificate and its photocopies and related materials after receiving the high-tech enterprise certificate issued by the high-tech enterprise recognition and management institutions of provinces, autonomous regions, municipalities directly under the Central Government and cities with separate plans. After the formalities are completed, high-tech enterprises can enjoy transitional tax preference at declare in advance M tax or smart% tax rate.

For example, on 20 12, 165438, Hubei Provincial Department of Science and Technology 10 announced on 20 October that Company A intends to be recognized as a high-tech enterprise. There is no objection within 15 days from the date of publicity. Although company A has not yet obtained the high-tech certificate, it has won the high-tech award of East Lake New Technology Development Zone 1 10,000 yuan after scientific and technological innovation. Question: Can Company A implement the preferential tax rate of 15% in 20 12 years?

In the general audit, although the high-tech enterprise certificate has not been obtained, there is no objection to the enterprises that have passed the publicity period and won the high-tech award. Generally, it can be recognized as a high-tech enterprise on 20 12 1 1, and the certificate will be issued on 2012/. However, in the New Third Board, whether to obtain the certificate of high-tech enterprise is strictly controlled. A company is required to submit the income tax settlement before April 30, 20 13. If the high-tech enterprise certificate is not obtained before submission, the income tax may not be calculated at the preferential tax rate of 20 12.

Three. Financial problems and audit countermeasures of the New Third Board Part I Common financial problems of the New Third Board

First, the issue of income and cost.

(1) Revenue is recognized on the cash basis;

(2) Revenue is confirmed when the invoice is issued;

(3) Take the delivery time as the revenue recognition time;

(four) income in advance or lag, inter-period, etc. ;

(5) The original voucher for income confirmation is incomplete;

(six) the handling of large returns is not timely and correct;

(7) Cost mismatch carry-over;

(8) Overcounting or undercounting costs and adjusting gross profit margin.

Second, the basic points that income and cost need to have

(a) real income should have the following basic points:

(1) There must be a purchase and sale contract.

(2) There are invoices (VAT, business tax invoices, etc.). )

(3) There must be funds to repay.

(4) there must be acceptance or freight documents.

(5) Have a tax return.

(6) Pay the corresponding taxes and fees.

(B) the real cost should have the following basic points:

(1) Raw materials shall be purchased and consumed in proportion (including packaging);

(2) Purchase of raw materials requires a VAT invoice;

(3) Important and tight raw materials need advance payment;

(4) The payment cycle of the purchase and sale business is normal;

(5) There must be warehouse receipts with the quantity and amount signed by the warehouse keeper;

(6) There should be the distribution ratio of direct expenses and indirect expenses and the actual payment voucher;

Three. Audit countermeasures

(1) Verify whether the revenue recognition principle of the enterprise meets the requirements of the accounting standards for enterprises and the enterprise's own situation;

(2) Check whether the sales contract and contract terms are in contradiction with the revenue recognition principle of the enterprise, and whether the accounting treatment is inconsistent with the contract;

(3) Send an independent letter to confirm the transaction amount;

(4) Re-check the cost calculation process to see whether the cost calculation is reasonable and true;

(5) Conduct an analytical review to check the difference between gross profit margin and the same industry, as well as the historical changes of gross profit margin;

(6) cut-off test;

(7) Check the payment situation in combination with accounts receivable audit;

(8) Check whether the outbound order, invoice, sales invoice and accounting voucher are consistent;

(9) Check the sales returns, and take stock;

(10) Check whether there are significant risks in the income in combination with the sales internal control system;

(1 1) Inquire about the industrial and commercial tax information and operation of the top ten customers, and visit them when necessary;

The second part is the common problems in accounting policy and accounting estimation.

1. Frequently asked questions in accounting policies and accounting estimates

(1) Improper or frequent changes in depreciation and amortization methods, service life and residual value rate;

(2) The capitalization of interest does not meet the requirements of the standards;

(3) The project under construction is irregular;

(4) The basis for capitalization of subsequent expenditures of fixed assets is insufficient;

(5) The basis or conditions for capitalization of development expenditure are insufficient;

(six) the division of capital expenditure and income expenditure is not accurate;

(7) The impairment test of goodwill and intangible assets is incorrect;

(eight) the arbitrariness of trial production cost calculation;

(9) Changes in accounting policies or accounting estimates during the reporting period;

Second, the audit countermeasures:

(1) Check whether the audit and approval documents of the board of directors on accounting policies and accounting estimates meet the requirements of the Accounting Standards for Business Enterprises;

(2) Recalculate the amount of depreciation, amortization and impairment reserve;

(3) Obtain relevant documents to prove the starting point and ending point of capitalization, and re-verify whether the book records are correct;

(4) Observe the construction in progress on the spot, ask the supervisor and workshop personnel to determine whether the construction in progress can be used;

(5) Check the authenticity and rationality of internal development expenditure, and judge whether the capitalization time of the enterprise is appropriate;

The third part is the common tax problems of the New Third Board.

First, the tax frequently asked questions

Tax avoidance or even tax evasion

Off-account account

Transfer profits to form a small treasury;

Income tax deduction is inconsistent with the tax law;

Personal income tax has not been withheld and remitted;

Tax preference is illegal;

Transfer profits to related parties;

Second, the audit countermeasures:

(1) verify the production capacity of the enterprise, confirm the real production and sales volume according to the workshop production records and inventory count, recalculate the turnover tax and make up the tax refund;

(2) Recalculate the authenticity of costs and expenses in combination with the payment of costs and expenses, restore the real profit situation and make up the income tax;

(3) Check the approval documents of tax incentives to see if they are legal and compliant;

(4) Check the employee's salary and re-check the withholding of personal income tax;

(5) In case of purchase and sale from related parties, check the fairness of the purchase and sale price of related parties and the rationality of the transaction;

The fourth part is the common related transactions of the New Third Board.

I. Common related party transactions of the New Third Board

The purpose and motivation are improper, not normal trading behavior, and there are regulated profits;

Insufficient transaction basis and lack of relevant contracts and confirmations;

Unfair pricing;

The definition of related party is incomplete;

Improper accounting treatment;

The transaction procedure is not standardized;

Non-related relationship of substantive related parties;

Second, the audit countermeasures

(1) Obtain the list of related parties. If the actual controller is an individual, obtain the list of close relatives of the individual and the details of his work or enterprise;

(2) Obtain the rationality statement and contract of related party transactions;

(3) Verify the fairness of related party transactions;

(4) Discuss potential related parties with lawyers and other intermediaries;

(5) Check the procedural compliance of related party transactions in combination with the internal control system;

(6) Check whether the accounting treatment of related party transactions is correct;