A Comparative Study Of Some Accounting Standards In China And The United States

The United States is the birthplace of accounting standards, the accounting standards mode has a profound influence in the world and irreplaceable role, the accounting standards will find that many other developed countries accounting standards and the mode has the shadow of the American accounting standards mode, until today, the model of accounting standards and its influence still is unique in the world, in the past because the United States "disdain" for international accounting standards made the international accounting standards has not get substantial progress.On July 1,1993, China first issued the accounting standards for enterprises, the "basic principles" it marked the history of China to build its own accounting standards has already begun. Before 2006, the ministry of finance has issued 16 specific standards of "enterprise accounting system" has the same function, at present there are several specific standards and are in the final stage for advice, can accomplish expected years, China’s accounting standards construction speed, that have astonished the world.In 2006,the new accounting standards has finally issued.Development of accounting standards is the need to adapt to the economic development process. It improves the structure of the market economy.The set of accounting standards maintains the social public profits. It also strengthened the government regulation of the market. In twentieth Century twentieth Century 70 in the late 1980s and early 80’s, China proposed the concept of accounting standards. America history accounting standards development is even longer. In the late 1920’s the Great Depression led to the birth of American generally accepted accounting principles.On April 18,2008, China Accounting Standards Board and the Financial Accounting Standards Board signed a memorandum of cooperation to promote exchanges and cooperation between the United States and China. The file to further increase the interaction in the accounting standards in China and the United States, also for China’s accounting standardsinternationalization provides more opportunities.Different nations have diverse accounting standards, Depending on economic development levels, political system, education and scientific development in each country. With the globalization of economy and the rapid development of capital market internationalization, international accounting standards of international society needs more and more intense, the world is speeding up with international accounting standards, our country also the pace of the standards in positive toward international convergence of accounting standards of direction.Due to differences in the level of accounting development, China and the United States political system and cultural traditions, the two countries had their ways to establish their own accounting standards.Primarily purpose of this paper is to compare and analyze the US GAAP and Chinese accounting standards. The paper attempts to use accumulated knowledge from the study in both America and China and detailed information gathering, especially the research of GAAP and Chinese accounting standards. This paper explores the United States and China, the difference between GAAP and seek more mutual learning and exchange;At the same time through the case analysis to better reflect the difference of accounting standards between the two countries, mining the benefits of effective integration between the two; Finally through some of the typical comparison between the two countries accounting standards, combine the advantages of between the two, will greatly promote the further development of the accounting standards for the two countries, and provide a basis for the reform of accounting standards.