Shanghai RO Accounting Service
Shanghai RO accounting Service
Hotline: 86-21-68877368 Email: email@example.com
Shanghai RO Accounting Service means the related company financial, accounting and bookkeeping transactions. Proper planning is critical for business ventures in China to succeed. Shanghai ATAHK can assist companies of all sizes with their accounting needs. Shanghai ATAHK’s accountants have a deep understanding of the complexities of the financial system in China and keep your company’s accounting practices in compliance with rapidly evolving accounting systems, letting you concentrate on your company’s business strategies.
Shanghai RO Accounting Service-Accounting Standards
Shanghai accounting standards are the accounting rules used in Chinese state-owned corporations in mainland China. They are currently being phased out in favor of generally accepted accounting principles or International Accounting Standards.
As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.
Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore unlike Western accounting standards, they are less a tool of profit and loss, but an inventory of assets available to a company. In contrast to a Western balance sheet, Chinese accounting standards do not include an accounting of the debts that a corporation holds, and are less suitable for management control than for accounting for tax purposes.
This system of accounting is widely considered to be unsuitable for managing corporations in a market economy. As a result, Chinese corporations are gradually moving toward International Financial Reporting Standards. This has proven to be a massive undertaking. As a consequence Chinese companies who offer shares for sale in the United States used to be required to prepare three sets of statements, one using Chinese accounting standards (China GAAP), one using international standards (IFRS), and one use North American GAAP standards (US GAAP). However, since 2008 the U.S. Securities and Exchange Commission (SEC) allows foreign private issuers to use financial statements prepared in accordance with IFRS.
However, in recent years, The Finance Department of Chinese Government has issued new Chinese Accounting Standards which converge into IFRS and the similarity is almost 90–95%. The translation cost has been reduced greatly because of this measure.
If you have further queries in Shanghai Company Incorporation, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net or www.companies-registry.net or emailing to firstname.lastname@example.org,or calling Hong Kong hotline at 852-27826888 or Shanghai hotline at 86-21-68877368 21-31397142 21-58822399, or emailing to email@example.com.
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