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The EU is to work in collaboration with China on the agreement of an accounting standards decision, seeking to ascertain a final decision as to the extent to which Chinese and EU accounting standards are equivalent. Read original article.
The two groups will seek to come to conclusion by mid-2008 in a development that is expected to have tangible benefits for accountancy industry members across Europe and in China alike.
To this end it has been agreed that joint working groups will be established. Previously, a monitoring session on accounting came to the conclusion that China and the EU will continue to cooperate on policy and technical issues.
In addition, the EU has welcomed China's adoption of 39 new accountancy standards in a hope to achieve convergence with International Financial Reporting Standards (IFRS), which have been adopted by the EU.
Should China meet these standards, it would become the fourth country after the US, Japan and Canada to have equivalent accounting standards to the EU, reports Xinhua.
In related news, Israel, though in support of IFRS, could be facing complications in light of current Israeli accounting standards, according to Haaretz.
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