It addresses Chinese Accounting Standards: The Process of International Harmonization.

The proposal addresses concerns about the increase in the level of detail and complexity in accounting standards. Principles-based standards would focus on establishing general principles derived from the conceptual framework, reflecting the recognition, measurement, and reporting requirements for the transactions covered by the standards. The standards would provide few, if any, exceptions to the general principles and would limit additional guidance for applying the general principles to typical transactions, encouraging professional judgment in applying the general principles to other transactions specific to an entity or industry. The FASB will publish the proposal with a 75-day comment period. The FASB also plans to hold a public roundtable discussion with respondents to the proposal on 16 December 2002.

This 32-page booklet identifies and explains 108 differences between International Financial Reporting Standards and Chinese GAAP. It also includes a comprehensive foreword that reviews the development of financial reporting standards in China. Click to (PDF 346k). We are pleased to grant permission to accounting educators and students to make copies for educational use. In July, we published a similar comparison of IFRS and United States GAAP, which can be downloaded from our Publications Page.

EFRAG develops a consensus view of a broad range of European organisations with an interest in financial reporting and submits that view to IASB and to the European Commission. Our EFRAG Page includes background information about EFRAG and links to the EFRAG comment letters, including EFRAG's recent comment letter on IASB's Improvements Exposure Draft.

The study reports the experience of 175 companies in applying FAS 133. Because the provisions of FAS 133 are very similar to those of IAS 39, the study should be of interest to companies that apply IAS 39. Click here to Download the Study (PDF 48k). The study is an update of a similar 2001 study which can be Downloaded Here (PDF 287k).

The book is nearly 250 pages in length and contains:

• 164 Questions and Answers,
• 151 Examples (many with journal entries),
• 52 US GAAP Comparisons,
• Comprehensive summaries of IAS 39 and its companion disclosure standard, IAS 32.

These are linked back to the IAS 32 and IAS 39 paragraphs.

When it was originally issued late last year, we restricted distribution of the book to staff and clients. In response to many requests, we are now making it available without charge to all. Click to (PDF 1,933k). Because the file is large, if you are using a modem you are likely to see a white screen for a minute or two -- be patient. Click here for More Information about the book.