Our collection of resources based on what we have learned on the ground
Resources
Q&A
What is the Chinese equivalent of the Generally Accepted Accounting Principles o...
- May 2014
- Members Access
The Chinese Accounting Standards (CAS) framework is based on two standards: the Accounting Standards for Business Enterprises (ASBEs) and Accounting Standards for Small Business Enterprises (ASSBEs). For most enterprises established in China, ASBEs a...
Q&A
What are the required documents representative offices (ROs) need to provide to ...
- May 2014
- Free Access
ROs are required to complete an AIC annual inspection between March 1 and June 30. Generally the following documents should be provided: Annual inspection report (the template will be distributed by AIC around March) Business registration certifi...
Q&A
What are the penalties if a representative office (RO) fails to provide its repo...
- May 2014
- Members Access
Penalties of RMB 10,000 to RMB 30,000 are applicable if the RO fails to provide its report to the AIC on time, and a RMB 20,000 to RMB 200,000 penalty applies if the report includes false information. Failure to comply may also lead to revocation of ...
Q&A
Do representative offices (ROs) need to complete a tax reconciliation report of ...
- May 2014
- Free Access
ROs are obliged to complete a tax reconciliation report of CIT as part of their annual compliance. The report should be submitted to its local tax bureau by May 31. Usually an audit report is not required for ROs paying CIT based on a deemed profit s...
Q&A
Why is successful audit & compliance crucial to a foreign-invested entity?s (FIE...
- May 2014
- Members Access
External audit is crucial to FIEs because it provides more accurate financial information, and a review through an outsider’s eye can more effectively dig out flaws in the company’s internal control and financial data. It is also a goo...
Q&A
What is an example of a mixed investment in China?
- May 2014
- Free Access
An example of mixed investments is when a trust company collects money from institutional investors and individuals, and provides loans and investments to various projects in exchange for the investees’ equity shares. The trust company usually ...
infographic
Differences between Indian and International Accounting Standards
- April 2013
- Members Access
This table compares the differences between Indian accounting standards and International Accounting Standards (IAS)/International Financial Reports Standards (IFRS).
infographic
Annual Compliance Timeline for China Foreign-Invested Entities
- January 2013
- Free Access
The table shows the timeline of annual compliance for China foreign-invested entities (FIEs).
presentation
Internal Control, Fraud and Loss Prevention in China
- June 2012
- Members Access
This presentation by Regional Director Richard Cant will go over legal and financial fraud risks, the internal control process in China and the common areas of concern in Chinese companies and WFOEs.
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