CHINA ADOPTS GLOBAL ACCOUNTING STANDARDS, BUT SECTOR NEEDS ROOT AND BRANCH REFORM
November 1st, 2010
BY MARK GODFREY
CHINA'S ministry of finance continues to emphasise its achievements in moving towards a principles-based accounting regime. Liu Yuting, director general of the accounting regulatory department at the ministry underscored his commitment to IFRS this summer by issuing a 'Roadmap for Continuing Convergence of the Chinese Accounting Standards for Business Enterprises with the International Financial Reporting Standards'. The issue is urgent for China, which wants to see its corporations build their global presence, a task made difficult by ...
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