Long an admirer of global standards, China is well on the way to integrating IFRS with its own accounting principles. Damian Wild reports on China's march to convergence
With all the focus on European and US efforts to put the international into international financial reporting standards, the reforms taking place in China have been pretty well overshadowed.
But all that changed last month when finance minister Jin Renqing announced that the world’s fastest-growing economy had achieved a ‘milestone’ by bringing its accounting and auditing practices in line with IFRS, moving China towards ‘a more modern economic model’ and helping investors make ‘more sensible decisions’.
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