New National Standard for Fixed Asset Classification & Codes

Recently,the Standardization Administration of China issued a new national standard for “Basic Classification and Codes of Fixed Assets and Other Assets” (GB/T 14885‑2022),aiming to deepen the reform of the budget management system,standardize and strengthen the basic information management of administrative and institutional state - owned assets.The new standard is divided into seven categories: buildings and structures,equipment,cultural relics and exhibits,books and archives,furniture and utensils,special animals and plants,and materials,and is further divided into 75 major categories and nearly 3,000 sub - categories.

The new “Classification and Codes” has four major characteristics.First,it expands the asset categories to meet the needs of full - scope asset management.Second,it unifies the coding rules and automatically extracts asset stock information through classification and codes.Third,it focuses on basic attributes to achieve two - way control of asset management and accounting.Finally,it standardizes the expansion rules to combine full - scope asset management with in - depth management.

The standard and its comparison table of old and new codes have been published on the website of the Ministry of Finance.The new standard has been implemented since December 30,2022.The introduction of the new standard will further standardize and strengthen the basic information management of administrative and institutional state - owned assets,provide strong support for the reform of the budget management system,help improve the efficiency and accuracy of administrative asset management,and promote the improvement of the scientific,standardized,and information - based level of state - owned asset management.At the same time,the implementation of the new standard will also help improve the asset management level of enterprises and promote the continuous improvement of Chinas modern management level.