I. Relevant institutional arrangements for the new accounting standards
According to the Ministry of Finance's regulations, the new accounting standards were first implemented on January 1, 2007, in 1,400 listed companies, with other enterprises encouraged to follow suit. As history has rolled into 2007, the disclosure of listed companies' 2006 annual reports began on January 12, 2007. According to the deployment of the Shanghai and Shenzhen stock exchanges, listed companies should complete the disclosure of their 2006 annual reports by April 30, 2007. There is a special requirement for listed companies to combine the provisions of the new standards with their own business characteristics, providing a detailed analysis and disclosure in their annual reports regarding possible changes in accounting policies and estimates after implementing the new standards, as well as their impact on the company's financial condition and operating results.