TAILIEUCHUNG - Lecture International accounting (3/e): Chapter 6 - Timothy Doupnik, Hector Perera
Chapter 6 - Comparative accounting. After reading this chapter, you should be able to: Describe some aspects of the environment in which accounting operates in five countries, China, Germany, Japan, Mexico, and the United Kingdom; explain the nature of the accounting profession in the selected countries; discuss the mechanisms in place for regulating accounting and financial reporting in the selected countries. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Topics Accounting environment, profession, regulation, principles/ practices, and differences with IFRS in China Germany Japan Mexico United Kingdom Comparative Accounting 6- Learning Objectives Describe some aspects of the environment in which accounting operates in five countries: China, Germany, Japan, Mexico, and the United Kingdom. Explain the nature of the accounting profession in the selected countries. 3. Discuss the mechanisms in place for regulating accounting and financial reporting in the selected countries. Learning Objectives Examine some of the accounting principles and practices used by companies in these countries. 5. Identify the areas where national accounting practices in these countries differ from International Financial Reporting Standards (IFRS). Background World’s largest country with population of over billion. People’s Republic of China (PRC) established in 1949. Politically: Communist, one-party state. Economically: Until the 1980s, all firms state-owned. Currently in transformation to socialist market economy. World’s fourth largest economy and fastest growing among large economies, and is largest recipient of FDI. Learning Objective 1 Background First securities regulations adopted in 1984. Two major stock exchanges, Shanghai and Shenzhen established in 1990 and 1991. Government controls capital market via Chinese Security Regulatory Commission (CSRC) similar to SEC. Domestic companies list four types of shares: A, B, C, H. Market characterized by speculation, high share turnover. Learning Objective 1 Accounting Profession Profession less prestigious than in . Accounting and auditing have developed separately. Chinese Institute of Certified Public Accountants (CICPA) and Chinese Association of Certified Practicing Auditors (CACPA) merged in 1998. Economic reform and the large number of joint ventures .
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