U.S.-China Accounting Accord Boosts Credibility of Chinese Listed Companies, Marcum, Bernstein & Pinchuk Partner Says --July summit in Washington could address gaps in earlier deal for financial reporting --Marcum BP, CCG co-hosting conferences in Beijing for investors and executives PR Newswire NEW YORK, June 26, 2013 NEW YORK, June 26, 2013 /PRNewswire/ -- A summit in Washington this July could fill in some of the gaps in a financial reporting agreement that U.S. and Chinese regulators reached in May, possibly opening the door to new U.S. listings of Chinese companies. "Regulators have been working on a Memorandum of Understanding (MOU) for a number of years. There have been many challenges on both sides, but I think it spells out how to re-establish the credibility of Chinese companies," said Drew Bernstein, Managing Partner of Marcum Bernstein & Pinchuk LLP, an accounting firm with a substantial practice in China. "The agreement reached in May is a big step forward. The July meeting could shore up some of the gaps that were not resolved earlier." Bernstein commented to CCTV about the MOU, which he feels was limited in scope despite it being a step forward for Chinese companies listing their stock in the United States. (Please click here) In CCTV's segment about MOU, the upcoming economic summit and what it means for markets, the report featured additional comments from Baidu Inc. CFO Jennifer Li and Paul Gillis, Professor of Practice at Peking University's Guanghua School of Management. China's IPO market has been in a deep freeze, going approximately eight months without a listing after China's Securities Regulatory Commission heightened requirements for listing new issues in October 2012.Chinese securities regulators say those actions were "intended to address the issues of inaccurate or false financial information and frauds in IPOs and listings." The US-China Strategic Economic Dialogue - to be held July 8-12 in Washington - will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term economic and strategic interest. In late May, the U.S. Public Company Accounting Oversight Board signed a memorandum of understanding with Chinese regulators to provide each other with auditing documents. Bernstein said the biggest gaps in the memorandum of understanding pertain to law enforcement and It does not apply to Public Company Accounting Oversight Board (PCAOB) inspections and many other situations that may not have escalated to a lawsuit.China and the United States can deny assistance with the other country when a request is made that would violate its own domestic laws or matters of national interest - reasons why China has declined to share materials with the U.S. Securities and Exchange Commission. This agreement, however, does offer a mechanism for auditors in China to comply with U.S. subpoenas, Bernstein said. Conferences in Beijing Marcum Bernstein & Pinchuk and CCG Investor Relations are co-hosting two events in China in September at the Four Seasons Hotel in Beijing, "The Capital Markets and Accounting Bootcamp" (Sept. 9) and "The China Best Ideas investment Conference" (Sept. 10). About the 2013 China Best Ideas Investment Conference: Co-hosted by Marcum Bernstein & Pinchuk, the 2013 China Best Ideas Investment Conference will provide investors with the opportunity to meet with the senior management of Chinese companies that have weathered the storm of economics uncertainty and shown a strong commitment to shareholder value. With a selection of 35 small- to large-cap companies in sectors including consumer, healthcare, technology and specialty industry, this one-day event can serve as a great introduction to the opportunities to participate in China's growth. Of the 35 companies, approximately 15 additional pre-initial public offering companies will attend the conference, as well. The conference is expected to draw over 300 investors including fund managers, private equity, analysts, family offices, investment advisors and high net worth individuals. Visit us at www.chinabestideasconference.com for updates, registration and more information. About Marcum Bernstein & Pinchuk LLP Marcum Bernstein & Pinchuk (MarcumBP), a PCAOB registered firm, provides a full range of audit and assurance, tax and transaction advisory services for clients in a variety of industries throughout the world. With offices in New York, Beijing, Guangzhou, Shanghai and Hangzhou, MarcumBP provides the expertise, cultural understanding and support needed to efficiently serve and advise our clients. MarcumBP currently provides services to over 30 clients in the China market. SOURCE Marcum Bernstein & Pinchuk LLP Website: http://www.chinabestideasconference.com Contact: Marcum Bernstein & Pinchuk, Drew Bernstein, Managing Partner, Tel: +1 (646) 442-4845, E-Mail: Drew.Bernstein@marcumbp.com; or, CCG Investor Relations, Crocker Coulson, President, Tel: +1 (646) 213-1915, E-mail: Crocker.Coulson@CCGIR.com
U.S.-China Accounting Accord Boosts Credibility of Chinese Listed Companies, Marcum, Bernstein & Pinchuk Partner Says
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