China

Details

  • Service: Audit
  • Industry: German Practice
  • Type: Business and industry issue, Regulatory update
  • Date: 6/19/2012

Conversion to New PRC GAAP: Facing the Challenges (3rd Edition) 

New PRC GAAP (or Generally Accepted Accounting Principles) has been in existence since 15 February 2006, when the Ministry of Finance of the People’s Republic of China (MOF) first issued the Accounting Standards for Business Enterprises (ASBEs), and has been adopted by all A-share listed companies, some non-listed financial enterprises and large state-owned enterprises since 1 January 2007.

 

New PRC GAAP is expected to be adopted by all medium and large-sized enterprises. Once that target is achieved, the MOF will abolish all Industrial Accounting Rules, Accounting Regulations for Business Enterprises and other related rules.

 

To assist the enterprises that have not yet adopted New PRC GAAP in starting to plan their conversion, this publication first looks at which entities are expected to be affected, and subsequently discusses certain issues involved in first-time adoption of New PRC GAAP which need to be considered sooner rather than later.

Conversion to New PRC GAAP: Facing the Challenges
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