Group 1 - The China Securities Regulatory Commission (CSRC) has released the "Accounting Regulatory Report for Annual Financial Reports of Listed Companies in 2024," indicating that listed companies generally comply well with accounting standards and financial disclosure rules, although some companies have errors in accounting treatment or financial disclosures related to revenue, long-term equity investments, business combinations, financial instruments, asset impairment, and non-recurring gains and losses [3] - The International Accounting Standards Board (IASB) has provided updates on its agenda, including research and standard-setting activities, maintenance and consistent application of standards, and governance strategies [4] - The International Sustainability Standards Board (ISSB) has outlined its work plan, including revisions to greenhouse gas emissions disclosure, and has published materials related to the application of international financial reporting standards [5][6] Group 2 - The latest updates from the IASB include topics such as financial instruments with equity characteristics, business combinations, cash flow statements, and indicators for assessing hyperinflationary economies [6] - The ISSB is focusing on biodiversity, ecosystems, and human capital as part of its sustainability reporting initiatives [7] - The IASB has released a climate-related example and a financial reporting example for real estate companies for 2024 [9]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The Shanghai Stock Exchange has released updated guidelines for information disclosure and verification requirements for initial public offerings, effective from December 31, 2024 [1] - The Shenzhen Stock Exchange has revised its guidelines for initial public offering review points, which will also take effect on December 31, 2024 [3] - The Shanghai and Shenzhen Stock Exchanges have both introduced sustainable development reporting guidelines to assist listed companies in establishing governance structures and management processes for sustainability [2][4] Summary by Relevant Sections Shanghai Stock Exchange - The updated guidelines include a self-check list for common issues in information disclosure for IPOs, aimed at improving the quality of disclosures [1] - The sustainable development reporting guidelines provide a framework for companies to report on sustainability issues, including climate change [2] Shenzhen Stock Exchange - The revised guidelines emphasize the responsibility of issuers and intermediaries in ensuring the quality of information disclosure for IPOs [3] - The sustainable development reporting guidelines outline the principles and methods for identifying and analyzing significant issues related to sustainability [4] Beijing Stock Exchange - The sustainable development reporting guidelines released by the Beijing Stock Exchange mirror those of the Shanghai and Shenzhen exchanges, focusing on governance and climate change [5] International Accounting Standards Board - The IASB has updated its work plan to include research on pollution pricing mechanisms and improvements in the disclosure of contingent liabilities [7] - The IASB has also made targeted amendments to IFRS related to contracts dependent on natural energy production [11] International Sustainability Standards Board - The ISSB is working on guidelines related to biodiversity and ecosystem services, as well as the implementation of sustainability disclosure standards [8]