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Accounts standard opposed

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New accounting standards, expected to be announced in the middle of this year, have faced tax bureau opposition at a Beijing forum.

There is argument over Ministry of Finance plans to differentiate taxable and accounting profit, in line with international practice.

The World Bank's consulting team leader on the new standards, Ray Harris, said the ministry was determined to make changes.

He said the two-week forum, attended by mainland and foreign advisers, was to get feedback about the exposure drafts of the final nine accounting standards.

Similar forums were held earlier to discuss the exposure drafts of the first 21 accounting standards.

The final drafts of the complete set of 30 accounting standards would be announced in the middle of the year.

He expected the new standards would be applied to selected state enterprises and shareholding firms from January 1 next year.

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