Further guidance on new Chinese Accounting Standards

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03 May 2007

In our news story on 21 November 2006, we reported that the Ministry of Finance of China issued a 263-page book of implementation guidance on 32 of the 38 new Chinese Accounting Standards* (CASs) that were adopted by the China Accounting Standards Committee (CASC) in February 2006, effective for 2007 financial reports.

The new CASs cover nearly all of the topics under the current IFRSs and, with a few exceptions, are substantially in line with IFRSs. The new CASs must be used by all Chinese listed companies and may be used by unlisted Chinese companies. The MOF has recently published additional guidance on the CASs as follows:

    • A 622-page book of Interpretations of New Chinese Accounting Standards, in Chinese. This book is not available for downloading on the CASC website but may be purchased in bookstores in China.
    • Questions and Answers Set #1 (PDF 163k, Chinese language)

The November 2006 MOF implementation guidance is available in Chinese – Click to Download in ZIP Format (4,009k ZIP). Alternatively, all of the CASs and guidance can be downloaded in Chinese from the official website of China Accounting Standards Committee.

*Note that when the 38 new standards were adopted in February 2006, they were generally referred to in English as Accounting Standards for Business Enterprises, or ASBEs. Because of possible confusion of that term with some older pronouncements, the MOF now refers to the 38 new standards as Chinese Accounting Standards, or CASs.

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