Proposed Roadmap for IFRS convergence in China
26 Nov 2009
The Ministry of Finance (MOF) of the People's Republic of China has invited comment on an exposure draft of a Roadmap for Continuing and Full Convergence of the Chinese Accounting Standards for Business Enterprises (ASBE) with the International Financial Reporting Standards (IFRSs).
Comments are due by 30 November 2009. The current ASBE were adopted by the MOF in February 2006. The principles in the ASBE are substantially in line with IFRSs, with a few exceptions. Because the IASB plans to complete a number of major projects by 2011, the Roadmap targets 2011 as the year for completion of the convergence programme of the ASBE and IFRSs. As part of that programme, during 2010 the ASBE standards will be revised; the existing Implementation Guidance will be incorporated into them; and the existing Explanatory Guidance will be renamed Implementation Guidance with enhanced content and illustrative examples. Once completed, all large and medium-sized enterprises will be required to use the revised standards as of 2012.
