Accounting and reporting
On a regular basis, it’s important to have a quality accounting to guarantee the health and the wealth of your business. For more than a decade, we offer pragmatism and efficiency to our clients in the Chinese accounting system and business environment in constant evolution.
Mainland China principles of accounting need to reflect a fiscal vision of the company, for this reason, monthly accounts statements and reports should be provided to the tax bureau and other legal offices. In compliance with the regulations in place, we prepare, in Chinese, all set of accounts and material requested by the relevant authorities.
As our client’s working language is not always Chinese, we are able to translate the Chinese ledgers in English thus enable our clients to have a clear vision on their PRC GAAP (Mainland China) accounts.
In order to monitor your growth, you need to have a management vision of your accounting. We are proficient in adapting your PRC GAAP set of accounts from a fiscal need (PRC GAAP) to a management vision (IFRS or Company GAAP). Management accounting can be used on a monthly basis but also be done in the prevision of VDD (Vendor Due Diligence) or restructuration of your activities.
We also provide accounting services in Hong Kong, Singapore, and other countries, directly or with our international network.
PRC GAAP it’s the acronym for the People’s Republic of China General Accepted Accounting Principles and IFRS for International Financial Reporting Standards.
PRC GAAP should follow the need for accounting reports and classification of the People’s Republic of China. These accounting principles are edited and should be followed by any companies registered in PRC.
IFRS are accounting standards issued by IFRS foundation and IASB and should be a comparable base across the international system. Even if IFRS is required in around 140 jurisdictions it’s a conceptual framework that may be used as a reference.
Even if PRC accounting standards tend to close the gap with IFRS, in practice the tax application is quite different than IFRS.
For non-compliant accounting, it is better to anticipate at least three months of retreatment to be back to normal.
As calculation and declarations of CIT (Corporate Income Tax) should be done every quarter, it is better to do it just after a declaration of CIT to be able to have at least three months of efficient work.
As it is better to avoid the end of the fiscal year to restructure or modify important points of the accounting, the best time will be from April, as procedures of post-audit are already in process, to September.