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BIZCHINA / Top Biz News |
Double auditing cancelled for B-share companiesBy Dai Yan (chinadaily.com.cn)
Updated: 2007-09-13 16:41 Chinese B-share companies no longer need to provide financial results based on the international accounting standards in their annual reports and announcements for raising capital, according to the China Securities Regulatory Commission. In the past, the commission required B-share companies to submit financial reports based on both the domestic accounting standards and the international ones. B-share companies are now allowed to decide themselves whether to work out financial reports based on the international accounting standards, potentially to meet possible demand from shareholders and investors. Currently the domestic accounting standards are in accordance with the international ones, so there is no need for B-share companies to offer both.
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