On 15 February 2006, the Ministry of Finance of the People's Republic of China issued a new set of Accounting Standards for Business Enterprises (ASBEs), which are substantially converged with IFRSs. All companies listed in China must apply ASBEs for the preparation of their financial statements. Application of IFRSs as issued by the IASB is not permitted. Further convergence with IFRSs is an ongoing project. Based on the Roadmap for Continuing Convergence of Chinese Accounting Standards for Business Enterprises with International Financial Reporting Standards released by the Ministry of Finance of China in April 2010, ASBEs will be revised and improved in accordance with the revision and improvement of IFRSs, in order to continue convergence.