Progress toward IFRS convergence in China
14 Nov 2005
Representatives of the China Accounting Standards Committee (CASC) of the People's Republic of China and the International Accounting Standards Board (IASB) met in Beijing on 7 and 8 November 2005 to discuss a range of issues relating to the convergence of Chinese Accounting Standards (CASs) with International Financial Reporting Standards (IFRSs). At the conclusion of the meeting, the two delegations released a joint statement setting out key points of agreement, including the following: China stated that convergence is one of the fundamental goals of its standard-setting programme. China affirmed its intention that an enterprise applying CASs should produce financial statements that are the same as those of an enterprise that applies IFRSs. The IASB delegation acknowledged that convergence to IFRSs will take time, and how to converge with IFRSs is a matter for China to determine. During the past year, China has issued 21 Exposure Drafts.
- Press Release (PDF 31k)
- Joint Statement (PDF 11k)