China to explore further use of IFRS

The IFRS Foundation and the Chinese Ministry of Finance today announced the formation of a joint working group to explore ways and steps to advance the use of IFRS Standards within China, especially for internationally oriented Chinese companies.

The announcement forms part of a comprehensive update to the 2005 Beijing Joint Statement (the “2005 Statement”). The 2005 Statement served as the basis for a decade of co-operation between the International Accounting Standards Board (IASB) and Chinese authorities, and led to Chinese Accounting Standards becoming substantially converged with IFRS Standards.

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source: ifrs.org

 

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