In order to adapt the enterprise development, achieve the goal of the group management mode, after a year of the exploration and preparation, Yanlong group successfully completed the transition from small enterprise accounting system to new accounting standards. This switch covers Shanghai Yanlong Industry Co., Ltd, Jiangsu Hyrun Auto Die Co., Ltd and Jiangsu Wanrun Components of Automobiles Co., Ltd.

The new accounting standards is to stand in the angle of accounting information users to improve the reliability of accounting information, transparency and creditworthiness, truly reflect the economic status of the enterprise, it creates good conditions for the enterprises to expand the financial channels. The implement of the new accounting standard is a huge challenge no matter to the senior management of Yanlong group, financial and accounting personnel, and all the departments of the company and the external of financial report users. Especially for the financial statement preparer of financial team which based on the fully understanding of the new accounting standards, they need to better implement the accounting professional judgment level, timely adjustment and quickly adapt to the new changes.

Transformation of this system has a significant meaning to improve the management of enterprises of Shanghai Yanlong group and comply with the international economical trends. Further more conducive to the group of expansion, and will certainly promote the group management level to a new stage.