On November 8, 2005, the China Accounting Standards Board and the International Accounting Standards Board (IASB) signed a joint statement (hereinafter referred to as the Beijing Joint Statement of 2005), confirming that the convergence of Chinese Enterprise Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) has been achieved. In 2010, the Ministry of Finance issued the Road Map for the Continuous Convergence of China's Enterprise Accounting Standards and International Financial Reporting Standards, which clarifies the basic position of CAS's international convergence. In October 2015, the trustee of IFRS Foundation and the representative of the Ministry of Finance of China gave full affirmation to the 2005 Beijing Joint Statement. The two sides believed that the joint statement had achieved its objectives. In particular, CAS achieved substantial convergence with IFRS, and the implementation of CAS significantly enhanced Chinese enterprises. The quality and transparency of financial reports.

On the premise of convergence and equivalence, the improvement, revision of IFRS and the issuance of new criteria will directly affect the development direction of CAS. For example, IFRS 15 - Customer Contract Revenue, IFRS9 - Financial Instruments will come into effect on January 1, 2018, IFRS 16 - Lease will come into effect on January 1, 2019. To this end, the Ministry of Finance has issued Accounting Standards for Enterprises No. 14 - Revenue (Revision) (Draft for Comments) in December 2015, which is currently in progress. Hand-revised Accounting Standards for Enterprises No. 22 - Recognition and Measurement of Financial Instruments, Accounting Standards for Enterprises No. 23 - Transfer of Financial Assets and Accounting Standards for Enterprises No. 24 - Hedging.