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International accounting in china - Essay Example

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International accounting in china

1990 was a watershed year wherein the PRC laid out the basic general objectives for the accounting system reform which consisted of the fundamental and specific accounting standards against the background of the international accounting practices catering to the nation's requirements. (Accounting and Auditing Standards)
The approach had the inclusion of a two-pronged one that had involved the makeover to an accounting system driven by market-economy from the existing planned economy accounting system. The first step led to the formation of the International Accounting Standard -- IAS based Basic Accounting Standards in the year 1992. This apart, a fresh package of uniform accounting system was being released for the purpose of the vital economic sectors. The second step will have a complete system of accounting standards which meant for businesses which would be built over the process of time bringing the Chinese accounting system on the similar lines along with the global practices. ...Show more

Summary

The earliest system of accounting in People's Republic of China - PRC dating back to the 1950s known as the Financial System for Business Enterprises was otherwise called as the 'old uniform accounting system'. Under this system, the Central Govt. remained in total dominance of the financial management of companies with heavy control being implied on financial issues…
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