China-IFRS-Profile

China-IFRS-Profile - IFRS APPLICATION AROUND THE WORLD...

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Copyright © IFRS Foundation 1 IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: People’s Republic of China Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the information in this Profile, and you should obtain specific professional advice to help you in making any decisions or in taking any action. If you believe that the information has changed or is incorrect, please contact us at [email protected] . This Profile provides information about the application of IFRS Standards in the People’s Republic of China. IFRS Standards are developed and issued in the public interest by the International Accounting Standards Board (the Board). The Board is the standard-setting body of the IFRS® Foundation, an independent, private sector, not-for-profit organisation. This Profile has been prepared by the IFRS Foundation based on information from various sources. The starting point was the answers provided by standard-setting and other relevant bodies in response to a survey that the Foundation conducted on the application of IFRS Standards around the world between August and December 2012. The Foundation drafted the profile and invited the respondents to the survey and others (including regulators and international audit firms) to review the drafts, and their comments are reflected. The purpose of the IFRS Foundation’s Jurisdictional Profiles is to illustrate the extent of implementation of IFRS Standards across the globe only. The Profiles do not reflect the intellectual property licensing status of IFRS Standards within any given jurisdiction. The IFRS Standards are protected by copyright and are subject to different licensing arrangements according to jurisdiction. For further information, please contact [email protected] . Profile last updated: 16 June 2016 PARTICIPANT IN THE IFRS FOUNDATION SURVEY ON APPLICATION OF IFRS STANDARDS Organisation Accounting Regulatory Department, Ministry of Finance, People’s Republic of China Note added by IFRS Foundation: As Special Administrative Regions of the People’s Republic of China, both Hong Kong and Macao adopt their own financial reporting standards. Accordingly, there are separate jurisdictional profiles for Hong Kong and Macao. Role of the organisation The Accounting Regulatory Department of the Ministry of Finance of China is responsible for the setting of accounting standards for business enterprises, among other things, ie it is the official standard-setting body in the People’s Republic of China. Website http://www.mof.gov.cn/ Email contact [email protected]
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Copyright © IFRS Foundation 2 COMMITMENT TO GLOBAL FINANCIAL REPORTING STANDARDS Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
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