An International Comparative Study On Accounting Standards-Interim Financial Reports

Accounting is an economic management activity meanwhile it is an information system. The main function of accounting is to reflect the economic activities and supervise the person who conducts the economic activities through providing the related information. With the fast pace of the internationalization, the economic activities have occurred across different countries therefore accounting is becoming international. However, due to the different environment in the countries, the development of the internationalization of accounting encounters many problems and limitations. Therefore, fully understanding the accounting environment of our country, recognizing the accounting differences between China and other countries, improving the accounting standards will be a great significance for promoting the reform of accounting, boosting the development of the economy and fastening the pace of internationalization.Many scholars have conducted the international comparative studies on the interim financial reporting accounting standards and made certain contribution which has been reflected in the new accounting standards for enterprises published in 2006. However, most of the studies are based on those standards which had been updated. Therefore, the aim of this essay is to conduct a comparative study by selecting the latest interim financial reporting standards from five countries which are USA, UK, Australia, Japan and China.The essay reaches the differences of five countries'interim financial reporting standards through theoretical analysis and comparison, analyzes the existing gap of accounting standards development between China and other countries and refers to the practice of those accounting-is-advanced-developed countries to make suggestions for improving interim financial reporting standards in China.