chapter  10
22 Pages

The Chinese approach to accounting standards and a conceptual framework

INTRODUCTION The last ten years have seen a proliferation of accounting regulations and standards.1 Among these regulations and standards, the 'Accounting Standards for Business Enterprises' (referred to throughout this chapter as 'BAS' - Business Accounting Standards) is said to have caused an 'accounting storm'. It has made all of the existing accounting textbooks out of date. It has created an urgent need for training almost every accountant. Perhaps more importantly, it is expected to replace the old uniform accounting systems (UASs) and to lead Chinese accounting into line with internationally accepted practices. Furthermore, BAS is also seen as a conceptual framework which will guide the setting of the forthcoming accounting standards. Can these expectations be realized? Can these claims be believed?