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Accounting in China


The Chinese Generally Accepted Accounting Principles (China-GAAP) are similar to the International Financial Reporting Standards (IFRS), but differ from the American accounting system (US-GAAP). Most foreign companies are unaware of these differences, and are, therefore, running the risk of non-compliance. This article intends to offer you a brief introduction to the most basic Chinese accounting […]

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In 4 Steps to the Annual Compliance Review


Doing it right! How to do your Annual Compliance Review in 4 steps: The Annual Audit, the Annual Foreign Currency Filing, the Annual Tax Audit and Clearance and Report of Enterprise Information Publicity.

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How Capital Verification Can Help You Pick the Right Customers and Avoid Losing Money!


By Richard Hoffmann, ECOVIS Beijing With an increasing rate of foreign companies coming to China seeking trade opportunities, a horizon of concern arises. Most concerns are related to the ability to pay and reliability of the potential stakeholders. Capital Verification is an instrument introduced by the Chinese government which helps to estimate the creditworthiness of […]

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HGB and China GAAP – what are the differences?


by Richard Hoffmann, ECOVIS Beijing China Preparing the yearly financial statements is not just a duty in China but also a health check for your company – If several subsidiaries in different countries are involved and different accounting standards come into consideration, then you better choose an auditor who can handle all the necessary types of audits […]

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