China’s Ministry of Finance has issued revised accounting standards, that will bring China into line with the International Financial Reporting Standards (IFRS). The rules will apply to listed companies from 1 January 2007, and will be phased in for other businesses.
The new standards include 39 items for corporate accounting and 48 items for auditing by registered accountants, and are thought to be positive for foreign companies, and for development of China’s capital markets, but may make it more difficult for local accounting forms to compete with the “big four”.
China Business Services can assist with the provision of expert accounting advice in China. Please contact us for more details.
See related news:
China introduces new accounting standards