Study of China's adoption of IFRS-based standards
30 Jun 2010
The Institute of Chartered Accountants of Scotland has published Chinese Accounting Reform: Towards a Principles-based Global Regime.
- 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. |