Financial reporting in Mainland China
China's rapid economic growth in the past decades has amazed the rest of the world. Since China's accession to the WTO in December 2001, business activities with and within China have been further expanding and China's influence on the world's economy continues to increase.
China fully understands that a sound financial reporting system plays a key role in the process of economic development. The Chinese Ministry of Finance (MOF), which has the responsibility for regulating accounting matters in China, has set itself the objectives of fostering investors' confidence in financial information, increasing transparency of financial reporting, and harmonising Chinese national accounting standards with International Financial Reporting Standards (IFRSs), so as to reduce the costs of raising capital by enterprises and alleviate the risks of financial crisis.
China has already made significant progress in harmonising Chinese accounting standards with IFRSs. In this process, Deloitte has been engaged as consultants to help the MOF develop a body of Chinese Accounting Standards in line with accounting and financial reporting practice used internationally.
Deloitte CAS Plus website
Visit our Chinese language website devoted to Chinese Accounting Standards (CASs)
The CAS Plus website provides comprehensive information about the China accounting and international accounting development. It is aimed at accounting professionals, businesses, financial analysts, standard-setters and regulators and accounting educators and students. The website provides a broad array of free resources:
- news updates
- China accounting standards and regulations
- detailed summaries of all International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and Interpretations
- IFRS Model Financial Statements and Disclosure Checklist
- Deloitte publications
- comparisons of PRC GAAP and IFRSs
- free E-learning modules for each IAS and IFRS
- links to China and overseas related websites and Deloitte websites.
Stay updated on recent developments of accounting in Mainland China and internationally
These financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended 31 December 2014 by an entity that is not a first-time adopter of IFRSs.
This publication provides an update of developments in IFRSs through the first quarter of 2013.
We publish IFRS in Focus newsletters at the time of release of new and revised Standards and Interpretations, Exposure Drafts and discussion documents, including summaries of the documents and consideration of the principal amendments/proposals.
Concise and informative publications providing insights into the potential impacts of recent pronouncements in particular industries, focusing on the key practical implications to be considered
Examining matters discussed at the IASB's IFRS Interpretations Committee (IFRIC)