China Accounting News Weekly[No. 23]2007.10.1-2007.10.12

Major accounting policy changes to be approved by shareholders meeting
On October 9, Shenzhen Stock Exchange issued the 7th Guideline for Information Disclosure on Changes in Accounting Policies and Accounting Estimates. According to the Guideline, listed companies are forbidden to make use of aforesaid changes to manipulate the financial indices, such as net profit and shareholder’s equity. Major changes should comply with approval procedures of shareholders meeting.

Accounting firms will be included in the anti-money laundering monitoring scope
Since October 1, insurance and securities companies should report data of large and doubtful transactions to the China Anti-Money Laundering Monitoring & Analysis Center. In the future, law firms and accounting firms will also be included in the anti-money laundering monitoring scope.

Cooperation between the CICPA and ICAEW begins
Recently, the CICPA signed with ICAEW to promote and strengthen the cooperation of accounting industry between China and England & Wales. In order to exempt some subjects, they will set up a joint work group to make a comparable research on the two qualifications, ACA and CPA.

The CICPA discuss the draft of guideline for CPAs coping with bankruptcy case
On September 29, the CICPA held the discussion meeting in Beijing. Some respectable experts took part in the meeting, including Shaoping Zhu, from the National People’s Congress, professor Shuguang Li, from the China University of Political Science and Law, and other experts from draft group and consulting group of the CICPA.
Proofreader : littlerui
October 19, 2007 14：04PM. Released by http://www.esnai.com/

Note:
“China Accounting News Weekly” is established on August 5, 2005. It selects important accounting news weekly to convenient the people can acknowledge the developments quickly. From its launching, thousands of people read it every week.
In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007.