PracticeConsultingChina moves towards IAS adoption

China moves towards IAS adoption

China's imminent entry into the World Trade Organisation is playing a key role in the country's adoption of international accounting standards.

Dr Chen Yugui, deputy secretary general of the Accounting Standards Committee in Beijing, said the country was committed to adopting IAS.

He added, the committee had published 13 of 30 exposure drafts with the remainder expected by 2004.

‘So many of our standards are similar to IAS so we are comparable with other markets,’ he said. ‘We are having to speed up the settings of standards to ensure the flow of accounting information is possible when we enter the WTO.’

The committee is being financed by the World Bank and is being advised by Big Five firm E&Y Da Hua.

Meanwhile Dr Yugui welcomed Sir David Tweedie’s appointment as chairman of the revamped International Accounting Standards Committee.

‘Sir David is productive and experienced and we are confident a lot will be achieved under him. We applaud the decision,’ Yugui said.

The European Commission has proposed that all listed EU companies align their accounting practices in accordance with the International Accounting Standards by 2004.

Links

EC pushes for IAS requirement by 2005

Tweedie recognises standards burden

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