Case Study Analysis and Solutions

Case ID: 110037

Abstract:
Case Solution & Analysis for IFRS in China by Karthik Ramanna, G.A. Donovan, Nancy Hua Dai
In 2005, China announced plans to "converge with," but not completely adopt, IFRS. China also began to lobby for changes to specific IFRS provisions, such as for related party disclosures by state-owned firms, to bring them more into line with Chinese interests. China's accounting system had already undergone significant reforms during the two decades when its economy had grown to become the fourth largest in the world. However, enforcement of accounting standards remained weak, the financial system was relatively immature, and large state-owned firms still dominated many sectors of the economy.

Keywords:
Accounting, Accounting standards, Auditing, Business & government relations, Financial statements, Globalization, International Financial Reporting Standards, IFRS in China Case Solution

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