Study of China's adoption of IFRS-based standards

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30 Jun 2010

The Institute of Chartered Accountants of Scotland has published Chinese Accounting Reform: Towards a Principles-based Global Regime.

This is the report of a study of China's adoption of IFRS-based accounting standards. The study:
  • Describes China's new accounting regime
  • Offers perspectives on a principles-based approach in China
  • Describes the accounting profession in China
  • Explains how standards are enforced in China
  • Examines the future of Chinese accounting standards and IFRSs

Our most striking finding is the strength of official support and commitment to principles-based accounting, led by the Ministry of Finance. It is unlikely that China will give up all accounting sovereignty in the near future. But China's efforts in implementing an IFRS-based regime give cause to hope that the goal of a single accounting language is truly within reach.

The study is copyright Institute of Chartered Accountants of Scotland, and we are grateful to the ICAS for giving us permission to post it on IAS Plus. Click here to download Chinese Accounting Reform: Towards a Principles-based Global Regime (PDF 649k).

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