IAS required for all IPOs, secondary offerings in China

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08 Feb 2002

The China Securities Regulatory Commission has announced that, for all initial public offerings of 'A Shares' (shares that can be purchased by Chinese investors) filed after 1 April 2002 and all secondary offerings by PRC listed companies after 1 January 2002, IAS financial statements must be published, and they must be audited by an international accounting firm.

These would supplement financial statements prepared using Chinese GAAP. It is estimated that the total number of such IAS audits will be around 400 per year. Companies issuing 'B Shares' (shares available for purchase by foreign investors) already are required to publish IAS financial statements at the time of an offering and thereafter.

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