China does not directly use International Financial Reporting Standards (IFRS) for domestic reporting but has substantially converged its own system, the Chinese Accounting Standards for Business Enterprises (CAS or ASBEs), with IFRS. While, roughly 90–95% similar, differences remain, and public companies in mainland China must use CAS, not IFRS.
Chinese companies representing more than 30 per cent of the total market capitalisation of the domestic market produce IFRS-compliant financial statements as a result of their dual listings in Hong Kong and other international markets. Foreign companies do not trade currently in Chinese securities markets.
Yonyou is designed with Chinese accounting standards and practices in mind, facilitating the preparation of China GAAP compliant tax reports. Unlike Kingdee which is catered to smaller businesses, Yonyou is more suitable for medium to large size businesses. Their software has more complex enterprise-level functions.
Chinese national standards, known as GB standards (for Guobiao or 国标), form the basis of the system. They may be mandatory, notably when used to enforce technical regulations or guarantee safety, or voluntary, when used as a reference for good practice.
The most notable difference between Chinese GAAP and IFRS is that in line with the Chinese Accounting Standards companies can only use the historical cost method to valuate fixed- and intangible assets, whereas IFRS allows the use of both the historical cost method and the possibility of re-evaluating the asset(s).
The Chinese Generally Accepted Accounting Principles (China-GAAP) are similar to the International Financial Reporting Standards (IFRS), but differ from the American accounting system (US-GAAP). Most foreign companies are unaware of these differences, and are, therefore, running the risk of non-compliance.
Baidu is the most used search engine in China, controlling 76.05 percent of China's market share. The number of Internet users in China had reached 705 million by the end of 2015, according to a report by the internetlivestats.com.
In India, local accounting standards are converged with IFRS instead of the adoption of IFRS word to word. The responsibility of convergence with IFRS is given to the local government, accounting, and regulatory bodies like ICAI.
Since 2012, IFRS have increasingly been adopted in Russia, and they are mandatory for consolidated financial statements, while standalone financial statements must be prepared using RAS. IFRS statements are also required for domestic public companies. IFRS are generally deemed more relevant to the needs of investors.
It is well-known that the UAE has not only adopted the IFRS standards, but it has made it mandatory for companies or businesses to prepare financial statements with IFRS. Obviously, this big change in the financial and business sector must be in good alignment with the UAE's laws and regulations to be adopted rapidly.
The accounting standards of Hong Kong are known as the Hong Kong Financial Reporting Standards (HKFRS), which have been fully converged with the International Financial Reporting Standards (IFRS).
UK accounting giant PwC faces six-month China ban
The Big Four accountancy firm is also being fined more than $62m (£47m) after Chinese authorities said it had helped cover up fraud at Evergrande. The real estate firm collapsed in January under a mountain of debt.
The 6-year rule is a regulatory framework designed to determine the tax liability of foreign nationals living in China as the host country. It primarily focuses on the length of stay within a given period, typically six years, to ascertain an individual's tax liability in China.
Google has a difficult history in China. The company pulled its search engine out of China in 2010 because of government censorship and what the company said was a cyberattack from Chinese hackers trying to gain access to human rights activists' email accounts.
The U.S., China, Egypt, Bolivia, Guinea-Bissau, Macao and Niger don't allow their domestic publicly traded companies to use International Financial Reporting Standards.
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If you are based in China you can qualify as an ICAEW Chartered Accountant as a university graduate. Many students start their journey by studying the ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB), before going on to complete the ACA qualification.
Rationale. The Chinese word for "four" (四, pinyin: sì, jyutping: sei3) sounds quite similar to the word for "death" (死, pinyin: sǐ, jyutping: sei2) in many varieties of Chinese.
Winnie the Pooh is censored in China because internet users created memes comparing the plump bear to China's President Xi Jinping, turning the character into a symbol of political satire and mockery that challenges the president's authority and image, leading authorities to ban images, discussions, and even films featuring the bear on social media and in theaters.
Following the release of their 2025 third-quarter financial reports, China's “big three” airline groups (Air China, China Eastern and China Southern) have delivered a robust post-pandemic performance.