23rd Annual Student Research Conference
The Adoption of IFRS in China
Qianyun (Sally) Yang
Dr. Sandra Fleak, Faculty Mentor
China adopted International Financial Reporting Standards on Jan 1, 2007. International Financial Reporting Standards (IFRS) are a set of principles-based, high quality, understandable and enforceable accounting standards which are set by the International Accounting Standards Board (IASB). My research has two major objectives. One is to understand the differences between Chinese Accounting Standards (CAS), former accounting standards in China, and IFRS. The other objective is to study the adoption process of IFRS in China. For the first objective, I carried out two descriptive analyses using twenty large Chinese companies in six industries. To fulfill the second objective, I interviewed four accounting professionals in China. China's adoption of IFRS may not be a total success or a perfect example, but as least China moved one step closer toward the goal of one global set of accounting standards. This research helped me understand different accounting standards and the process and impact of the changing from one accounting standard system to another.
Keywords: IFRS, China, Accounting, Financial Reporting Standards, Chinese Accounting Standards
Topic(s):Accounting
Presentation Type: Oral Paper
Session: 2-1
Location: VH 1000
Time: 8:00