RECENT ACCOUNTING REFORM IN CHINA

1 January 1995

journal article
Published by Emerald Publishing in Asian Review of Accounting

Vol. 3 (1) , 3-24
https://doi.org/10.1108/eb060650

Abstract

China has undergone significant economic reform since 1978. The transformation from a centrally planned economy to a socialist market economy created the need for corresponding reform of the accounting regulatory framework. The accounting reform has culminated in the promulgation of the Enterprise Accounting Standard by the PRC Ministry of Finance effective from July 1, 1993. This review article analyzes the reasons for the recent accounting reform in China and its direction towards harmonization with international accounting standards and practices. The old and the new accounting regulatory frameworks are compared and contrasted. Some problems and prospects also are discussed.

Keywords

This publication has 1 reference indexed in Scilit:

Chinese accounting systems and practices
Accounting, Organizations and Society, 1988