Seven Firms Say Goodbye to Security Licenses
The Ministry of Finance and the China Securities Regulatory Commission has taken back the security licenses from 7 accounting firms. They are Zhejiang East, Tin Wha, Pan China (Liaoning), Hengxin Delu, Dalian Hua Lian, E&Y (Dahua) and Pan China (Chongqing).

Accounting Firm Set up Affiliates in Hong Kong
On April 29th, the Reanda PCAs set up “Reanda Lau& Au Yeung International Co., Limited” in Hong Kong. The Reanda holds 51% shareholding of the new office, Lau & Au Yeung holds 49%.

Time will be Needed for Full Convergence of Auditor Supervision System in Mainland with those in Hong Kong
The accounting and auditing standards in mainland has converged with those in Hong Kong since 2007. Mainland companies, listed in Mainland and Hong Kong as well, hope that they can only need to prepare one auditing report instead of two. The market in Hong Kong worries about the fact that Hong Kong is not authorized to supervise mainland auditors. Winnie C.W. Cheung, Chief Executive of the Hong Kong Institute of CPAs, says that it all depend on the full convergence
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There’ll be Two Briefs in 2009 CPA Exam
According to the CICPA, examinees who follow the new rules will attend the exam from September 19th to 20th under new brief, and other people who follow the former rules will attend the exam from August 28th to 30th under another brief.

The Biggest Special General Partnership CPAs Founded
An the end of 2008, the GuangDong Heng Xin Delu CPAs CO., LTD combined with ShenZhen
Dahua Tiancheng CPAs. With 15 partners and 195 CPAs, the new one service for 60 listed companies and earns 138 million in 2008. It’ll be the biggest accounting firms in South China and the biggest special general partnership one in China also.

New Regulations on Small and Middle-size Accounting Firms Development
The CICPA pointed out the necessity of regulating and developing small and middle-size firms, specified the targets, proposed measures in following aspects: regulation, development and improving environment.

Rules on Transfer of CPA Issued
The CICPA made rules on such aspects as: the target and validity, scope of application, procedure, qualification, responsibility, input of information, document keeping and so on.

M&A of Accounting Firms in 2008
In 2008, the E&Y set up 4 offices and bring the E&Y (Da Hua) into the E&Y (Huaming). It means that E&Y will be instead of PwC as the No.1 in the industry. There are also some M&A between local Chinese firms. The Ascenda and Pan China (Chongqing) CPAs are combined into the new Ascenda. The Anhui Huapu, Pan China and Gaoshang Wanda CPAs are combined into one accounting firm. The Beijing Jingdu and the Tin Wha CPAs also joined together.

Three new Appraisal Standards Issued
On October 27th, the China Appraisal Society issued “Appraisal Standard: Intangible Assets”, “Guide on State-owned Assets Appraisal Report” and “Guidelines on Patent Assets Appraisal”.

Implementation on Appraisal Standards Specified
Recently, the Ministry of Finance required enterprises, except finance companies, to implement the “Guide on State-owned Assets Appraisal Report”. Guide for Finance companies and government agencies and institutions will be issued in future.

Funds are Required to Prepare Financial Report in XBRL
According to the China Securities Regulatory Commission （CSRC）, the XBRL taxonomy standards of Securities Investment Fund has been finished. All the funds are required to prepare quarter report, half-year report and annual report in XBRL, and disclose all XBRL data to investors on the CSRC website.

IFRS will be Adopted fully 6 Years later in Taiwan
On October 28th, the Financial Supervisory Commission of Taiwan decided to adopt the IFRS directly, rather than make the accounting standards converge to the IFRS. They’ll adopt the IFRS fully in 2014.