Acomparative Study Inaccounting Standards Between China And Kyrgyzstan

As Chinese national strength continuously strengthen, Chinese economic influence in theAsia-pacific region is increasing. China has a history of more than30years of reform, and theinternational economic has great affects on the surrounding countries to the development of theeconomic system and accounting system. In2006, Chinese financial sector promulgated newaccounting standards, and it caused Chinese accounting standards system be consistent with theinternational accounting standards. Kyrgyzstan is one of Chinese neighbors, and the interactionbetween them is also more and more obvious. In terms of accounting standards and systemdevelopment, the development track of the two countries is very similar, therefore, thecomparative studies between the two countries’ accounting standards is very important. On theone hand, we find that the two countries have in common, on the other hand, comparing thedifference between the two countries accounting standards and analysis of the pros and cons ofthis difference, we can foster strengths and circumvent weaknesses, to perfect the accountingstandards of two countries.In this paper, first of all，Chinese accounting standards and Kyrgyzstan accounting standardshave been carried on the comparative study, and the concept and framework of accountingstandards between the two countries were summarized. And then through the developmentcourse in accounting standards, we comprise two countries accounting standards from fouraspects including: the comparison of fixed assets accounting standards, the comparison ofintangible assets accounting standards, the comparison of income criterion and the loss of assetimpairment accounting standards. Comparison results show that, in the two countries, the fixedassets inventory surplus and dish deficient accounting is different, and Kyrgyzstan has noprovision for impairment of fixed assets; there are differences between the two countries in theaspect of the definition and amortization method of intangible assets; the specific conditions ofaffirm income are different; and in the asset impairment loss, Kyrgyzstan has no measurementattributes such as fair value, net value of variability. In addition, the borrowing costs, associatedtransaction and disclose repeatedly, events occurring after the date of the balance sheet, etc., alsoexist certain differences between the two countries. By comparing several representativeaccounting standards, we analysis the reasons of the difference between the two countries andthe impact of such differences. On the basis of mutual advantages of accounting standards in twocountries, we formulate and perfect the system of accounting standards of Kyrgyzstan, and hopeto be able to make the accounting system more perfect. And in the new accounting standards, wehope to regulate the accounting work order and behavior of Kyrgyzstan. To meet the demand foraccounting information, enterprise stakeholders and bridge between the two countries isconducive to the smooth development of economic and trade cooperation relations.