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Ifrs, Us and Prc Gaap

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Ifrs, Us and Prc Gaap
. What is PRC GAAP? | Generally accepted accounting principles ("GAAP") of the People’s Republic of China ("PRC") come from a number of sources, majority of which represent the laws and regulations issued by the Ministry of Finance ("MOF"), and, listed company disclosures issued by the China Securities Regulatory Commission ("CSRC"). | | 2. What is IFRS? | International Financial Reporting Standards ("IFRS"), often known the original International Accounting Standards ("IAS"), are a set of accounting standards. They are issued by the International Accounting Standards Board ("IASB"), an independent, international organization supported by the professional accountancy bodies. The objective is to achieve uniformity and transparency in the accounting principles that are used by businesses and other organizations for financial reporting around the world. | | 3. What is US GAAP? | US GAAP represents a set of accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States. In order to administer the sophisticated capital market over the past one hundred years, US GAAP has been developed to one of the most comprehensive GAAPs in the world and is still being updated very frequently. | | 4. What are the main differences between PRC GAAP, IFRS and US GAAP?⑴ | Topic | PRC GAAP | IAS/IFRS | US GAAP | General approach | Principle-based standards accompanied by detailed application guidance. | Principle-based standards with limited application guidance. | Same as IFRS | Ability to make accounting choice | Few choices. | Some accounting choices allowed. | Same as IFRS | Financial year end date | Required to be 31 December. | Not specified. | Same as IFRS | Complete set of financial statements | Balance sheet, income statement, equity statement, cash flow statement, statement of allowance for impairment, profit appropriation statement, statement segmental information, plus
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