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News & Events
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How would tax be levied on fringe benefits?
5th November, 2014
Sometimes, the taxability of a fringe benefit will depend on the way it is structured. For example, if the company is providing the expatriate employee’s …
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Does China follow international accounting practice?
5th November, 2014
China does not follow international accounting policies and guidelines, although it has been moving in this direction for a while and with its accession to …
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Can a foreign holding company charge the China subsidiary for services rendered and what supporting documentation is required by the Chinese authorities?
5th November, 2014
China allows reasonable administrative expenses paid by a foreign enterprise in connection with its subsidiary in China to be charged to its subsidiary. Agreement is …
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What are the regulations governing accountants in China?
5th November, 2014
The Accounting profession in China is governed by the Law of the People’ s Republic of China on Certified Public Accountants (October 31, 1993). This …
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What is the background of China’s accounting and auditing systems?
5th November, 2014
With the founding of PRC in 1949 all resources of production in the country came under state ownership and basically the only form of economic …
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What developments have there been in China in recent years?
5th November, 2014
The rapid growth of the economy, the demand for foreign investment, the gradual maturity of China’s securities market and the accession into the WTO have …
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How are accounting standards set in China?
5th November, 2014
Unlike Western practice, setting authoritative accounting standards is not the responsibility of the Accounting Society of China (ASC) or the Chinese Institute of Certified Public …
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What is the difference between Western and China’s accounting standards?
5th November, 2014
In Western countries, although amendments and revisions to accounting practices or standards do not have legal binding power, they are formulated according to an existing …
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What are the forms and content financial statements in China?
5th November, 2014
Under the Accounting Laws, the Regulations on Financial Reporting of Enterprises and the ASBE, financial statements or reports should comprise a balance sheet, income statement, …
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What are the accounting concepts and bases employed in China’s accounting regulations?
5th November, 2014
The general accounting principles or concepts employed in China’s accounting regulations include accuracy, completeness, consistency, comparability, timeliness, materiality, accrual basis, matching, prudence, substance over form …
