The challenges of china for adopting the IFRS2.docx
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The challenges of china for adopting the IFRS2.docx
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ThechallengesofchinaforadoptingtheIFRS2
ThechallengesofchinaforadoptingtheIFRS
Abstract:
Withtheaccelerationoftheglobalizationofbusinessandcapitalmarkets,internationaltrendsinrecentyears,moreandmoreusersoffinancialstatementsonthestandardizationofaccountingstandardsahigherdemand;Atthesametime,thecompanieswhoarecommittedtoentertheinternationalcapitalmarketstendtotheharmonyandunityofthefinancialreportingsystem.Inaddition,anumberofaccountingscandalsinrecentyearsseriouslyunderminespublicconfidenceinfinancialreportinginordertomorerealisticandaccuratelyreflectthecompany'sbusiness,enhancethetransparencyofaccountinginformation,standardizationofaccountingstandardsreferredtoanewagenda.Since2006,ChinabegantheimplementationofIFRS,theguidelineshadaprofoundimpactonChina.
Keywords:
accountingstandardsofChina;internationalfinancialreportingstandards;convergence
AsignificantnumberofcountriesaroundtheworldhaveadoptedInternationalFinancialReportingStandards(IFRS)astheirbasisforfinancialreporting.TheaimofadoptingIFRSistoimprovethequalityofinformationoncorporateperformance.However,whiletheadvantagesofacommonsetofglobalreportingstandardsarerecognized,thereareanumberofimplementationchallengesattheinternationalandnationallevelsiftheobjectiveofanimprovedandharmonizedreportingsystemistobeachieved.
InternationalFinancialReportingStandards(IFRS)inrecentyearshasbecomethefocusofthemarket,TheEUhasstipulatedthatallEUlistedcompaniesmustbepreparedinaccordancewithInternationalFinancialReportingStandards(IFRS)consolidatedfinancialstatementsfromJanuary1,2005,Somecountries(CanadaandAustralia)haspromisedatransitiontoIFRS
Theformulationofinternationalaccountingstandards
Whendecidingwhetheraproposedagendaitemwilladdressusers’needstheIASBconsiders:
(a)therelevancetousersoftheinformationandthereliabilityofinformationthatcouldbeprovided
(b)existingguidanceavailable
(c)thepossibilityofincreasingconvergence
(d)thequalityoftheIFRStobedeveloped
(e)resourceconstraints.
Whenaddinganitemtoitsactiveagenda,theIASBalsodecideswhethertoconducttheprojectalone,orjointlywithanotherstandard-setter.
•Afterconsideringthenatureoftheissuesandthelevelofinterestamongconstituents,theIASBmayestablishaworkinggroup.
•Thedirectorsofthetechnicalstaffselectaprojectteamfortheproject,andtheprojectmanagerdrawsupaprojectplanunderthesupervisionofthosedirectors.
•Theprojectteammayalsoincludemembersofstafffromotheraccountingstandard-setters,asdeemedappropriatebytheIASB.
WhenthedraftiscompletedandtheIASBhasapproveditforpublication,thediscussionpaperispublishedtoinvitepubliccomment.
TheIASBnormallyallowsaperiodof120daysforcommentonadiscussionpaper,butmayallowalongerperiodonmajorprojects.
Afterthecommentperiodhasended,theprojectteamanalysesandsummarisesthecommentlettersfortheIASB’sconsideration.
IftheIASBdecidestoexploretheissuesfurther,itmayseekadditionalcommentandsuggestionsbyconductingfieldvisits,orbyarrangingpublichearingsandround-tablemeetings.
InternationalAccountingStandardstodeveloptheflowchart
InternationalAccountingStandardsBoard(IASB)todeveloptheInternationalFinancialReportingStandards(IFRS)andU.S.GenerallyAcceptedAccountingPrinciples(USGAAP)hasbecomeaninternationalbenchmark.InternationalFinancialReportingStandards(IFRS)inrecentyearshasbecomethefocusofthemarket,TheEUhasstipulatedthatallEUlistedcompaniesmustbepreparedinaccordancewithInternationalFinancialReportingStandards(IFRS)consolidatedfinancialstatementsfromJanuary1,2005,Somecountries(CanadaandAustralia)haspromisedatransitiontoIFRS,ChinaandJapanalsoannounceditsintentiontomoveforwardalongwiththesamedirection.
FortheemergingmarketsofthedevelopingcountrieslikeChina,IFRScapacityandstudentswereparticularlyobviousandcriticallydiscussthepossibleimpactsinthefollowingconcernedgroups:
FORSmallandmediumbusinesses(SMEs)inChina
IFRSfromtherestructuringofanonlyconsiderthepowerfulgroupsindevelopedcountries(mainlytheU.S.andEU)intereststobeconcernedaboutthelargenumberofSMEsindevelopingcountries.Thereleaseoftheguidelinestoreducethepressuretoacertainextent,reducetheexecutionriskandcompliancecostsofSMEs.Second,itreflectstheIFRSstandard-settingprocessinthestrictimplementationofthefullinternationalprogram"Thecompanieshavedifferentaccountingpolicies,whichmayaffecttheresultsandanalysisofresults.Thisprocedureinvolvestheworld'saccountants,financialanalysts,corporate,stockexchanges,regulatoryandlegislativeauthorities,academiaandotherinterestedindividualsandorganizations.Inaddition,theIASBandnationalguidelinestodeveloptheinstitutionswilldiffermateriallyfromallthecriteriatobereviewed,andgiveprioritytothoseareasthatthebiggestdifference.Throughthefullprogramcoordination,ItisgoodforIASBtostrengthenlinkswithnationalguidelinessettingbodies,thuspromotingtheconvergenceofIFRSandnationalguidelines.Deletethethemehasnothingtodowiththesmallandmediumenterprises,reducetheamountofinformationdisclosure.Thiswillnotonlyfacilitatetheinvestors,creditorsandotherusersofSMEsoperatingresults,financialconditionandcashflows,butalsoreducetheburdenonthepreparationoffinancialstatementsforSMEs.Finally,ithelpstoimprovethefinancingcapacityofSMEstoattractforeigninvestment,Directfinancingandindirectfinancing,isaneconomicandcreditrelations,Alleconomicandcreditrelationsarebasedoneconomicstrength-basedproviderforSMEfinancingisfirstfacedwiththerisk.Theguidelinestoimproveinternationalcomparabilityofaccountinginformation,reduceinformationcostsforSMEs,financingcostsandfinancingrisks.
InternationalFinancialReportingStandards,theinadequaciesoftheside.InternationalFinancialReportingStandards,ifnotcorrectlyperformed,canleadtoaseriesofproblems.FormanySMEsandtheirfinancialreportusers,thebiggestchallengeisthecostofitsimplementation.Inessence,theaccountingstandardisaneconomicsystem,andaccountingenvironmentalimpact.
Countriesthegapismuchhigherthanthegapre-listedcompaniesandotherlargeenterprisesintheSME.Releaseasetofstraightforward,coordinatedavarietyofculturaldifferences,whileacceptablefornationalguidelines,ittakestimeandcosts.SideoftheInternationalFinancialReportingStandardsapplicabletothesameconceptualframework,basedontheprinciples-basedaccountingrequirestheuseofalargenumberofprofessionaljudgment,thequalityoftheSMEaccountingstaffisrelativelyhigh,theremaybeabarriertounderstandingthemorecomplexaccountingconcepts,Thiswouldimpedetheconsistencyandcomparabilityoftheaccountingtreatment.SMEsaccountinggoalsmaybedifferent,sotherearesomedifficultiesinthecoordinationoftheaccountingtreatment.Inaddition,duetolowerdisclosurerequirementsarelikelytoleadtodeclineinthequalityofSMEstopublicdisclosureofaccountinginformation,forexample,somesmallandmediumenterprisestotheconfidentialityofinformationasanexcuseinaccuraciesandriskofnon-disclosureofbusinessinformation,leadingtotheusersofaccountinginformationcannotbetrue,accurateandcomprehensiveaccountinginformation.
A.Themainpointsofthenewaccountingstandards
Themainpointsofthenewaccountingstandards:
convergencewithInternationalFinancialReportingStandards.Theintroductionoffairvalue.Thenewstandardsadoptedthefairvalueofmergers,debtrestructuringandnon-monetarytransactionsinfinancialinstruments,investmentproperty,jointlycontrolledStandardizedbusinesscombinations,consolidatedfinancialstatementsandotheraccountingmatters.Theunderlyingtheoryofthenewguidelinesoftheconsolidatedfinancialstatementshaschangedfromthefocusoftheparentcompanytheorytofocusontheentitytheory.Specificationofanewaccountingbusiness,theoriginalsheetitemsincludedinthetableaccountedfor.Theprovisionsoffixedassets,intangibleassetsforimpairment,onceextracted,cannotbereversed.
Thechangesbroughtaboutbythetwonewaccountingstandardsforfinancialstatements
2.1Changesininventories
NewaccountingstandardstocancelLIFOallowspartofthestockborrowingcoststobecapitalized,andcommercialenterprisespurchasecostsareincludedininventorycosts,theprovisionsofconsumablesandpackagingmaterialscanonlybeusedonceorsplittheamortizationmethod.Inventorycriteriachanges,andmoretrulyreflectthecirculationofcorporatestock,corporatemanagement,taxationandotherusersofaccountinginformationtomakedecisionsbasedoninventoryuseandcirculation,ismorefocusedonreflectthelong-termbusiness.LeadtochangesininventoryguidelinesoriginallyadoptedLIFO,longproductioncycle,moreinventoryandlowinventoryturnoverrateoftheenterpriseintheshorttermincreaseintheamountofinventory,operatingprofitgrowth.
2.2Theassetchanges
Financialassetsaredividedintofourtypes,respectively,usingthefairvalueandtheeffectiveinterestmethodforsubsequentmeasurement,strictlycontrolthereversalofimpairment.Newaccountingstandards,changesinfinancialinstrumentsinalargee
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