Russell Bedford Hua-Ander - IFRS / US GAAP Audit

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IFRS / US GAAP Audit

IFRS – International Financial Reporting Standards are becoming a single set of high quality, understandable and enforceable global standards. The adoption of IFRS in the EU, Australia, and many other countries from 2005 follows the global trend for enterprises to report under IFRS. In China, although IFRS are not officially adopted as the national accounting standards, the new Accounting Standards for Business Enterprises (ASBE) published in 2006 by the Ministry of Finance, PRC marked a significant step for Chinese accounting standards to move towards IFRS. The new Chinese Accounting Standards' scope includes all IFRS principles. There are, however, a small number of differences between them and IFRS to reflect unique circumstances in China, largely reflecting relationships between the state and corporate entities.

Russell Bedford Hua-Ander provides ASBE-IFRS conversion service and IFRS audit to those foreign investment enterprises in China for group consolidation purpose or for ease of understanding of their foreign investors. For the group consolidation, Russell Bedford Hua-Ander follows the audit instructions from the group auditor and prepares the report package in accordance with pre-defined format. For stand-alone IFRS audit, we use the standard IFRS format in preparing the report package. Our IFRS audits are performed in accordance with the International Auditing Standards.

To those enterprises with origin of the countries that have not yet adopted IFRS, we provide ASBE-national GAAP Reporting Services. For example, many USA invested companies need our conversion and audit services along with the Chinese statutory audit.

In addition, as a PCAOB registered firm, Russell Bedford Hua-Ander is also able to perform US public company audits in compliance with the PCAOB Audit Standards and SEC regulations. Our capability to perform audits of Chinese subsidiaries or entities of main operations in China of US public companies provides these companies with a best cost-effective option.