Chinese companies getting it wrong on IAS

Mistakes are expected to be strewn across Chinese company accounts next year
because of the misapplication of new global reporting rules, according to a
trustee of the International Accounting Standards Board,

Marvin Cheung, an IASB supervisor and member of Hong Kong’s executive
council, said there would ‘be mistakes and gaps in year one’.

He said a significant proportion of companies and auditors will probably
apply some aspect of the new rules incorrectly.

But he also said it would be an ‘improvement on what happened before’, the FT
reported.

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