China achieved equivalence with Hong Kong in accounting and auditing standards

Xinhua News Agency reported on 2007-12-07 over the signing of the Joint Statement on Accounting and Auditing Standards Equivalence between the Mainland and Hong Kong on December 6.


The news stated that “The Mainland and Hong Kong Joint Statement on the Equivalence of Accounting and Auditing Standards was signed in Hong Kong on the 6th, announcing that Chinese Enterprise Accounting Standards and Auditing Standards of China to be equivalent with the Hong Kong’s Financial Reporting Standards and Auditing Standards respectively. This indicates that the recently promulgated accounting and auditing standards in the China Mainland are equivalent to the international standards.”