The rather long titled "Information Technology Business Accounting Software Data Interface For Accountants Standard" was released this month and will be implemented nationwide starting January 1, 2005. The new standard is expected to overcome data exchange barriers among Chinese enterprises.

The Standard was drafted by experts from the Audit Division of the Chinese Ministry Of Finance and released under the approval of the National Standards Commission and the General Administration of Quality Control, Inspection and Quarantine.

The Standard outlines the data interface requirements for business accounting software, including business accounting data elements and data interface output file content and formats (text formatting and XML formatting).

These new processes are expected to provide government tax and audit bureaus better oversight of Chinese domestic enterprises.