China has agreed to adopt new national accounting standards to bring them into line with international rules following a decade-long review of the local industry and its practices.
Lou Jiwei, the vice-finance minister, said in Beijing on Wednesday that China would adopt “one basic accounting standard” based on the so-called International Financial Reporting Standards now used in almost 100 countries including the EU member states.
China’s decision to bring its accounting standards largely into line with global norms is further evidence of the government’s determination to internationalise its economy and business practices.
See full Article (paid registration required).
Posts
