Research On The Conceptual Accountancy Framework Of China

Conceptual Framework of Financial Accounting(CF)is the prerequisite and theoretical basis of accounting standards.As the global economic interflow is getting increasingly frequent along with the time,the International convergence of accounting standards is required.IASB published the latest version of The draft CF in 2015,and sought to complete the revision in 2017,once it is published,will guide the direction of global CF converging.China takes the step-by-step strategy to construct CF which conforms to it's condition:first,the Accounting Standards for Business Enterprises will be updated,which temporarily plays the role of CF in China;Second,China will construct CF of China.The Accounting Standard for Business Enterprises:Basic Standard published in 2006 indicates that CF of china has been established.As the economic is developing rapidly,defects of the Basic Standard shows under the circumstance;Thus,a more complete and updated set of standard need to be published to build a healthy economic growth in China.Firstly,this paper describes the fundamental theory of CF,discusses it's function and necessity,then points out that the international convergence of conceptual framework is a trend.Secondly,it analyzes CF developed by IASB and FASB,and focuses on eight aspects of the 2015ED.Thirdly,this paper analyzes current situation and point out both advantages and disadvantages of the China's Basic Standard.And the last part proposes some personal opinions base on 2015IASB conceptual framework in eight aspects so as to provide some reference advice,including the objective,the quality characteristics,the main body and reports,the elements,confirmation and termination confirmation,measurement,presentation and disclosure,capital and capital preservation.