Have a PRC GAAP/IFRS Question
Can anyone confirm if the PRC has officially transitioned to full IFRS GAAP reporting and if so, what was the effective date? Are companies mandated to report in IFRS GAAP or can they still report in PRC GAAP up to a certain point?
Thanks for any clarification any of you can provide.
Also, if you have any resources you might refer me to, that would be great.
I have recently being looking into the IFRS status of PRC, including a recent visit there. Unfortunately at this time there does not appear to be a straight-forward answer. My understanding (from some good sources) is:
1 – Listed entities mandatory from 2007, although I understand this is via “new CAS” as opposed to direct IFRS as pronounced by the IASB. The “new CAS” have some amendments to the IASB issued versions. (if you google “new CAS” you should find at least one reasonable publication on the standards in english);
2 – No official announcement, but I’m told that someone from the MOF commented recently at a professional conference that they may move to make the “new CAS” mandatory for medium and large unlisted entities from 1 January 2009. I have heard this independently from two good sources. Obtaining a definition of medium/large was also challenging.
3 – I gather that there is also some existing exemption(s) that would apply to foreign controlled entities (although I don’t imagine it would extend to listed entiites – but this is a pure guess on my part);
4 – I believe there is also at least one Province that has already independently mandated the new CAS for entities operating in its region.
If you are looking at this from a business impacts perspective, I would recommend you obtain professional advice on your own entity’s circumstances – even these resources may struggle to provide you ready accurate information.
I hope this is some help.
If anyone else on this List has some additional clarifying information then I would appreciate your response.
I don’t think so, see this link
Hello,I am a B com graduate interested to know about IFRS. I
heard about accounting standards. now i am working as
an accountant, but i want to know more about corproate
reporting. Pls help me to select a good Course in this
http://www.asc.gov.sg/Look in other topics on IFRSlist.com for links to potential learning
material but there is no on line learning site, above link is a reference to
all IFRS, they are easy ro read (except for the financial instruments