Chinese member to bring "important perspective" to IASB

News Article - 10 November 2006
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The International Accounting Standards Board (IASB) will appoint its first Chinese member in July next year.

Chief accountant of the China securities regulatory commission (CSRC), Zhang Weiguo, spoke earlier about the dangers of China implementing new accounting standards when it might not have the infrastructure to support the application, the Financial Times reports.

The announcement of Mr Zhang's appointment comes as some 1,200 businesses in the country prepare to take on board the new accounting regulations in January.

"Zhang has been actively involved in accounting standard setting and implementation issues, auditor oversight and cross-border regulatory cooperation issues at the CSRC and with his work with the International Organization of Securities Commissions," the International Accounting Standards Committee Foundation told China Daily.

The board said that Mr Zhang would bring "an important perspective" to the work done by the IASB, adding that he has advocated the need for international reporting standards in his position at the CSRC.

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