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China

Financial reporting framework in China

On 15 February 2006, the Ministry of Finance of the People's Republic of China issued a new set of Accounting Standards for Business Enterprises (ASBEs), comprising a basic standard and 38 specific standards. The ASBEs will become mandatory for all PRC listed companies on 1 January 2007. Other PRC enterprises are encouraged to apply the ASBEs.

Deloitte CAS Plus

In March 2007, Deloitte (China) launched a new Chinese language website www.casplus.com devoted to Chinese Accounting Standards (CASs).

The CAS Plus website contains information about the latest developments in accounting standards and the accounting systems in China as well as information on international financial reporting. It also features the reference material specially developed by the Deloitte experts available to download, including a comparison between IFRSs and PRC GAAP, model financial statements, and a disclosure checklist.

Related news

  • Agenda for the November 2013 AOSSG meeting

  • Nov 25, 2013

  • An agenda has been released for the fifth meeting of the Asian-Oceanian Standards Setters Group (AOSSG), which is being held in Colombo, Sri Lanka on 27-28 November 2013. Representatives from many of the 26 countries which are currently members of AOSSG will attend the meeting, as will representatives from the International Accounting Standards Board (IASB). The meeting will include discussion on a number of IASB projects, consider the results of a survey conducted by the AOSSG on accounting and Islamic finance in the Middle East and North Africa, receive feedback on the IFRS implementation efforts and regional capacity building, and consider ongoing membership and process requirements.

  • Chinese and US regulators enter into cooperative agreement

  • May 24, 2013

  • The China Securities Regulatory Commission (CSRC), the Ministry of Finance (MoF) of China, and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • ACCA research report explores benefits of IFRS convergence in China

  • Apr 19, 2013

  • The Association of Chartered Certified Accountants (ACCA) has published a report summarising research on the impacts of the convergence with International Financial Reporting Standards (IFRS) in China. The report finds that IFRS convergence in China has been beneficial where companies have had appropriate legal, governance and commercial incentives to provide high-quality disclosures.

  • ASAF membership announced

  • Mar 19, 2013

  • The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum (ASAF) that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global standard-setting community, in order to bring important regional perspectives to the IASB’s technical work and to offer feedback on the most important issues of the day.

  • Report from recent IFASS meeting released

  • Jan 17, 2013

  • A report has been issued summarising the discussions at a meeting of the International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich on 22-23 October 2012. The meeting covered a broad range of topics, including the future relationships between the IASB and regional and national standard setters, topical issues in financial reporting, reports from regional groups and administrative matters.

  • Chinese XBRL taxonomy achieves 'acknowledged' status

  • Dec 20, 2012

  • XBRL International (XII) has announced that the General Purpose Taxonomy of Chinese Accounting Standards (CAS) has been granted “acknowledged” status by its Taxonomy Recognition Task Force, confirming its conformance to the XBRL specification.

  • Emerging Economies Group meeting focuses on common control transactions

  • Dec 17, 2012

  • The IASB has publicly released a communiqué from a meeting of the Emerging Economies Group (EEG) held in Sao Paulo, Brazil on 4-5 December 2012. The main topic discussed at the meeting was transactions under common control, and the meeting also included brief discussions on hybrid financial instruments and impairment of financial assets.

  • Outcomes from the fourth AOSSG meeting

  • Dec 13, 2012

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqué from its meeting held in Kathmandu, Nepal on 28 and 29 November 2012. Highlights include plans for an ‘IFRS Centre of Excellence for a Developing Country’ (IFRS COEDC) in Nepal that would help Nepal to build its standard-setting capacity, the need for rapid finalisation of the IASB's project on 'bearer biological assets', and discussion on Islamic finance accounting issues.

  • Report from recent IFASS meeting released

  • Jun 04, 2012

  • The International Forum of Accounting Standards Setters (IFASS) met in Kuala Lumpur on 29-30 March 2012. A detailed report of proceedings at the meeting has now been released, outlining discussions on numerous topics such as the relationship between standard setters and the IASB, the IASB's work programme and processes, and a report on the possible adoption of IFRS in the United States noting a possible "step back".

  • United States and China reaffirm commitment to global standards

  • May 11, 2012

  • U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan held a meeting of the Economic Track of the Fourth U.S.-China Strategic and Economic Dialogue in Beijing on 4 May 2012. The Fact Sheet issued as a result of the meeting reaffirms a commitment to global accounting standards.

  • Private sector task force final report to G20

  • Oct 07, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published a final report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • Emerging Economies Group established

  • Aug 02, 2011

  • On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia.