5th December 2016
With China's fast evolving accounting sector, it can prove difficult for many firms to keep on top of new legislation and accounting standards. MSI's Chinese accounting member LehmanBrown provides an interesting guide to Accounting and Bookkeeping in China.
Accounting & Bookkeeping standards differ from one country to another, even though most countries Generally Applied Accounting Principles (“GAAP”) have been modified to be in compliance or similar to International Financial Reporting Standards (“IFRS”). However there are still many countries that operate within their own GAAP regulations. China’s Accounting Standards (known as “CAS” or “PRC GAAP”) have remained largely autonomous from globally recognised principles and thus provide cross-border businesses and multi-nationals (‘MNCs”) with a challenge when ensuring compliance to the principles used in their Head Office jurisdiction.
For example, there are different rules for impairment of assets, inventory costs & reversal, capitalisation of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on business ratios, profitability and tax burden.
This extensive handbook will provide a guide to “Accounting & Bookkeeping Practices in China” and raise awareness of the necessary compliance procedures for businesses. It covers the following key areas of understanding:
Download the Accounting and Bookkeeping guide in China
How Can LehmanBrown Support?
Outsourcing your accounting and bookkeeping to LehmanBrown gives you access to the firm’s professional and long standing accounting team. LehmanBrown enable you to save money through an efficient and specialised service that is fast, accurate, clear and concise. The firm can offer a flexible, tailor-made solution to any developing issue – providing the very foundations on which to grow a successful business.
LehmanBrown can assist you with your Accounting & Bookkeeping, Outsourcing Services, Budgeting & Forecasting, Financial Statement Preparation and Head Office Reporting.
LehmanBrown International Accountants is a China-focused accounting, taxation and business advisory firm, operating in Beijing, Shanghai and Shenzhen.
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