Answered You can hire a professional tutor to get the answer.
I need help creating a thesis and an outline on Chinese Accounting Standards. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required.
I need help creating a thesis and an outline on Chinese Accounting Standards. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. China is world's second largest economy. Over a period of liberalization Chinese accounting standards have shifted from a centrally control economy to an open market economy. But the developments of Chinese accounting standards have been highly influenced from the political environment of the country. Because of these constraints there are still major differences between Chinese accounting framework and FIRSs of International Accounting Standards (IAS).
In PRC, Ministry of Finance sets out accounting standards. These government-defined standards are often less value relevant as the government has its own political compunctions [5]. This situation is again complicated due to weak capital market infrastructure.
The main areas where there is appreciable difference between PRC GAAP and IFRS includes the valuation of fixed assets over a period of time i.e. depreciation measurements and the amortization of intangible assets, the methods of accounting for income taxes, measuring goodwill and intangible assets, amortization of goodwill and intangible asset, mineral rights, the expenditure to explore develop and extract minerals, and research and development costs [2].
