In the era of digital economy, data resources, as an important intangible asset, play a crucial role in creating value and enhancing competitiveness for enterprises. Data resources can be processed, organized, packaged, and other methods to form data products, which can be circulated and traded in the market, achieving value conversion and diffusion. However, the particularity and complexity of data resources have also brought new challenges and demands to the accounting treatment and information disclosure of enterprises. To this end, the Ministry of Finance has formulated the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" to standardize the accounting treatment of enterprise data resources, strengthen the disclosure of relevant accounting information, and serve the healthy development of the digital economy. This article will introduce the concepts and characteristics of data assets and data transactions from the perspective of compliance lawyers, the compliance and compliance points of data transactions, the content and characteristics of the Interim Provisions on Accounting Treatment of Enterprise Data Resources, and future prospects.

1、 The concepts and characteristics of data assets and data trading

Data assets refer to valuable data resources obtained, processed, stored, used, and managed by enterprises through legal means, and are one of the important intangible assets of enterprises. Data assets are different from traditional material assets or financial assets, and they have the following characteristics:

（1） Data assets have enormous potential value and can be transformed into economic or social benefits through analysis, mining, innovative applications, etc., providing competitive advantages and growth drivers for enterprises. For example, by analyzing customer behavior, market trends, product feedback, and other data, companies can optimize product design, improve marketing effectiveness, and enhance customer loyalty.

（2） Data assets have the characteristics of replicability, reusability, and liquidity, and can be shared and exchanged with other entities in various ways to achieve value amplification and diffusion. For example, by integrating their own data resources into data products and selling or authorizing their use on data trading platforms, businesses can earn additional income or other benefits.

（3） Data assets have the characteristics of continuous updates, changes, and growth, and require continuous collection, processing, maintenance, and other activities to maintain their quality and effectiveness. For example, by timely collecting and storing newly generated data, and cleaning and updating existing data, enterprises can ensure the timeliness and accuracy of data resources.

Data trading refers to the activity of transferring data resources or granting usage rights between data providers and data demanders through agreements or contracts, using currency or other items as a medium of exchange. Data trading is different from traditional commodity or service trading, and it has the following characteristics:

（1） Data trading involves various types, contents, formats, and qualities of data resources, which can be selected and matched according to different needs and purposes. For example, different types (such as structured or unstructured) or content (such as personal or public information) or format (such as text or images) or quality (such as completeness or accuracy) need to be purchased or sold according to the needs of different industries or fields, requiring the design of different transaction models.

（2） Data transactions can be conducted through various methods, channels, and platforms, and can be customized and adjusted according to different conditions and constraints. For example, data transactions can be conducted online or offline, directly or indirectly, one-on-one or many to many, and can also be negotiated and modified based on factors such as the price, transaction method, and usage conditions of data products.

（3） There are risks such as information asymmetry, security risks, and legal disputes in data transactions, which need to be avoided and prevented through measures such as compliance review, technical support, and regulatory systems. For example, it is necessary to verify and validate the source, content, quality, etc. of data products to avoid purchasing or selling illegal or low-quality data products; Data products need to be encrypted, desensitized, anonymized, and other processed to prevent data leakage or abuse; It is necessary to comply with relevant laws, regulations, standards and specifications to prevent issues such as contract breach or infringement litigation.

2、 Compliance and Compliance Points for Data Transactions

Data transaction compliance refers to the compliance of all aspects of data transactions, including the source, processing, circulation, and use of data, with relevant laws, regulations, and standards to ensure the fairness, security, and effectiveness of data transactions. Data trading compliance mainly involves the following aspects:

（1） Legitimacy of data sources. The data provider shall ensure that they have legal rights or authorization to provide data products, and shall not infringe on the legitimate rights and interests of others such as intellectual property, trade secrets, or personal privacy. The data provider shall conduct compliance review and audit of the data products they provide, and issue corresponding compliance certification documents.

（2） Legitimacy of data content. The data provider shall ensure that the data products they provide do not contain any content that violates laws, regulations or public order and good customs, such as sensitive information related to national security, public interests, pornography and violence. The data provider should filter and block the content of the data products they provide, and provide corresponding content proof documents.

（3） Legitimacy of data processing. When processing, organizing, packaging, and analyzing raw data, data providers and demanders should comply with relevant technical standards and specifications, such as using appropriate encryption, anonymization, and other means to protect data security and privacy. Both parties should also comply with relevant industry regulations and regulatory requirements, such as possessing corresponding qualifications or licenses according to specific fields or scenarios.

（4） Legitimacy of data usage. After obtaining the data product, the data demander shall use the data product in accordance with the agreed terms, scope, purpose, and other conditions with the data provider and platform, and shall not exceed the authorized scope or violate laws and regulations. If it involves cross-border transmission or transfer to third parties, the consent of the relevant parties should be obtained in advance and the approval requirements of the relevant departments should be met.

3、 The content and characteristics of the Interim Provisions on Accounting Treatment of Enterprise Data Resources

The Interim Provisions on Accounting Treatment of Enterprise Data Resources (hereinafter referred to as the "Interim Provisions") is a special regulation formulated by the Ministry of Finance to standardize the accounting treatment of enterprise data resources and strengthen the disclosure of relevant accounting information. It will come into effect on January 1, 2024. The Provisional Regulations mainly include the following four aspects:

（1） Scope of application. The Provisional Regulations apply to the accounting treatment of data resources that meet the requirements of the Enterprise Accounting Standards and can be recognized as relevant assets, as well as data resources that do not meet the conditions for asset recognition and have not been recognized.

（2） Applicable standards for accounting treatment of data resources. The Provisional Regulations clarify the specific accounting standards applicable to different business models such as enterprise use, external service provision, and daily holding for sale, based on the economic benefits realization method in accounting, and provide detailed guidance on some key issues reflected in practice.

（3） Listing and disclosure requirements. The Provisional Regulations require enterprises to add sub items to financial statements based on the principle of importance and combined with actual situations, refine disclosure through tables, and encourage and guide enterprises to continuously strengthen the application scenarios or business models of voluntary disclosure of data resources (including data resources not recognized as intangible assets or inventory), sources of original data types, processing and maintenance, security protection, major transaction matters involved, and related information such as the expiration and restriction of relevant rights.

（4） Supplementary provisions. The Provisional Regulations will come into effect on January 1, 2024, and enterprises shall apply these regulations using the future applicable method.

The Provisional Regulations mainly follow the following three principles in the formulation process:

（1） According to law and regulations, practical and effective. On the basis of sufficient argumentation, the Provisional Regulations clarify that enterprise data resources are applicable to the current enterprise accounting standards and do not change the accounting recognition and measurement requirements of the current standards. By formulating specialized and unified regulations for data resources, we can address doubts in practice about whether data resources can be recognized as assets in accounting and what type of assets they can be "recorded" on the table, and clarify the measurement basis.

（2） Focus on practice and strengthen guidance. The Provisional Regulations fully adopt the reasonable suggestions put forward by relevant parties in the public solicitation of opinions and special research, and combine the characteristics of current enterprise data resources and business processes to refine guidance on key issues such as cost composition and service life estimation reflected in practice, standardize and promote the accurate implementation of relevant specific accounting standards by enterprises.

（3） Strengthen innovation and be proactive and prudent. The Provisional Regulations adopt an innovative approach of "mandatory disclosure plus voluntary disclosure", focusing on the key information needs of all parties. On the one hand, they refine the information required to be disclosed by accounting standards, and on the other hand, encourage and guide enterprises to continuously strengthen voluntary disclosure, providing more information related to the value of data resources to stakeholders.

4、 Future prospects

With the development of the digital economy, it has brought profound and extensive impacts to the field of enterprise accounting, and also provided impetus and direction for accounting reform and innovative development. The future outlook mainly includes the following aspects:

（1） Strengthen the guidance, supervision, and inspection of the implementation of the Interim Provisions to ensure their effective implementation. The finance department should organize teacher training for provincial finance departments and other departments, guide enterprises to accurately understand and implement the requirements of the Interim Provisions, standardize accounting treatment of enterprise data resources, and strengthen relevant information disclosure. At the same time, the finance department should also track and pay attention to the implementation of the Interim Provisions, supervise and inspect enterprises that violate the requirements of the Interim Provisions, and impose penalties in accordance with the law and regulations.

（2） Continuously deepen the research on issues related to the Interim Provisions, and continuously improve the content and details of the Interim Provisions. The finance department should further study the key issues of concern in practice in conjunction with relevant parties, and strengthen implementation guidance through case studies and Q&A to enhance the effectiveness of the implementation of the Interim Provisions for typical and representative practical situations. At the same time, the finance department should also collect feedback and suggestions in a timely manner, and revise and improve them according to the actual situation.

（3） Actively participate in the formulation of international accounting standards, promote the integration and coordination between the Interim Provisions and international accounting standards. The finance department should track the research progress of data resources in the international accounting field, maintain communication and exchange with relevant institutions such as the International Accounting Standards Board, actively leverage China's advantages and experience in the field of data resources, and provide Chinese solutions and wisdom for the formulation of international accounting standards.

5、 The Development of Digital Economy from the Perspective of Compliance Lawyers

From the perspective of compliance lawyers, the development of the digital economy has not only brought tremendous changes and opportunities to society, but also posed new challenges and requirements to the legal field. Compliance lawyers face challenges in adapting to new environments, seizing new opportunities, solving new problems, and enhancing new capabilities in the digital economy era.

（1） Compliance lawyers need to master the laws, regulations, standards, and norms related to the digital economy, as well as the constantly changing policies and regulatory dynamics. The digital economy involves multiple fields and industries, such as e-commerce, cybersecurity, data protection, artificial intelligence, blockchain, cloud computing, the Internet of Things, etc. Each field and industry has its specific legal framework and risk points. Compliance lawyers need to be familiar with the legal rules of these fields and industries, understand their scope of application, subject responsibilities, rights and obligations, consequences of illegal activities, etc., and pay timely attention to the policy guidance and regulatory measures of relevant departments in order to provide accurate, timely, and professional compliance advice and solutions to clients.

（2） Compliance lawyers need to possess technical knowledge and abilities related to the digital economy, as well as communication and collaboration skills with technical personnel and experts. The digital economy is developed based on technological innovation and application, and technology itself is a legal language. Compliance lawyers need to master certain technical knowledge, understand technical principles, functions, advantages, limitations, etc., be able to analyze legal issues from a technical perspective, and be able to express legal views in technical language. At the same time, compliance lawyers also need to maintain good communication and collaboration with technical personnel and experts, effectively convey clients' needs and expectations, assist technical personnel in compliance design and evaluation, and provide timely feedback on legal risks and improvement suggestions of technical solutions.

（3） Compliance lawyers need to possess innovative thinking and abilities related to the digital economy, as well as cross-border integration capabilities with other fields and industries. The digital economy is a field full of change and innovation, constantly emerging new business models, new transaction methods, and new forms of value. Compliance lawyers need to possess innovative thinking and abilities, be able to examine legal issues from multiple dimensions and perspectives, find legal solutions that are suitable for the characteristics and needs of the digital economy, and continuously learn and update their knowledge structure and thinking style. At the same time, compliance lawyers also need to have cross-border integration capabilities, be able to effectively communicate and cooperate with professionals from other fields and industries, and jointly promote the development and governance of the digital economy.

epilogue

Data resources are key production factors and important resources for the development of the digital economy. They are of great significance in promoting new leaps in social productivity, promoting the deep integration of digital technology and the real economy, meeting the needs of people for a better life, improving social service management, and building a digital China. The Interim Provisions on Accounting Treatment of Enterprise Data Resources and its related laws and regulations are specialized documents in China for accounting treatment of data resources. They play an important role in increasing the transparency and comparability of accounting information related to data resources, encouraging enterprises to actively demonstrate the value creation ability and potential of data resources, and promoting the development of data resource business and digital economy. As a compliance lawyer, when engaging in the construction of enterprise data compliance, it is necessary to comply with the Interim Provisions and related laws and regulations, provide professional legal services to enterprises, and ensure the compliance and effectiveness of accounting processing related to enterprise data resources. However, in this process, compliance lawyers will also face some challenges, such as the complexity and variability of the legal environment, the specificity and diversity of data resources, and the diversity and conflicts of stakeholders. In order to cope with challenges and seize opportunities, compliance lawyers should continuously improve their professional competence and comprehensive abilities in the field of data resources, such as learning and updating legal knowledge related to data resources, understanding and analyzing the characteristics and business needs of enterprise data resources, participating in and promoting the institutional construction and process optimization of accounting processing related to enterprise data resources, communicating and coordinating various stakeholders inside and outside the enterprise, etc. Only in this way can compliance lawyers play a greater role in the digital economy era and create greater value for businesses.