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Essay / Research Paper Abstract
This 8 page paper looks at the practice of accounting in China, consider how it has developed and changed overt time to lead to the current position where there is a an alignment with international financial reporting standards while older cultural influences can still be seen. The bibliography cites 10 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEchinaaccts.rtf
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Unformatted sample text from the term paper:
be recognized that by their nature accounts will be historical and out of date by the time they are published, they are also able to give an insight into the
company and the way it is run, the levels of assets, the potential return and the security within a firm. For countries that want to attract investment it is necessary
that investors have confidence in the accounts of the firms. This mans not only having a degree of faith in the firm, but also the regulatory system that determines how
accounts are prepared, implements standards and oversees the practice of accounting and auditing. Poor regulation and low confidence levels in that system results in investor uncertainty which deters investment. It
is not only direct investors that may be impacted, but others that will have an interest in the financial condition of the firm, such as suppliers and even customers. China
is a country that has seen a great deal of change in the way accounting takes place and is regulated. A major change took place in the 1st of January
2007, after this date all public listed companies were required to comply with International Financial Reporting Standards (IFRS) (Taub, 2006). However, the way it has been introduced, including the exceptions
for public enterprises to certain regulation, such as the related party disclosure (Taub, 2006). When looking at the way accounting standards and practices have developed in China it may
be argued that the current practice and approaches have delivered over a long period of time and reflect the culture and history of accounting in the country. The history
and practice of accounting can be traced back many centuries, with the idea that accounting should be accurate and reliable seen in the work of Confucius having stated that "
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