Macau’s Professional Accountants Committee Launches Public Consultation on Revising Accounting Standards to Align with IFRS

The Professional Accountants Committee (CPC) in Macau has announced a public consultation on updating the territory’s accounting standards to align with the latest International Financial Reporting Standards (IFRS). The proposed changes, set to replace the 2015 standards with the 2021 version, aim to ensure Macau’s financial reporting remains in line with international norms.

The consultation period, running from July 17 to August 30, 2024, invites feedback from the accounting industry, related organizations, and the public. The new standards are scheduled to take effect from January 1, 2026, giving businesses ample time to prepare for the transition.

As a Special Administrative Region of China, Macau has its own legal system, including a framework for developing accounting standards overseen by the CPC. Updating these standards is seen as crucial for the territory’s evolving economy.

By aligning with the principles-based framework of IFRS, companies in Macau can benefit from consistent and reliable auditing procedures, enhancing the credibility of their financial statements on a global scale. The consultation period provides stakeholders with an opportunity to give feedback and ensure the revised standards meet the needs of Macau’s businesses and investors.

The move towards aligning with IFRS is expected to support Macau’s development and ensure its financial reporting practices are on par with international standards. Stay tuned for further updates on this important development.