Comparative Study On Chinese And Australian Accounting Standards

The continuous development of economic globalization promote economic andtrade cooperation between the countries. China and Australia since the establishmentof diplomatic ties, the bilateral cooperation in the field of expanding economic andtrade cooperation is increasingly close. Accounting standards as the norms andprinciples of the realization of accounting goal, engaged in accounting work requiredfollowing, its importance is gradually reflected in the world economic and tradecooperation. The two countries did not focus on the study of each other’s accountingstandards, but more focused on the study of IFRS. In view of the importance ofaccounting standards in the trade and economic cooperation between the twocountries, this paper makes a comparative study of accounting standards in Chinaand Australia.Because of the differences of economic system and the accounting environment,accounting standards between the two countries also show their characteristics. Thispaper uses the method of theoretical analysis and comparative analysis, first of all,compares the two countries’ accounting standards development process, the system,so that from a macro comparative analysis of the difference of the guidelines.Secondly, from the importance and representative perspective，select fixed assets,mergers, asset impairment and income four specific criteria to compare in detail,analysis of different specific processing methods for the two countries in the sameeconomic issues. Finally, it is listed the practical cases to reflect visually the sameeconomic issues between the two countries in different process, as well as the impacton the balance sheet and income statement.In this paper, through comparing the two countries’ accounting standardsdevelopment process, the system and specific accounting standards, analysis thedifferences between the accounting standards between the two countries, as well asdifferences in the statements, to provide a reference for the accounting personnel inour country in the economic and trade cooperation should pay attention to the problem, Therefore play a normative role of accounting standards in the practicalwork better, and comprehensively improve the quality of accounting information,meet the accounting information needs of stakeholders, promote the steady forwardthe development of economic and trade relations between the two countries.