How has China's accounting regulations developed over recent years?
To cope with the rapid growth of the country's economy and to facilitate a better understanding of the financial statements of a PRC enterprise, the PRC government has made significant changes and revisions to its accounting regulations. The Ministry of Finance (MOF) has recently promulgated new or revised accounting regulations.
The Accounting Systems for Business Enterprises (ASBE) known to have been prepared after studying the accounting standards, guidelines and practices issued by the International Federation of Accountant (IFAC), International Accounting Standards Board (IASB) and other accounting bodies, are more in line with the IAS, and are similar to each other, although there are small differences regarding disclosure requirements and some accounting issues.
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