Briefly noted

▪ China is to adopt new accounting standards that take it some way to convergence with International Financial Reporting Standards. David Tweedie, chairman of the International Accounting Standards Board, attended a ceremony in Beijing where the Chinese Ministry of Finance confirmed the country’s commitment to converge national standards with IFRS. He added that the IASB has worked with China on its convergence initiative over the past 12 months and will now intensify the convergence effort.