HAdams_ConsolidationCase_020411 - Accounting Standards in...

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Accounting Standards in China 1 Running Head: ACCOUNTING STANDARDS IN CHINA Accounting Standards in China Helen Adams Rasmussen International Accounting – ACG4250 Jaclyn Strauss, CPA February 4, 2011
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Accounting Standards in China 2 Accounting Standards in China Current Accounting Standards in China The year 2007 proved to be a very productive year for China because of its continuing integration of world trade and capital markets and the implementation of the accounting standards mentioned in International Accounting Standards Board (IASB). Old Chinese Accounting Standards (CAS) was replaced by the International Financial Reporting Standards (IFRS), to bring China in line with rest of the world. The new accounting procedures which became the law on 1 st January 2007 sparked lot of debates and discussions in the country. The Ministry of Finance held discussions with the top firms of the country for successfully implementing the new accounting system. (www.iasplus.com) There was a need for China to update its business practices and accounting system in order to maintain its position as a key player in the foreign investment market. The old accounting practices gave lot of difficulties to the foreign investors who were operating in China because it did not provide the clear picture of the company’s financial position. The current accounting standards of IASB will help China in developing its strong relationship with foreign
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HAdams_ConsolidationCase_020411 - Accounting Standards in...

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