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.
Certain recent IFRS in Focus newsletters have been translated into Chinese, learn more.