New accounting standard to be adopted
13 July 2007
China's central-level state-owned enterprises (SOEs) and large to mid-scale companies will all adopt China's new accounting standards that comply with the International Financial Reporting Standards (IFRS) by the end of 2009, CBN reported (in Chinese). Speaking at an international accounting conference in Beijing this week, Liu Yuting, director of the accounting department of the Ministry of Finance (MOF), said central-level SOEs would comply with the new regulations by 2008, and all large and medium-sized companies would follow suit a year later. "The MOF will also speed up the construction of an internal control system on accounting to ensure the credibility of accounting information released by the enterprises," said Liu.
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