Bridging the Accounting Standards Gap in China

Given the differences that exist in China between Chinese GAAP and International Accounting Standards (IAS), in order to satisfy the requirements of the Chinese authorities and the requirements of the overseas head office, foreign enterprises based here are typically required to prepare two sets of financial statements. This article will help foreign invested enterprises (FIEs) in China to understand the importance of bridging the gap between Chinese GAAP and IAS for management reporting purposes.

TAX NEWS Changes to tax filing administration in Beijing

New regulations on Import and Export tariffs

Relaxation of foreign Investment in the trading Sector

FIEs report record profits in Shanghai

Foreign financial institutions allowed direct registration in Shanghai

Subscribe: Shanghai Business Review

TAX NEWS Individual Income Tax filing procedures in Beijing

TAX NEWS Individual Income Tax issues for Hong Kong residents in Hong Kong and China

The Changing Role of CFOs and Accountants in China

Accountants in China have something of a tough time, often perceived by senior management as expensive cost centres with little real value to add to the future growth of a company. Most of the local accounting firms focus on audit services, which, whilst teaching a good grounding in compliance rules and risk identification, do not necessarily teach value-adding or strategic thinking. Accountants in China therefore need to try and move towards the role of being a member of decision-making groups within an organisation.

Full Trading Rights for Foreign Investors

Chinese Multinationals to operate FOREX funds overseas

11 new financial and trade laws take effect

Is your Rep Office Compliant? Paying too much tax?

LehmanBrown's views on accounting and foreign business in China

New Development in China's Foreign Trading Policy

Revised Foreign Trade Law to take Effect

Corporate Bankruptcy Law Draft Submitted


New Transfer Pricing Development in China

China's tax system has experienced great changes in 1994, with rapid economic development creating a necessity for the tax system to grow and adapt, and new laws are continually being implemented to replace outdated laws. According to Commissioner of the State Administration of Taxation, one of the main tasks for the 10th five-year plan (2001-2005) is to carry out further reform on the current tax system. It is expected that the 11th five-year plan will continue along the same lines. Additionally, China?|s accession to WTO required changes in areas such as import duties and its changes such as these, which are in turn driving other changes in order to maintain revenue balance. With these China has been improving its collection and management systems and regulations in relation to these.

Adjusted export value-added tax refund

Procedures for Chinese investment abroad

Compliance, Compliance and more Compliance...keeps the China authorities away!

Setting up a business in China involves a lot of paperwork, as anyone who has already done this will know. This though is the easy bit, maintaining the legal entity you have set up starts from the moment you receive your business license. There is no dormant status for companies in China, once alive they are required to prepare accounts, complete annual audits and file for taxes, even if nil filing when loss making.