Comparison of IFRSs and New Chinese Accounting Standards – in English
Published on:
11 Sep 2006
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On 15 February 2006, the Ministry of Finance of the People’s Republic of China (the “MoF”) formally announced the issuance of the long awaited Accounting Standards for Business Enterprises (“ASBEs”) which consist of a new Basic Standard and 38 Specific ASBEs.
The ASBEs cover nearly all of the topics under the current International Financial Reporting Standards (“IFRSs”) literature and will become mandatory for listed Chinese enterprises from 1 January 2007. Other Chinese enterprises are also encouraged to apply the ASBEs. These standards are substantially in line with IFRSs, except for certain modifications which reflect China’s unique circumstances and environment.
