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MOF Issues Guidance on Accounting for VAT Reform

The Ministry of Finance issued recently guidance to address the accounting for VAT Reform pilot scheme.

 

PwC Pays Damage to Investors of Waigaoqiao

PwC, the Big Four Accounting firm, has agreed to pay 3,500 yuan to investors of Shanghai Waigaoqiao Free Trade Zone Development Corporation, a listed company and PwC’s auditing client, to settle the case of misstatement of Waigaoqiao’s annual report. This movement made PwC the first Big Four firm in China to pay damage to investors of its auditing clients.

 

VAT Reform Pilot Scheme to be Expanded

The State Council has approved the VAT Reform pilot scheme to be gradually expanded from the original pilot area of Shanghai to Beijing, Tianjin, Jiangsu, Zhejiang, Anhui, Fujian, Hubei, Guangdong, Xiamen and Shenzhen. The pilot areas will be continually expanded in next year and certain industries will be chosen to enter the nationwide pilot scheme.

 

Record High Companies Report Disappointing Half Year Results

Among the 1,491 listed companies which have reported their half year results, there are as high as 669 of them reported unsatisfactory results, creating a record high. These companies are mainly concentrated in ferrous metal, mining, non-ferrous metal and chemical engineering industries.

 

Note:

“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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