China expands the use of its new IFRS-based standards

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14 Jul 2007

On 16 February 2006, the Ministry of Finance (MOF) of the People's Republic of China announced that it had adopted a new basic standard and 38 new Chinese Accounting Standards (CASs) that are substantially in line with International Financial Reporting Standards, with a few exceptions.

The MOF required all listed companies to start using the new CASs in their 2007 annual financial statements. The MOF has now announced that use of the new CASs will be expanded to all state-owned enterprises controlled by the Chinese central government starting in 2008, and then to all large and medium-sized companies in China starting in 2009.

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