Workshop on Highway Asset Valuation and Accounting Policy held in Beijijng
A Yunnan Highway Asset Valuation and Accounting Policy workshop was held in the World Bank’s Beijing Office on May 18.
The World Bank supports Yunnan province in implementing a highway asset management project with a total investment of 281 million U.S. dollars. The World Bank loans amount to 150 million U.S. dollars, with the balance coming from the Chinese government.
The project aims to apply the advanced concepts and experiences of international highway asset management. It takes into account the actual situation of Yunnan highways management, which adopts comprehensive measures to improve, including those related to maintenance, conservation and emergency support capabilities and asset management efficiency and service levels.
As the World Bank’s first highway asset management project in China, this project will introduce international advanced concepts such as highway asset management, asset value dynamic monitoring, asset assessment, and appropriate accounting practice into China, and to develop the Handbook for Highway Asset Valutaion and Handbook for Highway Asset Financial Accounting for the Yunnan Provincial Highway Bureau.
With the government accounting system promulgated by the Ministry of Finance scheduled to be implemented nationwide on January 1, 2019, this project will be important references for other provinces in China on the pilot practice of building highway asset value assessment and accounting system.
At the seminar, representatives from the Yunnan Provincial Highway Bureau (Project Management Office), China Tong Cheng-Roadmaint Joint Venture (Asset Assessment Consultancy), Deloitte & Touche (Accounting Consultancy) introduced the development and challenges for the expected handbooks.
Representatives from the Ministry of Finance (MOF) and Ministry of Transport (MOT), noted that given the imminent implementation of the new government accounting system, relevant government departments are conducting in-depth studies on road asset valuation and accounting policies and its implementation details. The implementation of this project has provided valuable information for the research and formulation of policies, and relevant departments will continue to monitor and guide the resultant follow-up work.
Representatives from Department of Accounting, MOF, Department of Capital Management, MOF and Department of Treasury, MOF, Financial Audit Division, MOT, Highway Bureau, MOT, Yunnan Provincial Department of Transport, Yunnan Provincial Department of Finance, Yunnan Provincial Highway Bureau, the World Bank project team, Deloitte & Touche, and China Tong Cheng - Roadmaint Joint Venture attended the Workshop.