Accounting Standards for Enterprises No.4-Fixed Assets

Article 3 Fixed assets refer to tangible assets with the following characteristics:

(1) To produce goods, provide services, lease or operate;

(2) Its service life exceeds one fiscal year.

Article 4 Fixed assets can only be recognized if they meet the following conditions:

(a) the economic benefits related to the fixed assets are likely to flow into the enterprise;

(2) The cost of the fixed assets can be measured reliably.

Its depreciation period is five years.

Unless otherwise stipulated by the competent departments of finance and taxation of the State Council, the minimum depreciation period of fixed assets is as follows:

(a) houses and buildings, for 20 years;

(2) Aircraft, trains, ships, machines, machinery and other production equipment, 10 year;

(3) Appliances, tools and furniture. 5 years related to production and business activities;

(4) Four years for vehicles other than airplanes, trains and ships;

(five) electronic equipment, for 3 years.

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