1998 Fiscal Year Final Research Report Summary
A Study of the Current Accounting System in China
| Project/Area Number |
08630135
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Kansai University (1998)
Saga University (1996-1997) |
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Principal Investigator |
MIZUNO Ichiro Kansai University Faculty of Commerce, Professor, 商学部, 教授 (70174034)
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| Project Period (FY) |
1996 – 1998
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| Keywords | accounting reform / accounting law / accounting standards / accounting system / accounting regulations / socialist market economy / managerial accounting in China / Chinese Institute of CPA |
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| Research Abstract |
In this study, first of all, we explore the socio-e conomic background of accounting in China, that is , China's unique socialist market economy.
Second, the current status and issues of the accounting system in China is reviewed and evaluated. The accounting system in China consists of three levels. At the first level is the accounting law issued by the National People's Congress in 1985. At the second level are the general rules and accounting standards approved by the State Council and managed by the Ministry of Finance. The third level involves detailed accounting regulations which are issued by the MOF.
China now has the task of developing detailed standards. The introduction of the accounting standards marks a move towards the internationalization of accounting in China.
Chinese accountants face a tough challenge. Besides the technicle complications of accounting reform they will have to adjust to changes in the balance of socialist ideology and a changing economic structure. Thus, while introducing Western accounting practices, they must be careful not to run counter to current socialist ideology. Consequently the best strategy for china would be to develop a flexible policy.
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