| It is becoming a public focus that how to internalize accounting standards to make it more adaptive and advantageous to the economic development under the background of international financial crisis With the development of security market, nonmonetary transactions become more and more common to accelerates capital circulation. Since the first issue of nonmonetary transaction standard in1999in China, the Ministry of Finance has revised the nonmonetary transaction standard twice and both times changed a lot in the transactions’recognition and measurement, which indicates the controversy of the accounting treatment of the transactions involving exchange of non-monetary assets. The current version of nonmonetary transaction standard reverts to fair value measurement and profit and loss recognition. Besides the original stipulation about supplementary money in Chinese nonmonetary transaction standard, there are also imperfects. Some public companies use these imperfects as profit manipulating tools, which causes the loss of shareholders and irrational distribution of the resources.In order to get a thorough understanding when discussing about the advantages and disadvantages of the current nonmonetary transaction standards, this essay systematically expatiates on the changes of Chinese nonmonetary transaction standards and analyzes the similarities and differences of Chinese current nonmonetary transaction standard and the similar accounting standards in other countries. Compared with accounting standards in other countries, this essay indicates the imperfects of our nonmonetary standard and raises three problems in practice, such as problems in basic theories, fair value measurement and non-equivalent transactions. To solve these problems, we should create a better market environment and reconsider the words of basic concepts in our accounting standards. Only if we institute a system of standards that is as perfect as possible in basic level and consistent with the accounting standards in other countries could we be admitted by the world as a player on the economic globalization stage. |
