What are the differences between the Chinese Accounting Standard (CAS) and the International Financial Reporting Standard?

Despite the ongoing convergence towards international standards, one must be aware of the following differences:

• Choosing a valuation method; China Accounting Standards (CAS) only allows fixed assets to be valued according to their historical costs
• Detailed rules in the CAS; in some cases, as for example mergers & acquisitions, the CAS stipulates  more rules than the IFS
• Detailed rules in the IFS; conversely for uncommon situations in China, such as employee benefits for multinationals, the company must consult the Ministry of Finance to translate this transaction to the CAS
• Delayed implementation of International Financial Reporting Standards (IFRS) updates by the Chinese Ministry of Finance