...Introduction 2 Population 2 Economic Structure and Major Industries 2 Major Firms 4 China’s Stock Market 6 China Securities Regulatory Commission 7 Legal Enforcement of IFRS 8 Summary of contents of financial statements 9 Transition Process of Accounting Standards 10 Auditing Standards 11 Full convergence with International Standards 11 Verification of Capital Contribution 13 Comparison of China’s old GAAP and IFRS 14 Accounting Education in China 15 The Chinese Institute of Certified Public Accountants 15 The CICPA Overview 15 The CICPA Examination 16 Accounting Student 18 China’s Cultural Influences on Accounting 19 Appendix 1. Comparison of CASs and ISAs (As of 2006) 22 Appendix 2. Accounting Firms in China 24 Introduction Population In 2012, China's population amounts to 1.3 billion – an increase of 365 million since 1980. Yet, population is growing at a decelerating pace and should reach its peak in less than two decades. Current methods of population control will be relaxed as the growth of population slows. The fertility rate is presently 1.6 births per female (below replacement level) and is expected to remain at that level in the medium term. The median age is steadily rising and by 2011 it was 35.5years –16.9 years greater than the figure for 1980. In fact, population aging is occurring more quickly in China than in most other countries. The country's working age population will begin to fall by 2017. By 2040, there could...
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...会计专业硕士学位在国外的发展已超过五十年，而在我国的发展方兴未艾。借鉴吸收发达国家的培养经验，对于完善我国会计专业硕士课程体系、提高人才培养质量具有十分重要的作用。 * 主要内容和观点 文章首先介绍了专业硕士学位及会计专业硕士的发展情况。然后，分别从中国和美国选取十所高校的会计专业硕士项目作为样本，从模块结构、培养方向、核心课程等方面做了比较全面的分析，尤其是比较了中美会计专业硕士的课程体系的差异，并对其成因进行分析。最后，为我国会计专业硕士的发展提出了一些建议，如：统一培养方向划分、明确培养目标等等。 * 主要贡献 本文的侧重点在会计专业硕士的课程体系，主要以对比的方式进行研究，并从差异分析中得出启示，希望能有助于我国会计硕士的发展。 关键词： 会计专业硕士，课程体系，比较 ABSTRACT Background The master of professional accounting program, shorted for MPAcc, is a new developing one in mainland China. It’s beneficial to learn from the same program in other countries, which has been successful in training professional accountants for decades. Contents Firstly the essay introduces the history and current situation of MPAcc in China and U.S. Then it selected several schools to study its master of accounting program. The programs in both China and American are researched and compared. Contribution This essay compares MPAcc curricula from twenty colleges in China and the United States. Some differences are found and analyzed. Finally suggestions are put forward to stimulate the program in China to achieve success. Key words: Master of Professional Accounting, System of Accounting Courses, Comparison 目 录 一、引言 1 二、文献综述 1 三、专业硕士学位介绍 1 四、中美两国的会计专业硕士的发展历程及现状 2 五、中美会计专业硕士的课程体系情况对比 4 （一）样本选择 4 （二）模块结构 5 （三）培养方向 5 （四）补修课程 6 （五）核心课 6 （六）实践课 7 六、中美会计专业硕士课程体系对比结果及原因分析 7 （一）模块结构比较相似 7 （二）培养方向有较大不同 7 （三）对补修课程要求有较大不同 8 （四）核心课有一些差异 8 （五）实践课不同 9 七、启示与建议 9 （一）尽量统一培养方向的划分 9 （二）进一步明确培养目标 10 （三）开设并扩宽补修课程 10 ...
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...[pic] Master of Business Administration AF5215 Financial Accounting for Executive Group Project Date: 07 Dec 2013 |Student ID |Student Name | |12034578G |Yu Ka Kit, Eric | |13022384G |Kevin Lo | |13051317G |Esther Wong | |12037974G |Simon Leung | CONTENT 1. Executive Summary P. 4 2. Introduction P. 5 3. SWOT Analysis 3.1 Strength P. 7 3.2 Weakness P.8 3.3 Opportunity P.10 3.4 Threat P.11 4. Performance Overall 4.1 Turnover Growth P.12 4.2 Profit Before Taxation P.12 4.3 Net Profit P.12 4.4 Cash P.12 4.5 Earning Per Share(EPS) P.13 5. Liquidity Ratios 5.1 Current Ratio P.13 5.2 Quick (Acid Test) Ratio P.13 5.3 Working Capital P.13 6. Profitability Ratios 6.1 Return on Equity (ROE) P.14 6.2 Return on Assets (ROA) P.14 6.3 Operating margin P.14 6.4 Fixed Asset Turnover P.15 7. Financing Ratios 7.1 Debt/Assets ratio P.15 7.2 Debt-to-Equity Ratio ...
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...1.0 Introduction This report talks about china s accounting systems and how it has developed and changed continuously till present. It looks into the history of Chinese accounting, followed by explaining how the institutional factors have had an impact and is backed up by 2 theorist, Hofestede and Grays model. It identifies the significant changes that occurred during its journey in adapting to the IFRS standards starting from 1949. Culture is a main aspect of china and has been incorporated into its accounting systems as well. To conclude it explains future problems that may arise and whether or not china will fully adapt to the IFRS system. 2.0 Brief history of accounting Previously there was no real accounting system in china with the exception of providing financial reports, therefore the Chinese government wanted to implement an accounting system. In 1949 the people Republic of China (PRC) a communist party came into power and adopted a communist accounting approach from Russia to achieve socio economic development without the reliance on developed nations. 2.1 Significant changes that have taken place 2.2 Great Leap Forward The regime of the Great Leap Forward 1958 – 59 was an effort to strengthen china’s economy, and catch up with the western world, but ended during the Cultural Revolution. A series of natural disasters like shortage of water, starvation led to the worst period in china’s history. 2.3 Cultural Revolution However the Cultural Revolution...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 22, No. 4 November 2007 pp. 685–708 China Eastern Airlines: People’s Republic of China Accounting Standards, International Financial Reporting Standards, or U.S. Generally Accepted Accounting Principles? John L. Haverty ABSTRACT: China Eastern Airlines, headquartered in the People’s Republic of China, has been listed and traded on the New York Stock Exchange since 1997. In its 2005 annual report, China Eastern Airlines presents two sets of financial statements: one prepared under People’s Republic of China accounting regulations, and a second set prepared under International Financial Reporting Standards. In addition, as a listed company on the New York Stock Exchange, China Eastern Airlines files Form 20-F with the United States Securities and Exchange Commission. This filing includes a limited reconciliation of net income and net assets from International Financial Reporting Standards to United States’ generally accepted accounting principles. Your job is to examine these financial statements, explore any differences noted between each of the financial statements and U.S. GAAP, and highlight some issues to be included in a financial analysis of China Eastern Airlines for possible inclusion in an investment portfolio. W INTRODUCTION alt Gregory is a junior portfolio analyst at Chartgood, a portfolio manager for several major mutual funds. Susan Bedell, the portfolio manager, just informed Walt that one of the funds she managed, the Global...
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...CHAPTER 5 COMPARATIVE ACCOUNTING Chapter Outline China I. There are some unique features in the accounting profession in China. They include the following: A. Until the 1980s, those who carried out accounting work were not held in high regard in society, and this has had an adverse effect on the development of the accounting profession in China. B. Accounting and auditing in China have taken different paths in their development processes. Auditing firms audited mainly domestic companies, and were under the State Administration of Audit (SAA), whereas accounting firms focused on companies using foreign investments and were sponsored by the Ministry of Finance. C. Unlike in the U.K., where there was a good legislative and judicial environment during the early stages of the development of the profession, in China, a market-oriented legislative and judicial environment is still emerging. D. Unlike in the U.K., where auditors receive support from the established professional bodies, these support mechanisms are still lacking in China. II. The recent economic reform program stimulated the growth of the accounting profession in China. A. With the recognition by the State of joint stock company form, the demands for financial information from investors and other interested parties increased. B. The establishment of two stock exchanges helped rapid growth of the accounting activities. C. Various government regulations...
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...Compare China and Japan in Accounting Standard and Recent Events, Which country is drifting further from Confucianism Introduction Chinese and Japanese accounting system has been influenced by Confucianism long time ago, but Bloom and Solotko(2003) proposed that because of the role of the government in the accounting system, both countries China and Japan has went far away from the Confucianism. In this report, the researchers will compare the accounting regulation and corporate governance in both countries, and get the conclusion which country is drifting further from the Confucian origins. This report has been divided into four parts. The first part will talk about the definition of the Confucianism and the implication of the Confucianism to both countries China and Japan. The second part is going to discuss the relationship between China accounting system and Confucianism; the third part will focus on the relationship between Japan accounting system and Confucianism. The last pat will compare the two accounting systems, and meanwhile get the conclusion which country has went further from the Confucianism. Definition of Confucianism Confucianism was founded by Confucius who is the Chinese philosopher and the first raised the Master of Ceremonies. The master of ceremonies gradually developed into the ideological system, which the core is the benevolence, and it’s in the hierarchical structure of society over 2000 years (XingZhong 2000). It exerts a far-reaching...
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...Beijing 100102, China Cell: (86)-18601018786, Email: lifang9304@163.com EDUCATION Central University of Finance and Economics Beijing, China Major: B.Sc. in Applied Accounting 09/2011-06/2015 Cumulative GPA: 3.64/4.0, Rank 2/40 Coursework: Math: Advanced Mathematics I & II, Linear Algebra, Statistics, Probability & Statistics Accounting: Intro to Accounting, Accounting Principles, Analysis for Financial Accounting, Intermediate Financial Accounting, Cost Accounting, Accounting of Financial Enterprises, Accounting Information System, Tax Law, Auditing, Management Accounting, Financial Accounting, Financial Analysis Eco. & MGMT: Principles of Management, Information Management and Database Technology, Microeconomics, Macroeconomics, Management Information System, Management of Intangible Assets PROFESSIONAL EXPERIECNE Beijing Xinhong Certified Public Accountants Co. Ltd. Beijing, China Accountant Assistant 07/2014-09/2014 Acquired practical knowledge of mergers and acquisitions (M&A), private equity, and merchant banking Utilized financial accounting software to prepare various kinds of journal entries and status reports to analyze company’s current financial condition. Utilized the internet, online databases, industry association company lists, and company’s own proprietary database to identify and profile target companies, private equity group, and corporates. Beijing Yingzhibao Cars Sales Services Limited Beijing, China Accountant Assistant ...
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...Merging of numerous national generally accepted accounting principles with the International Financial Reporting Standards (IFRS) guarantees reliable and comparable financial information that will help investors in making the best investment decisions. Many countries and the International Accounting Standards Board plan to implement or converge with the International Financial Reporting Standards with a goal of comparing uniformed financial statements across countries. Having uniform standards for accounting worldwide not only would make it easier to compare financial statements, but it will coordinate the free movement of debt and equity capital worldwide. (Mukoro & Ojeka, 2011) Hofstede defined culture as, “the collective programming of the mind which distinguishes the members of one human group from another” (Gray, 1988). Hofstede went on to explain that “culture” is society at large or entire countries, while a “subculture” is used for a level of personal, professional, and organization. The amount of culture integration may vary from society to society, but most subcultures within a single society have similar characteristics (Gray, 1988). Hofstede identified four major types of societal/cultural characteristics. They are individualism versus collectivism, power distance, uncertainty avoidance, and masculinity versus femininity (MacArthur, 2006). In an individualistic society, individuals are independent of one another and self-sufficient whereas in a collectivist society...
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...Evolution of Management Accounting: Contemporary Significance and Retrospection Abstract: The management accounting aim in future forecasting, planning and making decisions for the firm. It is also good at cost managing (cost accounting), improving production and management controlling, for example, the Balance Scorecard and Management Control System. What is evolution? The synonym of evolution is development which means the experiences of its past to present, also means history. Thus, it will introduce the management accounting's history of U.S and China so that we could clarify why China lag behind. Moreover, it would move forward to describe the circumstance today to emphasize the new missions of management accounting. Of course, it would make suggestions for China based on the present and past. Finally, expect the future outlook of management accounting Generally speaking, besides telling readers the main factors of influencing management accounting in China, it aim to encourage and remind readers as well as schoolmates to study the management accounting and notice the significance and potentials of management accounting. Key words: Management Accounting, Cost Accounting, Evolution of Management Accounting, Balance Scorecard, Management Control System. Contents INTRODUCTION 6 1. LITERATURE REVIEW 8 1.1 THE INFLUENCING FACTORS OF MANAGEMENT ACCOUNTING 9 1.1.1 Business size, Organizational Structure and Technology 9 1.1.2 Strategy 10 ...
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...Republic. Czech hops are considered to be among the world’s finest.Historically, Besserbrau’s products were marketed exclusively in Germany. To take advantage of apotentially enormous market for its products and expand sales, Besserbrau began making sales in thePeople’s Republic of China three years ago. The company established a wholly-owned subsidiary inChina (BB Pijio) to handle the distribution of Besserbrau products in that country. In the most recentyear, sales to BB Pijio accounted for 20% of Besserbrau’s sales and BB Pijio’s sales to customer in China accounted for 10% of the Besserbrau Group’s total profits. In fact, sales of Besserbrau products in China have expended so rapidly and the potential for continued sales growth is so great that thecompany recently broke ground for the construction of a brewery in Shanghai, China. To finance construction of the new brewery, Besserbrau negotiated a listing of its shares on the London Stock Exchange to facilitate an initial public offering of new shares of stock. Required: Discuss the various international accounting issues confronted by Besserbrau AG. 1. Sales foreign to customer As we have known, Besserbrau do export its products to China, it means Besserbrau does not selltheir products only at their country in German anymore, but Besserbrau expand their sales to foreign customer. The...
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...Management Accounting Li-qun Pang Department of accounting, Jilin Business and Technology College 130062, Changchun, China pangliqun1965@126.com Abstract. In order to solve the apparent lack of standardization problem of management accounting theory, because this problem is not only restricted the management accounting application and promotion in China's enterprises, but also hindered their own theory the depth development and research efficiency. This paper describes the standardization of management accounting principles, this paper discusses the basic theory that the standardization of management accounting, Analysis of building management accounting theoretical framework the various elements and the logical relationship between them, and select the appropriate logical starting point as a starting point to build the foundation of management accounting theoretical framework. Keywords: management accounting, standardization, basic principles, basic theoretical system, theoretical framework. 1 Introduction Management accounting as one of the two branches of modern accounting, after decades of development, both in theory and practice have made some development, its important role of business management has gradually been of concern to the community, and follow-up is considered the accounting industry development. But in general, Management accounting in China there are still many problems, as opposed to the development of more sophisticated financial accounting, management...
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...Corporate Governance and Accounting Conservatism in China* Donglin Xiaa and Song Zhub,** b School of Economics and Management, Tsinghua University, China School of Economics and Business Administration, Beijing Normal University, China a Abstract A principal-agent relationship exists among creditors, shareholders and management, and information asymmetry among them leads to asymmetric loss functions, which induces conservative accounting. This paper investigates the determinants of accounting conservatism using accrual-based measures and data from 2001 to 2006 in China. We find that a higher degree of leverage, lower level of control of ultimate shareholders and lower level of management ownership lead to more conservative financial reporting. We also find that political concerns and pressures among state-owned enterprises are greater than those among non-state owned enterprises, which leads to more conservative financial reporting among the former. However, a decrease in such concerns leads to a decrease in accounting conservatism. Overall, we find that among the determinants of conservatism in China, debt is the most important, followed by ownership, and that board has little influence. JEL classification: G30; M41 Keywords: Information asymmetry; Agency problem; Accounting conservatism; Political concerns; Corporate governance * We thank George Yang from Chinese University of Hong Kong and participants at CJAR Summer Research Workshop for helpful comments....
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...Chinese accounting standards are the accounting rules used in mainland China， issued by Ministry of Finance People's Republic of China in 2006 regulates the presentation of financial statements and underlines the importance of financial reporting. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance. Although China's accounting standards have not called Financial Reporting Standards, however, the concept of International Financial Reporting Standards are consistent. This revised law marked a large step forward for the continuing integration of world trade and capital markets, with China adopting a significant number of the accounting standards laid out by the International Accounting Standards Board. The old Chinese Accounting Standards (CAS) were largely replaced by the International Financial Reporting Standards (IFRS), to bring China more in line with the rest of the world. The similarity between the new Chinese accounting standards and the IFRS is almost 90–95%. Accounting Standard prescribes the behavior of accounting recognition, measurement and reporting. Auditing Standards draw up the standard of financial statement audit and identification behavior. Under the guidance of "Enterprise Accounting Standards", the preparation and presentation of financial statements could be implemented. The basic concepts of financial reporting should include the main contents, should reflect the basic...
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...The independence of internal auditing in China Term Paper Advanced Auditing February, 15 * The independence of internal auditing in China Abstract China’s rapid economic growth boosted its accounting system that has evolved at a singular rate. The national government encourages foreign investors to participate in the domestic capital market actively. The government also strictly supervises the different national economic activities; as a result, the credibility of the auditing system plays a important role. Chinese government as well as some firms seek reliable and independent internal audit services. This paper will examine some factors which may cause lack of independence in Chinese internal audit systems, the difference between the internal auditing in China and in western countries. Based on interviews and questionnaires, suggestions are made for future improvement on the internal audit system in China. Key words: internal auditing, audit independence I INTRODUCTION The globalization of economy, complexity of business and allegations of fraudulent financial reporting have recently sharpened the ever-increasing attention to internal controls and internal auditing. (Karagiorgos et al., 2009) The role of internal auditing is also evolving as reflected in the following definition ‘an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing...
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