Study On The International Convergence Of Chinese Accounting Standards

Accounting has been universally acknowledged as "business language", serving as important tools of economic exchanges and cooperation between domestic enterprises and foreign enterprises. With the further development of the world economic integration and the continuous process of the international capital market globalization, international convergence of accounting standards has became inevitable. The importance of international accounting standards has attracted more and more attention by all countries in the world. With the push of International Accounting Standards Board, accounting standards have made great progress in international coordination, and its authority has been ever-increasing. Meanwhile, International accounting standards have gained recognitions from many countries and regions. EU has adopted international accounting standards, Japan has carried out restructuring of accounting standards setting organizations, and formulated accounting standards according to international accounting standards. Driven by realistic benefits demand, America's Financial Accounting Standards Board has involved in international Accounting Standards Board in full scale. In order to satisfy the need of opening-up and world economic integration, the Ministry of Finance of P.R.C has promulgated a new set of accounting standards for enterprises, including basic rules and another thirty-eight specific standards in 2006, February; and it has been put into practice in the scope of listed companies. In the wake of financial crisis, China, as the greatest developing country and emerging economy, in response to the financial crisis and the sponsor of G20, the Ministry of Finance of P.R.C issued "Roadmap of Continuous and Sustained Chinese Accounting Standards International Convergence" in April 2010, which manifests China's position and attitude.The writer tries to research on the international convergence of accounting standards of EU, America and Japan, which aims to reveal their enlightenments to our country. In the analysis process of Chinese accounting standards international convergence, first, the writer takes the overall condition of our accounting standards into consideration, and analyzes convergent degree between our accounting standards and international accounting standards in general. Meanwhile, the writer analyzes great accounting standards differences through horizontal comparison. What is more, the writer analyzes the differences between our accounting standards and international accounting standards in practice study, which bases on annual reports data of 2009 of 8 dual listing corporations on A and H share. The writer calculates the different amount of net income and net assets on the different accounting standards and finds out the main accounting reasons. According to the specific background, and the heavily amended accounting standards by International Accounting Standards Board (mainly in three aspects: Financial Instrument, Fair Value Measurements, and Presentation of Financial Statements), the writer tries to probe into China's attitude and countermeasures. In addition, the writer gives a few reasonable suggestions to our accounting standards international convergence at present time.