The Chinese Ministry announced the adoption of new Chinese accounting standards system that brings about substantial convergence between Chinese standards and International Financial Reporting Standards (IFRSs). The Chinese Ministry of Finance affirmed China's commitment to convergence with IFRSs.
“The benefits of these accounting reforms for China are clear”, Sir David Tweedie, chairman of the IASB said. “The new Chinese standards will encourage investor confidence and will be an additional spur for investment from both domestic and foreign sources of capital”
“I do not see this as the end of the efforts to achieve convergence between Chinese accounting standards and IFRSs”, he added. “In the coming months and years, the IASB will intensify its convergence efforts in China.
Statement Tweedie
© IASB - International Accounting Standards Board
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