Accounting Standards Development in China
Xuan Qi & Chris Deeley
Working Paper No. 07/07
August 2007
About the Authors
- Xuan Qi
Lecturer in Financial Management
Tianjin University of Commerce,
China - Phone: 8613920776778
- Chris Deeley
Senior Lecturer
School of Commerce
Wagga Wagga NSW
Australia - Phone: (02) 6933 2694
Charles Sturt University – Faculty of Business Working Paper Series
Managing Editor: Associate Professor Jayne Bisman, School of Accounting, Bathurst
Editors: Dr P. Mathews, School of Commerce, Wagga Wagga
Associate Professor M. O'Mullane, School of Business, Albury
Dr R. Tierney, School of Marketing and Management, Bathurst
Dr D Ardagh, School of Commerce, Wagga Wagga
Ms K Mather, School of Computing and Mathematics, Wagga Wagga
The Faculty of Business Working Paper Series is intended to provide staff and students with a means of communicating new and evolving ideas in order to encourage academic debate. Working papers, as the title suggests, should not necessarily be taken as completed works or final expressions of opinion. All working papers are subject to review prior to publication by one or more editors or referees familiar with the discipline area. Normally, working papers may be freely quoted and/or reproduced provided proper reference to the author and source is given. When a working paper is published on a restricted basis, notice of such restriction will appear on this page.
Table of Contents
- Abstract
- Evolution of accounting standards in China
- Content of new Accounting Standards for Business Enterprises of China (ASBE)
- Differences between ASBE and IFRS
- The future trend of ASBEs
- References
- Appendix
Abstract
This article provides a brief account of the evolution of accounting standards in China. It presents that evolution as a sequence of distinct phases, each coinciding with new directions in China’s economic and political development. The development of new accounting standards can be viewed as an integral part of China’s commercial reformation. The promulgation of those standards has thus coincided with China’s increasing integration into the global economy. As with so much of China’s recent economic advances, its accounting standards have adopted Western principles and practices whilst maintaining a distinctive cultural orientation. The future development of China’s accounting standards will continue to aim for increasing convergence with international financial reporting standards, whilst simultaneously taking heed of its national interests.