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A More Influential Chinese Voice at International Standard Setter

The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standard Board (IASB), announced recently the appointment of Yong Li, President of the Chinese Institute of Certified Public Accountants (CICPA) and a vice Minister to the Ministry of Finance of the People’s Republic of China, as a Trustee; the appointment of Yang Min, Director General of Accounting Regulatory Department of the Ministry of Finance of the People’s Republic of China, and Shizhong Huang, Vice President and Professor of Xiamen National Accounting Institute, as members of the IFRS Advisory Council; the reappointment of Zhang Wei-Guo, former Chief Accountant and the Director General of the Department of International Affairs at the China Securities Regulatory Commission (CSRC), as a member of the IASB.


A 40 Million Yuan Mistake

Qinhai Gelatin stated in its 2011 annual report that it lost more than 15 million yuan in 2011, which decreased 2846.90% from the previous year. However, the company had projected in October that its net earning would be 28 million yuan, which would be an increased of 4952.33%. The company attributed the performance deteriorate to its accountants’ miscomprehension about accounting standards in regards to recognize investment income from sale of subsidiaries’ equity.


Maintenance Fee of VAT Systems Is Deductable

The Ministry of Finance and the State Administration of Taxation jointly issued a circular stipulating that from 1 December 2011, VAT taxpayers who purchase the dedicated equipment of VAT system for the first time can claim tax credit from the purchasing payment.



“China Accounting News Weekly” is established on August 5, 2005. It selects important accounting news weekly to convenient the  people can acknowledge the developments quickly. From its launching, thousands of people read it every week.
In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu.

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