China's rapid economic growth in the past two decades has amazed the rest of the world. With 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, increase 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 Touche Tohmatsu 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.

	IAS Plus Newsletters in Chinese Deloitte China has translated certain recent IAS Plus Special Edition Newsletters into Chinese.
	iGAAP 2008 Financial instruments: IAS 32, IAS 39 and IFRS 7 explained (4th edition) This publication is the authoritative guide for financial instruments accounting under IFRSs. The 2008 edition expands last year's edition with further interpretations, examples, discussions from the IASB and the IFRIC, and updates on comparisons of IFRSs with US GAAP for financial instruments. It also includes extracts from 2007 annual reports illustrating IFRS 7.
	Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27 This 164-page guide deals mainly with accounting for business combinations under IFRS 3 (Revised 2008). Where appropriate, it deals with related requirements of IAS 27 (Revised 2008) – particularly as regards the definition of control, accounting for non-controlling interests, and changes in ownership interests. Other aspects of IAS 27 (such as the requirements to prepare consolidated financial statements and detailed procedures for consolidation) are not addressed.
	IAS Plus With effect from Q3 2008, publication of the quarterly newsletter has been discontinued. We will continue to publish special edition newsletters summarising key IASB and IFRIC proposals and pronouncements. Read our latest: Amendments to IAS 39 & IFRS 7 - Reclassification of Financial Assets  Additional Exemptions Proposed for First-time Adopters (IFRS 1)  Proposed Amendments regarding Discontinued Operations (IFRS 5)  Certain recent IAS Plus Special Edition Newsletters have been translated into Chinese, click to learn more.