Topic PRC GAAP（New Accounting Standard for Enterprises issued by Ministry of Finance of P.R.C on Feb.15, 2006） IAS/IFRS US GAAP Intangible asset received as a capital contribution from an owner It should specify by the value regulated in investment contract or agreement, except that the value is not fair. Measured at fair value. Cost mode […]
Topic PRC GAAP（New Accounting Standard for Enterprises issued by Ministry of Finance of P.R.C on Feb.15, 2006） IAS/IFRS US GAAP Inventory Use of LIFO to calculate inventory delivery cost is prohibited. Inventory provisions confirmed in earlier stage can be reversed back when the price rises in the later stage. – Use of LIFO permitted. Reversal of […]
Topic PRC GAAP（New Accounting Standard for Enterprises issued by Ministry of Finance of P.R.C on Feb.15, 2006） IAS/IFRS US GAAP General approach Principle-based standards accompanied by detailed application guidance. Principle-based standards with limited application guidance. Same as IFRS Ability to make accounting choice Few choices. Some accounting choices allowed. Same as IFRS Financial year end date […]
US GAAP represents a set of accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States. In order to administer the sophisticated capital market over the past one hundred years, US GAAP has been developed to one of the most comprehensive GAAPs in the world and […]
International Financial Reporting Standards (“IFRS”), often known the original International Accounting Standards (“IAS”), are a set of accounting standards. They are issued by the International Accounting Standards Board (“IASB”), an independent, international organization supported by the professional accountancy bodies. The objective is to achieve uniformity and transparency in the accounting principles that are used by […]
Generally accepted accounting principles (“GAAP”) of the People’s Republic of China (“PRC”) come from a number of sources, majority of which represent the laws and regulations issued by the Ministry of Finance (“MOF”), and, listed company disclosures issued by the China Securities Regulatory Commission (“CSRC”).
