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1、PetroChina Requirements and design of FMIS modifications FMIS enhancement project,December 1999,Contents,1. Business requirements 3 2. Gap analysis 10 3. Overall approach and design principles 13 4. Business process overview 15 5. Overview of system changes 18 6. New data files and associated proces
2、ses 24 7. System processes for consolidation and reporting 29 Appendix A - Report formats 32,2,System Design for FMIS Modification,3,Business requirements,Chapter 1,4,To be able to do an IPO, PetroChina need to be able to produce certain key financial reports,To produce these reports, some changes t
3、o FMIS needs to be implemented.,Business requirement overview,The FMIS system need to be able to produce the following reports: Annual consolidation reports as required by China Finance Ministry based on the PRC GAAP for joint-stock company. Quarterly consolidation of reports of the overall ListCo b
4、ased on the IAS is required for publicly listed companies. Disclosure items are also required by IAS and PRC GAAP for joint-stock company. Some other information is required to support annual auditing. All the above reports (except the audit information) will need to be produced along the new PetroC
5、hina organization structure as described in the following page. The above reporting requirements are detailed in the next pages.,5,PetroChina,Level 1 PetroChina,Level 2 Specialized Co/Business Group,Level 3 Segment,Level 4 Type,E&P,.,.,.,Level 5 Business Units,.,.,Gas & Pipeline,Downstream,Oil&Gas E
6、&P,Natural gas (inc. gas pipeline),Refining & Marketing,Petrochemicals & marketing,Others,Refining,PetroChina reporting structure,Marketing,R&D,China oil,HQ Beijing,E&P HuaBei,G&P HuaBei,Refinery HuaBei,Level 6 Operations Units,Level 7 Suboperations Units,Oil field #1,Oil field #2,Oil field #3,Distr
7、ict 1,District 2,District 3,6,PRC GAAP consolidation report requires the following data:,Business requirements for PRC consolidation,Individual PRC GAAP reports of all entity involved in consolidation. Balance sheet ( PRC GAAP) Income statement Cash flow statement Internal transactions reports Inter
8、nal transaction list Internal product sales or purchase report Internal rendering of service report or internal service purchase report Internal long-term equity investment report, capital structure report Internal payable or receivables Required information for internal transactions Counterpart, tr
9、ansaction type, period, beginning balance, credit amount, debit amount, ending balance,7,There are two types of changes that need to be made to comply with IAS,Business requirements for IAS consolidation,PRC consolidated financial statements with specific details Individual PRC reports listed earlie
10、r Ledger report Transactions with different accounting treatment in IAS and PRC GAAP Development costs - E depreciation amount based on un-reevaluated amount by unit of production method or straight line method ( depend on assets class ) Deferred business initial cost ( pre-operation expenditures )
11、Beginning balance, ending balance Monthly revaluation of non-current monetary assets & liabilities ( foreign currency item) Historical value ( calculated by exchange rate of occurring date ), reevaluated value of long-term loan( foreign currency), long-term deposit( foreign currency), other long-ter
12、m monetary assets or liabilities.,8,IAS and PRC GAAP requires the following items for disclosure purpose:,Business requirements for disclosure purposes,Aging report of accounts receivable ( PRC GAAP ) Long-term equity investment ( PRC GAAP ) Investee, stock type, share number of stock, share percent
13、age, amount, remarks Long-term bond investment ( PRC GAAP ) Bond type, par value, rate, purchased amount, due date, interest of this year, accumulated interest, remarks Other non-equity long-term investment ( PRC GAAP ) Debtor, principal, rate, due date, interest income of current period, accumulate
14、d interest, remarks Long-term loan ( PRC GAAP ) Loaner, amount, due date, rate, term (If foreign loan) Foreign currency amount, RMB amount by exchange rate of balance sheet date Bonds payable ( PRC GAAP ) Bond name, par value, issued date, issued amount, due date, interest expense of current year, a
15、ccumulated interest Related party transactions ( PRC GAAP Expenses not deductible for tax purposes,Movement of allowance for doubtful accounts Balance at beginning of period, Provision, Deductions, Balance at end of period Movements in allowance for diminution in value of inventories Balance at begi
16、nning of period; Provision; Deductions; Balance at end of period Movement report of PPE Ending balance Loans Analysis Report Directors remuneration report Salaries, allowances and other benefits Contribution to retirement benefit scheme,9,FMIS also need to produce certain information that is required to facilitate annual audit.,Business requirements for annual audit,The required information for accounts receivable, long-term equity investment, long-term non-equity investment has been lis
