Chinese companies getting it wrong on IAS

Chinese companies getting it wrong on IAS

Accounts expected to be littered with errors

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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource