财会〔2026〕7号
国务院有关部委、有关直属机构，各省、自治区、直辖市、计划单列市财政厅（局），新疆生产建设兵团财政局，财政部各地监管局，有关单位：
为深入贯彻实施企业会计准则，切实解决我国企业相关会计实务问题，并保持与国际财务报告准则的持续趋同，我们制定了《企业会计准则解释第20号》，现予印发，请遵照执行。
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财 政 部
2026年6月4日
企业会计准则解释第20号
一、关于金融资产合同现金流量特征的评估
该问题主要涉及《企业会计准则第22号——金融工具确认和计量》等准则。
（一）会计处理。
1.具有无追索权特征的金融资产。
对于某项金融资产，当企业收取现金流量的最终合同权利仅限于特定资产的现金流量时，该金融资产具有无追索权特征，此时企业面临的主要风险取决于特定资产的业绩而非债务人的信用风险。在该情形下，金融资产的合同可能采用本金和利息的方式描述合同现金流量，但其合同现金流量未必代表对本金和以未偿付本金金额为基础的利息的支付。
对于具有无追索权特征的金融资产，企业在确定其是否符合合同现金流量仅为对本金和以未偿付本金金额为基础的利息的支付特征（以下简称本金加利息的合同现金流量特征）时，应当评估特定基础资产或其现金流量与该金融资产的合同现金流量之间的联系（即穿透），并考虑该联系如何受债务人发行的次级债务或权益工具等其他合同安排的影响。如果金融资产的合同条款产生了其他现金流量或以一种与代表本金和利息的支付不一致的方式限制了现金流量，则该金融资产不符合本金加利息的合同现金流量特征。基础资产是金融资产还是非金融资产不影响前述合同现金流量特征的评估。
2.合同挂钩工具。
在某些具有无追索权特征的交易中，发行人可能利用多个合同挂钩工具（即多个分级）来确定向金融资产持有人付款的顺序，每一分级均有其优先劣后顺序，该顺序明确了发行人将金融工具基础池产生的现金流量分配至该分级的次序，即形成“瀑布支付结构”。这种通过“瀑布支付结构”建立的向不同分级持有人付款的优先顺序，引发了信用风险集中，并导致基础资产的现金短缺在不同分级持有人之间不成比例的分配；对于某一分级持有人，仅当发行人取得足够的现金流量以满足更优先级的支付时，其才有权取得对本金和利息的支付。在前述类型的交易中，各分级持有人应当适用合同挂钩工具的分类要求，而不适用具有无追索权特征的金融资产的分类要求。
某些包含多项债务工具的交易，形式上可能具有合同挂钩工具的特征，但实质上是为增强对某些债权人的信用保护而设计的借贷安排。例如，债务人发起设立某一结构化主体，由该结构化主体持有将产生用以偿付债权人的现金流量的基础资产并发行优先级和次级债务工具，其中优先级债务工具由债权人持有，次级债务工具由发起人（即债务人）持有且在优先级债务工具被偿付前发起人没有实际能力出售次级债务工具。在前述情形下，此类债务工具的持有人应当适用金融资产的一般分类要求以及具有无追索权特征的金融资产的分类要求，而不适用合同挂钩工具的分类要求。
合同挂钩工具符合本金加利息的合同现金流量特征的条件之一，是其基础资产必须包含一项或多项符合本金加利息的合同现金流量特征的工具。前述基础资产可以包含不适用《企业会计准则第22号——金融工具确认和计量》分类要求，但其合同现金流量等同于仅为对本金和以未偿付本金金额为基础的利息的支付的金融工具（如某些租赁应收款）。对于受余值风险影响的租赁应收款，以及包含与非基本借贷风险或成本（如市场租金率等）挂钩的可变租赁付款额的租赁应收款，其合同现金流量不等同于仅为对本金和以未偿付本金金额为基础的利息的支付。
（二）新旧衔接。
企业在首次执行本解释的规定时，应当按照《企业会计准则第28号——会计政策、会计估计变更和差错更正》等有关规定进行追溯调整，累积影响数调整2026年1月1日留存收益及其他相关财务报表项目，无需调整前期比较财务报表数据。
二、关于货币缺乏可兑换性时的会计处理及相关披露
该问题主要涉及《企业会计准则第19号——外币折算》等准则。
（一）会计处理。
1.可兑换性的定义和评估。
一种货币可兑换为另一种货币，是指企业能够在一定时间范围内通过可在兑换交易中产生可强制执行权利和义务的某一市场或兑换机制将该货币兑换为另一种货币。前述一定时间范围允许因法律或监管规定、公共假期等实际因素导致的兑换业务办理的正常延迟。相关延迟是否属于正常延迟取决于具体事实和情况。
企业应当在计量日基于特定目的评估一种货币是否可兑换为另一种货币。如果企业在计量日基于特定目的只能取得金额不重大的另一种货币，则该货币不可兑换为另一种货币。即使另一种货币可以反向兑换为该货币，企业仍可能认定该货币不可兑换为另一种货币。
在评估一种货币是否可兑换为另一种货币时，企业应当遵循以下要求：
（1）应当考虑企业取得另一种货币的能力，而非取得另一种货币的意图或决定。当满足可兑换性定义的其他全部要求时，如果企业能够直接或间接（如通过第三种货币间接兑换）取得另一种货币，即使其没有意图或未决定取得另一种货币，应当认定该货币可兑换为另一种货币。
（2）应当仅考虑能够产生可强制执行权利和义务的市场或兑换机制。强制执行力源于法律法规的规定。某一市场或兑换机制中的兑换交易是否产生可强制执行的权利和义务取决于相关事实和情况。
（3）应当考虑企业取得另一种货币的目的。在某些情况下，企业取得另一种货币适用的汇率可能因目的不同而存在差异。企业采用记账本位币报告外币交易时，应当假定其取得另一种货币的目的是变现或结算各单项资产、外币交易或负债；企业的列报货币（即财务报表列示所采用的货币）不是记账本位币时，应当假设其获取另一种货币的目的是变现或结算其净资产或净负债；企业对境外经营的财务状况和经营成果进行折算时，应当假定其取得另一种货币的目的是变现或结算其境外经营净投资。企业在评估一种货币是否可兑换为另一种货币时，应当按照前述不同的目的分别进行评估。
（4）应当通过比较企业基于特定目的能够取得的另一种货币的金额与企业出于该目的需取得的另一种货币的总金额，判断能够取得的另一种货币的金额是否不重大。例如，对于承担以外币计价的负债的企业，应当通过比较其为清偿该负债所能够取得的外币金额与该以外币计价的负债总余额，判断其基于清偿负债目的所能够取得的外币金额是否不重大。
2.货币缺乏可兑换性时即期汇率的估计要求。
当一种货币不可兑换为另一种货币时，企业应当对计量日的即期汇率进行估计，使其能够如实反映在当前主要经济状况下市场参与者在计量日进行的有序兑换交易所采用的汇率。
3.货币缺乏可兑换性时即期汇率的估计方法。
在满足上述有关货币缺乏可兑换性时即期汇率估计要求的情况下，企业可采用未经调整的可观察汇率或其他估计方法，对相关即期汇率进行估计。
（1）采用其他目的下的可观察汇率。
一种货币在某一目的下（如支付股利）不可兑换为另一种货币，但在其他目的下（如进口商品）可兑换为另一种货币的，企业应当考虑包括但不限于以下所列的因素，以判断其他目的下的可观察汇率是否满足货币缺乏可兑换性时即期汇率的估计要求：
①是否存在多个可观察汇率。如存在多个可观察汇率，可能表明这些汇率包含对出于特定目的取得另一种货币的“激励”或“惩罚”，因而可能未反映当前主要经济状况。
②可兑换货币的用途。如企业能够取得的另一种货币仅限于有限用途（如进口紧急物资），则该汇率可能未反映当前主要经济状况。
③汇率的性质。相较于受监管部门管制及其他经常性干预的汇率，可观察的自由浮动汇率更能反映当前主要经济状况。
④汇率更新的频率。相较于长期不变的可观察汇率，每日或以更高频率更新的可观察汇率更能反映当前主要经济状况。
（2）采用可兑换性恢复后的首个汇率。
一种货币在计量日基于特定目的不可兑换为另一种货币，但在后续期间恢复该目的下的可兑换性的，企业应当考虑包括但不限于以下所列的因素，以判断可兑换性恢复后的首个汇率是否满足货币缺乏可兑换性时即期汇率的估计要求：
①计量日与可兑换性恢复日的时间间隔。时间间隔越短，可兑换性恢复后的首个汇率越能反映当前主要经济状况。
②通货膨胀率。如经济体处于高通货膨胀（含恶性通货膨胀）状态，则其货币在可兑换性恢复后的首个汇率可能未反映当前主要经济状况。
（3）采用其他估计方法。
企业可采用其他可观察汇率（包括通过不产生可强制执行权利和义务的市场或兑换机制中的兑换交易的汇率）并经必要调整后，作出满足本解释要求的即期汇率估计。
（二）披露。
为使财务报表使用者更好理解货币缺乏可兑换性对企业财务状况、经营成果和现金流量的影响或潜在影响，企业应当在附注中披露货币缺乏可兑换性的性质及其财务影响、所采用的即期汇率及其估计过程，以及企业因货币缺乏可兑换性而面临的风险。
按照上述披露要求，企业应当披露下列信息：
1.缺乏可兑换性的货币以及导致该货币不可兑换为另一种货币的具体限制；
2.受影响的交易；
3.受影响的资产和负债的账面价值；
4.所使用的即期汇率以及该汇率是否为未经调整的可观察汇率或采用其他估计方法确定的即期汇率；
5.企业采用的估计方法以及所使用的输入值和假设的定性和定量信息；
6.因相关货币缺乏可兑换性导致企业面临的每类风险的定性信息，以及面临每类风险的资产和负债的性质和账面价值。
境外经营的记账本位币与企业的列报货币之间缺乏可兑换性的，企业还应当披露下列信息：
1.境外经营的名称和主要业务所在地，以及该境外经营是否为子公司、共同经营、合营企业、联营企业或分支机构；
2.境外经营的汇总财务信息；
3.可能要求企业向该境外经营提供财务支持的合同安排的性质和条款（包括导致企业面临损失的事件或情形）。
（三）新旧衔接。
企业在首次执行本解释的规定时，无需调整前期比较财务报表数据，并按以下规定进行衔接处理：
1.企业采用记账本位币报告外币交易并确定相关外币与其记账本位币缺乏可兑换性的，应当采用首次执行日的估计即期汇率对受影响的外币货币性项目和按外币公允价值计量的非货币性项目进行折算，首次执行本解释规定的影响调整期初留存收益。
2.企业采用的列报货币不同于其记账本位币或企业折算境外经营的财务状况和经营成果时，认定企业的记账本位币或该境外经营的记账本位币与企业的列报货币之间缺乏可兑换性的，应当采用首次执行日的估计即期汇率对受影响的资产、负债进行折算；如企业的记账本位币处于恶性通货膨胀状态，还应采用首次执行日的估计即期汇率对受影响的权益项目进行折算；首次执行本解释规定的影响应当作为对报表折算差额累积金额（作为单独项目计入权益）的调整进行处理。
三、生效日期
本解释自公布之日起施行。2026年1月1日至本解释施行日新增的本解释规定的业务，企业应当根据本解释进行调整。
Caikuai [2026] No. 7
Relevant ministries and commissions under the State Council and relevant institutions directly under the State Council; finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities with independent planning status; the Finance Bureau of the Xinjiang Production and Construction Corps; regional supervision bureaus of the Ministry of Finance; and relevant organisations:
In order to thoroughly implement the Accounting Standards for Business Enterprises (ASBE), effectively resolve relevant accounting practice issues faced by enterprises in China and maintain continuous convergence with International Financial Reporting Standards, we have formulated ASBE Interpretation No. 20, which is hereby issued to you. Please comply with and implement it.
Should any issues arise in implementation, please report them to the Ministry in a timely manner.
Ministry of Finance
4 June 2026
ASBE Interpretation No. 20
I. Assessment of the contractual cash flow characteristics of financial assets
This issue mainly involves ASBE No. 22 — Recognition and Measurement of Financial Instruments and other standards.
(a) Accounting treatment.
1. Financial assets with non-recourse features.
For a financial asset, where an entity's ultimate contractual right to receive cash flows is limited to the cash flows of specified assets, the financial asset has non-recourse features, and the principal risk to which the entity is exposed depends on the performance of the specified assets rather than on the credit risk of the debtor. In such circumstances, the contract of the financial asset may describe the contractual cash flows as principal and interest, but those contractual cash flows do not necessarily represent payments of principal and interest on the principal amount outstanding.
For a financial asset with non-recourse features, in determining whether it has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding (hereinafter referred to as the solely payments of principal and interest (SPPI) characteristics), an entity shall assess the link between the specified underlying assets or their cash flows and the contractual cash flows of the financial asset (i.e. look through), and consider how that link is affected by other contractual arrangements, such as subordinated debt or equity instruments issued by the debtor. If the contractual terms of the financial asset give rise to any other cash flows or limit the cash flows in a manner inconsistent with payments representing principal and interest, the financial asset does not have the SPPI characteristics. Whether the underlying assets are financial assets or non-financial assets does not affect the assessment of the aforementioned contractual cash flow characteristics.
2. Contractually linked instruments.
In certain transactions with non-recourse features, an issuer may use multiple contractually linked instruments (i.e. multiple tranches) to determine the order of payments to the holders of financial assets. Each tranche has its own subordination ranking, which specifies the order in which the issuer allocates the cash flows generated by the underlying pool of financial instruments to that tranche, thereby forming a “waterfall payment structure”. The prioritisation of payments to the holders of different tranches established through such a “waterfall payment structure” creates concentrations of credit risk and results in a disproportionate allocation of cash shortfalls on the underlying assets among the holders of different tranches; the holder of a given tranche is entitled to payments of principal and interest only if the issuer obtains sufficient cash flows to satisfy higher-ranking payments. In the aforementioned types of transactions, the holders of each tranche shall apply the classification requirements for contractually linked instruments, rather than the classification requirements for financial assets with non-recourse features.
Certain transactions that contain multiple debt instruments may, in form, have the features of contractually linked instruments, but are in substance lending arrangements designed to enhance credit protection for certain creditors. For example, a debtor sets up a structured entity, which holds the underlying assets that will generate the cash flows used to repay the creditors, and which issues senior and subordinated debt instruments, where the senior debt instruments are held by the creditors and the subordinated debt instruments are held by the sponsor (i.e. the debtor), and the sponsor has no practical ability to sell the subordinated debt instruments before the senior debt instruments are repaid. In the aforementioned circumstances, the holders of such debt instruments shall apply the general classification requirements for financial assets and the classification requirements for financial assets with non-recourse features, rather than the classification requirements for contractually linked instruments.
One of the conditions for a contractually linked instrument to have the SPPI characteristics is that its underlying assets must contain one or more instruments that have the SPPI characteristics. The aforementioned underlying assets may include financial instruments that are not subject to the classification requirements of ASBE No. 22 — Recognition and Measurement of Financial Instruments but whose contractual cash flows are equivalent to solely payments of principal and interest on the principal amount outstanding (such as certain lease receivables). For lease receivables that are subject to residual value risk, and for lease receivables that include variable lease payments linked to non-basic lending risks or costs (such as market rental rates), the contractual cash flows are not equivalent to solely payments of principal and interest on the principal amount outstanding.
(b) Transitional provisions.
On initial application of the provisions of this Interpretation, an entity shall make retrospective adjustments in accordance with ASBE No. 28 — Changes in Accounting Policies and Accounting Estimates, and Correction of Errors, and other relevant provisions, with the cumulative effect adjusted against retained earnings and other relevant financial statement items as at 1 January 2026, and is not required to adjust the comparative financial statement data for prior periods.
II. Accounting treatment when a currency lacks exchangeability and related disclosures
This issue mainly involves ASBE No. 19 — Foreign Currency Translation and other standards.
(a) Accounting treatment.
1. Definition and assessment of exchangeability.
A currency is exchangeable into another currency when an entity is able to exchange that currency into the other currency within a certain time frame through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. The aforementioned time frame allows for normal delays in processing the exchange caused by practical factors such as legal or regulatory requirements and public holidays. Whether a delay is a normal delay depends on the specific facts and circumstances.
An entity shall assess at the measurement date whether a currency is exchangeable into another currency for a specified purpose. If, at the measurement date, an entity is able to obtain only an insignificant amount of the other currency for the specified purpose, that currency is not exchangeable into the other currency. Even if the other currency can be exchanged into that currency in the reverse direction, an entity might still conclude that the currency is not exchangeable into the other currency.
In assessing whether a currency is exchangeable into another currency, an entity shall comply with the following requirements:
(1) The entity shall consider its ability to obtain the other currency, rather than its intention or decision to obtain the other currency. When all other requirements of the definition of exchangeability are met, if the entity is able to obtain the other currency directly or indirectly (for example, by exchanging indirectly through a third currency), the entity shall conclude that the currency is exchangeable into the other currency, even if it has no intention to obtain, or has not decided to obtain, the other currency.
(2) The entity shall consider only markets or exchange mechanisms that are able to create enforceable rights and obligations. Enforceability derives from the provisions of laws and regulations. Whether an exchange transaction in a market or exchange mechanism creates enforceable rights and obligations depends on the relevant facts and circumstances.
(3) The entity shall consider the purpose for which it obtains the other currency. In some circumstances, the exchange rate applicable to obtaining the other currency may differ depending on the purpose. When an entity reports foreign currency transactions in its functional currency, it shall assume that the purpose of obtaining the other currency is to realise or settle individual assets, foreign currency transactions or liabilities; when an entity's presentation currency (i.e. the currency in which the financial statements are presented) is not its functional currency, it shall assume that the purpose of obtaining the other currency is to realise or settle its net assets or net liabilities; when an entity translates the financial position and results of operations of a foreign operation, it shall assume that the purpose of obtaining the other currency is to realise or settle its net investment in the foreign operation. In assessing whether a currency is exchangeable into another currency, an entity shall perform the assessment separately for each of the aforementioned purposes.
(4) The entity shall determine whether the amount of the other currency that it is able to obtain is insignificant by comparing the amount of the other currency that it is able to obtain for a specified purpose with the total amount of the other currency that it needs to obtain for that purpose. For example, an entity that has a liability denominated in a foreign currency shall compare the amount of foreign currency that it is able to obtain to settle that liability with the total outstanding balance of that foreign-currency-denominated liability, in order to determine whether the amount of foreign currency that it is able to obtain for the purpose of settling the liability is insignificant.
2. Requirements for estimating the spot exchange rate when a currency lacks exchangeability.
When a currency is not exchangeable into another currency, an entity shall estimate the spot exchange rate at the measurement date so that it faithfully reflects the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions.
3. Methods for estimating the spot exchange rate when a currency lacks exchangeability.
Provided that the above requirements for estimating the spot exchange rate when a currency lacks exchangeability are met, an entity may estimate the relevant spot exchange rate using an observable exchange rate without adjustment or another estimation technique.
(1) Using an observable exchange rate for another purpose.
Where a currency is not exchangeable into another currency for one purpose (such as paying dividends) but is exchangeable into the other currency for another purpose (such as importing goods), an entity shall consider factors including but not limited to those listed below in determining whether the observable exchange rate for the other purpose meets the requirements for estimating the spot exchange rate when a currency lacks exchangeability:
(i) Whether multiple observable exchange rates exist. If multiple observable exchange rates exist, this may indicate that those rates include “incentives” or “penalties” for obtaining the other currency for specified purposes, and therefore may not reflect prevailing economic conditions.
(ii) The uses of the exchangeable currency. If the other currency that the entity is able to obtain is restricted to limited uses (such as importing emergency supplies), the exchange rate may not reflect prevailing economic conditions.
(iii) The nature of the exchange rate. Compared with an exchange rate subject to control by regulatory authorities and other frequent intervention, an observable freely floating exchange rate better reflects prevailing economic conditions.
(iv) The frequency with which the exchange rate is updated. Compared with an observable exchange rate that remains unchanged for an extended period, an observable exchange rate that is updated daily or more frequently better reflects prevailing economic conditions.
(2) Using the first exchange rate after exchangeability is restored.
Where a currency is not exchangeable into another currency for a specified purpose at the measurement date but exchangeability for that purpose is restored in a subsequent period, an entity shall consider factors including but not limited to those listed below in determining whether the first exchange rate after exchangeability is restored meets the requirements for estimating the spot exchange rate when a currency lacks exchangeability:
(i) The length of time between the measurement date and the date on which exchangeability is restored. The shorter the length of time, the better the first exchange rate after exchangeability is restored reflects prevailing economic conditions.
(ii) The inflation rate. If an economy is subject to high inflation (including hyperinflation), the first exchange rate of its currency after exchangeability is restored may not reflect prevailing economic conditions.
(3) Using other estimation techniques.
An entity may use other observable exchange rates (including exchange rates from exchange transactions in markets or exchange mechanisms that do not create enforceable rights and obligations), adjusted as necessary, to arrive at an estimate of the spot exchange rate that meets the requirements of this Interpretation.
(b) Disclosure.
To enable users of financial statements to better understand the effects or potential effects of a currency's lack of exchangeability on the entity's financial position, results of operations and cash flows, an entity shall disclose in the notes the nature and financial effects of the currency's lack of exchangeability, the spot exchange rate used and the process for estimating it, and the risks to which the entity is exposed because of the currency's lack of exchangeability.
In accordance with the above disclosure requirements, an entity shall disclose the following information:
1. The currency that lacks exchangeability and the specific restrictions that result in that currency not being exchangeable into the other currency;
2. The transactions affected;
3. The carrying amounts of the assets and liabilities affected;
4. The spot exchange rate used, and whether that rate is an observable exchange rate without adjustment or a spot exchange rate determined using another estimation technique;
5. The estimation technique used by the entity, and qualitative and quantitative information about the inputs and assumptions used;
6. Qualitative information about each type of risk to which the entity is exposed because of the relevant currency's lack of exchangeability, and the nature and carrying amounts of the assets and liabilities exposed to each type of risk.
Where there is a lack of exchangeability between the functional currency of a foreign operation and the entity's presentation currency, the entity shall also disclose the following information:
1. The name of the foreign operation and its principal place of business, and whether the foreign operation is a subsidiary, joint operation, joint venture, associate or branch;
2. Summarised financial information about the foreign operation;
3. The nature and terms of any contractual arrangements that could require the entity to provide financial support to the foreign operation (including events or circumstances that could expose the entity to a loss).
(c) Transitional provisions.
On initial application of the provisions of this Interpretation, an entity is not required to adjust the comparative financial statement data for prior periods, and shall apply the following transitional provisions:
1. Where an entity reports foreign currency transactions in its functional currency and determines that there is a lack of exchangeability between the relevant foreign currency and its functional currency, the entity shall translate the affected foreign currency monetary items and non-monetary items measured at fair value in a foreign currency using the estimated spot exchange rate at the date of initial application, and the effect of initially applying the provisions of this Interpretation shall be adjusted against opening retained earnings.
2. Where an entity uses a presentation currency other than its functional currency, or translates the financial position and results of operations of a foreign operation, and concludes that there is a lack of exchangeability between the entity's functional currency or the functional currency of that foreign operation and the entity's presentation currency, the entity shall translate the affected assets and liabilities using the estimated spot exchange rate at the date of initial application; where the entity's functional currency is hyperinflationary, the entity shall also translate the affected equity items using the estimated spot exchange rate at the date of initial application; the effect of initially applying the provisions of this Interpretation shall be accounted for as an adjustment to the cumulative amount of translation differences (accumulated in a separate component of equity).
III. Effective date
This Interpretation shall take effect from the date of its issuance. For transactions covered by the provisions of this Interpretation that newly arise between 1 January 2026 and the effective date of this Interpretation, an entity shall make adjustments in accordance with this Interpretation.
This English translation is for reference only. In case of any discrepancy, the Chinese original prevails.