China Wednesday announced its introduction of revised corporate
accounting standards and registered accountants standards as of
Jan.1, 2007 in a bid to meet the needs of its market economy.
Jin
Renqing, minister of Finance, said the standards, including 39
ones for corporate accounting and 48 for auditing by registered
accountants.
Addressing a press conference in Beijing, he said the standards
for corporate accounting will be applied among listed firms as of
Jan. 1, 2007, while the standards for auditing will be used by
accountants' offices on the Chinese mainland. The minister said
China will work hard to implement the standards in the coming
years.
Lou Jiwei, vice-finance minister, said that the implementation
of the new standards will result in release of more useful
information about companies involved for investors and the
public.
He said the new standards are getting much closer to
international practices.
Li Xiaoxue, an official with the China
Securities Regulatory Commission, said the standards will be
useful in improving supervision of the corporate accounting and
facilitating the growth of the country's capital market.
(Xinhua News Agency February 16, 2006)
