China to adopt IFRS
Ten years on, China decides to adopt international standards
Ten years on, China decides to adopt international standards
Jin Renqing, China’s finance minister, has announced at a glittering ceremony
in Beijing, that the country will to bring accounting and auditing practices in
line with international financial reporting standards.
In a speech, he said: ‘This is a milestone for the accounting and audit
industry in China which will move the country towards a more modern economic
model and help investors make more sensible decisions.’
In doing so, China will become the 74th country to adopt IFRS, the FT
reported.
Sir David Tweedie, chairman of the International Accounting Standards Board,
said the decision would ‘encourage investor confidence in China’s capital
markets and would be an additional spur for investment from both domestic and
foreign sources’.
All listed companies in China must comply with IFRS from 1 January 2007.