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China to promote accounting standard
(crienglish.com)
Updated: 2005-06-29 13:36 China will promote
international convergence of its accounting and auditing standard to help the
country to be more competitive in the global market and the society more
trustworthy.
Wang Jun, assistant minister of finance of China, said that China is to
"improve the Chinese systems of accounting and auditing standards and accelerate
their convergence with international standards in line with China's market ad
the overall trend of economic globalization".
Wang said China will draw up its own standards and find its own solutions
according to the real Chinese situation in areas where international standard
fail to fit.
He said that China's economic growth in the past 26 years has boosted the
reform and progress of the accountancy profession in the country.
China has published 48 standards covering technical standards, professional
ethics, quality control and etc since 1995. A total of 27 member firms and seven
liaison firms and 20 representative offices of international accounting firms
have been opened up in China.
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