EC to approve Chinese audit standards
Charlie McCreevy says standards will be approved by the end of next year, allowing Chinese companies to list in Europe without filing IFRS
Charlie McCreevy says standards will be approved by the end of next year, allowing Chinese companies to list in Europe without filing IFRS
Charlie McCreevy has announced that the European Commission is to approve
Chinese accounting standards (CAS) in line with those used by EU countries by
the end of next year.
The Internal Markets Commissioner made the announcement at a press conference
in China yesterday afternoon, during a two-day visit to agree a timetable for
approval of Chinese standards to be equivalent to IFRS, the
China
Daily reported.
McCreevy said that if Chinese standards were approved, then there would be no
need for Chinese companies listed in Europe to change over to IFRS.
The country’s adoption of CAS in January included substantial progress in
convergence with IFRS and international auditing standards.
Speaking with Chinese vice minister of finance, Wang Jun, McCreevy stressed
the EC’s support for convergence between CAS and IFRS, and praised the country’s
convergence efforts. He also agreed that consistent application of standards,
and proper enforcement, education and training levels were needed.
Further reading:
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...
View articleThe IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...
View articleKPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...
View articlePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View article