China Accounting Alert – January 2021 – MOF clarifies matters relating to the equivalence of accounting standards after Brexit

China Accounting Alert is the monthly executive update for Mainland China and Hong Kong on recent developments in local and international financial reporting, and related hot topics and emerging issues. China Accounting Alert is designed to help keep you one step ahead by providing easy access to the information you need, all in one place. It is not intended to be a substitute for reading the financial reporting standards or other appropriate authoritative guidance, to which reference should be made for a full understanding of the relevant subject matters.

Matters covered in this issue include: MOF clarifies matters relating to the equivalence of accounting standards after Brexit; MOF issues the revised insurance contract standard; MOF and China Banking and Insurance Regulatory Commission (‘’CBIRC”) issue Notice on Further Implementing the New Financial Instrument Standards; The People's Bank of China (the “PBOC”), National Development and Reform Commission (“NDRC”) and China Securities Regulatory Commission (“CSRC”) jointly issue Administrative Measures for Information Disclosure of Corporate Credit Bonds; Shanghai Stock Exchange (the “SSE”) integrates and revises Guidelines on Industry Information Disclosure; SSE issues Notices on Disclosure of 2020 Annual Reports; SZSE issues five Guidelines on Industry Information Disclosure; SZSE issues two ChiNext Board Guidelines on Industry Information Disclosure; SZSE issues Notice on Disclosure of 2020 Annual Reports; etc.

Please feel free to contact your EY client service professionals for further assistance if you find the provision of China Accounting Alert have an impact on your business operations.