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Insights e-Newsletter

LehmanBrown Business Guides: Accounting and Bookkeeping in China

With China’s fast evolving accounting sector, it can prove difficult for many firms to keep on top of new legislation and accounting standards.

Accounting & Bookkeeping standards differ from one country to another, even though most countries Generally Applied Accounting Principles (“GAAP”) have been modified to be in compliance or similar to International Financial Reporting Standards (“IFRS”). However they are still many countries that operate within their own GAAP regulations. China’s Accounting Standards (known as “CAS” or “PRC GAAP”) have remained largely autonomous from globally recognized principles and thus providing cross-border businesses and multi-national (‘MNCs”) businesses with a challenge when ensuring compliance to the principles used in their Head office jurisdiction.

For example, there are different rules for impairment of assets, inventory costs & reversal, capitalization of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on your business ratios, profitability and tax burden.

This extensive handbook will provide an extensive guide to “Accounting & Bookkeeping Practices in China” and raise awareness of the necessary compliance procedures for your business.

It covers the following key areas of understanding:

  • Development of the Chinese Accounting System
  • Differences between CAS / PRC GAAP & IFRS & US GAAP
  • Tax Filing
  • Fapiaos

How Can LehmanBrown Support?

At LehmanBrown, with our years of experience serving cross-border companies and FIEs, we are familiar with IFRS, US GAAP and CAS and others individual countries GAAP. Outsourcing your accounting and bookkeeping to LehmanBrown gives you access to our professional and long standing accounting team. We enable you to save money through an efficient and specialized service that is fast, accurate, clear and concise. We can offer a flexible, tailor-made solution to any developing issue – providing the very foundations on which to grow a successful business.

LehmanBrown can assist you with your Accounting & Bookkeeping, Outsourcing Services, Budgeting & Forecasting, Financial Statement Preparation and Head Office Reporting.

If you would like to download the guide, please download here.

To make an enquiry, please contact us at enquiries@lehmanbrown.com