China
- China is included in the IFAD GAAP Convergence Studies
- Accounting standard setter: China Accounting Standards Committee (CASC)
- Website: China Securities Regulatory Commission
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
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), which are substantially converged with IFRSs. All companies listed in China must apply ASBEs for the preparation of their financial statements. Application of IFRSs as issued by the IASB is not permitted. Further convergence with IFRSs is an ongoing project. Based on the Roadmap for Continuing Convergence of Chinese Accounting Standards for Business Enterprises with International Financial Reporting Standards released by the Ministry of Finance of China in April 2010, ASBEs will be revised and improved in accordance with the revision and improvement of IFRSs, in order to continue convergence.
Chinese companies whose securities trade on the Stock Exchange of Hong Kong may choose among IFRS, Hong Kong Financial Reporting Standards (HKFRS), and Chinese Accounting Standards (ASBE) for purposes of financial reporting to Hong Kong investors. However, those financial reports are in addition to the ASBE financial reports that the Chinese companies issue within mainland China.
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.
