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

  • 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.

  • Private sector task force interim report to G-20

  • Jul 19, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G-20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • More than 70 jurisdictions apply ISAs

  • Jul 11, 2011

  • On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean (referred to as CReCER after its Spanish/Portuguese acronym).

  • A Driving Wind for IFRS from Asia-Oceania

  • Jun 08, 2011

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has published today "A Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 — A Driving Wind for IFRS from Asia-Oceania".

  • G20 finance ministers will watch convergence efforts

  • Apr 16, 2011

  • The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts.

  • China, Japan and Korean standard setters sign Memorandum of Understanding

  • Mar 01, 2011

  • On 25 January 2011, a meeting between the leaders of the standard setters of China, Japan and the Republic of Korea resulted in the signing of a Memorandum of Understanding (MoU), which seeks to strengthen and reinforce the communication and cooperation between the standard setters over the next several years.

  • Deloitte IFRS newsletters in Chinese

  • Jun 12, 2010

  • Deloitte China has published the Chinese translations of the following IAS Plus Update newsletters: (PDF 156k) Here is the (PDF 63k) (PDF 144k) Here is the (PDF 183k) (PDF 163k) Here is the (PDF 77k) Click here to go to the IAS Plus China Page. .

  • Deloitte IFRS newsletter in Chinese

  • Mar 29, 2010

  • Deloitte China has published the Chinese translation of the following IAS Plus Update newsletter: (PDF 144k) Here is the (PDF 69k) Click here to go to the IAS Plus China Page. .

  • Deloitte IFRS newsletter in Chinese

  • Feb 09, 2010

  • Deloitte China has published the Chinese translation of the following IAS Plus Update newsletter: (PDF 127k) Here is the (PDF 75k)

  • New IFRS e-Learning modules in Chinese

  • Dec 18, 2009

  • Six additional IFRS e-Learning modules have now been translated into Chinese and posted on Deloitte's CAS Plus website – bringing the total available modules to 25: IAS 12 Income Taxes IAS 18 Revenue IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IFRS 2 Share-based Payment A complete list of Deloitte's IFRS e-Learning modules in Chinese is Here.

  • Two Deloitte IFRS newsletters in Chinese

  • Dec 16, 2009

  • Deloitte China has published the Chinese translations of the following IAS Plus Update IFRS newsletters: - IFRIC 19 - Accounting for Debt for Equity Swaps (PDF 157k) Here is the (PDF 79k) - Amendment to IFRIC 14 - Prepayments of a Minimum Funding Requirement (PDF 154k) Here is the (PDF 60k) The Chinese newsletters are permanently available at Deloitte's CAS Plus Website and on our China Page.

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