Latest Enterprise Accounting Standards

Author: Legal Society Regulatory Center
Publisher:
Publish Date: 2007-01-01
Features: The Chinese Accounting Standards System consists of three parts: Basic Standards, Specific Standards, and Application Guides. The Basic Standards serve as the overarching framework in the entire system; the Specific Standards provide detailed regulations for specific transactions or reports based on the principles of the Basic Standards; and the Application Guides offer operational guidance for the Specific Standards. The released Chinese Accounting Standards System includes one Basic Standard, 38 Specific Standards, and application guides related to the Specific Standards. Chinese Accounting Standards: Strengthened the new concept of providing decision-useful accounting information for investors and the public; achieved convergence with international accounting practices; first established a comprehensive and integrated system; and provided valuable insights for improving International Financial Reporting Standards.