Member's News - December 9, 2020
RsA – Asia Tax Advisors: China New Accounting Standards 2021

Chinese enterprises will be required to adopt several revised accounting standards starting from January 2021. These revised standards concern mainly the recognition of revenue (“new CAS 14”) and the treatment of the financial leases (“new CAS 21”) in the financial statements. Enterprises which are listed in the stock markets and those adopting IFRS have already implemented these standards in the previous years. From January 1st, 2021, these standards will be extended to all the Chinese enterprises adopting the Chinese Accounting Standards for Business Enterprises.

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