Study On The International Convergency Of Chinese Accounting Standards

With the development of the world economy and technology, the economic exchanges become frequently among countries. As the universal language of business and commercial, accounting standards needs to adapt to global economic integration. International hamronization or global convergence of accounting standards has become the inevitable and realistic issue for countries worldwide. The International hamronization of accounting standards can enhance the comparability of accounting information in the financial report and strenghten the transparenty. It also has a significant effect on reducing the cost of transaction and financing capital for enterprises. The International Accounting Standards Board (IASB) has made great efforts to promote the international convergence of accounting standards. As an important part of world economy, our country must melt into the international economic tide and actively participates in the process of the accouting standards's global convergence.On Februrary 15th,2006, including a basic Accounting Standards and 38 Specific Accounting Standards were issued by the Ministy of Finance in China, which means our accounting standards system has been formally established. Chinese accounting standards system is suit for the socialist market economy and has achieved substantial convegence with the IFRSs. But because of our special accounting, economic and political envrionment, China's Accouting Standards (CASs) do differ from IFRSs in many aspects. So it is not easy to achieve the convegence with the IFRSs.This dissertation explores the relevant issues from the convergence of China's Accounting Standards. Firstly, in the views of many experts and scholars at home and abroad, this dissertation theoretically analyzes the definition of international convergence of accounting standards, which helps to get a comprehensive and clear understanding for academic research. This will give a reasonable start point for argument to master the importance of international convergence of accounting standards. Secondly, this paper has looked back the couse of devolopment in term of CASs and IFRSs convergence. Actually, as a kind of superstructure, accounting standards have always met economic development arid change of development model. comparing the CASs with the IFRSs, there are many differences between them which we should completely understand. At last, in the environment of global convergence, Chinese Accounting Standards have fully converged with the International Financial Reporting Standards, but we still face some problems. On the basis, some improvements will be suggested.There are two purpose of this paper:one is that it can improve my practical capability in financial area through studing key difference between CASs and IFRSs; the other is to explore the orientation of their hamonization and assimilation.