China-The move to IFRS
The main objective of the study was to establish the whether adoption of IFRS was beneficial. AIDitionally the challenges faced when adopting IFRS, how to overcome them, development of Chinese accounting standards, differences between CAS and IFRS were also of interest. To accomplish this task, a qualitative analysis was undertaken. Required data were obtained through face to face interview. It was established that indeed the Chinese Accounting Standards have tremendously gone under intense transformation culminating in adopting IFRS in part. The benefits associated with adoption of IFRS are what make various countries including china to have strategies in place to adopt these standards. However, there are several challenges such as lack of awareness, inadequate accounting experts among others. To overcome these challenges there is need to ensure that more efforts are dedicated in creating awareness, accountants are educated and trained, and laws which conflict with IFRS are harmonized among others. Due to the benefits associated with IFRS, the study recommends that the China should continue adopting IFRS but at the same time pay attention of her accounting sovereignty.
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