THE IFRS Foundation and the Chinese Ministry of Finance have formed a joint working group to explore ways and steps to advance the use of IFRS within China, especially for internationally-oriented Chinese companies.
The announcement forms part of a comprehensive update to the 2005 Beijing joint statement, which served as the basis for a decade of co-operation between the IASB and Chinese authorities, and led to Chinese Accounting Standards becoming substantially converged with IFRS Standards.
The 2015 joint statement identifies the vision of Chinese accounting standards becoming fully converged with IFRS, which is consistent with the G20-endorsed objective of a single set of high quality, global accounting standards; and encourages continued co-operation between the IASB and Chinese stakeholders in the future development of IFRS.
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