A registered company in China requires full compliance with China accounting rules and Tax Bureau requirements. While China GAAP is quite similar to IFSR the day to day integration of Chinese accounting into a foreign reporting system is highly tedious and challenging. All local reporting must be in Chinese. The expenses handling and booking of so-called “fapiaos” (preprinted expense forms of the Tax Bureau) is inflexible and arcane. But CFOs still need to maintain financial control and governance in China while addressing both the local and the international best practices.