Standardization Administration of China (SAC) officially published GB/T 14885-2022, Basic classification and codes of fixed assets and other assets, which was revised by the Department of Assets Management of the Ministry of Finance.

Based on the 2010 edition of the standard, the revision work, lasting for three years, has fully absorbed the opinions from all sectors of the society and the competent administrative department of the industry.

The revised standard provides fundamental support for deepening the reform of budget control system, regulating and strengthening the basic information management of state-owned assets in administrative institutions, realizing the horizontal and lifecycle management of assets, and improving the informatization level of assets management.

The standard has divided seven classes of assets into 75 main categories with nearly 3,000 subdivided items. Its characteristics include: first, expanding the categories of assets to meet the demand of horizontal assets management; second, harmonizing the coding rules to provide basic support for the inclusion of assets management in budget management; third, focusing on basic properties to achieve the control of assets management and financial accounting; fourth, regulating the expansion rules to realize the integration of horizontal management and vertical management.