Study On The International Financial Standards

With the development of Chinese economy and the gradual integration into the international financial markets, the need to learn more about the regulation and supervision of the international financial markets and to solve the problems of convergence to the international financial standards confronting China becomes more and more important .In this respect ,the author explores the legal aspects and nature of the International Financial Standards (IFS) and further inspects the interconnection among three special assessment procedures ,which are called respectively the Financial Sector Assessment Program ( FSAP ) ,the Report on the Observance of Standards and Codes (ROSC) ,and peer review。These three assessments are produced by three bodies : International Bank for Reconstruction and Development(IBRD) , the International Monetary Fund (IMF),the Financial Stability Board (FSB).Based on the analyses on the findings of the above , it is important to mention that the influence of peer review of FSB on the overall reform of system of international financial structure in deferent dimensions . Through the explicitly comparison the status of China between the contemporary progress in the reform of international financial system and the setting ,endorsement ,assessment and application of IFSs in the evaluation processes ,the dissertation intends to give some suggestions for China to get involved in the transformation both in the fields of the international financial reconstruction and the impending development of IFSs .