Developments in accounting regulation
This chapter reports on the introduction of the 'Accounting Standards for Business Enterprises' (hereafter referred to as the Standards) promulgated by the Ministry of Finance of the People's Republic of China (PRC) on the 30 November 1992. The Standards were approved by the State Council on 16 November 1992 and became effective on 1 July 1993. Three main issues associated with this significant change in the direction of accounting reform within China are addressed. First, the major forces leading to the reform of accounting standards setting within China are examined. Second, the process for setting accounting standards within China is discussed. Finally, the Standards are outlined and issues associated with their implementation are considered.