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China Accounting Standards Committee
The China Accounting Standards Committee (the "Committee") under
the Ministry of Finance ("MOF") is the advisory body for setting Chinese accounting standards. The aim of the Committee is to provide advices
standards. Since its establishment in October 1998, the Committee has
been dedicated to provide support on the development of Chinese
accounting standards. It has organized a number of national and
international seminars on accounting standards and actively participated
in the convergence of accounting standards internationally and worked
closely with international accounting profession. It has played an active
role and provided a lot of constructive advices on setting and improving
Chinese accounting standards.
In March 2003, the Committee has re-organised successfully. The second China Accounting Standards
Committee under MOF comprises of 20 members. The members are
engaged by the MOF and are selected from relevant government
agencies,the academic
circle, accounting professional organizations, intermediaries and the
business, and they are highly representative. Lou Jiwei, Vice- Minister and Deputy Secretary of the CPC Committee of MOF is
appointed as Chairman of the Committee. Wang Jun, Vice- Minister is
appointed as Secretary-General of the Committee. An administrative
office (the "Office") is set
up under the Committee to carry out the daily administrative work. The
Office is based in the Accounting Regulatory Department of MOF. The
Director-General of the Accounting Regulatory Department also serves as the
director of the Office. To better assume the duty of the Committee, three
professional committees are set up after the re-organisation: Professional Committee on Accounting Theory, Professional
Committee on Accounting standards for Business enterprises, and
Professional Committee on Accounting for Government and Non-profit Organisations. Subsequently, the Ministry of Finance issued
Procedures for Setting Accounting Standards, CASC promulgated the Work
Outline of China Accounting Standards Committee. Following the above
reforms, the work of the Committee becomes more structured and
systematic.
In the 21st Century, globalization of the economy and the capital market
is inevitable in the development of the world economy. Accounting
information, as commercial language that is internationally accepted, is
playing increasingly important role. Control over accounting matters and
the prevention of accounting risks have become a critical issue of
economic development. The China Accounting Standards Committee will
continue to perform its consulting role in the process of setting
accounting standards, to assist the accounting standards setting body in
establishing and improving the Chinese accounting standards, to
participate actively in the international convergence process and
contribute to the socialist market economy with Chinese Characteristics.
The major responsibilities of the China Accounting Standards
Committee include:
(I) To provide consultation and advices on the overall planning, structure
and the development of accounting standards;
(II) To provide consultation and advices on the selection of major
accounting treatments in the process of setting accounting standards;
(III) To provide consultation and advices on the conceptual framework of
financial accounting and other related fundamental theories;
(IV) To provide consultation and feedback on the implementation of
accounting standards.
Organizational Structure of China Accounting Standards Committee
