Wednesday, January 12, 2011

Chinese accounting standards? Better beer me first

Tsingtao hopes to ditch foreign auditors
Tsingtao Brewery, China’s biggest beer company, is seeking shareholder approval to dismiss its foreign auditors and rely solely on mainland Chinese auditors and accounting standards to prepare its financial statements.

In the past, Hong Kong-listed companies were only permitted to use Hong Kong auditors and to prepare their statements using International Financial Reporting Standards or the virtually identical Hong Kong Financial Reporting Standards.

The brewery said the proposed dismissal of its overseas auditor, PwC, would “improve the efficiency and reduce the costs of disclosure”.

Reducing costs of disclosure?? For whom???

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