ASIAPEDIA
Q&A
What are the expectations for the Generally Accepted Accounting Practices (GAAP) in China?

What are the expectations for the Generally Accepted Accounting Practices (GAAP) in China?
The 2014 Generally Accepted Accounting Practices (GAAP) is expected to be adopted by all medium and large-sized enterprises across Mainland China. The new PRC GAAP consists of:
- One basic standard providing guidance on practical issues
- 41 specific standards dealing with specific transactions or events within an enterprise
- One Interpretation Guide for the PRC GAAP regarding improvements on the ongoing convergence with the International Financial Reporting Standards (IFRS)
- China Accounting Standards (CAS) Bulletins and other supplementary regulations dealing with questions on how to implement the new PRC GAAP

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