Comparison of IFRSs and New Chinese Accounting Standards
A comparison with current PRC GAAP and IFRS
On 15 February 2006, China's Ministry of Finance issued a set of new Chinese Accounting Standards that are substantially in line with IFRSs and will come into effect on 1 January 2007. Listed companies must adequately prepare themselves for the adoption of these new standards that will bring significant changes to their existing financial reporting and corporate accounting system.
Including a foreword by IASB Chairman Sir David Tweedie, this publication compares IFRSs with the current Chinese Accounting Standards effective for 2006 and earlier, and the new standards that will be effective in 2007 for listed companies.