Financial Reporting in China
For your company in China we make the financial reports according to all common international, national and individual financial reporting standards like IFRS, US-GAAP, HGB and Chinese GAAP.
Our clients in “Financial Reporting in China” are primarily:
- Controlling and financial departments of international enterprises
- Controlling and financial departments of medium-sized German and international companies
- Controlling, financial and management department of international subsidiaries or branches in Shanghai and China
- Controlling, financial and management department of chinese companies with a global business
We arrange the results of the Chinese Accounting in such a way that they are understandable, transparent and comprehensible for our clients. We transfer the numbers and results of the Chinese accounting so that international controlling, financial and management departments can work with them.
Why is a professional finance reporting in China that important?
Although the Chinese Accounting System is substantially converged with the IFRS, there are still minor discrepancies between them in some aspects like the valuation methods for non-current assets, the consolidated group reporting and others. Other differences lie obviously in that it refers to the Chinese tax system, which is undergoing continuous reforming. For example, the VAT input deduction regulations in China are still being reformed right now.
The difference between CAS and US-GAAP, German HGB and Russian RAS are on the other hand greater than between CAS and IFRS and in more aspects including for example, the valuation methods of inventory, the Impairment of Assets, Cash flow Statement and so on.
The standard reporting period under the Chinese Accounting Standards is the calendar year from Jan.1st to Dec 31st. The financial year of many foreign companies or multinational corporates start for instance from July.1st.
Due to those reasons, a transfer is necessary. Our educated and experienced professional accountants accomplish the proper adjustments in the financial reports so that the financial, controlling and management departments of international companies can work with them easily.
Within our Service “Finance Reporting in China” we provide the following reports for our clients :
- Writing of the financial reports according to the current Chinese Accounting Standards and additionally HB2 per your wish according to IFRS, US-GAAP, HGB and RAS (including balance sheet, profits and losses calculation, reports over changes of the capital stock, cashflow reports and all the explanations and attachments of those documents)
- Providing of management reports according to IFRS or US-GAAP
- Creation of individual financial reports considering your demands.
Our clients of Financial Reporting in China often ask us to perform the following services as well
- Accounting Outsourcing in China
- Payroll Accounting in China
- Tax Consultation in China
- Company Set-up in China
- Internal Audit in China
Further reasons to work with Artax Rufil Consulting in China
- we are a quality, service and customer oriented company
- all of our employees stick to our corporate principles
- we are a German company and adhere to German virtues
- we work in China since 2004
- through our services and performances we support international companies in China and generate that way a higher quality of life for our clients, employees and investors
- we have access to a well-functioning network of experts in several business areas in China
Our quality promise:
“Your contact person will be a senior tax and legal specialist with a good command of English (and/or German) who regularly participates in professional training, is permanently employed at Artax Rufil Consulting and based at our office in the German Centre Pudong, Shanghai. Don’t settle for less!”
Highly qualified accountants, auditors, IFRS-experts, tax consultants, experts and programmers for automation, accounting software and IT-solutions as well as international management consultants work in our Shanghai office. Our working languages are English, Russian, Chinese and German.