Chinese accounting standards are the accounting rules used in mainland China， issued by Ministry of Finance People's Republic of China in 2006 regulates the presentation of financial statements and underlines the importance of financial reporting. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.
Although China's accounting standards have not called Financial Reporting Standards, however, the concept of International Financial Reporting Standards are consistent.
This revised law marked a large step forward for the continuing integration of world trade and capital markets, with China adopting a significant number of the accounting standards laid out by the International Accounting Standards Board. The old Chinese Accounting Standards (CAS) were largely replaced by the International Financial Reporting Standards (IFRS), to bring China more in line with the rest of the world. The similarity between the new Chinese accounting standards and the IFRS is almost 90–95%.
Accounting Standard prescribes the behavior of accounting recognition, measurement and reporting. Auditing Standards draw up the standard of financial statement audit and identification behavior. Under the guidance of "Enterprise Accounting Standards", the preparation and presentation of financial statements could be implemented.
The basic concepts of financial reporting should include the main contents, should reflect the basic requirements for information.

The corporate financial reporting system consists of financial statements, accounting statements and financial situation posed.
Financial statements include the balance sheet, income statement, statement of cash flows and Statement of changes in financial condition, its schedules and notes.
Accounting Statements, is made to explain the basis for the