China vs Japan.docx - China vs Japan Key differences...

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China vs JapanKey differences between Japan and China:1.Institution of controlIn China: the government control the accounting regulations.In Japan: there are four main institutions to regulate theaccounting regulatory.-- MOJ: regulates how companies are formed commercial code,annual reports and audit requirements for large companies.-- MOF: is the most powerful institutions, regulate SEC to listedcompanies.-- ASBJ: developing accounting advice2.Reporting requirements:In China:-From 1978 to 1990, USE standards are more likely to IAS toinstead UAS, and then become a combination. Until 2007,they combined with IFRS, and followed IFRS in more aspects.In order to do that , China ma 22 additional information, somebasic methods and 38 new standards.In Japan:- From 1976, all companies under SEC must prepareconsolidated financial statement.- Large companies have duplicated obligations to MOJ andMOF.-Since 30/6/2015, listed companies can choose to use JapaneseGAAP, JMIS and US GAAP.

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Term
Three
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Tags
japan, Generally Accepted Accounting Principles, Economy of Japan, large companies

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