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MSFL, on behalf of China Financial Leasing Companies, attended the International Accounting Standards Forum

Time:2013-06-04 Pageviews: Print Font size:AAA
On 3rd June 2013, International Accounting Standard Board (IASB) Chairman Hans Hoogervorst paid his official visit to China. The Ministry of Finance held a seminar with the domestic representatives on accounting theory and practice. Various hot issues such as accounting standards and global trends were discussed. Heads from the Ministry of Finance and the Accounting department also participated in the seminar. As the only representative of China Financial Leasing industry, MSFL attended the seminar and their general manager of the company’s Financial Department delivered a speech during the meeting.  
In recent years, the IASB has revised many standards within a large scope including projects in financial tools, insurance contracts, revenue, leasing, etc. in order to further improve the international accounting standard system and transparency of financial reports. Among them, the revision in financial leasing standard could influence the financial leasing business directly and very significantly. Our company has highly emphasized this event and has positively involved in the whole process of standard revision research, communication and feedbacks.  Meanwhile, we are keeping very close communication with standard formulation institutes of the Ministry of Finance. 
On 16th May 2013, the IASB issued the second version of exposure draft of financial leasing standard. Our company immediately organized meetings to study the exposure draft with key staff as the participants and submited a written analysis report to the Ministry of Finance based on the real practice in China financial leasing industry as a response.  
At the seminar, we, as a representative of China financial leasing companies, also made a complete elaboration in technical methods, operation details, implementation costs, etc. to the chairman of board of governors. The elaboration has successfully exhibited prominence to the key points with detailed illustrations and focused on the real practice. As a result, the heads of the Ministry of Finance firmly appraised the elaboration for its high proficiency. 

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