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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.